Ottawa, August 2 - As I sit down to write my first article for the newly rebranded Telfer Business Journal on a sunny afternoon in Ottawa, I find myself flooded with ideas. From examining the food marketing industry to discussing intriguing developments I've encountered in my work in the real estate, my mind is buzzing with possibilities. I think of the many interesting people I could interview and the daunting task of reaching out to these individuals I've never met using my new TBJ email. However, throughout all this, I keep asking myself, "What exactly is business journalism?" This question sent my mind spiralling down a rabbit hole of thoughts, “what even makes business journalism… different?” Today's goal is to explore how business journalism differs and it’s significance in the modern day.

Pandeli Pani is a journalist and consultant who has educated and trained reporters in Ukraine, the Balkans, and many Central Asian countries. He describes business journalism plainly as "a branch of journalism that tracks, analyzes, and interprets changes in the economic state of a society" (Pani, 9). Pani argues that business journalism is more prevalent today than ever as people seek information about where their money is going and how it is being used. People want to know about the banks that hold their money and the companies from which they buy products and services for example. Many e-commerce companies owe their success to business journalists who expand their customer base through journalistic coverage.

Business journalism excels in data-driven reporting, often illuminating the complex and misunderstood aspects of institutions, such as financial numbers or the reasons behind layoffs, and how those numbers affect the day-to-day of those companies. All of which return to the concept of “how can this affect the reader.” This unique blend of data journalism and storytelling in business reporting enables the discovery of unseen stories and makes information more engaging and accessible.

Additionally, business journalism interprets corporate events from a global and political perspective, analyzing how a company's actions affect the world and how politics impacts industries. Richard Parker, in his article "Journalism and Economics: The Tangled Webs of Profession, Narrative, and Responsibility in a Modern Democracy," emphasizes that business journalism "routinely interprets economic information in light of its impact on political actors and trends" (Parker, 5). He suggests that reporters should examine government actions, social policies, legal disputes, class conflicts, and political competition that may affect a business's performance and vice versa.

As a business journalist, it is your job to help customers, investors, and businesses navigate the complex business landscape. Often, your opinions, analysis, and forecasts will be the first ones that individuals see. Your input on these matters will fundamentally change the perception people have of a company, product, or service.

The future of business journalism is bright. The integration of new technologies such as social media, data journalism, and innovations like multimedia storytelling are reshaping the field. Virtual reality and augmented reality present immersive experiences, providing a more in-depth understanding of industry accounts.

Business journalism provides detailed information about industries, key players, and recent developments, exploring the interplay and inner workings of the reported organizations. Journalists uncover information companies prefer to keep hidden, revealing important information which may have been neglected or issues that might deter clients. This transparency has practical implications for consumers who may seek to purchase from companies with ethical practices and good public reputations. An example of this is climate change and generative AI. Examining how companies are contributing to worsening climate change efforts holds them accountable for their environmental impact. Reviewing how AI will affect the global economy and labour markets, as organizations begin to introduce AI systems to replace certain positions in their supply chain. Consumers will want to know about the stances on these matters should they be passionate about these issues. It may be the deciding factor in what they choose at a grocery store.

The promotion of honest business practices by business journalists helps maintain transparency and accountability, ensuring that customers and employees are not exploited. This can be seen especially during the Covid-19 pandemic, for example. Joseph Stiglitz, a Nobel Prize-winning economist and journalist, states that the shock the global economy experienced from the pandemic resulted in a variety of companies taking advantage of developed and developing countries, with the latter group suffering more deeply the impacts of inflation, supply chain failures, and vaccine inequality (Stiglitz). Stiglitz suggests that through effective business journalism, an educated consumer culture is created.

An excellent sample encompassing all these points is the 2012 JPMorgan Chase & Co. trading loss. The bank suffered a $6.2 billion loss due to trader Bruno Iksil, known as "The London Whale," who operated from the London office of the bank's chief investment office. Despite this, the bank earned a record profit of $21.3 billion that year. Effective business reporting from outlets like The Guardian, NPR, and Bloomberg revealed that Iksil and his associates were using $350 billion of bank funds for different investments, which were not impacting the bank’s clients, and only helping a very specific insider group. The incident led to increased scrutiny, public calls for tighter regulations, civil costs, regulatory sanctions, and a decreased stock value. This case illustrates the significant impact of business journalism, as not only did business journalists ensure that this information was provided to the public so that they could make informed choices, but they also provided analyses to break down the complicated situation at play.

Charles Whitaker, dean at the Medill School of Journalism, Media, Integrated Marketing Communications at Northwestern University discusses the need for business journalism saying “At a time of increased consolidation, globalization and the digital transformation of commerce and markets, business journalists play an increasingly important role in helping us understand the impact these forces have on our lives and livelihoods.” In the modern day, business journalists provide access to information and act as a force to ensure that businesses do not engage in any questionable activities. As we enter into this new era of the Telfer Business Journal, I encourage you all to explore and engage different perspectives, think critically, and act as the individuals who help people make informed decisions that affect their professional and personal lives.

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