Reuters dominates the U.S. auto story

When the hobbled automakers submitted their turnaround plans to U.S. officials on Feb. 17, Reuters had the news first — along with the combined additional amount of aid the companies were seeking: $22 billion. The Reuters headlines on Chrysler’s restructuring plan and its request for an additional $9 billion in U.S. aid moved 3 minutes before the nearest competitor, Dow Jones. Reuters was also 2 minutes ahead of Bloomberg, the nearest rival, in reporting that GM was now seeking a total of up to $30 billion in U.S. government aid. Also, Ford’s stock zoomed up 20 percent on Feb. 23, adding $700 million in market value, after Reuters was first with news of a key union agreement that could save the automaker almost $7 billion in cash. Reuters was 7 minutes ahead of Bloomberg and 11 minutes ahead of Dow Jones with the news that the United Auto Workers had reached a tentative deal on funding for retiree health care. Reuters was also first in reporting details from Ford, including that it would settle 50 percent of payments in stock — 12 minutes ahead of nearest competitor Dow Jones.