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Daily Mail - Shoddy journalism

Community Veteran
Posts: 6,824
Registered: 27-10-2012

Daily Mail - Shoddy journalism

Time and time again, I read stories on here quoting the Daily Mail or referring to what's been written on their website. People seem to believe what they write, however I continually see examples of bad journalism - stories where the facts are not correct or where they have simply made something up to suit their articles.
The latest example: Get your money out of Britain: Global banks warn investors 'Yes' vote would be 'cataclysmic' for UK economy - http://www.dailymail.co.uk/news/article-2748983/Scottish-independence-cataclysmic-shock-UK-economy-w...
The article includes the following summary:
- Value of the pound could plunge by 15% in the event of a ‘Yes’ vote
- Japan’s top bank Nomura advises investors to brace for sterling collapse
- Separation of union after over 300 years would be a ‘cataclysmic shock’
- Jitters saw the pound fall to a 10-month low against the dollar yesterday
- Shares in major Scottish businesses also tanked amid a surge for ‘Yes’
- Sterling continued to fall today as second poll puts referendum on knife edge
A few points here:
1) Nomura is not the largest bank in Japan, Bank of Tokyo-Mitsubishi UFJ is the largest bank.
2) There is no mention of 'cataclysmic shock' in any of Nomura's research, ever. The last time the word 'cataclysmic' was used was back in 2012. The Daily Mail claims to quote Jordan Rochester, strategist at Nomura, who has never used that word in any of his research.
3) Shares in major Scottish businesses also tanked - So let's look at Scotland's largest company, Standard Life. Their shares have fallen 1.2% - nice tank.
4) No one from Nomura has said GBPUSD could fall by 15%. They have also never said sterling could collapse (no bank would ever use this kind of terminology). Nomura's last FX trade piece on GBPUSD (from 8 Sept) said this:
Quote
Historically, the 1.58-1.62 range has offered a key support or resistance level to break (see Figure 1 below) and we may expect these support levels to hold if GBPUSD moves even lower just before the referendum. If the „YES‟ vote does win the referendum on 18 September, GBPUSD could gap considerably lower (we think a 5-10% sell-off could be possible) and implied vols could be much higher. A “NO‟ vote could mean GBPUSD appreciating back to 1.66-1.68 levels.
A zero-cost break-out ladder in such a scenario could be profitable, as it would gain if spot gaps downwards with a large move, but would not lose anything if spot moves higher in the event the “NO‟ vote wins a majority.
Given that the probability of an exit is still considered less than 50% by most analysts in spite of this recent poll, (see for instance How to trade the Scottish Referendum for a detailed pre-You-Gov poll analysis including timelines), we do not think it makes sense to pay a large premium for this possibility.
34 REPLIES
Community Veteran
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Re: Daily Mail - Shoddy journalism

to see how the £ = $ rate has moved visit this page...
http://www.xe.com/currencycharts/?from=GBP&to=USD
At the bottom of the chart is the "year long" chart... you can move the right hand cursor, leftwards to show the chart in much more detail in the larger chart above...
On July 14 the $ was £1.72 and has slowly dropped back to £1.62 today... ( approx values )...
Community Veteran
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Registered: 27-10-2012

Re: Daily Mail - Shoddy journalism

I use Bloomberg.
Community Veteran
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Re: Daily Mail - Shoddy journalism

welcome to the daily mail, headlines but not the truth. They seem to love printing speculation as fact.
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Re: Daily Mail - Shoddy journalism

@AndyH
You may be misunderstanding what newspapers or indeed many businesses are about and that's to make money for the owners/shareholders.
In the case of newspapers it's about sensational headlines or  deliberate misuse of words such as using the word, 'will' instead of ,'could' thus giving the impression something is actually going to happen rather than it might happen.
It's shady practice rather than shoddy journalism, in short, print anything that will sell the most papers
alanf
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Re: Daily Mail - Shoddy journalism

Quote from: AndyH

- Japan’s top bank Nomura advises investors to brace for sterling collapse
1) Nomura is not the largest bank in Japan, Bank of Tokyo-Mitsubishi UFJ is the largest bank.

The Daily Mail didn't say "largest" it said "top". Goodness knows what "top" is supposed to mean. Highest customer satisfaction? Most customers? Most branches? Most assets? If part of a group which parts count as assets of the "top bank"? ....
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Re: Daily Mail - Shoddy journalism

Quote from: alanf
The Daily Mail didn't say "largest" it said "top". Goodness knows what "top" is supposed to mean.

Top floor Undecided
I'm more appalled at the apparent lack of proof reading, not just in the Daily Mail, but most on-line articles or so it seems. Not just spelling mistakes but poor grammar, word repetition and so forth.

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Re: Daily Mail - Shoddy journalism

Quote from: Mav
I'm more appalled at the apparent lack of proof reading, not just in the Daily Mail, but most on-line articles or so it seems. Not just spelling mistakes but poor grammar, word repetition and so forth.

+1
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Community Veteran
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Re: Daily Mail - Shoddy journalism

@ alanf - In the first few lines of the article, "Japan's biggest bank, Nomura, warned sterling could plunge by 15 per cent in the event of a ‘Yes’ vote – amid warnings over a ‘run on UK assets’ threatening savings and pensions of ordinary families".
@ gleneagles - I buy the FT and Times and I read the Guardian online (for current affairs/breaking news updates). I trust what I read from those papers. It's irresponsible journalism to fabricate information and sources to suit articles, something the Daily Mail is accustomed to.
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Re: Daily Mail - Shoddy journalism

Quote from: 7up
Quote from: Mav
I'm more appalled at the apparent lack of proof reading, not just in the Daily Mail, but most on-line articles or so it seems. Not just spelling mistakes but poor grammar, word repetition and so forth.

+1

Two things that should be banned from schools and journalism...



Copy & Paste Roll eyes

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Community Veteran
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Re: Daily Mail - Shoddy journalism

How can spelling, poor grammar and word repetition occur unless it's deliberate.
Anyone using the  usual word processors will find spelling and grammar automatically corrected .
Bad spelling and grammar is annoying but attracts more attention.
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Re: Daily Mail - Shoddy journalism

Cos sum peeps neva went ta school innit
Community Veteran
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Re: Daily Mail - Shoddy journalism

Brap.
alanf
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Re: Daily Mail - Shoddy journalism

@AndyH
Ah!  I only read your "The article includes..." and not the article itself. It seems I was too quick to assume the worst of the Mail on this occasion.
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Re: Daily Mail - Shoddy journalism

Quote from: Mav
Quote from: 7up
Quote from: Mav
I'm more appalled at the apparent lack of proof reading, not just in the Daily Mail, but most on-line articles or so it seems. Not just spelling mistakes but poor grammar, word repetition and so forth.

+1

Two things that should be banned from schools and journalism...

Copy & Paste Roll eyes

I'll have you know Maverick, I did not copy and paste. I hit quote and then deleted part of your original post  Tongue
I need a new signature... i'm bored of the old one!