Can Our Financial Reporters Report Facts And Not Heresay?

Should our financial reporters report financial news based on facts and not heresay?

How?

Doesn't our financial news become very comical when the financial news reported are declared as misleading or as inaccurate (as witnessed in Telekom's case with TimedotCom)?

Here is another case of another financial reporter who does the same exact thing.

Have a look at these recent news articles by one Francis Fernandez, of the Business Times.

IJM said to be weighing plan to buy into Talam

• IJM said to be weighing plan to buy into Talam
  By Francis Fernandez
  bt@nstp.com.my
  October 28 2006
  IJM Corp Bhd, the country's second largest builder by revenue, is believed to be studying a plan to possibly buy into Talam Corp Bhd, people close to the shareholders of the builder said yesterday.
  IJM may offer as much as 40 sen a share to gain a 30 per cent controlling stake in Talam, but the sources stopped short of saying if IJM will buy out the entire shares held by Talam's controlling shareholders.

Which was denied by IJM: Article Entitled: "IJM said to be weighing plan to buy into Talam"

• We confirm that we are not studying or planning to buy into Talam Corporation Berhad ("Talam"), except that we would have an indirect interest in Talam should we complete the transaction for the proposed acquisition of 25% equity interest in Kumpulan Europlus Berhad, as last announced on 31 May 2006.

Same style. It's believed. Sources said.

Really.

Who are these sources really?

Do they even exist?

Or how about this one? Satang Jaya soars on talk it may acquire Airod

In which Satang said the statement is incorrect: ARTICLE ENTITLED : "Satang Jaya soars on talk it may acquire Airod"

• Satang Jaya Holdings Berhad ("the Company") would like to clarify that the statement is incorrect.

And how about this one? MTD Infraperdana plans RM460m capital payout

• It is believed that the payout proposal alongside a plan to raise as much as RM800 million in fresh debts was submitted to the board for consideration this week

Again, its believed. How about some actual factual reporting and not it is believed or according to sources?

• MTD Infraperdana plans RM460m capital payout
  By Francis Fernandez
  bt@nstp.com.my
  
  November 17 2006
  
  MTD Infraperdana Bhd, country's second largest toll road operator, is believed to be considering a proposal to return as much as RM460 million to shareholders, bankers familiar with the matter said yesterdayIt is believed that the proposal alongside a plan to raise fresh debts was submitted for consideration to the board this week.
  
  A capital repayment of 40 sen a share translates into a total cash payment of RM460 million, based on MTD Infraperdana's paid-up capital of RM1.16 billion.

And of course MTD Infra denies such proposal

• We wish to clarify that the Company is always evaluating opportunities to enhance its shareholders' value but the Board of Directors has not deliberated on the capital repayment proposal

So who are these sources that makes our financial reporters believing that even the moo-moo cow can fly?

How?

If such reporting is to continue then for what and for whom does our financial news serve?

Think about it.

And today, the very same financial journalist penned the following article: Plan to take Bernas private nears completion

• By Francis Fernandez
  bt@nstp.com.my
  
  December 14 2006
  
  TAN Sri Syed Mokhtar al-Bukhary is believed to be nearing completion of a plan to take private Padiberas Nasional Bhd (Bernas), the country's monopoly rice importer and distributor, bankers familiar with the matter said yesterday.
  
  Business Times was told that the tycoon is close to finalising a proposal to offer RM2.50 a share for the shares they do not own in Bernas.
  
  This means that the businessman may have to fork out more than RM800 million to buy out Bernas.

It is believed. Was Told.

Let's see what happens. Will Bernas deny this story?

And meanwhile, in regardles of whether the story is denied or not, the story is having a postive impact on the stock!

Yes, life is indeed wonderful.

Bernas is now up 15 sen or 7.69%!!!!

See what I am saying here?

If the reporter churns out stories based on un-confirmed sources, the story puts out a positive spin on the stock.

So who benefits?

And meanwhile, SC will surely querry Bernas.

Now, isn't this such a bother to our public listed companies? Surely they would have some more productive thing to do then to answer to such querries.

So first Jose Barrock. Now Francis Fernandez. I wonder who is next.