Breaking News

The skill and intelligence we bring to reporting an unfolding event determine how competitive we are as a news organization. Publishing multiple headlines in advance allows the reader to see the blocks of a story before they are assembled. Headlines can deliver the most important elements much faster than 50-word bulletins.

When we become aware of possible market-moving information, the first thought must be: Have we told our audience about this? If not, dictate at least one headline to an editor immediately. Deliver as many headlines as needed to make the important information available.

Make headlines specific. The more detail we provide about the traditional five Ws and H—who, what, when, where, why and how—the easier it will be to deliver the story. We flashed these headlines from a report on the New York housing market:

1. *MANHATTAN HOME SALES JUMPED TO SIX-YEAR HIGH IN THIRD QUARTER
2. *MANHATTAN HOMES ON MARKET FELL 22% FROM YEAR EARLIER
3. *MANHATTAN APARTMENT SALES JUMPED 30% FROM A YEAR EARLIER

Once the headlines are sent, explain the news in a seamless narrative. If the event is among the day’s most important stories, make the first version no more than two sentences and send it within three minutes of the first headline so that Top menus can give the news the prominence it deserves. Then update within 15 minutes. Other first takes, of no more than four paragraphs, should be published within 15 minutes of the first headline—and the sooner the better.

This lead developed from the housing headlines:

Manhattan home sales jumped in the third quarter to the highest level since 2007 as buyers rushed to make deals before rising interest rates push costs higher.

News Releases

News releases are essential to news organizations. Many come from services such as PR Newswire, Business Wire and the Regulatory News Service. To deliver the fastest word, we track down and publish electronic versions of releases received by e-mail or found on company and government websites.

The most newsworthy releases are used as the basis for a short story, edited and transmitted as quickly as possible. Then we strive to add value through background, context, perspective and voices.

Reporters and editors have to focus on the essentials of these releases. They need to provide sufficient perspective to allow anyone reading about the topic for the first time to understand the latest developments.

Start by verifying the release to make sure it’s authentic. Check the statement to determine whether any details needed for the story aren’t provided. Contact investors, analysts, traders, competitors, suppliers, customers and anyone else affected by the event. What context can we provide and what additional news can we break that goes beyond the release?

In our hands, a company statement becomes a story that does many things. It explains how the shares have performed, how much sales and earnings have risen or fallen, how the company compares with competitors, how many and which analysts recommend the company or don’t, and who the biggest shareholders are—any number of details that, taken together, will provide more meaning.

Attribution

As journalists providing the first draft of history, we have an obligation to report as much of what was said and done as we can. That means we should speak to everyone involved and get people of authority to verify what we are prepared to report. We should be precise about how we know what we know. Did we see it? Do we know someone who did? The best journalism is transparent.

The first four paragraphs of a story must disclose how we received information, such as whether it’s from a news release, conference call, interview or government filing.

If any of the details in a statement are a surprise, seek verification. If the news or its method of delivery is suspect, such as a statement sent from an unfamiliar e-mail address or a press release filled with typos and grammatical errors, confirm the news before publishing. If the company doesn’t respond and the shares are moving, stories about the stock’s movement need to explain that the company didn’t return calls.

Include details about the location or circumstances of an interview when they are relevant, such as said in an interview via e-mail or said in a telephone interview from his Shanghai office.

When possible, avoid the broad attribution of analysts said or investors say. Names make news. Some people are more noteworthy than others because of their holdings, track record or reputation and should be identified right away.

Instead of using the generic economists said, a statement carries more authority when attributed to Maury Harris, the New York-based chief U.S. economist for UBS Securities LLC and the best GDP forecaster during the past two years.

When writing about politics and policy, name a person or a government agency as the source of information, rather than a building or city. Locations such as the White House, Pentagon and 10 Downing Street should be included as additional detail, such as an administration official said from the White House; an aide to the prime minister said from 10 Downing Street. Washington isn’t a synonym for the presidential administration or the U.S. government; Tokyo isn’t a synonym for the Japanese government; Brussels isn’t a synonym for the Belgian government or for the European Union.

Anonymous Sources

Bloomberg News uses anonymous sources only when necessary to get the news to our readers, viewers and listeners. When a person asks for something other than an on-the-record interview, the reporter must define with the source exactly what the terms are because ground rules aren’t universal.

An interview conducted on background or not for attribution means the information can be published under conditions negotiated with the source. The terms usually mean the person won’t be identified by name and may agree to a reference such as a U.S. State Department official or a store manager.

Off the record means the information can’t be used in any way, including as a tip to be verified elsewhere, and should be avoided in almost all cases. The information has been provided solely to help a reporter understand an issue.

It’s not enough to agree that an interview is on background or not for attribution or off the record. Even people who work regularly with journalists interpret those phrases differently. People often tell reporters that something is off the record when they mean it is on background. We should negotiate for the most transparent attribution possible so that our audience can see that our sources are credible and that there’s a good reason why people can’t be named.

When we decide to use anonymous sourcing, there needs to be a discussion: What did the reporter ask? How was it asked? What was the response? Do all the anonymous sources agree? Why should we trust these people? How do they know what they know? What’s their motive? Why don’t they want their names used? What are we missing? What we don’t know will hurt us.

On-the-record information attributed to people and organizations establishes authority and trust. Stories that use anonymous sources are scrutinized by senior editors because they don’t have the same level of transparency.

When using anonymous sourcing, we strive for at least two people with direct knowledge of the matter telling us the same set of facts. In cases where we have only one person, the story is always subject to additional review.

We don’t use direct quotes from anonymous people. When we paraphrase, critical comments should include attribution.

Reporters should contact the people or groups named in stories that rely on anonymous sources and add their comments to the story before it’s published. Reporters should never give those parties any clues as to where the information originated.

After the news is published, story updates should include on-the-record comments from outside experts. Reporters should not share information with outside parties such as investors or analysts before we report it.

When writing stories based on anonymously obtained documents, seek to verify their authenticity. Referring only to a memo obtained by Bloomberg News forces readers to assume the letter is credible. Describe the letter’s contents and presentation. How many pages? What was the date? To whom was it addressed? Who signed it? The answers build confidence in our reporting.

If there is any concern about a document or how it was obtained, check with a senior manager or newsroom counsel before posting it on the terminal. Don’t share the document externally unless it has already been posted on the terminal.

Once the decision is made to use anonymous attribution, we have an obligation to protect our sources while being as transparent as possible to our audience. Attribution must be as specific as we can make it for the situation:

Describe how the people know what they know.

Explain why the people are willing to share their information.

Explain why the people are insisting on, and entitled to, anonymity.

Tell readers as much as possible about the people. Describe their credentials as much as possible without jeopardizing their identity. We may be able to identify their departments or positions.

The term source is part of our industry jargon. Phrases such as sources said or it is understood or Bloomberg has learned aren’t acceptable. It is better to say person or people with specific attribution.

Some examples of full attribution: A person present at the meeting; someone who has seen the document; a congressional aide; a department official; a participant and a supporter of the bill; executives who have been briefed on the negotiations.

Instead of according to people familiar, we wrote:

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has transformed the bank’s chief investment office in the past five years, increasing the size and risk of its speculative bets, according to five former executives with direct knowledge of the changes.

Don’t mislead readers about a source’s identity, even to divert suspicion. For example, don’t use people when only one person supplied the information.

Don’t allow a person to lie on the record while supplying contrary information for anonymous attribution.

Don’t say that a person had no comment or declined to comment when the person spoke to us on an anonymous basis.

Our standards for anonymous sourcing shouldn’t prevent us from talking to those in the know. Insights of people who insist on anonymity can become fodder for others who are receptive to publicity. Confronting a company or organization with what we plan to report can lead to an on-the-record confirmation.

Corrections

We correct misspelled names and words that change the meaning of a sentence, missing first references and incorrect attribution. We also correct errors involving numbers, such as the wrong date; confusing million, billion and trillion; and inaccurate math or rounding. The online editing system for team leaders should be used only to fix dropped words, transposed letters, style violations and faulty grammar or syntax.

We correct any errors as soon as they are found so that the mistakes don’t spread to other stories or harm readers.

Any communication asserting that we made an error must be immediately brought to the attention of a team leader and managing editor.

People complaining about a story should always be treated with courtesy. Ask them to identify any error. In cases where the fairness of the story is questioned, be prepared to listen and provide supervisors a summary of the complaints. Deference is sensible and honorable. If the person becomes difficult, forward that complaint to a supervisor. Leave questions about sources, the story’s meaning or the editorial process to supervisors.

If a lawyer calls about a story or threatens litigation, forward the call to our newsroom lawyer and inform the team leader, managing editor and executive editor immediately.

Never promise a correction within a certain time or date. Reporters must not negotiate or promise particular language in corrections. Leave it to the editor-in-chief to say, “We stand by our story,” when that response is appropriate.

Editors should never send a correction without making every attempt to contact the story’s writer and editor to determine whether the complaint is justified.

Be careful about any written correspondence regarding alleged errors. One columnist was drawn into an exchange that ended up in the hands of lawyers suing the subject company and became part of court pleadings.

If every story meets our standards, there will be fewer threats or complaints that we are unfair. It’s hard to complain when the narrative relies solely on anecdotes, examples, nouns and verbs, and omits modifiers. Show, don’t tell. Our style paves the way for accurate reporting.

Here are steps we can take to ensure greater accuracy:

Be transparent. Every story should explain how we know what we know, from the one-paragraph first version to the final update. Attribution should be precise, detailed and ubiquitous.

Confirm the name and title of anyone we interview. People in the same company may have similar names or titles. Ask for a business card. Check Bloomberg profiles. Previous stories may no longer be correct, resulting in an incorrect profile; the person may have a new name or new job.

Check facts pulled from earlier stories. Using information from previous stories without verifying each detail is dangerous. Make sure what is asserted as history is consistent with our reporting to date.

Double-check the spelling of all names and locations. The Bloomberg search engine or Help function can provide references for names, descriptions, locations and brand names.

Confirm the results of Bloomberg functions. Reporters are responsible for the integrity of their reporting, and editors must validate what is published and broadcast. If a reporter puts a stock price in a story, for example, the editor must verify it using <Equity> Q or another function.

Take special care with figures, especially those we calculate. Editors handling merger-and-acquisition stories, for example, need to review with the reporter the math used for valuations. Use HC <Go> when doing calculations or FXCA <Go> for currency conversions. Bloomberg profile entries include birth dates. Verify these details, too.

Know appropriate units of measure. Governments and companies could sell $100 million of bonds; a $100 billion bond sale would be unrealistic. If a currency is worth less than one U.S. dollar, then any conversion into dollars will result in a smaller number, and vice versa. Commodities may be priced in dollars per metric ton, cents per pound or other units.

Print the story. Review the printout and check off each fact, spelling and calculation. Make sure the story’s facts are consistent with any related press release, published statement or document.

Have reporters review edited stories. Reporters need to sign off on the final version of their stories before publication. Editors should flag any material changes.

Sending Corrections

Examining and publishing a correction is about being transparent with our audience. By understanding how every mistake happened, we can learn how to make fewer errors.

Corrections must include (Correct) at the end of the headline: Brazil Raises $3 Billion by Selling 10-Year Bonds (Correct). Explain in the trashline at the top of the story what was fixed.

Delete the incorrect versions immediately after sending the corrected story. This ensures that erroneous stories won’t become misleading reference material. If the story is in a Top <Go> page, replace it with the corrected article before removing the incorrect version.

A correction doesn’t affect the numbering of updates. Continue numbering updates as though no correction occurred and no stories were removed. Once there’s a second update, we don’t back up and have another second update because of a correction. Corrections are never numbered.

When something is wrong and can’t be changed or replaced, remove the information from the story and note that in the trashline: Removes incorrect reference to 2012 earnings in the fourth paragraph.

When the mistake is discovered one day or a few days after the story moved, leave the date in the dateline unchanged. Note the original story date in the trashline: Corrects percentage of stock gain in second paragraph of story published March 8.

Correct all errors of fact in a stand-alone headline in this style: *CORRECT: IMPERIAL RESULTS ARE FOR FIRST HALF. After the correction moves, remove the incorrect headline immediately.

Typographical errors in stand-alone headlines that don’t impart materially wrong information should be fixed and re-sent, not corrected, and the original headlines deleted.

If we run a headline and later discover the news is old, publish another headline that tells readers: *IGNORE: ACME REPORTED 2Q EARNINGS YESTERDAY or *IGNORE: ACME WAS RAISED TO ‘BUY’ AT CITIGROUP JAN. 3. Speed is important. Accuracy is even more important.

Rumor and Speculation

The job of a Bloomberg journalist is to report and publish facts. We don’t publish headlines, leads or other parts of stories based solely on rumors.

We do report on speculation, which is different from rumor. Speculation is when traders or investors buy or sell. We know for a fact that a price went up or down. We don’t always know the cause of the fluctuation.

Before publishing any story, we must try to determine whether the information is accurate and give the individuals or organizations named a chance to respond.

When the speculation behind an action has been proven false, note that prominently in the story. We should also say that a report can’t be confirmed if a market is still moving in reaction to unsubstantiated reporting such as a possible earthquake, bomb threat or capture of a terrorist.

Any story needs to provide evidence of the speculation in the first four paragraphs. Any story that mentions the speculation—including the movers and market columns—must include the comment/no comment/declined to comment from the people or organizations.

Always check with the subject of the speculation. When shares in Bank Holding & Co. tumble 12 percent and traders say it’s because Bank Holding can’t pay its debts, we have to ask Bank Holding why the shares are falling and whether it has missed, or will miss, debt payments. If Bank Holding says “no comment,” we are in a much better position with our readers, especially the company’s shareholders. In many countries, Bank Holding would have a legal obligation to explain or disclose any causes for a decline in its shares. Responding to queries from us fulfills some of that obligation.

When attempting to confirm hearsay, make sure our questions distinguish Bloomberg News from the rumormongers. Indiscriminately aimed messages to a group of people aren’t a responsible way to gather information because we have no intention of spreading the rumors. Conversations are best and reduce errors. If an e-mail is the only option, keep the questions specific. Regardless of whether a conversation happens by phone or e-mail, we should be careful not to make any slanderous (spoken) or libelous (printed) statements during the newsgathering process.

When the company provides no reason and neither confirms nor denies our understanding of the cause of the share decline, we have enough information to provide an initial report in our story and headlines. Any company that doesn’t say for the record that its finances are sound when it’s buffeted by speculation to the contrary isn’t serving the interests of its shareholders.

When competitors break market-moving news, we must make our audience instantly aware even when we can’t verify the accuracy. The key is to identify their sources of information in our stories and headlines.

The purpose is to avoid giving credibility to a perception that may be inaccurate. Although prices may jump or plunge on a rumor, that doesn’t make the rumor a worthy cousin of the truth. On slow days in the 1980s, bored commodity traders used to whisper that President Ronald Reagan had been shot, sending prices into convulsions.

Media Summaries

Bloomberg News doesn’t subscribe to the not invented here school of journalism. If another news organization—a competing news service or broadcast outlet, a local newspaper, a reputable website, etc.—breaks news that our readers need because it may move markets or is of public interest, we should publish the news as soon as possible.

Every reporter and editor should be prepared to headline and summarize what news we don’t have. This process reminds us there is always something we don’t know—that our work is never done, our reporting is never complete and our news judgment will only get better when continuously and rigorously challenged.

If the story being summarized is about the economy, markets, money, companies or industries, or about policy that will affect any of these areas, we must rush to confirm it, advance the story and publish our own version. Other times, a headline that links to the story will suffice. The headlines give our audience the first word with our news sensibility.

If the Local Gazette says Company A will buy Company B, the first thing we do is headline the report and provide a web link to the story. Then we should call the companies and solicit their comments. Even if they can’t be reached after our repeated attempts, we can publish our own story saying something more, such as including reaction and comments. Readers depend on us to verify or dispute the contents of the Local Gazette.

Before summarizing or linking news from other media organizations, search the Bloomberg terminal to see whether we have the news. If another publication’s story contains major elements that we lack, summarize those. Cite the specific publication in the headline or story. Never use news reports.

When the identity of the source in the story isn’t clear, be as specific as possible: the Associated Press said, citing unidentified people close to the situation, or the Washington Post reported, without saying where it obtained the information.

When a story being summarized includes an accusation or information that may be considered defamatory or unfair or is based on information from an unidentified person, call the subject of the story for a response and include that in the summary. Don’t rely on the original report’s response.

Calling a switchboard or voicemail, leaving a message, and then writing that no one could be reached or someone didn’t return a call isn’t sufficient. Call as many numbers as are available. Seek help from other teams.

We must be satisfied that our attempt to seek comment was thorough enough that writing Smith didn’t return a telephone call seeking comment is accurate and fair. We try to be transparent: Smith didn’t return two telephone calls and an e-mail seeking comment outside of regular business hours.

Hold off publishing the summary until we’re satisfied that our effort has been fair. That doesn’t mean we should delay publication until we get a response. Weigh the seriousness of the allegation against how much we do to seek comment. For more serious allegations, make more calls and wait longer. When in doubt, discuss with a team leader, who may want to consult with our newsroom lawyer.

Story Mechanics

Each Bloomberg News story has elements that promote transparency. We tell readers who wrote the story and how to contact them. For updates, we tell readers what information we added or changed. We also code stories to make them easy to find on the Bloomberg terminal.

Datelines. Bloomberg News uses only the date and Bloomberg name in datelines, not a city. Provide locations for where the news is unfolding in the first four paragraphs. Often we need to use multiple locations for different subjects or elements in a story: The company is based in London, the chief executive officer is speaking at a conference in Montreal, the main shareholder is in Dubai and the shares are moving in U.S. trading.

The date in the dateline should reflect when and where the news in the lead occurred. For example, a reporter in New York is writing about events in Tokyo, where it is past midnight. While it may be June 3 in New York, the dateline should be June 4.

Bylines. The byline should name the one or two reporters who contributed the most to the story. Consider who broke the news as well as who wrote the story. The names and their order in the byline may change as information is added in the updates. The byline is placed between the headline and the text.

Trashlines. All updated and corrected stories require brief explanations of the changes of content in the new versions. Place the trashline between the headline and byline, with one blank line above and below. Indent and enclose in parentheses. Explain what new content was added and in which paragraph. Be concise and specific. Style guidelines for abbreviation, capitalization, punctuation and grammar apply.

Consider a reader who, having read an earlier story, has to sift through the paragraphs to figure out what’s new. A broad reference such as Adds details doesn’t tell the reader what details were added or where they appear. Better: Adds consumer confidence report in fifth paragraph and bond yields in sixth paragraph.

Updates. Any story that contains new information and doesn’t correct the previous version must be identified as an update. All updates have a numbered label—(1), (2), etc.—at the end of a headline. Corrections don’t have any effect on numbering. If a newly published story gets corrected and then updated, for example, the updated version would still have the (1) label at the end of the headline.

The resulting story should look like this:

Dell Is Said to Be in Buyout Talks With Private-Equity Firms (4)

(Updates with possible timing in second paragraph.)

By Serena Saitto and Jeffrey McCracken

Jan. 14 (Bloomberg)—Dell Inc., the personal-computer maker that lost almost a third of its value last year, is in buyout talks with private-equity firms, two people with knowledge of the matter said. The shares surged.

The company is discussing going private with TPG Capital and Silver Lake, said one of the people, who asked not to be identified because the talks are private. A deal could be announced as soon as this week, one person said. The discussions could fall apart because firms may not be able to line up the needed financing or resolve how to exit the investment in the future, the people said.

For Related News and Information:

Is Michael Dell Finally Taking His Company Private?: {NSN MGMTFB3HBS3K <Go>}

Dell Bonds Tumble Most in 16 Months on Report of Buyout Talks: {NSN MGMVXH6TTDSL <Go>}

Top technology stories: {TTOP <GO>}

News on Dell: {DELL US <Equity> CN <GO>}

Mergers and Acquisitions News: {NI MNA <GO>}

—With assistance from Aaron Ricadela and Peter Burrows in San Francisco, Dina Bass in Seattle, Tara Lachapelle in New York and Miles Weiss in Washington. Editors: Tom Giles, Reed Stevenson

To contact the reporters on this story:

Serena Saitto in New York at +1-212-617-4347 or

[email protected];

Jeffrey McCracken in New York at +1-212-617-8517 or

[email protected]

To contact the editor responsible for this story:

Tom Giles at +1-415-617-7223 or

[email protected]

Coding. Readers can appreciate our efforts to report, write and edit authoritatively only if they can find our stories. It’s up to editors to ensure that stories are coded for the appropriate news menus by geography, industry, market and company.

Complete Coverage

Complete coverage goes beyond publishing a single story about an event. As much as they appreciate stories, our audience also wants to read, see and hear news in its unadulterated and unfiltered form.

Original documents. Make copies of primary documents—press releases, regulatory filings, court papers, statements, texts of speeches and conference call transcripts—available on the system. Bloomberg News has no space limitations, so reporters and editors should make an effort to put every document on the Bloomberg. If there is a concern that a document might be inauthentic, infringe a copyright, contain proprietary information, violate someone’s privacy or be otherwise problematic, check with your team leader or newsroom counsel.

Links. There is no better way for Bloomberg users to appreciate the scope of the system than through the clickable links to functions, source documents and news stories that we include throughout each article and in the so-called tour on how to find news and information at the end.

Multimedia. Speeches, press conferences and conference calls are broadcast in real time on the Bloomberg via LIVE <Go>. Broadcast, telephone or recorded interviews should be packaged as multimedia for AV <Go> so they can be viewed when it’s convenient. Reporters should use video cameras found in bureaus worldwide to record interviews and events that complement stories.

Photographs. The Bloomberg is a visual medium. We have photo editors around the world who can assign photographers to shoot pictures that can be attached to stories and sent to our newspaper customers.

Graphics and data. Some information is best explained visually. Our graphics desk can break down complex issues or processes into charts and interactive graphics to be attached to stories for terminal readers and made available to newspaper clients. We can also provide data in rankings, charts, raw data files, bullet-point lists and timelines.

Special reports. When a big story breaks, package the reports and multimedia in Top pages such as EXTRA <Go> or ELECT <Go>.