Reuters ahead of all comers on sinking of South Korean ship

Reuters landed a series of 11 news flashes on March 26 that were unmatched by international media on the sinking of a South Korean naval ship near a contested sea border with North Korea that impacted trading on Wall Street. News of a possible North Korean link to the sinking ignited fears that armed conflict could re-emerge between the rival Koreas. The news sent shares down on Wall Street on geopolitical concerns and caused the Korean won to fall. The price to insure Korean sovereign debt rose to 83 basis points from 78 basis points in the wake of the news, according to two trading sources. That means the cost to insure $10 million in South Korean debt increased by $5,000 to $83,000. According to a client, South Korean broadcaster MBC - which receives AP and AFP feeds - Reuters` news stories were at least 30 minutes faster than those of its rivals. Reuters followed up the initial reports of the incident with an instant analysis that looked at what may come next and more news flashes that calmed concerns on Wall Street as South Korean officials backed away from their initial claims that they suspected a North Korean attack.