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Tuesday, 23 April, 2024

Message From The Chief Guest

Fake news is a big threat in the field of Social Media Journalism

MA Mannan, MP, Planning Minister
  08 Oct 2023, 00:00

I am thrilled to learn that esteemed bankers, editors of prominent dailies, and banking and market regulators have gathered for a crucial dialogue titled "The Banking & Financial Sector Reform: The Role of Media and Press Freedom," organized by BJFCI which will be followed by Anniversary Publications commemorating the 30-year milestone journey of THE BANGLADESH EXPRESS. This novel initiative is well-timed, as honest discussions often yield the best outcomes.

Bangladesh, under the dynamic leadership of Prime Minister Sheikh Hasina, is now a global growth story thanks to impressive reform measures in the country's banking and financial sector. Here, the role of the press is imperative as financial journalists play an important role in corporate governance as a passive monitor under a conducive regulatory environment. But more recently, the financial literature has shifted attention towards the channels and how information is presented and communicated, as it has been understood that how the information is shaped and delivered to investors can lead to completely different financial outcomes. So, the relationship between information and finance is enriched by a double complication and it seems to be an unclear and undivided opinion on the role the media played in the financial crisis and reform.

I agree with Mr. Faruk Ahmed, the keynote speaker of the Dialogue that the media should always lead with what bleeds, but covering a crisis should be more delicate. The right to free speech does not give us the right to shout fire in a crowded cinema; there was a fire risk, and we might have lit the spark by shouting about it. For over a century, business and financial executives, as well as researchers, have recognized the advantages and disadvantages of media coverage. On one hand, it can establish trust among depositors, raise awareness about banks and their products, boost sales, generate investor interest, and enhance the reputation of executives and company brands. On the other hand, media coverage can also disseminate harmful information that tarnishes reputations, lowers sales, and leads to declining share prices. But fake news is a big thing in the field of Social Media Journalism. Fake news can be as simple as spreading misinformation or as dangerous as smearing hateful propaganda. So, media engagements with the financial sector, in the form of reporting and coverage, are critical to realizing the regulatory objectives of transparency and accountability. Knowledge of the sector by journalists and how it operates will undoubtedly afford them a greater understanding of the sector. Discussing challenges and potential solutions together with the stakeholders is both a responsibility and an opportunity for us. Open discussions between bankers and editors can generate additional value - not only for the stakeholders but also for society at large.

There is substantial goodwill between the financial industry and journalists in Bangladesh. But fake news is a big thing in the field of Social Media Journalism as such news can be as simple as spreading misinformation or as dangerous as smearing hateful propaganda. For example, In December 2022, the Bangladeshi High Commission in Canada issued a statement that sent shockwaves through the Bangladeshi Canadian community. The statement urged all "peace-loving and patriotic Bangladeshi-Canadians to be aware of those spreading anti-Bangladesh propaganda from Canada" and warned that individuals and media involved in such activities would not receive consular services. So, how media covers the banking and financial sectors has been the subject of great debate, especially during the financial crises.

The relationship between economic reporting and expectations is an evolving area, and economists have yet to reach a consensus on the matter. Financial journalists are criticized for superficiality and for a failure to conduct investigations… and for inappropriate news values… They are criticized for being insufficiently sceptical. The main reason is the increasing complexity of financial objects beyond the training, education and skills of most journalists. Knowledge of the sector by journalists and how it operates will undoubtedly afford them a greater understanding of the sector.

So, there is a discrepancy between the ideal active watchdog role journalists picture for themselves and their actual role enactment. This is a time when patriotic reporting strengthens the sense of national cohesion and identity. As important providers of information, the media is more likely to promote better commercial and industrial performances. Discussing challenges and potential solutions together with the stakeholders is both a responsibility and an opportunity. These discussions can generate additional value - not only for the bankers, editors and regulators but also for society at large.

I wish every success of the dialogue of BJFCI followed by the Special Publication of THE BANGLADESH EXPRESS marking its 30-year milestone journey.

On this auspicious occasion, I would like to congratulate the keynote speaker for addressing some crucial issues relating to the roles of financial journalists in the financial reform process. Based on some facts and research, he has focused on the issue of the knowledge gap among working journalists as financial matters are very complex and markets move on speculation. Specialized knowledge is crucial for financial journalists in the context of financial reform and market development. It enables them to dissect complex financial policies and market dynamics, providing accurate and insightful reporting. This expertise ensures that the public receives credible information, aiding informed decisions and fostering transparency in the financial sector. Journalists' deep understanding of the sector and its operations is essential for accurate and competent reporting. This knowledge gap has impeded the media's ability to produce stories about the sector that align with journalistic standards. Here, Bangladesh Press Institute, universities and newspaper owners can help journalists to improve their skills and knowledge.

For more than a century, business and financial executives and researchers have understood that media coverage has benefits and disadvantages. It can help raise awareness of a firm and its products, promote sales, increase interest among investors, and build the reputations of executives and company brands. But executives have also been aware that media coverage can convey information that harms reputation, reduces sales, and leads to declining share prices. In Bangladesh, a significant level of goodwill exists between the financial industry and journalists. However, there appears to be a lack of consensus regarding the media's role in the financial crisis and reform. The engagement of the media with the financial sector, through reporting and coverage, is pivotal in achieving regulatory goals of transparency and accountability. This captivating Dialogue of Bankers, Editors and Regulators will help enhance understanding among journalists, bankers and regulators and establish trust among themselves to promote the country's banking and financial sector development, I hope.

Comments

Message From The Special Guest / Journalists play an impressive role in capital market reform process
Dialogue of Bankers, Editors & Regulators / THE FINANCIAL SECTOR REFORM: The Roles of Media & Press Freedom
Is MFS really a game changer for poor?
Financial journalists should enrich their knowledge of financial matters
Media might be the key educator on crime risks, and informed consumers
Message From The Chief Guest

Fake news is a big threat in the field of Social Media Journalism

MA Mannan, MP, Planning Minister
  08 Oct 2023, 00:00

I am thrilled to learn that esteemed bankers, editors of prominent dailies, and banking and market regulators have gathered for a crucial dialogue titled "The Banking & Financial Sector Reform: The Role of Media and Press Freedom," organized by BJFCI which will be followed by Anniversary Publications commemorating the 30-year milestone journey of THE BANGLADESH EXPRESS. This novel initiative is well-timed, as honest discussions often yield the best outcomes.

Bangladesh, under the dynamic leadership of Prime Minister Sheikh Hasina, is now a global growth story thanks to impressive reform measures in the country's banking and financial sector. Here, the role of the press is imperative as financial journalists play an important role in corporate governance as a passive monitor under a conducive regulatory environment. But more recently, the financial literature has shifted attention towards the channels and how information is presented and communicated, as it has been understood that how the information is shaped and delivered to investors can lead to completely different financial outcomes. So, the relationship between information and finance is enriched by a double complication and it seems to be an unclear and undivided opinion on the role the media played in the financial crisis and reform.

I agree with Mr. Faruk Ahmed, the keynote speaker of the Dialogue that the media should always lead with what bleeds, but covering a crisis should be more delicate. The right to free speech does not give us the right to shout fire in a crowded cinema; there was a fire risk, and we might have lit the spark by shouting about it. For over a century, business and financial executives, as well as researchers, have recognized the advantages and disadvantages of media coverage. On one hand, it can establish trust among depositors, raise awareness about banks and their products, boost sales, generate investor interest, and enhance the reputation of executives and company brands. On the other hand, media coverage can also disseminate harmful information that tarnishes reputations, lowers sales, and leads to declining share prices. But fake news is a big thing in the field of Social Media Journalism. Fake news can be as simple as spreading misinformation or as dangerous as smearing hateful propaganda. So, media engagements with the financial sector, in the form of reporting and coverage, are critical to realizing the regulatory objectives of transparency and accountability. Knowledge of the sector by journalists and how it operates will undoubtedly afford them a greater understanding of the sector. Discussing challenges and potential solutions together with the stakeholders is both a responsibility and an opportunity for us. Open discussions between bankers and editors can generate additional value - not only for the stakeholders but also for society at large.

There is substantial goodwill between the financial industry and journalists in Bangladesh. But fake news is a big thing in the field of Social Media Journalism as such news can be as simple as spreading misinformation or as dangerous as smearing hateful propaganda. For example, In December 2022, the Bangladeshi High Commission in Canada issued a statement that sent shockwaves through the Bangladeshi Canadian community. The statement urged all "peace-loving and patriotic Bangladeshi-Canadians to be aware of those spreading anti-Bangladesh propaganda from Canada" and warned that individuals and media involved in such activities would not receive consular services. So, how media covers the banking and financial sectors has been the subject of great debate, especially during the financial crises.

The relationship between economic reporting and expectations is an evolving area, and economists have yet to reach a consensus on the matter. Financial journalists are criticized for superficiality and for a failure to conduct investigations… and for inappropriate news values… They are criticized for being insufficiently sceptical. The main reason is the increasing complexity of financial objects beyond the training, education and skills of most journalists. Knowledge of the sector by journalists and how it operates will undoubtedly afford them a greater understanding of the sector.

So, there is a discrepancy between the ideal active watchdog role journalists picture for themselves and their actual role enactment. This is a time when patriotic reporting strengthens the sense of national cohesion and identity. As important providers of information, the media is more likely to promote better commercial and industrial performances. Discussing challenges and potential solutions together with the stakeholders is both a responsibility and an opportunity. These discussions can generate additional value - not only for the bankers, editors and regulators but also for society at large.

I wish every success of the dialogue of BJFCI followed by the Special Publication of THE BANGLADESH EXPRESS marking its 30-year milestone journey.

On this auspicious occasion, I would like to congratulate the keynote speaker for addressing some crucial issues relating to the roles of financial journalists in the financial reform process. Based on some facts and research, he has focused on the issue of the knowledge gap among working journalists as financial matters are very complex and markets move on speculation. Specialized knowledge is crucial for financial journalists in the context of financial reform and market development. It enables them to dissect complex financial policies and market dynamics, providing accurate and insightful reporting. This expertise ensures that the public receives credible information, aiding informed decisions and fostering transparency in the financial sector. Journalists' deep understanding of the sector and its operations is essential for accurate and competent reporting. This knowledge gap has impeded the media's ability to produce stories about the sector that align with journalistic standards. Here, Bangladesh Press Institute, universities and newspaper owners can help journalists to improve their skills and knowledge.

For more than a century, business and financial executives and researchers have understood that media coverage has benefits and disadvantages. It can help raise awareness of a firm and its products, promote sales, increase interest among investors, and build the reputations of executives and company brands. But executives have also been aware that media coverage can convey information that harms reputation, reduces sales, and leads to declining share prices. In Bangladesh, a significant level of goodwill exists between the financial industry and journalists. However, there appears to be a lack of consensus regarding the media's role in the financial crisis and reform. The engagement of the media with the financial sector, through reporting and coverage, is pivotal in achieving regulatory goals of transparency and accountability. This captivating Dialogue of Bankers, Editors and Regulators will help enhance understanding among journalists, bankers and regulators and establish trust among themselves to promote the country's banking and financial sector development, I hope.

Comments

Message From The Special Guest / Journalists play an impressive role in capital market reform process
Dialogue of Bankers, Editors & Regulators / THE FINANCIAL SECTOR REFORM: The Roles of Media & Press Freedom
Is MFS really a game changer for poor?
Financial journalists should enrich their knowledge of financial matters
Media might be the key educator on crime risks, and informed consumers