Reuters in 2004: Fast Forward and Beyond

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Background Note In October 1851, Paul Julius Reuter, a German immigrant, opened an office in London to transmit stock market quotations between London and Paris via the new Calais-Dover cable. Two years earlier, he had used pigeons to transmit stock prices between Aachen and Brussels, a service that operated for a year until the telegraph link had been repaired. Reuters, as the agency soon became known as, eventually began offering its service, to not only the press in Britain but also in other European countries. Reuters gradually expanded the scope of its coverage to general and economic news from all around the world...

Reuters provided customized information to professionals in the financial services, media and corporate markets. In 2002, the company had 16,000 staff in 94 countries, including about 2,400 editorial staff in 197 bureaus serving approximately 130 countries...

Reuters announced various steps designed to accelerate its use of Internet technologies, open new markets and move to an internet-based model in 1999. Reuters believed that the Internet had opened up two big opportunities...

For a long time, Reuters' grip on news and financial information had been ironclad. But by the end of 2002, its market capitalization plunged by almost 90% from its peak of about $ 43.18 billion. In July 2002, Reuters posted its first loss since becoming a public company in 1984...

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