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.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
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

Recruitment Genius: Customer Relations Officer

£13000 per annum: Recruitment Genius: This is an exciting opportunity to join ...

Ashdown Group: Junior Application Support Analyst - Fluent German Speaker

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Jemma Gent: Project Coordinator

£12 - £15 Hourly Rate: Jemma Gent: In this role you will report to the Head of...

Recruitment Genius: Evening Administrator

£8 per hour: Recruitment Genius: This Pension Specialist was established early...

Day In a Page

Homeless Veterans campaign: Donations hit record-breaking £1m target after £300,000 gift from Lloyds Bank

Homeless Veterans campaign

Donations hit record-breaking £1m target after huge gift from Lloyds Bank
Flight MH370 a year on: Lost without a trace – but the search goes on

Lost without a trace

But, a year on, the search continues for Flight MH370
Germany's spymasters left red-faced after thieves break into brand new secret service HQ and steal taps

Germany's spy HQ springs a leak

Thieves break into new €1.5bn complex... to steal taps
International Women's Day 2015: Celebrating the whirlwind wit of Simone de Beauvoir

Whirlwind wit of Simone de Beauvoir

Simone de Beauvoir's seminal feminist polemic, 'The Second Sex', has been published in short-form for International Women's Day
Mark Zuckerberg’s hiring policy might suit him – but it wouldn’t work for me

Mark Zuckerberg’s hiring policy might suit him – but it wouldn’t work for me

Why would I want to employ someone I’d be happy to have as my boss, asks Simon Kelner
Confessions of a planespotter: With three Britons under arrest in the UAE, the perils have never been more apparent

Confessions of a planespotter

With three Britons under arrest in the UAE, the perils have never been more apparent. Sam Masters explains the appeal
Russia's gulag museum 'makes no mention' of Stalin's atrocities

Russia's gulag museum

Ministry of Culture-run site 'makes no mention' of Stalin's atrocities
The big fresh food con: Alarming truth behind the chocolate muffin that won't decay

The big fresh food con

Joanna Blythman reveals the alarming truth behind the chocolate muffin that won't decay
Virginia Ironside was my landlady: What is it like to live with an agony aunt on call 24/7?

Virginia Ironside was my landlady

Tim Willis reveals what it's like to live with an agony aunt on call 24/7
Paris Fashion Week 2015: The wit and wisdom of Manish Arora's exercise in high camp

Paris Fashion Week 2015

The wit and wisdom of Manish Arora's exercise in high camp
8 best workout DVDs

8 best workout DVDs

If your 'New Year new you' regime hasn’t lasted beyond February, why not try working out from home?
Paul Scholes column: I don't believe Jonny Evans was spitting at Papiss Cissé. It was a reflex. But what the Newcastle striker did next was horrible

Paul Scholes column

I don't believe Evans was spitting at Cissé. It was a reflex. But what the Newcastle striker did next was horrible
Miguel Layun interview: From the Azteca to Vicarage Road with a million followers

From the Azteca to Vicarage Road with a million followers

Miguel Layun is a star in Mexico where he was criticised for leaving to join Watford. But he says he sees the bigger picture
Frank Warren column: Amir Khan ready to meet winner of Floyd Mayweather v Manny Pacquiao

Khan ready to meet winner of Mayweather v Pacquiao

The Bolton fighter is unlikely to take on Kell Brook with two superstar opponents on the horizon, says Frank Warren
War with Isis: Iraq's government fights to win back Tikrit from militants - but then what?

Baghdad fights to win back Tikrit from Isis – but then what?

Patrick Cockburn reports from Kirkuk on a conflict which sectarianism has made intractable