Business journalism’s 5 pillars of purpose: My take on economic reporting’s core principles
Posted: September 28, 2026 Filed under: AI, Dunham's Discourses, Global Business Journalism, Journalism Training, Media, Rick's Rules | Tags: AI, Artificial Intelligence, business journalism, ESG, Global Business Journalism, International Center for Journalists, Journalism Training, Linda Lew, Lise Olsen, Mark Hamrick, Media, News business, Sharon Moshavi, watchdogs, writing Leave a commentBy RICK DUNHAM
In a media world transformed by digital disruption, economic volatility and the never-ending news cycle, high-quality business journalism has never been more essential for citizens around the world — or more challenged by a convergence of economic and political forces. Amid social media misinformation, corporate spin, government pressure and declining trust in institutions, the mission of business news organizations has evolved to serve a public increasingly hungry for clarity, accountability and context.
While styles of business news coverage vary across platforms and countries, five core goals remain central to economic reporting in the modern era.
These five fundamental missions — informing the public, interpreting economic trends, holding power accountable, guiding decision-making and spotlighting broader economic shifts such as innovation and inequality — are the cornerstones of meaningful, responsible business journalism. Let’s take a look at each of them.
1. Informing the public: Gleaning clarity from complexity
At its heart, business journalism exists to inform. It demystifies complex economic developments, financial markets, and corporate affairs for a broad audience. From interest rate hikes to stock market volatility, from GDP reports to global supply chain disruptions, the goal is to translate jargon into accessible language without sacrificing nuance.
“Business journalism has always been important but never has it been more important than right now,” Mark Hamrick, founder of the Hamrick Brief, told Global Business Journalism students. “This obviously is a remarkable time in human history — the rate of change is remarkable. The ability to tell a story well is one of the most important skill sets we have.”
Good business coverage doesn’t just report the what — it explains the why and the how, helping readers understand how distant decisions by central banks, tech CEOs, or energy producers can affect household budgets or career prospects.
2. Interpreting trends: Context beyond the headlines
Modern business journalists are not merely stenographers of the day’s earnings calls or labor reports. They are interpreters — placing economic and corporate events in a broader context. Why does a stronger dollar matter? What does a jobs report signal about inflation? How does a tech company’s quarterly performance hint at shifting consumer habits?
“Every news story needs a paragraph on the significance or context of the news and business news is no different,” noted Jeffrey Timmermans, a longtime Wall Street Journal reporter now working at the Reynolds Center for Business Journalism. “Each business story should explain why the news matters to the reader.”
Interpretation has become even more critical in an era where data is abundant but understanding is scarce. Long-form explainers, data journalism, podcasts, and interactive graphics have become key tools for business reporters helping audiences grasp long-term trends — from climate finance to the future of AI.
3. Holding power to account: Watchdogs in the boardrooms and beyond
Perhaps the most vital and difficult of business journalism’s missions is accountability reporting. This includes exposing fraud, investigating regulatory failures, scrutinizing executive behavior and tracing the flow of money and influence in both the public and private sectors.
Whether covering the fall of FTX and Sam Bankman-Fried, probing the causes of the 2008 financial crisis or revealing how fossil fuel corporations shaped perceptions of climate change in much of the world, investigative business reporting plays a key role in serving the public interest.
“Customers, investors, pensioners, employees and taxpayers all have been harmed in recent years by a reckless disregard at the highest levels of companies,” Gretchen Morgenson, a Pulitzer Prize-winning financial journalist, told a Wharton School leadership conference. “If the people who have created these disasters and profited from them are allowed to slink off into the night, then I think we will be confirming the suspicion that the paths of the powerful are protected, and that the little guy is left to fend for himself.”
In the wake of growing public anger over wealth inequality and the power of transnational global corporations, the watchdog role of business journalism is ethically important — and it is increasingly expected by audiences, even in countries with some limits on press freedom.
4. Guiding decisions: Practical tools for spending, work and wealth
Another core mission of business journalism is helping individuals and institutions make informed choices — whether about investments, careers, consumption or business strategies.
This service-oriented aspect has grown in popularity and sophistication, with media brands like Bloomberg, CNBC, Morning Brew, and The Wall Street Journal offering targeted newsletters, personal finance columns, real-time market updates, and deep industry analysis.
In short, business news has become more personal. Increasingly, it’s not just about what Apple or Tesla did — but about what you should do next. That could be consumer decisions, investment choices or retirement options.
“People read our words, based on which they shape their own opinions and make decisions,” Colin Pope, editor of Austin Business Journal, told students in the Global Business Journalism program’s Business News Reporting and Editing course.
Not every economic journalist is up to the challenge of simplifying the numbers and explaining complex data. The 2025 Barnum Financial Group “Study of Americans in the Workplace“ found that 39% of respondents felt intimidated by financial complexities, contributing to “a population struggling to access and understand the financial resources they need” to make economic decisions.
The clearer business journalists can be in their data analysis and reporting, the more confident their audience can be in decision-making.
Morgenson, now a senior reporter for NBC News Investigations, says her aim as a reporter is to “simplify complex financial dealings so all readers can understand them. Although I am thrilled to have received an array of journalism awards over my career, the most rewarding aspect of my work is helping readers cut through financial fog and protect themselves and their families.”
5. Telling the broader economic story: Innovation and inequality
Today’s business journalism must also capture the complex forces shaping the 21st-century economy: rapid innovation, increasing inequality, and the battles over globalism and global economic dominance.
From covering the rise of artificial intelligence and green energy startups to exploring the gig economy, inconsistencies in labor rights from nation to nation, and the gender pay chasm in some countries, business journalists are storytellers of transformations and of stubborn traditions.
More often than not, those stories are not simply “bottom line” business stories but are societal narratives that often touch on local and national politics, social justice concerns, minority rights, women’s rights and environmental policy.
“Journalists are needed more than ever to bear witness to history,” Linda Lew, a reporter for Bloomberg News in Hong Kong, told Global Business Journalism program students.
This increased coverage of economic justice issues means that ESG (an acronym for Environmental, Social and Governance) investing issues, and diversity in corporate leadership, are no longer niche coverage areas. They are central to understanding the modern economy — and to building trust with younger, values-driven audiences. Coverage of the rise of far-right populism from the Americas to Europe requires skill in both economic and political analysis.
What’s more, in the midst of today’s rapid innovation, business reporters must be prepared to cover the industries of the future, from green technologies to artificial intelligence. Beat coverage can range from profiles to narratives, corporate profit deep dives to investigative pieces about venture capital fundraising attempts.
Reporters covering these emerging industries (and markets) must be able to explain — in simple language — what the technology is and what its impact will be on the lives of people around the world. They also will be called on to cover the business end of companies in a boom-and-bust world that sees spectacular successes, meteoric flameouts and a few criminal prosecutions. All of which are exciting — and challenging — for the reporters covering the story.
The future: Business journalism in the digital age
As the digital economy has expanded, so too has the media ecosystem covering it. Traditional print and television outlets now compete with newsletters, TikTok explainers, YouTube analysts, Substack authors, and especially influencers with strong opinions about crypto or real estate. To demonstrate the power of the influencer culture: More Americans got news about the 2024 presidential election on TikTok from influencers and celebrities than from traditional news organizations’ video feeds, according to Pew Research Center findings.
Yet even amid information overload and the cacophony of facts, opinions and rumors, professional business journalism remains distinct. It is evidence-based, ethically grounded, and committed to transparency.
“There may not be a single truth, but a fact is still a fact,” said Sharon Moshavi, president of the International Center for Journalists. “Everyone is entitled to their opinion, and there is no such thing as absolute and ultimate truth. But a phone is a phone. My AirPods are AirPods … And I think only then are we going to get to that world I like where facts reign.”
Truth is not journalism’s only challenge. Revenue models are shifting. Audiences for traditional media are rapidly shrinking. Misinformation spreads quickly. Reporters face pressure to produce more with fewer resources. And AI tools are transforming how news is gathered and delivered.
Still, the mission endures.
“I’m always looking for something that is hidden, something people don’t want other people to know,” said Lise Olsen, Houston-based investigative reporter focusing on crime, corruption, workers’ safety and human rights, during a lecture to Global Business Journalism students.
This report first appeared on the Global Business Journalism program website.
How cropping photos can change the editorial content of a photograph
Posted: December 20, 2015 Filed under: Journalism Training, Rick's Rules, U.S. politics | Tags: 2016 presidential race, cropping, Donald Trump, Journalism Training, media bias, multimedia journalism, Nancy Pelosi, photo composition, photo cropping, photo editing, photography, presidential election, White House 1 Comment
Marital bliss: This photograph from Donald Trump’s latest wedding is fraught with political overtones.
Photography captures reality.
Or does it?
Yes, a high-quality photograph that follows my 25 rules of photo composition can be a major asset for your multimedia journalism report.
But a photograph is not necessarily objective reality. Why?
Cropping.
As you edit the photograph, you are making editorial decisions: What part of the photo is most important or newsworthy? (That is different than editing decisions based on attractiveness.)
Here are two examples: One benign, one politically charged.
I took the first photo in my final day on the White House beat, Sept. 2, 2013. It shows House Democratic leader Nancy Pelosi speaking to a group of reporters outside the West Wing entrance (also known as “the Stakeout”). The second photo is a wedding snapshot featuring Bill and Hillary Clinton at Donald Trump’s most recent wedding.
Nancy Pelosi at the Stakeout. The viewer’s eye focuses on the media scrum.
The edited photo focuses on Nancy Pelosi.
The original image: The Trumps and Clintons are all smiles at Donald Trump’s latest wedding.
Edited photo #1: That was then, this is war: Hillary and Donald look happy together. That’s not the way they’re acting in the heat of the presidential race.
Edited photo #2: Editing out the Trumps, this could be any of the tens of thousands of Clinton family photos taken over the decades.
Edited photo #3: Editing out the spouses, this version looks like Bill Clinton is enjoying his time with Mrs. Trump. It emphasizes their left hands meeting along her waist.
The Trump-Clinton wedding photo is fraught with political overtones. Some of Trump’s 2016 Republican presidential campaign rivals would like to remind voters of his bipartisan past and his longtime coziness with the Clintons. The unedited photo is incontrovertible evidence that the two families were close enough that they were all smiles together in the not-so-distant past.
By focusing on Donald and Hillary, the photo editor chooses to highlight the 2016 rivalry, without the spouses. It’s Hillary vs. Donald. All smiles then. All insults now.
By editing out the Trumps, this is an unexceptional photo of Bill and Hillary Clinton smiling for the cameras. Little news value.
By editing out Donald and Hillary, the photo focuses on Bill Clinton with his arm around an attractive woman. Her left hand touches his, prompting the viewer to reach her/his own conclusion about the body chemistry.
The takeaway lesson: When you are editing photos for content, think about how your cropping decisions change the meaning of the image in the eyes of your audience. Are you sending the message you want to send? Are you fairly reflecting reality? Are you being fair to the subjects in the photo?
If you are a professional photo editor, the answer to all of the questions should be yes.
Ten tips to improve your news photography from a two-time Pulitzer Prize winner
Posted: April 22, 2015 Filed under: Global Business Journalism, Journalism Training, Rick's Rules, Top Ten | Tags: Burkina Faso, child labor, Data Journalism, eBook, Eiffel Tower, Fort Worth Star-Telegram, Gaelle Patricia Chekma, Global Business Journalism, gold mining, Journalism Training, Larry C. Price, Larry Price, Matt Haldane, multimedia journalism, Paris, Philadelphia Inquirer, Philippines, photo composition, photo tips, photography, Pulitzer Center, Pulitzer Center for Crisis Reporting, Pulitzer Prize, Tarnished, Top Ten, Tsinghua University Leave a comment
Larry Price spoke to Global Business Journalism Program students on April 21. (Photo by Gaelle Patricia Chekma)
Every year, the Pulitzer Prizes celebrate some of the world’s best journalism. Just hours after the 2015 Pulitzer winners were announced, my Global Business Journalism Program was fortunate to play host to a two-time recipient of the Pulitzer Prize for photography. Larry C. Price, a University of Texas graduate who won the Pulitzer while working for the Fort Worth Star-Telegram and the Philadelphia Inquirer, dazzled my Multimedia Reporting and Data Journalism students with tales from his latest project, a multi-year investigation into the use of child labor in gold mining. His work — entitled “Tarnished” — was published in eBook form by the Pulitzer Center for Crisis Reporting.
Here are ten tips I culled from Larry’s lectures and the subsequent Q-and-A period. They are not a definitive list of “ten top tips.” They are just a collection of tips that I hope will be useful as you attempt to improve your photographic skills.
One of the many vivid photos from “Tarnished.” This is from Larry Price’s trip to a gold mining area of Burkina Faso.
1. Always remember that you’re a storyteller.
Whatever publishing platform you’re on, and whatever visual medium you’re using, journalism is always about one thing. “It’s all about the stories,” Larry says. “Stories are as old as language. They’re everywhere. And journalism tells them.”
2. Look for something new — or a new take on an old image.
“Find something that hasn’t been done,” Larry says. “Or find a different spin on it.”
He says colleagues have sometimes discouraged him from shooting certain images, saying, “it’s been done.”
“My response is, ‘I haven’t done it,'” he says. “If somebody’s told the story, tell it differently.”
His example: a recent trip to Paris and a photo shoot at the Eiffel Tower.
The eBook “Tarnished” is available online from the Pulitzer Center for Crisis Reporting.
3. Get up early. Stay late.
Larry doesn’t use artificial lighting. As a result, he is looking for the best natural light available. “If you want your multimedia productions to look good, shoot them early in the morning or a few minutes before sunset,” he says.
That means long days of work and short nights of sleep.
4. Get close.
Every photographer has her or his own signature. For Larry, it’s close-ups. “I love tight facial portraits,” he said. “Force yourself to get close.”
Another favorite subject for his close-ups: “Hands and feet. That’s what it’s all about.”
5. Get personal.
To make a subject comfortable with you — especially if you are going to shove your camera into their face — is to develop a personal relationship with them. “I spend a lot of time getting rapport established before I take out a camera,” Larry says. “I develop that rapport so it doesn’t get uncomfortable to your subject.”
Of course, you can’t always do this when news is breaking, but it can help improve your image if you have a bit of time to prepare.
6. Keep shooting.
“When I’m in the field, it’s constant activity,” Larry says. “Digital allows you to shoot, review, delete a lot.” Don’t let your guard down when you’re on duty: You never know when the next great photo opportunity might come. “You can’t ever relax,” he says. “It’s a never-ending cycle of feeling guilty.”
On his most recent trip to Burkina Faso, Larry returned with 37,000 frames. “I always have a lot of failures,” he notes. “I shoot a lot of pictures.”
7. Minimize your vertical shots.
Horizontal photographs work best on digital platforms, whether that’s a mobile device or a computer. And if you’re taking video, make sure it’s horizontal. “Never shoot vertical video,” warns Larry. “It’s useless. Half your space is wasted.” He rarely takes vertical stills, except for portraits. But he likes the square format popularized by Instagram. “Square is a very good portrait format — a little more artsy,” he says.
8. Stay natural.
Great photographers don’t cheat with editing programs that alter reality. “I don’t do a lot of Photoshop with my pictures,” he said. “I don’t exaggerate the colors or anything.”
9. Take good notes.
You need to have the spelling of names, correct ages and the locations of cities or villages. Larry always uses two notebooks. He also records the GPS coordinates of everything.
10. One old-fashioned photo composition rule.
“Don’t ever put people in the middle of the frame,” he says.
Matt Haldane has a front row seat for Larry Price’s lecture at Tsinghua.
Professor Dunham’s Ten Commandments for journalism ethics in a multimedia world
Posted: April 11, 2014 Filed under: Dunham's Discourses, Journalism Training, Rick's Rules | Tags: BusinessWeek, ethics, journalism ethics, Journalism Training, Multimedia Business Journalism, National Public Radio, Pew Research Center, plagiarism, Society of Professional Journalists, Ten Commandments, TMZ, Tsinghua University 3 Comments
In the classroom at Tsinghua. (Photo by Zhang Sihan)
Journalism ethics are universal. But some ethical issues take on an added dimension on multimedia platforms.
After spending nearly two decades in digital journalism — writing an online column for BusinessWeek, creating two blogs and teaching multimedia journalism — I have boiled down my advice for my Tsinghua University Global Business Journalism students to ten commandments. Here they are:
•1. Thou shalt not steal
- Don’t lift other people’s posts. Or quotations. Or photographs.
- Intellectual property is intellectual property. If you don’t have the right to reproduce a photo or an article – even with attribution – don’t do it!
- Make sure to properly attribute any quotation you pull from another source. Every single time!
- If the original published source of your item turns out to be incorrect, you can be held liable for civil penalties in courts of law if you republish the falsehood.
•2. Thou shalt get it right.
- 24/7 deadlines are no excuse to get it wrong.
- Carefully attribute all facts you cannot confirm.
- Just because somebody else published it on the Internet or sent it out by social media doesn’t make it true.
- Just because somebody told you something doesn’t make it true. As the old journalism saying goes, even if your mother told you, check it out.
- Better to wait a few minutes to confirm or disprove a post than to get it wrong, wrong, wrong.
- As the Pew Research Journalism Project wrote: “Even in a world of expanding voices, accuracy is the foundation upon which everything else is built.”
•3. Thou shalt repent with speed and sincerity.
- If you get something wrong, or link to another source who got it wrong, make sure you correct the mistake. Pronto. Your credibility is on the line.
- Make sure to send corrections to your followers via social media. Falsehoods can go viral and it’s very hard to reel them back in.
- If you made a mistake and others linked to your post, inform them of your mistake. Pronto.
- Apologize.
- Learn from your mistake.
- Because of the instantaneous nature of digital communication, correcting errors is more important – and difficult — than ever.
•4. Thou shalt avoid gratuitous personal attacks.
- Multimedia journalism provides you a basketful of communications options. Don’t use them to be childish, petulant or rude.
- The same rules of fair play apply online as apply in traditional media.
- Don’t mistake “snark” and “attitude” for wit and cleverness.
•5. Thou shalt be fair and balanced.
- It’s not a partisan slogan. It’s our goal as journalists.
- Fairness should never be sacrificed at the altar of an artificial deadline.
- Efforts should be made to contact public figures referred to or criticized in multimedia reports.
- Avoid sensationalism or distortion that is designed to win you “clicks” or “page views.”
- A few tips from the Society of Professional Journalists:
- “Make certain that headlines, news teases and promotional material, photos, video, audio, graphics, sound bites and quotations do not misrepresent. They should not oversimplify or highlight incidents out of context.”
- “Never distort the content of news photos or video.”
•6. Thou shalt not use unnamed sources to attack others.
- It’s a sure sign of a journalism amateur or poseur.
- People have a right to know who your sources are, with rare exceptions.
- People have a right to know your sources’ motives.
- If someone is too cowardly to attach their name to an attack quote, it tells you something about the person.
- As SPJ writes, “The public is entitled to as much information as possible on sources’ reliability.”
•7. Thou shalt live in a glass house.
- Don’t do anything you would criticize someone else for doing.
- Journalists are public figures. Hypocrisy is news, whether the hypocrite is a politician or a reporter.
- From National Public Radio’s Ethics Handbook: •“We hold those who serve and influence the public to a high standard when we report about their actions. We must ask no less of ourselves.”
•8. Thou shalt never give false witness about who you are.
- It is always unethical to pose as someone else to collect information for stories.
- You should identify who you are and for whom you work.
- You should never identify yourself simply as a “citizen,” a “constituent” or a “consumer.”
9. Thou shalt not pay sources for information.
- Or interviews.
- It’s unethical. It separates infotainment sites from journalism sites. Let TMZ.com get the paid-for celebrity scandal scoop. Better to keep your soul.
•10. Thou shalt not be paid off.
- Don’t take money to post, publish or air something.
- Don’t show favoritism toward sponsors, advertisers or donors.
- Disclose any conflicts of interest you or your publication may have.
- Transparency allows your audience to weigh your credibility.
As SPJ’s code of ethics declares, “Professional integrity is the cornerstone of a journalist’s credibility.”
We owe it to the public. And ourselves.
Rick’s Rules: Top ten tips for effective interviewing
Posted: September 15, 2013 Filed under: Journalism Training, Rick's Rules, Top Ten | Tags: George Clooney, Interviewing skills, Interviewing techniques, Interviews, Journalism Training, National Press Club, Rick's Rules, Top Ten 2 Comments
If you’re lucky enough to get an interview with George Clooney, don’t waste half of the time telling him about all of his movies that you’ve enjoyed.
I continue today with another edition of Rick’s Rules, my lists of professional development suggestions for journalism students and veteran journalists alike.
Feel free to email me with suggestions for future Rick’s Rules posts.
TOP TEN TIPS FOR EFFECTIVE INTERVIEWING
1. Prepare, prepare, prepare.
There is no substitute for adequate preparation — and no excuse for “winging it” in an interview. You should become an expert on the interview subject and the subject matter. If you show that you know your stuff, you are more likely to gain the respect and confidence of the interviewee.
2. Choreograph the interview in advance.
Plan out what you hope to accomplish and the series of questions that will get you from Point A to Point Z. Also plan out what you will do if the interviewee tries to hijack the interview. (See below.)
3. Listen.
A major mistake made by reporters is that they don’t pay attention to what the interviewee is saying; they just wait to ask the next question on their list. It’s very, very important to listen attentively. Your interview subject may tell you something that leads to a valuable new avenue of questioning.
Lesson #9: Don’t talk too much.
4. Follow up.
Persistence usually pays off. If somebody tries to evade your question, try again. Depending on the situation, you can decide whether to rephrase the question or simply tell them that they haven’t answered the question. If your interview subject is evading the question, you want to let them know that you know that they aren’t answering.
5. Word your questions carefully.
You don’t want a “yes” or “no” answer, especially for audio or video. Ask a question in a manner designed to elicit a descriptive answer. It is embarrassing when you look at your notebook after an interview and you see that the answer you wrote down was “no” rather than “I didn’t do anything wrong.”
6. Know when to be the tiger and when to be the fox.
It’s important to gauge the personality of your interview subject and know when to be aggressive, when to be empathetic and when to admit your ignorance. Doing the right thing at the right time can pay off — big time. Doing the wrong thing can ruin an interview.
6. Don’t assume anything.
Ask Ms. Smith how to spell her name. It might be “Smythe.” Ask for job titles and spellings of home towns, spouses and employers’ names (if you are not certain). When possible, it’s good to double-check via a Google search to confirm on their personal or business web sites.
7. Know your subject material and don’t fake it.
You are supposed to be prepared. Remember that. But if you don’t know something, admit it. Don’t say that you’ve read a book — or a report, or an article — if you haven’t. If the interview subject believes you are fudging, it harms your credibility.
8. Don’t let the interview get hijacked.
When your interviewee says “that’s a good question, but the important point is….,” he or she is trying to change the subject and deliver a pre-packaged spin. Make sure to return as soon as possible to the questions you want to ask.
9. Don’t talk too much.
If you have a 15-minute interview, you want almost all of it to come from the mouth of your interview subject. Don’t go off on tangents or monologues. Don’t engage in too much chit chat before you get to your questions, unless you have plenty of time for the interview.
10. Appearances matter.
Look and sound professional. Don’t dress inappropriately or chew gum. Don’t smell of smoke or alcohol. It may sound obvious, but you’d be surprised how many reporters mess up their interview before uttering their first word.
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