Bloomberg News

Bloomberg News is an international news agency headquartered in New York, United States and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg Television, Bloomberg Radio, Bloomberg Businessweek, Bloomberg Markets, Bloomberg.com and Bloomberg's mobile platforms. Since 2015, John Micklethwait has served as editor-in-chief.[2]

Bloomberg News
Formerly
Bloomberg Business News (1990-1997)
Division
IndustryNews agency
Founded1990
FoundersMichael Bloomberg
Matthew Winkler
Headquarters731 Lexington Avenue, New York City, New York, United States
London, United Kingdom
Hong Kong, China
Key people
John Micklethwait
(Editor-in-chief)
Number of employees
2,300
ParentBloomberg L.P.
Websitewww.bloomberg.com
Footnotes / references
[1]

History

Bloomberg News, originally known as Bloomberg Business News, was co-founded by Michael Bloomberg and Matthew Winkler in 1990 to deliver financial news reporting to Bloomberg Terminal subscribers.[3]

The Bloomberg News agency was established in 1990 with a team of six people.[4] Winkler was first editor-in-chief.[5] In 2010, Bloomberg News included more than 2,300 editors and reporters in 72 countries and 146 new bureaus worldwide.[6][7]

Beginnings (1990–1995)

Bloomberg Business News was conceived as a way of expanding the services offered through the terminals. According to Matthew Winkler, then a writer for The Wall Street Journal, Michael Bloomberg telephoned him in November 1989 and asked "What would it take to get into the news business?"

Knowing that Bloomberg had no experience in journalism, Winkler presented him with a hypothetical ethical dilemma:

"You have just published a story that says the chairman --- and I mean chairman --- of your biggest customer has taken $5 million from the corporate till. He is with his secretary at a Rio de Janeiro resort, and the secretary's spurned boyfriend calls to tip you off. You get an independent verification that the story is true. Then the phone rings. The customer's public-relations person says, 'Kill the story or we will return all the terminals we currently rent from you.'"

"What would you do?" Winkler asked.

"Go with the story," Bloomberg replied. "Our lawyers will love the fees you generate."[8]

Winkler recalls this as his "deciding moment," the time at which he became willing to help Bloomberg build his news organization.[8]

The purpose of the service was to provide up-to-the-minute financial news communicated in a concise and intelligent way.[9] As a fledgling company in 1990, Bloomberg hoped that the news service would spread the company name, sell more Bloomberg Terminals and end Bloomberg's reliance on the Dow Jones News Services, a valuable subscriber service for the Terminal.[10]

The creation of Bloomberg Business News required Winkler to open a Bloomberg office in Washington, D.C. in order to report about political effects on the business world. However, the Standing Committee of Correspondents (SCC) in Washington required Bloomberg News be formally accredited to act as a legitimate news source, a title that Bloomberg Business News only accomplished after agreeing to provide free terminals to major newspapers in exchange for news space in the publications.[10] This accreditation led to an annual growth over 35% until 1995.[10] During this growth period Bloomberg News opened a small television station in New York, purchased New York Radio Station WNEW, launched fifteen-minute weekday business news programs for broadcast on PBS and opened offices in Hong Kong and Frankfurt, Germany.[10] By 1995, Bloomberg News had 335 reporters in 56 locations.[11]

1995–2000

The initial goal of Bloomberg Business News to increase terminal sales was adequately met by the mid-nineties and refocused the scope to their news service in order to rival the profitability of other media groups such as Reuters and Dow Jones. This led to the creation of Bloomberg's magazine, Bloomberg Personal in 1995, which would be carried in the Sunday edition of 18 U.S. papers.[11] Also in 1995, Bloomberg launched a 24-hour financial news service through Bloomberg Information Television and began wiring its terminals through DirecTV. This simultaneously occurred with the launch of a web site to provide the audio feed of radio broadcasts.[10]

Bloomberg Business News was renamed Bloomberg News in 1997. By this time Bloomberg News content was carried in over 800 newspapers worldwide and was syndicated through Bloomberg Television and 40 international affiliates.[11]

2000–2014

In 2009 Bloomberg News partnered with The Washington Post to launch a global news service known as The Washington Post News Service with Bloomberg News. Hosting content from both news sources, the service hopes to pair the political experience of The Washington Post with the global financial economic news of Bloomberg News.[12]

In April 2014, Bloomberg News launched a new section, Bloomberg Luxury, which focuses on luxury living. According to an internal memo obtained by WWD, Chris Rovzar, the former digital editor of Vanity Fair, will help Bloomberg build its editorial vision for luxury.[13] The section's content provides information on topics including travel, wine news, dining, auto news, gadgets, and more. Review of technology and high-end autos are published weekly. It also highlights content from Bloomberg's quarterly lifestyle and luxury magazine Pursuits. Bloomberg television has been criticized from overseas media claiming that Bloomberg attempts to hire 'young and pretty people especially women showing their bodies in a grotesque manner to increase ratings'.

2015 refocus

A 2015 "leaked internal memo" by editor-in-chief John Micklethwait indicated an intent to refocus the agency to better target their core audience, "the clever customer who is short of time", and better achieve the goal of being "the definitive 'chronicle of capitalism'".[2] This change would lead to a reduction in reporting on "general interest" topics (e.g. sports) in favor of business and economics topics.[2]

2018 redesign and paywall

In 2018, John Micklethwait, editor-in-chief of Bloomberg News, announced a new design for the digital offerings of Bloomberg News. Bloomberg started to charge visitors for its content with a metered paywall, limiting users to view 10 articles per month, and 30 minutes of Bloomberg Television. Users who subscribe to Bloomberg.com can access the whole site and receive subscriber-only digital content.[14][15]

China coverage

Bloomberg News received a 2012 George Polk Award for its series of stories about China's political elite, "Revolution to Riches."[16][17]

One story in the series focused on the family wealth of Chinese leader Xi Jinping.[18] Journalist and author Howard W. French reported in the May/June 2014 issue of the Columbia Journalism Review that prior to publication of the Xi story, high-level Bloomberg officials met with Chinese diplomats twice without informing the journalists who were working on the story.[19]

The first meeting was between Winkler and Zhang Yesui, the Chinese ambassador to the United States. Zhang is said to have told Winkler, "If Bloomberg publishes this story, bad things will happen for Bloomberg in China. If Bloomberg does not publish the story, good things will happen for Bloomberg." The second meeting occurred shortly after in New York and included Bloomberg Chairman Peter Grauer, the company's then Chief Executive Daniel Doctoroff, and an unnamed Chinese diplomat.

Around the time of the second meeting, during a lengthy conference call with Bloomberg reporters and editors, Doctoroff insisted on changes in the story that softened its impact by revising the language used to describe the Xi family's assets.[19]

After the Xi story appeared, terminal sales in China slowed because government officials ordered state enterprises not to subscribe. The Bloomberg News website was also blocked on Chinese servers, and the company was unable to get visas for journalists it wanted to send to China.[20]

In 2014, Grauer told the staff at the Bloomberg Hong Kong bureau that the company's sales team had done a "heroic job" of mending relations with Chinese officials who had indicated their displeasure about the publication of the Xi revelations. He also warned that if Bloomberg "were to do anything like" the Xi story again, the company would "be straight back in the shit-box."[19]

On October 29, 2013, during a conference call, Winkler told four Bloomberg journalists in Hong Kong that the findings of their major investigation into "the hidden financial ties between one of the wealthiest men in China and the families of top Chinese leaders" would not be published. Less than a week later, a second planned article "about the children of senior Chinese officials employed by foreign banks," was also killed, according to Bloomberg employees.[21]

Unnamed Bloomberg employees quoted by The New York Times said the decision not to publish was made by the company's top editors, led by Winkler. According to one employee, Winkler said, "If we run the story, we'll be kicked out of China."[21]

When contacted by the Times, Winkler said in an email that neither story had been killed. "'What you have is untrue,'" he wrote. "'The stories are active and not spiked.'" Laurie Hays, the senior editor on the articles, "echoed" his statement. Winkler declined to discuss the conference call.[21]

The Winkler and Hays denials appeared in a story published by the Times on November 8, 2013. At a mayoral news conference four days later, Michael Bloomberg also denied the accusation. He "insisted" that Bloomberg News "did not do that; the editors said that was just not the case."[22] Noting Winkler's response to the Times, he added, "No one thinks that we are wusses and not willing to stand up and write stories that are of interest to the public and that are factually correct."[22] He also said that because he was mayor of New York, he was not involved in the operations of the news agency. "I've recused myself from anything to do with the company," he said.[22]

Three journalists left the company after news reports about the decision appeared --- reporter Michael Forsythe, editor and reporter Amanda Bennett, and Ben Richardson, an editor at large for Asia news.[23][24] Forsythe was the lead writer on the Xi Jinping story.[19] Richardson said, "I left Bloomberg because of the way the story was mishandled, and because of how the company made misleading statements in the global press and senior executives disparaged the team that worked so hard to execute an incredibly demanding story." He also said that the company has threatened the journalists who worked on the story with legal action if they discuss the incident publicly.[25]

Taiwan-based Next Media Animation produced an animated cartoon ridiculing Winkler and Michael Bloomberg.[26]

According to French, Bloomberg's handling of the episode "has tainted its corporate identity and journalism brand to a degree that could last for years."[19]

Bloomberg Businessweek

Bloomberg L.P. bought weekly business magazine Businessweek from McGraw-Hill in 2009.[27] The company acquired the magazine to attract general business to its media audience composed primarily of terminal subscribers.[28] Following the acquisition, Businessweek was renamed Bloomberg Businessweek.[28]

Bloomberg Television

Bloomberg Television is a 24-hour financial news television network. It was introduced in 1994 as a subscription service transmitted on satellite television provider DirecTV, 13 hours a day, 7 days a week.[29] In 1995, the network entered the cable television market and by 2000, Bloomberg's 24-hour news programming was being aired to 200 million households.[30] Justin Smith serves as CEO of the Bloomberg Media Group which includes Bloomberg Radio, Bloomberg Television and mobile, online and advertising supported components of Bloomberg's media offerings.[31]

Bloomberg Markets

Originally launched in July 1992 under the title Bloomberg: A Magazine for Bloomberg Users, Bloomberg Markets was a monthly magazine given to all Bloomberg Professional Service subscribers.[32] In addition to providing international financial news to industry professionals, the magazine included points for navigating terminal functionality. In 2010, the magazine was redesigned in an effort to update its readership beyond terminal users.[33] Ron Henkoff has served as editor of Bloomberg Markets since 1999[34] and Michael Dukmejian has served as the magazine's publisher since 2009.[35]

Bloomberg Opinion

Bloomberg Opinion, formerly Bloomberg View, is an editorial division of Bloomberg News which launched in May 2011, and provides content from columnists, authors and editors about current news issues.[36] David Shipley, former op-ed page editor at The New York Times, is executive editor of the division.[37]

Bloomberg Politics

Bloomberg Politics provides political coverage via digital, print and broadcast media.[38][39][40] The multimedia venture, which debuted in October 2014, featured the daily television news program With All Due Respect, hosted by Bloomberg Politics Managing Editors Mark Halperin and John Heilemann.[40] The program came to an end on December 2, 2016.[41][42]

In 2016, Bloomberg Politics began producing a documentary on the 2016 US presidential election called The Circus: Inside the Greatest Political Show on Earth.[43]

References

  1. ^ Plunkett, Jack W. (2009). Plunkett's E-Commerce and Internet Business Almanac. Plunkett Research, Ltd. p. 209.
  2. ^ a b c Greenberg, Julia (2015-09-02). "Bloomberg's Future Is the Future of News for Everyone". Wired. ISSN 1059-1028. Retrieved 2019-02-16.
  3. ^ Make it New. iUniverse. Retrieved March 15, 2013.
  4. ^ "Bloomberg Solutions". Bloomberg News. Retrieved May 14, 2013.
  5. ^ "Cult of Bloomberg way underpinned by accuracy". The Australian. Retrieved October 26, 2011.
  6. ^ "At A Glance". Bloomberg Press Room. Retrieved March 18, 2013.
  7. ^ "Bloomberg News editor-in-chief speaks about the economy and the presidential election". UNC School of Journalism and Mass Communication. Archived from the original on February 24, 2013. Retrieved March 18, 2013.
  8. ^ a b Winkler, Matthew; Sondag, Jennifer (2014). The Bloomberg Way. Hoboken, New Jersey: John Wiley & Sons, Inc. pp. xi–xii. ISBN 978-1-118-84226-3.
  9. ^ Bloomberg, Michael (1997). Bloomberg by Bloomberg. New York: John Wiley & Sons, Inc. pp. 79–100. ISBN 0-471-15545-4.
  10. ^ a b c d e Bodine, Paul (2004). Make it New: Essays in the History of American Business. Lincoln, NE: iUniverse, Inc. pp. 180–190. ISBN 0-595-30921-6.
  11. ^ a b c Group, Gale (2011). International Directory of Company Histories Vol. 126. Farmington Hills, Mich: St. James Press.
  12. ^ Business Wire (1 October 2009). "The Washington Post and Bloomberg to Launch Global News Service". News Blaze. Retrieved 29 July 2011.
  13. ^ "Bloomberg to Build Luxury Online", Women's Wear Daily, April 23, 2014.
  14. ^ Micklethwait, John (2 May 2018). "A Letter From Our Editor-in-Chief About the New Bloomberg Digital". Bloomberg News. Retrieved 2 May 2018.
  15. ^ Mullin, Benjamin (2018-05-02). "Bloomberg's New Paywall Will Charge Users $35 a Month". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-02-16. (Subscription required (help)).
  16. ^ "Press Release2 Feb 18 2013 - Long Island University". www.liu.edu. Retrieved 26 January 2018.
  17. ^ "Revolution to Riches". Bloomberg News. Archived from the original on 2014-07-11. Retrieved July 13, 2014.
  18. ^ "Xi Jinping Millionaire Relations Reveal Fortunes of Elite," 29 June 2012 Bloomberg News. Retrieved 2014-11-09.
  19. ^ a b c d e "Bloomberg's Folly," French, Howard W, 1 May 2014 Columbia Journalism Review. Retrieved 2014-12-07.
  20. ^ Wong, Edward; Haughney, Christine (2013-11-17). "Bloomberg News Suspends Reporter Whose Article on China Was Not Published". The New York Times. ISSN 0362-4331. Retrieved 2019-02-16.
  21. ^ a b c Wong, Edward (2013-11-08). "Bloomberg News Is Said to Curb Articles That Might Anger China". The New York Times. ISSN 0362-4331. Retrieved 2019-02-16.
  22. ^ a b c Sisario, Ben (2013-11-12). "Bloomberg Says News Service Did Not Kill Articles on China". The New York Times. ISSN 0362-4331. Retrieved 2019-02-16.
  23. ^ "Another Bloomberg Editor Explains Why He Has Resigned, Over Its China Coverage," Fallows, James, 25 March 2014, The Atlantic.
  24. ^ "Editor Leaves Bloomberg, Citing China Coverage," Somaiya, Ravi, 24 March 2014, The New York Times.
  25. ^ "Ben Richardson Quits Bloomberg News Over Handling of Investigative Piece," 24 March 2014, Romenesko.com. Retrieved 2014-06-01.
  26. ^ Wong, Edward (2013-11-08). "Animated Take on Bloomberg's Coverage of China". Sinosphere Blog. Retrieved 2019-02-16.
  27. ^ Clifford, Stephanie; Carr, David (October 14, 2009). "Bloomberg Buys BusinessWeek From McGraw-Hill". The New York Times. Retrieved March 18, 2013.
  28. ^ a b "Bloomberg Wins Bidding For BusinessWeek". Bloomberg Businessweek. Retrieved March 18, 2013.
  29. ^ "Bloomberg L.P. History". Funding Universe. Retrieved March 19, 2013.
  30. ^ Hakim, Danny (September 18, 2000). "Bloomberg Unit To Announce A Cable Deal". The New York Times. Retrieved March 19, 2013.
  31. ^ "Bloomberg: a cloud built for world domination". Datacenter Dynamics. Archived from the original on November 14, 2012. Retrieved March 19, 2013.
  32. ^ "MEDIA: Bloomberg's mag to be launched in the UK high street". BrandRepublic. Retrieved March 19, 2013.
  33. ^ "MEDIA: Bloomberg Strikes Again". AdWeek. Retrieved March 19, 2013.
  34. ^ "MEDIA: Ronald Henkoff". Bloomberg Link. Archived from the original on December 1, 2012. Retrieved March 19, 2013.
  35. ^ "Michael Dukmejian Joins BLOOMBERG MARKETS Magazine As Publisher". Reuters. June 24, 2009. Archived from the original on November 14, 2012. Retrieved March 19, 2013.
  36. ^ "Bloomberg View reveals columnists, editorial board". Politico. Retrieved March 20, 2013.
  37. ^ Calderone, Michael (September 27, 2011). "James Rubin Leaves Bloomberg View Opinion Section". Huffington Post. Retrieved March 20, 2013.
  38. ^ "Bloomberg Announces First New Digital-Led, Multi-Platform Brand: Bloomberg Politics" (Press release). Bloomberg.com. May 4, 2014. Retrieved September 23, 2014.
  39. ^ Pompeo, Joe (August 4, 2014). "Mike Nizza named executive editor of Bloomberg's politics site". Capital New York. Retrieved September 23, 2014.
  40. ^ a b Gold, Hadas (October 5, 2014). "Bloomberg Politics kicks off". Politico. Retrieved October 16, 2014.
  41. ^ Sutton, Kelsey. "Bloomberg to end 'With All Due Respect' as company reorganizes Bloomberg Politics". Politico.com. Retrieved 1 March 2017.
  42. ^ Ember, Sydney (2016-11-17). "Bloomberg to End Its Daily Politics Show". The New York Times. ISSN 0362-4331. Retrieved 2019-02-16.
  43. ^ Stelter, Brian. "Showtime creating weekly documentary series about 2016 election 'circus'". Retrieved 26 January 2018.

External links

Bloomberg Businessweek

Bloomberg Businessweek is an American weekly business magazine published since 2009 by Bloomberg L.P. Businessweek, founded in 1929, aimed to provide information and interpretation about events in the business world. The magazine is headquartered in New York City. Megan Murphy served as editor from November 2016; she stepped down from the role in January 2018 and Joel Weber was appointed in her place.

The magazine is published 47 times a year.

Bloomberg L.P.

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 30% ownership investment by Merrill Lynch.Bloomberg L.P. provides financial software tools such as an analytics and equity trading platform, data services, and news to financial companies and organizations through the Bloomberg Terminal (via its Bloomberg Professional Service), its core revenue-generating product. Bloomberg L.P. also includes a wire service (Bloomberg News), a global television network (Bloomberg Television), digital websites, radio stations (Bloomberg Radio), subscription-only newsletters, and two magazines: Bloomberg Businessweek and Bloomberg Markets.In 2014, Bloomberg L.P. launched Bloomberg Politics, a multiplatform media property that merged the company's political news teams, and has recruited two veteran political journalists, Mark Halperin and John Heilemann, to run it.

Bloomberg Markets

Bloomberg Markets is a magazine published six times a year by Bloomberg L.P. as part of Bloomberg News. Aimed at global financial professionals, Bloomberg Markets publishes articles on the people and issues related to global financial markets. Bloomberg Markets, which is based in New York City, has readers in 147 countries. More than half of its readers live outside the U.S.As of December 2011, the magazine had a circulation of 375,000 and was available for sale at bookstores and selected newsstands. All subscribers of the Bloomberg Professional service and the Bloomberg Terminal also receive Bloomberg Markets as part of their subscription. Newsstand sales averaged 6,154 in 2010.

Bloomberg Television

Bloomberg Television (typically referred to on-air as simply Bloomberg) is an 24-hour American-based international cable and satellite business and capital market television channel, owned by Bloomberg L.P. It is distributed globally, reaching over 310 million homes worldwide. It is headquartered in New York City, with European headquarters in London and Asian headquarters in Hong Kong.

Coinrail

Coinrail is a Korean bitcoin exchange that was hacked in June, 2018. The hack resulted in a drop of the cryptocurrency market worth $42 billion, according to Bloomberg News. According to Yonhap News Agency, the hackers stole 40 billion won or over US$37 million worth of cryptocurrency, mostly Pundi X and Astoncoin.

Daniel Hertzberg

Daniel Hertzberg, an American journalist, is the former senior deputy managing editor and later deputy managing editor for international news at The Wall Street Journal. Starting in July 2009, Hertzberg served as senior editor-at-large and then as executive editor for finance at Bloomberg News in New York,, before retiring in February 2014. Hertzberg is a 1968 graduate of the University of Chicago.

Forex scandal

The forex scandal (also known as the forex probe) is a financial scandal that involves the revelation, and subsequent investigation, that banks colluded for at least a decade to manipulate exchange rates for their own financial gain. Market regulators in Asia, Switzerland, the United Kingdom, and the United States began to investigate the $4.7 trillion-a-day foreign exchange market (forex) after Bloomberg News reported in June 2013 that currency dealers said they had been front-running client orders and rigging the foreign exchange benchmark WM/Reuters rates by colluding with counterparts and pushing through trades before and during the 60-second windows when the benchmark rates are set. The behavior occurred daily in the spot foreign-exchange market and went on for at least a decade according to currency traders.

John Micklethwait

Richard John Micklethwait (born 11 August 1962) is editor-in-chief of Bloomberg News, a position he has held since February 2015. A British journalist, he was previously the editor-in-chief of The Economist from 2006 to 2015.

Kenneth Lay

Kenneth Lee Lay (April 15, 1942 – July 5, 2006) was the founder, CEO and Chairman of Enron and was heavily involved in the Enron scandal, a major accounting scandal that unraveled in 2000 in the largest bankruptcy ever to that date. Lay was indicted by a grand jury and was found guilty of 10 counts of securities fraud in the trial of Kenneth Lay and Jeffrey Skilling. Lay died in July 2006 while vacationing in his house near Aspen, Colorado, three months before his scheduled sentencing. A preliminary autopsy reported Lay died of a myocardial infarction (heart attack) caused by coronary artery disease; his death resulted in a vacated judgment.Lay left behind "a legacy of shame" characterized by "mismanagement and dishonesty". In 2009, Portfolio.com ranked Lay as the third-worst American CEO of all time. His actions were the catalyst for subsequent and fundamental corporate reform in regard to "standards of leadership, governance, and accountability".Lay was one of America's highest-paid CEOs; between 1998 and 2001, he collected more than $220 million in cash and stock in Enron and sold 1.7 million shares. However, during his trial in 2006, Lay claimed that Enron stock made up about 90% of his wealth, and that his net worth at that time was negative $250,000.

Libyan Crisis (2011–present)

The Libyan Crisis refers to the ongoing conflicts in Libya, beginning with the Arab Spring protests of 2011, which led to a civil war, foreign military intervention, and the ousting and death of Muammar Gaddafi. The civil war's aftermath and proliferation of armed groups led to violence and instability across the country, which erupted into renewed civil war in 2014. The ongoing crisis in Libya has so far resulted in tens of thousands of casualties since the onset of violence in early 2011. During both civil wars, the output of Libya's economically crucial oil industry collapsed to a small fraction of its usual level, with most facilities blockaded or damaged by rival groups, despite having the largest oil reserves of any African country. U.S. President Barack Obama stated on 11 April 2016 that not preparing for a post-Gaddafi Libya was probably the "worst mistake" of his presidency.

Margaret Carlson

Margaret Carlson (born 1946, Washington D.C.) is an American journalist and a columnist for Bloomberg News. She was also a weekly panelist for CNN's Capital Gang from 1992 until its cancellation in 2005.

Matthew Winkler (journalist)

Matthew Winkler (born June 1, 1955) is an American journalist who is a co-founder and former editor-in-chief of Bloomberg News, part of Bloomberg L.P. He is also co-author of Bloomberg by Bloomberg and the author of The Bloomberg Way: A Guide for Reporters and Editors.

New Yorkers in journalism

New York City has been called the media capital of the world. An integral component of this status is the significant array of journalists who report about international, American, and New York metropolitan area-related matters from Manhattan.

OPEC

The Organization of the Petroleum Exporting Countries (OPEC, OH-pek) is an intergovernmental organisation of 14 nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria. As of September 2018, the then 17 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so called "Seven Sisters” grouping of multinational oil companies.

The stated mission of the organisation is to "coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry." The organization is also a significant provider of information about the international oil market. The current OPEC members are the following: Algeria, Angola, Austria, Cameroon, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia (the de facto leader), Syria, United Arab Emirates, and Venezuela. Indonesia and Qatar are former members.

The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue and wealth of OPEC, with long-lasting and far-reaching consequences for the global economy. In the 1980s, OPEC began setting production targets for its member nations; generally, when the targets are reduced, oil prices increase. This has occurred most recently from the organization's 2008 and 2016 decisions to trim oversupply.

Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. In December 2014, "OPEC and the oil men" ranked as #3 on Lloyd's list of "the top 100 most influential people in the shipping industry". However, the influence of OPEC on international trade is periodically challenged by the expansion of non-OPEC energy sources, and by the recurring temptation for individual OPEC countries to exceed production targets and pursue conflicting self-interests.

Olaf Scholz

Olaf Scholz (German pronunciation: [ˈoːlaf ˈʃɔlts]; born (1958-06-14)14 June 1958) is a German politician serving as Federal Minister of Finance and Vice Chancellor under Chancellor Angela Merkel from the CDU since 14 March 2018. He served as First Mayor of Hamburg from 7 March 2011 to 13 March 2018 and Acting Leader of the Social Democratic Party (SPD) from 13 February to 22 April 2018.

A member of the Bundestag from 1998 to 2001 and again from 2002 to 2011, Scholz was Minister of the Interior of Hamburg under First Mayor Ortwin Runde from May to October 2001 and General Secretary of his party under Chairman and Chancellor Gerhard Schröder from 2002 to 2004. He served as Federal Minister of Labour and Social Affairs in Merkel's first Grand Coalition from 2007 to 2009 and Leader of the SPD in Hamburg from 2000 to 2004 and again from 2009 to 2018.

Summit Bancorp

Summit Bancorp was a bank based in Summit, New Jersey, that operated in New Jersey, Pennsylvania, and Connecticut. In 2001, it was acquired by FleetBoston Financial.

The Quint

The Quint is an English and Hindi language Indian news website founded by Raghav Bahl and Ritu Kapur after their exit from Network18. The website initially launched in January 2015 on Facebook, a website in March 2015. As of 2016 it has more than 95 editorial staff, and half of its content is original and half from social media and press releases. Most of The Quint's web traffic is from India and from 18 to 35 year old people. In April 2016, The Quint's parent company Quintillion Media partnered with Bloomberg News to create BloombergQuint. The website retracted a story on Kulbhushan Jadhav that said he was a Research and Analysis Wing agent.

Uma Pemmaraju

Uma Devi Pemmaraju (born March 31, 1958) is an American anchor and host on the Fox News Channel cable network. Pemmaraju, who was raised in San Antonio, Texas, is currently a host/anchor of "America's News Headquarters w/Uma Pemmaraju" for the Fox News Channel in New York. She also reports for Bloomberg News.

Whopperito

The Whopperito is a Burger King menu item that was introduced in 2016. It consists of most of the ingredients of the Whopper wrapped inside a tortilla. Instead of the ketchup, mayonnaise, or mustard, the Whopperito contains queso sauce. Burger King originally introduced it only at several of their Pennsylvania locations in June; on August 15, they began selling it nationwide. Leslie Patton of Bloomberg News speculated that the Whopperito represented an attempt by Burger King to compete with Chipotle Mexican Grill. In a statement, Burger King said that they decided to introduce it nationally after testing the item at local franchises "sparked widespread demand from guests" on social media. Alex Macedo, the president of Burger King North America, said of the item, "It’s just to get peoples' attention to come in to the restaurants," adding that limited-time menu items like the Whopperito are not just important to boost sales, but "also important for keeping the brand relevant."

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