Reuters is to launch a global internet news service at the end of this year in a bid to protect its share of the online financial news market.
Increasing activity in this area has lead to a more competitive marketplace, most recently illustrated in the announcement of a global launch by Street.com earlier this week.
Reuters' move poses a direct threat to established media online operations such as the Financial Times and the Wall Street Journal, as it is currently recognised as the world's largest provider of financial information. It will be investing £20 million into the venture.
The decision comes after senior executives expressed concerns about being left behind in the race to provide financial news online. Although widely acknowledged for its existing strategy as a wholesale ISP provider to more than 225 websites, Reuters research has revealed a healthy potential market amongst high-net-worth individuals for a 24 hour fast global news service. Reuters were keen to stress that the new site would be targeted at this market, presenting no threat the its existing service.
Emphasis on the new site will be placed on breaking stories and providing innovative global analysis. The site will be based in London, with various global outposts including New York.