About Reuters News

About Reuters News

Reuters Group Limited is a news service based in the United Kingdom. Originally started to provide financial information between stock exchanges, Reuters now provides general, political, and financial news all over the world. Today, many television, radio and print media use Reuters to provide information from many different corners of the globe.

Function

Reuters provides news for many different media outlets including radio, television, and print. Because of their reputation as an objective news source, many news organizations all over the world subscribe to Reuters News, now called Reuters Group Limited. Since Reuters is based in the United Kingdom, with journalists all over the world, they provide news coverage that typical journalists may not be able to cover in a timely fashion. For small news organizations with limited resources, Reuters provides objective reporting that allows journalists additional resources.

History

Reuters was invented by Paul Julius Reuter as a way to shorten the time it took important news to travel long distances. Toward the end of the 19th century, it became necessary for financial markets to communicate internationally. Reuter noticed the need and worked toward creating a submarine telegraph office that would send information quickly. In 1851, Reuter set up a submarine telegraph office in London as attempts to lay an underwater telegraph cable failed, and entered into a contract with the London Stock Exchange. The purpose of the contract was to allow Reuter access to London stock prices in return for provided the London Stock Exchange prices for the different exchanges around the world. In 1865, Reuter reorganized his private company and turned it into a corporation known as Reuters Telegram Company. In 1984 Reuters became a publicly traded company.

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Time Frame

The initial purpose of Reuters was to provide general and financial news in a timely manner to important financial institutions like the stock exchanges in different countries. Before Reuters telegram service, news took days, sometimes weeks to travel, making it virtually irrelevant by the time it reached interested parties. When Reuter began using carrier pigeons to make up for the holes in the telegraph line, he was able to provide information 7 hours faster than competitors. In 1859 Reuter transcribed a speech in real time through his telegraph service.

Effects

Reuters has developed a reputation over the years for objectivity in presenting information as well as speed and accuracy. In modern journalism, Reuters proved to be a valuable news service to many fledgling newspapers. Providing information that was at the time unavailable to journalists and reporters, Reuters ensured at least a modicum of objectivity in the rise of modern newspapers. Furthermore, Reuters’ effect on news technology is undeniable–from the use of carrier pigeons to the use of satellites to provide around-the-clock news to organizations all over the world.

Significance

Reuters began as a telegraph service to speed up the transmittal of news in a timely manner. Over time, with the addition of his Submarine Telegraph service, Reuter was able to further speed up the time it took financial markets to receive data from other markets. In 1859, Reuters was able to transmit a speech given by Napoleon III in real time to different news agencies. In 1866 a transatlantic line allowed Reuter to transmit news from the United States and other areas outside of Europe. In the 1980’s Reuters expanded into other media markets including radio and television. As the Internet gained popularity in the 1990’s, transmitting real-time news had achieved the speed Julius Reuter sought his entire career.

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