Can We Have Credible Financial News Reporting

Seriously.

Is it too much to ask that we have credible financial news?

Yes, publish financials on actual facts and not based on half-baked sources.

When the financial news is denied the whole financial media turns into a laughing stock. It's no different than two Aunties gossiping away on the phone!

Here's another laughable example.

Published yesterday: K&N Kenanga poaching EON Bank’s chief

• K&N Kenanga poaching EON Bank’s chief
  Written by Jose Barrock
  Friday, 01 October 2010 11:17
  
  KUALA LUMPUR: K&N Kenanga Holdings Bhd is understood to be poaching EON Bank Bhd CEO Michael Lor, sources familiar with the matter tell The Edge Financial Daily.
  
  Kenanga is understood to be looking to hire Lor as its new CEO.
  
  “There have been very good discussions between the two, if all goes well he (Lor) could join Kenanga as early as year-end,” a source tells The Edge Financial Daily.....

It Is understood, so this 'a source' told the Edge Financial Daily.

Who is the source?

The mak cik serving tea?

Well, since such news is published, EON Bank has to WASTE its CORPORATE TIME AND MONEY to address the media, denying the unfounded story told by 'a source' to the Edge Financial Daily!

Seriously!

Don't you think our corporate leaders got nothing else better to do than to answer to the media all these wild, baseless speculations?

Why can't our financial press be more prudent and verified their sources and their story before shooting off in the press?

Is that too difficult to ask?

On Star Business: EON Bank CEO denies Kenanga move

• Saturday October 2, 2010
  EON Bank CEO denies Kenanga move
  By EDY SARIF
  
  PETALING JAYA: EON Bank Group chief executive officer Michael Lor has denied a news report that he is going to join K&N Kenanga Holdings Bhd as its new chief executive officer.
  
  In a statement yesterday, Lor, who is on vacation overseas, said: “I remain committed, along with my management team, to building EON Bank Group as the preferred Malaysian bank”.
  
  The banking group, in response to an article in The Edge Financial Daily yesterday, categorically stated that the article was purely speculative and that it was not true.
  
  The report, citing sources, said K&N Kenanga was understood to be poaching Lor.
  
  Kenanga has been without a man at the helm since Datuk Ramli Ismail stepped down as managing director in January this year.
  
  Lor joined EON Bank as head of group consumer banking in February 2008. He has more than 20 years’ experience in the banking industry across the Asean region.
  
  Prior to his stint at EON Bank, Lor was the executive vice-president and head of consumer banking at RHB Bank Bhd. He was also previously with Singapore’s DBS Bank, where he served in various senior management capacities in Singapore and Thailand.