Poor standard of Irish business journalism

pedronomix

Am I the only one who finds the general financial commentary in Irish media to be of a very low standard. They typically use term "cash pile" (They love that term!) when the line in the accounts rarely refers to the actual cash held. Plenty of cases where they attribute all retained earnings to latest annual profits. They seem incapable of even the most basic understanding of a simple abridged balance sheet. Their words are then given a completely inappropriate/inaccurate and generally sensational headline by the sub-eds!

Gloomtastic!

TBH most journalists write to the style they are told to by the editor/business editor who in turn is dictated to by intellect of the reader.

All newspapers have a reading age. The Sun has a reading age of 8.5 years, The Guardian is 16 years. When I learnt about these things many moons ago, the FT had a reading age of 12.

newacc2015

The media writes to its audience. Look at difference between the indo and the Irish Times. It is world aparts as the Irish Times has a more educated readership. But even the difference between the Irish Times and an article on Bloomberg is huge.

If you what decent international business news, read bloomberg.com. Their app is pretty decent and free.

pedroeibar1

@Gloom, sorry, but you have fallen into a trap that would snare most Irish journalists also. Readability and reading age are quite different things. If for example you want a piece to be read by a wide audience, you write in simple text, short words, bullet points and periodically in bold. That way you succeed because you have reduced it to the LCD. Analysing for the reading age of newspapers you need to study the text (words), language construction and assess the complexity, classifying it as basic, intermediate or advanced. That way the FT has about 90% intermediate words and 3% basic. OTOH the Sun has about 40% intermediate and 60% basic.

@Pedronomix - quite right, most have absolutely no idea of financial analysis and being aware of how to deconstruct a balance sheet. Off-balance sheet finance (and its impact) is totally beyond their understanding. But it is not just in financial journalism, standards have tumbled in all media. All it takes to be a journalist these days is 220 points in the CAO and tops is Arts & Journalism at just over 400 points so it does not call for an above average intellect. Most of those who went into journalism in the past had a good degree in English (Dungan, Myers, Bowman, etc.,) and even if one did not agree with them they had a broad knowledge and could speak and interview. Today’s crop of idiots produce opinionated soundbites, leading the interviewee invariably to respond with “Absolutely!” Others have a habit of “Reverting back” and mentioning “All the alternatives” showing a pi$$-poor command of the language.

Listening to an RTE business journalist on the Chinese Market crash last Monday he trotted out trite comments, cliché after cliché and clearly had no handle on what was going on. Possibly the worst are some of the highly opinionated females active in radio that have more mouth and confidence than intellect or knowledge (and I am not misogynistic, writers such as Lucy Kellaway and Lara Marlowe are among the very best.) Were Matthew Arnold alive today he would not write “Journalism is literature in a hurry.”

pedroeibar1

pedroeibar1 wrote: »

. But it is not just in financial journalism, standards have tumbled in all media. All it takes to be a journalist these days is 220 points in the CAO and tops is Arts & Journalism at just over 400 points so it does not call for an above average intellect. Most of those who went into journalism in the past had a good degree in English (Dungan, Myers, Bowman, etc.,) and even if one did not agree with them they had a broad knowledge and could speak and interview.

When I did the leaving journalism was 480 points and only available in DCU. I should know because I didn't get the points and ended up doing marketing and management instead!
I feel like the real 'journalist' is essentially a thing of the past. Even people I know that have gone onto work seriously in the industry are more interested in clicks and sitting on the left side of the fence with populist social media ideals then actually generating their own opinion. Articles are becoming more like blogs, poorly researched and mostly opinionated pieces. The Huffington post which has become very big over the last few years feels like a teen angst website whenever I read an article.
The biggest irony of all is that the media through their hungriness for clicks instead of quality with get Donald Trump elected. They have to cover him because he is so topical and he gets the most clicks, but they all hate him and constantly are trying to take him down and destroy his campaign. But each negative article merely stokes the fires of his campaign and makes him more popular, to the liberal media's great disdain. Not enough disdain however for them to reduce their income by not writing about him!

Gloomtastic!

I'd say most journalists are also pretty frustrated with the priorities of the average Irish reader.

If you ever study thejournal.ie viewing figures, you'll notice any story about the weather has 5 or 6 times the number of views of most topical stories. :rolleyes:

Hanley

It's worth reading Trust Me I'm Lying if you want to see how much media manipulators play the blogs and news sites to set the agenda. It's quite scary actually.

pedronomix

No matter how dim the readership, the basis of journalism is that the facts are reported as accurately as the availabile information permits. Using prose for the less educated does not absolve them of this fundamental duty.

pedronomix

Perhaps this casts some light.......http://rationalwiki.org/wiki/Dunning-Kruger_effect

dudara

I have to agree with the OP on this one. I'm not an accountant by training, but due to work, I have developed a decent understanding of corporate finance and tax affairs. I do sometimes find myself rolling my eyes when reading an article where it's clear that it's been written with sensationalism in mind. I've seen basic accounting terms being mis-used in articles and I especially love the outraged "Starbucks hasn't paid enough corporate tax" articles.

Surprise, large companies will do everything they can to minimise their tax bills, especially an organisation like Starbucks which probably has the trademarks held in a separate firm in order to receive licensing costs and royalties from the other companies in the organisation.

VincePP

Probably the best business journalism is in the Phoenix and then after that possble the Sunday business post and Irish Times.

If you are reading any other paper, especially anything from the indo group, you simply have to accept that they will sensationalise it both positively for their chums and negatively if the "journalist" has thought you don't deserve a positive piece.

Sometimes you will see the indo types sensationalise "profits", but forget to tell readers that they are gross profits before any expense.

Hanley

dudara wrote: »

I have to agree with the OP on this one. I'm not an accountant by training, but due to work, I have developed a decent understanding of corporate finance and tax affairs. I do sometimes find myself rolling my eyes when reading an article where it's clear that it's been written with sensationalism in mind. I've seen basic accounting terms being mis-used in articles and I especially love the outraged "Starbucks hasn't paid enough corporate tax" articles.

Surprise, large companies will do everything they can to minimise their tax bills, especially an organisation like Starbucks which probably has the trademarks held in a separate firm in order to receive licensing costs and royalties from the other companies in the organisation.

What REALLY grinds my gears about that drivel is that the only mention the low amount of CT paid.

...not a mention about the payroll taxes and VAT though!

pedroeibar1

VincePP wrote: »

Probably the best business journalism is in the Phoenix .......

Agreed – The Phoenix Moneybags commentary does not hold back on criticizing some of the overpaid execs when the job is not being done right or a spurious acquisition is made. It comes from not having to pander to a Sales Dept., who are terrified of upsetting potential advertisers. It also is interesting to compare some of the UK stockbroker reports with those issued by Davy or Goodbody, the UK ones are of a much higher standard and frequently harder-hitting.

A huge amount of the innaccuracy is down to laziness – for e.g. read a company's press statement and then see chunks transcribed verbatim in the subsequent business article. Whenever I was interviewed as an “industry expert” I’d give the journalist a copy of what I wanted promoted, saying “It’s a technical subject so here is a copy of some of what we’ve covered as an aide-memoire”. Nine times out of ten whole paragraphs would be cut/pasted in the published version.

In the weekend papers it is amusing in a sad way to read how seriously some senior execs take themselves – the type of nonsense puff-piece on “how I made it” or “A day in the life of”. Do they really believe that everyone is impressed by (or believes) the BS about being at their desks at 07.30 after an hour at the gym, how the latest business best-seller is their current book and expect us to accept or be enthralled by that cr@p? It also is amusing to watch out for associated adverts from the companies involved – the current issue often is too soon, but wait a week or so……then payback.

The current nonsense being written on flood insurance is another example of journalists being out of their depth (sorry).

Gloomtastic!

pedroeibar1 wrote: »

Agreed – The Phoenix Moneybags commentary does not hold back on criticizing some of the overpaid execs when the job is not being done right or a spurious acquisition is made. It comes from not having to pander to a Sales Dept., who are terrified of upsetting potential advertisers. It also is interesting to compare some of the UK stockbroker reports with those issued by Davy or Goodbody, the UK ones are of a much higher standard and frequently harder-hitting.

A huge amount of the innaccuracy is down to laziness – for e.g. read a company's press statement and then see chunks transcribed verbatim in the subsequent business article. Whenever I was interviewed as an “industry expert” I’d give the journalist a copy of what I wanted promoted, saying “It’s a technical subject so here is a copy of some of what we’ve covered as an aide-memoire”. Nine times out of ten whole paragraphs would be cut/pasted in the published version.

In the weekend papers it is amusing in a sad way to read how seriously some senior execs take themselves – the type of nonsense puff-piece on “how I made it” or “A day in the life of”. Do they really believe that everyone is impressed by (or believes) the BS about being at their desks at 07.30 after an hour at the gym, how the latest business best-seller is their current book and expect us to accept or be enthralled by that cr@p? It also is amusing to watch out for associated adverts from the companies involved – the current issue often is too soon, but wait a week or so……then payback.

The current nonsense being written on flood insurance is another example of journalists being out of their depth (sorry).

Could be said of 95% of Irish businesses/workers! :rolleyes:

adrianw

pedronomix wrote: »

Am I the only one who finds the general financial commentary in Irish media to be of a very low standard. They typically use term "cash pile" (They love that term!) when the line in the accounts rarely refers to the actual cash held. Plenty of cases where they attribute all retained earnings to latest annual profits. They seem incapable of even the most basic understanding of a simple abridged balance sheet. Their words are then given a completely inappropriate/inaccurate and generally sensational headline by the sub-eds!

Indo article on copper face jacks today using your favourite 'cash pile' term.

pedroeibar1

adrianw wrote: »

Indo article on copper face jacks today using your favourite 'cash pile' term.

I would be shocked :eek: if he bought the Indo!

pedronomix

adrianw wrote: »

Indo article on copper face jacks today using your favourite 'cash pile' term.[/quote

Luckily I had a goodly supply on hand of Preparation H!

pedronomix

pedroeibar1 wrote: »

I would be shocked :eek: if he bought the Indo!

I do peek online but never ever buy!

Gloomtastic!

I see your 'cash pile' and and I raise you a 'pool of cash'.

http://businessetc.thejournal.ie/web-summit-funding-2546757-Jan2016/

:rolleyes:

VincePP

Saw that in the indo yesterday.

I have a few retail stores. My cash pile on 31st Dec was in 7 figures and it was very nice to see.

Problem is after paying suppliers this week, vat next week and P30 the week after, my "cash pile" will be in 5 figures

But sure it was nice to see for those few days.


Pity "Journalists" don't grasp the simplest of accounting terms. Or maybe they do, but it doesn't make a wild headline.