The Bloomberg terminal is the key to knowledge in the financial and business markets around the world. It offers the latest breaking news from the commodity market in Chicago, to the BOLSA markets here in Brazil. If something is happening involving money and public companies and interest, Bloomberg has its finger on it.
What drives Bloomberg’s growing success in the current times of dying media, crushed by advertiser pullouts and free information on the internet, is the way they deliver it. The Bloomberg terminal gives journalists, investors, stockbrokers and whoever else can afford it the insider eye to what is going on. It offers more information than six generations of encyclopedias (if they all focused on business), and the two-screen portal provides the latest and most accurate source of information across the world.
Brazil’s Bloomberg life cycle is in its infant stages, recently added to its bureau in 2010, by creating a Portuguese language service, directly tailored for the Brazilian market. The New York based media company realized that to truly make an impact in the growing economic country, Bloomberg needed to provide its information in real time, on the ground level in Brazil.
“It makes a big difference if you’re covering the country from the country,” said Lyons. She notes that the quality of information, scoops and face-to-face contact plays a huge role in readership (and sales of the Bloomberg terminal).
No one can attest to that better than Lucchesi, a senior writer in Brazil for Bloomberg. Lucchesi covers finance for Bloomberg and has written stories that have changed market forecasts and people’s wallets.
Bloomberg currently carries around 4500 terminals in Brazil and roughly 40 reporters, but Adriana Arai Lyons, the managing editor in Brazil says the company is growing. So much in fact, that in some respects they’re struggling to find reporters who can speak and write both Portuguese and English.
“I need bilingual people,” she said.
A majority of Bloomberg’s customers are located in America or are English speaking, and although Brazil is becoming more of a Latin American sanctuary of sorts for international business, it is still behind the curve when it comes to English in business.
“We are like the United States, we are a huge country. But to cover business here you need to speak Portuguese,” said Cristiane Lucchesi, a senior reporter for Bloomberg. “There is a big internal market.”
Most major companies and CEO’s do understand and speak some English, both Lyons and Lucchesi noted, however they are sometimes uncomfortable with the language in press conferences and boardrooms due to potential gaffes and embarrassments.
Lucchesi says people need to know internal credit stories, even if the company doesn’t want them public yet. The information and back room dealings that some of these companies try to do has the potential to move massive amounts of stock and bonds, she said.
While a majority of the conversation dealt with the types of stories Bloomberg deals with in Brazil, as with most journalists’ discussions the topics swayed towards accuracy and efficiency, an on-going issue in today’s instantaneous news cycle.
“Sometimes we lose [a scoop], but we’d rather lose because our reputation is on the line,” Lucchesi said.
“If you make a mistake, someone is going to lose money,” said Lyons.
Bloomberg’s reputation is what makes it so successful in the markets around the world. It is used by almost every major hedge fund and investment bank, as most of them have a dedicated Bloomberg terminal employee focused on what is happening world wide and locally.