Financial Newspaper postpones launch

Hong Kong - The credit crunch has taken its toll on the daily finance newspaper, Financial Newspaper, which has postponed its launch date to early next year.

ST Lui, COO for Financial Newspaper said the launch schedule has been delayed partly because of the current economic climate but largely due to the entry of a new media partner.

While negotiations are in place he declined to name the partner but said that the deal will result in a 30% to 40% increase in circulation and extend distribution to commercial buildings when the paper officially launches.

Lui added that a corporate website would also launch at the same time but that is 'auxillary' to the key business which is the free daily newspaper. The website is currently under construction.

Meanwhile, chief editor Lisa Lee and editor Sam Shum have left the company. Lui said the newspaper is in the process of hiring a chief editor from a major finance media company.

He stressed that the slowing economy had not shrunk the editorial team and that he intends to hire another chief editor to join the current 8 journalists remaining in the company. They are also in the process of adding a manager in the marketing department.

However Lui did admit on the advertising situation is "not so good as before".

Caroline Chan, general manager for OMD said that compared to the past, banks are now more cautious and conservative when spending on advertising in the current economic situation.

She said the existing financial media establishments are already facing a challenge with bank advertisers shrinking and added it will not be easy for a free financial newspaper to enter the market.

"It will be an even bigger challenge for newcomers," Chan said.