Be it a political, social or even religious issue that attracts the headlines of the daily newspapers, money matters almost everywhere. People ultimately want to know how they can enhance their earnings and reduce the costs of living. Beyond their apparent interests in political development in the country, conflicts in the different regions of the world or sports and entertainment in some other places, they also look for many pieces of information to make the optimal use of money. This is true for newspaper readers, news television channel viewers, radio listeners and website browsers. The demand for such information drives financial journalism to grow and spread.
Financial journalism is alternatively termed business or economic journalism, although there are some differences among the three, at least theoretically. These theoretical differences can be understood in terms of their primary focus and scope. Business journalism mainly focuses on various commercial activities and highlights the different dimensions of business. The core focus of financial journalism is the financial market, including the money and capital markets. As these markets are linked with other key markets like commodity and labour markets, the scope of financial journalism widens accordingly. Finally, economic journalism covers all the macroeconomic areas and components, thus including financial and other markets and different business activities. So, it is broader than business or financial journalism. Nevertheless, there are significant overlaps in these three types of journalism; there is more convergence than divergence among the three, and it is considered a critical branch of journalism that 'tracks, analyses, and interprets changes in the economic state of a society.'
The importance of business or economic news has driven the launching of special newspapers on business or finance for more than a century. However, the number of such newspapers is limited. The Wall Street Journal first appeared in 1889 in New York, although it had predecessors twenty years back. The Financial Times was initially launched as London Financial Guide in 1988 in London. The Economist, a weekly news magazine on economic issues, was first published in 1843 and also in London. These newspapers play a crucial role in shaping economic policies, as they provide in-depth analysis and insights into the financial world. They influence decisions made by governments, businesses, and individuals, making them a powerful force in the global economy.
It is to be noted that the Nihon Keizai Shimbun (Japan Economics Newspaper), also known as The Nikkei, is the world's largest financial newspaper, with a daily circulation exceeding 1.73 million copies. Originally published in Japanese as a regular daily since 1885, it also has an English version.
As the trend continues over a century, developing and poor nations are also affected by these policies and are often compelled to compromise their interests. Nevertheless, as the developing world or global South has started to emerge from the low-growth trajectory and continues to improve its socioeconomic conditions, the countries in the global South also get more attention from these influential financial newspapers. The growth stories of advanced developing nations like Brazil, China and India have been getting regular spaces and some with significant exposure during the last three decades. Countries like Bangladesh are also on the list now. Financial journalism plays a crucial role in promoting economic growth in these nations by providing information and analysis that can guide investment and policy decisions.
The advancement of the economy also creates demand for financial journalism, especially in democratic countries. India is an example in this regard. The Economic Times, Business Line, Business Standard, and Mint have attracted large readerships in India and abroad.
It is also true for Bangladesh. The country's first financial daily started its journey over three decades ago. Backed by a group of businessmen, the founder editor, the late Moazzem Hossain, and his colleagues have ventured into a challenging territory. On November 10, 1993, the first issue of The Financial Express hit the newspaper stalls. It was also a time when Bangladesh started to liberalise its trade regime and encourage private investment to drive economic growth. Only around four years back, the country had returned to democracy after a decade-long fight against an authoritarian regime. Thus, aspiration for a democratic society and economic liberty joined hands, opening the window for advancing financial journalism in the country. Financial journalism plays a crucial role in promoting economic liberty and democracy by providing information that can empower individuals and hold institutions accountable. However, the quality is still a matter of concern in general due to the need for a proper understanding of the issue. The financial or economic journalists cover the national budget, inflation, taxation, central bank, export and import, banking and stock exchanges, commodity market and many other areas directly and indirectly linked with the economy. Some have tried to unearth the irregularities and scams in banks, stock markets and development projects.
Financial journalism, based on authentic information, accurate data, and reliable statistics, is perhaps the best wing of overall journalism. It promotes transparency and accountability, empowering readers with the knowledge they need to make informed decisions. While political news may allow for speculation and rumour, economic news leaves little room for such inaccuracies. Unfortunately, the ousted Hasina regime in the last one and half decades systematically distorted and manipulated the national statistics. So, it became difficult for journalists to portray the right picture of the economy in many cases.
The scope of financial journalism has widened over the decades m keeping with the diversities and complexities of the global financial systems. So, financial journalists are now facing more challenges to develop their knowledge and skills to cope with the complex financial system. The arrival, use and expansion of artificial intelligence (AI) appear as the latest challenge after significant advancements in information and communication technology. Nevertheless, it is a beauty of financial journalism that financial journalists have continued to gain knowledge and develop skills. It is a never-ending journey into a wonderful world.
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