Bloomberg investigated for base rate misprint

Sights

News agency Bloomberg took immediate steps related to an erroneous headline published on the National Bank of Hungary (MNB)'s rate decision on Tuesday, Bloomberg said in response to MTI on Wednesday.
    “As soon as we discovered the error, we corrected the headline and took immediate steps to prevent it from happening again,” Bloomberg said. A report published at 1:54pm local time on Tuesday incorrectly stated that MNB rate-setters had cut the base rate by 400bp to 1%.
    The agency corrected its item within a couple of seconds. The forint weakened sharply although temporarily just before the publication of the rate decision – an expected 25bp cut in the key base rate, to 4.75% – at 2pm.
    The MNB on Tuesday said it was “deeply concerned” that a news agency had published “strongly misleading information” about a decision by rate-setters before an official announcement, and urged “the news agency to take decisive measures in order to avoid similar misinformation in the future.
    ”The MNB statement did not name the news agency but other news sources said it was Bloomberg. The central bank also said temporary financial market volatility that emerged after the agency published the report on Tuesday was “subject to further inquiry.”
    Financial market regulator PSzÁF announced on Wednesday that it launched an investigation on the matter on suspicion of market influence.

ADVERTISEMENT

Almost half of Hungarians get fringe benefits, survey shows Analysis

Almost half of Hungarians get fringe benefits, survey shows

19,000 young jobseekers hired in expanded subsidy program Government

19,000 young jobseekers hired in expanded subsidy program

Healthcare Roadshow Highlights Innovation, Screening Awarene... Interview

Healthcare Roadshow Highlights Innovation, Screening Awarene...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.