Online firms battle to provide City news service

THESTREET.COM, a US provider of financial news and analysis over the Internet, will raise the stakes in the battle between online firms to cover the City when it launches in London early next year.

Martin Baker, European editor of Sunday Business, has been hired to lead its UK expansion. The firm is also planning to launch a major recruitment drive next month.

The move comes as it emerged that two senior journalists at the Financial Times considered quitting the newspaper to set up their own Internet- based financial publication. The journalists, political editor Robert Peston and New York correspondent William Lewis, are understood to have abandoned plans for the venture.

Talk of a breakaway from the FT, which is owned by media group Pearson, came amid employee anger about integration of the newspaper with its online sister publication FT.com.

Senior journalists are understood to be upset with plans that will see them work closely with the online venture's recent intake of young journalists, many of whom are newly graduated from journalism training programmes.

"It's all being done for the greater glory of the Pearson share price," said one insider, commenting on the integration plan.

Freeserve, the UK's largest Internet service provider, started the rush to provide distinctive British financial news online in competition with long-established news wires such as Reuters. It took a stake in Globalnet Financial, which has launched UK-Invest.com. The UK service is headed by Clive Wolman, a former FT journalist and ex-editor of London Financial News, a weekly newspaper covering the City.

Freeserve is also setting up an online trading service to complement Globalnet's content. It will compete with E-Trade, which began offering online dealing in Britain last month and which recently set up a joint venture with Instinet, the electronic broker owned by Reuters.

In the US the Internet handles one in six stock trades, compared with only 3 per cent of trades in Britain, although that figure could triple within the next year.

Charles Schwab, the world's largest online broker, announced in February that it had notched up online trades worth more than pounds 100m over the Web after launching a British trading service last year.

TheStreet.com share price soared more than threefold following its flotation on Nasdaq, valuing the company at nearly pounds 1bn. But the rout of Internet stocks in recent weeks has clipped its market value to nearer pounds 300m.

TheStreet.com offers financial news and data to retail investors prepared by a team of 60 journalists. The Web site also links into online trading systems such as Datek and DLJ Direct that offer execution-only services from $9.95 per trade.

Unlike most Web sites, TheStreet.com charges users a subscription fee of $99.95 per year or $9.95 per month.

PROMOTED VIDEO
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Sport
Luis Suarez looks towards the crowd during the 2-1 victory over England
sport
Life and Style
Cheesecake frozen yoghurt by Constance and Mathilde Lorenzi
food + drinkThink outside the cool box for this summer’s frozen treats
News
John Barrowman kisses his male “bride” at a mock Gretna Green during the Commonwealth Games opening ceremony
peopleBarrowman's opening ceremony message to Commonwealth countries where he would be sent to prison for being gay
Sport
Sir Bradley Wiggins removes his silver medal after the podium ceremony for the men’s 4,000m team pursuit in Glasgow yesterday
Commonwealth games Disappointment for Sir Bradley in team pursuit final as England are forced to settle for silver
Sport
Alistair Brownlee (right) celebrates with his gold medal after winning the men’s triathlon alongside brother Jonny (left), who got silver
England's Jodie Stimpson won the women’s triathlon in the morning
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Trade Desk Specialist (Linux, Windows, FIX, Finance, Networks)

£60000 per annum: Harrington Starr: Trade Desk Specialist (Linux, Windows, FIX...

Associate CXL Consultant

£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...

Project Manager - ETRM/CTRM

£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...

C#.NET Developer

£300 - £350 per day: Harrington Starr: C#.NET Developer C#, WPF,BLL,MVVM, SOA...

Day In a Page

Backhanders, bribery and abuses of power have soared in China as economy surges

Bribery and abuses of power soar in China

The bribery is fuelled by the surge in China's economy but the rules of corruption are subtle and unspoken, finds Evan Osnos, as he learns the dark arts from a master
Commonwealth Games 2014: Highland terriers stole the show at the opening ceremony

Highland terriers steal the show at opening ceremony

Gillian Orr explores why a dog loved by film stars and presidents is finally having its day
German art world rocked as artists use renowned fat sculpture to distil schnapps

Brewing the fat from artwork angers widow of sculptor

Part of Joseph Beuys' 1982 sculpture 'Fettecke' used to distil schnapps
BBC's The Secret History of Our Streets reveals a fascinating window into Britain's past

BBC takes viewers back down memory lane

The Secret History of Our Streets, which returns with three films looking at Scottish streets, is the inverse of Benefits Street - delivering warmth instead of cynicism
Joe, film review: Nicolas Cage delivers an astonishing performance in low budget drama

Nicolas Cage shines in low-budget drama Joe

Cage plays an ex-con in David Gordon Green's independent drama, which has been adapted from a novel by Larry Brown
How to make your own gourmet ice lollies, granitas, slushy cocktails and frozen yoghurt

Make your own ice lollies and frozen yoghurt

Think outside the cool box for this summer's tempting frozen treats
Ford Fiesta is UK's most popular car of all-time, with sales topping 4.1 million since 1976

Fiesta is UK's most popular car of all-time

Sales have topped 4.1 million since 1976. To celebrate this milestone, four Independent writers recall their Fiestas with pride
10 best reed diffusers

Heaven scent: 10 best reed diffusers

Keep your rooms smelling summery and fresh with one of these subtle but distinctive home fragrances that’ll last you months
Commonwealth Games 2014: Female boxers set to compete for first time

Female boxers set to compete at Commonwealth Games for first time

There’s no favourites and with no headguards anything could happen
Five things we’ve learned so far about Manchester United under Louis van Gaal

Five things we’ve learned so far about United under Van Gaal

It’s impossible to avoid the impression that the Dutch manager is playing to the gallery a little
Screwing your way to the top? Good for Lana Del Rey for helping kill that myth

Screwing your way to the top?

Good for Lana Del Rey for helping kill that myth, says Grace Dent
Will the young Britons fighting in Syria be allowed to return home and resume their lives?

Will Britons fighting in Syria be able to resume their lives?

Tony Blair's Terrorism Act 2006 has made it an offence to take part in military action abroad with a "political, ideological, religious or racial motive"
Beyoncé poses as Rosie the Riveter, the wartime poster girl who became a feminist pin-up

Beyoncé poses as Rosie the Riveter

The wartime poster girl became the ultimate American symbol of female empowerment
The quest to find the perfect pair of earphones: Are custom, 3D printed earbuds the solution?

The quest to find the perfect pair of earphones

Earphones don't fit properly, offer mediocre audio quality and can even be painful. So the quest to design the perfect pair is music to Seth Stevenson's ears
US Army's shooting star: Lt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a military uniform

Meet the US Army's shooting star

Lt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a military uniform