Powering decision making in Islamic finance Thomson Reuters makes strides to better serve the needs of the Islamic finance community through the launch of Zawya Islamic and by organizing and hosting the first Global Islamic Economy Summit in collaboration with the Dubai Chamber of Commerce.
Business transparency solutions become a reality Thomson Reuters launches Accelus — now Risk Management Solutions — a revolutionary suite of governance, risk, and compliance solutions that combines trusted regulatory, customer and pricing data, intuitive software, and expert insight and services.
Legal research is optimized for professionals on-the-go Thomson Reuters launches the digital Thomson Reuters Westlaw — formerly WestlawNext — legal research system, incorporating decades worth of search and editorial intelligence with the latest technological innovations.
Streamlining financial platforms and data services Thomson Reuters launches two new products serving the financial market: Eikon, a single destination for global information, technologies and market access; and Elektron, an open, interactive high-speed trading and data infrastructure.
One workflow solution for the entire tax journey Thomson Reuters launches the ONESOURCE global tax workstation, a true "one-stop" workflow solution for multinational corporations and large accounting firms. Kenneth R. Thomson, former chairman of the Board of The Thomson Corporation, dies at the age of All London employees, including editorial, are brought into one building. Reuters continues to innovate in the foreign exchange space Reuters launches Dealing , acting as a broker for the first international computerized matching service for foreign exchange rates.
Reuters and Dow Jones partner to deliver business news services The joint venture, called Factiva, combines Reuters and Dow Jones interactive business services for corporate and professional markets. Reuters innovates with video terminals Reuters Monitor Dealing Service goes live — foreign currency dealers are able to conclude trades over video terminals, a world first.
The directors are trustees of the Principles who exercise their powers to uphold them. Major western industrialized countries abandon fixed exchange rates. International Thomson Organisation Limited is formed The company restructures UK activities financially and establishes headquarters in Toronto and two main operating subsidiaries in the UK and U.
Reuters leads the industry in international financial data transfer Reuters helps to lead the way in transmitting market quotations by computer. By the s Thomson Travel ranked as the largest inclusive tour operator based in the United Kingdom about three times the size of its nearest rival , owned the country's biggest charter airline, and was one of the largest travel retailers.
Within a few years of entering the U. This same year Thomson strengthened its U. With the acquisition of South-Western, the largest American publisher of business textbooks for schools and colleges, ITOL became second overall in U. This trend toward what Laura Jereski called 'high-profit publishing niches,' was orchestrated by Thomson's right-hand man, Gordon Brunton, and furthered by then-president Michael Brown; both were keenly aware that ITOL's oil holdings were rapidly becoming depleted.
The fall in oil prices dragged the North American petroleum subsidiaries into overall losses and both were sold off in Although the immediate cause was the major accident on the Piper Alpha oil rig in , the longer-term rationale was that the company had been less and less dependent on North Sea oil revenue, which had fallen both absolutely and as a proportion of ITOL's business since its peak in At that time it had provided about 75 percent of ITOL's profits, but by , when the Scapa field in which it had invested came onstream, this proportion had fallen to just over 50 percent.
By leaving the petroleum industry altogether ITOL was able to concentrate even more resources and attention on its core activities of publishing and information services. By the end of , after 54 years of growth, Thomson Newspapers was publishing 40 daily and 12 weekly newspapers in Canada, and daily and 24 weekly newspapers in the United States, representing the largest number of daily newspapers of any newspaper publishing group in either country.
The daily circulation exceeded three million. In March , to remain competitive in a dawning era of mega-mergers among media conglomerates Time Inc. In Thomson Newspapers purchased five daily newspapers and several associated weekly publications in the United States, its largest ever single purchase. Eight more Canadian local papers and the Financial Times of Canada were also bought. Thomson newspapers were now being published in 32 of the 50 American states and in eight of the ten Canadian provinces.
Two straight years of double-digit profit declines for Thomson Newspapers, caused by recession-influenced decreases in advertising, explained this trend. According to Thomson's annual report, however, U.
In addition, more than new products were introduced, including the first corporation-generated project, an entertainment weekly entitled CoverSTORY, whose circulation, primarily through Thomson newspapers, approached one million. Consequently, the division faced the future optimistically and expected to renew its growth track with the economic recovery. Writing in , Goldenberg had claimed that 'The Thomson empire has been in the vanguard among media empires in branching into nonpublishing ventures, but it is a member of the pack, not the leader, in today's mecca for the press lords--information services.
During the mids Thomson completed several more acquisitions, three of which were particularly important. IAC was a leading provider of reference and database services for academic and public libraries, corporations, hospitals, and schools.
Thomson and West were the two largest U. Meanwhile, Thomson's newspaper holdings grew smaller still through the divestment of its remaining U. The early acquisition of Computer Language Research Inc. As a result, more than 83 percent of revenues were derived from Thomson's information businesses.
Perhaps even more dramatically, given the company's historic roots, Thomson announced in mid-February that it intended to sell off all of its remaining newspaper interests, with the exception of the flagship Globe and Mail.
Acquisitions remained a key company strategy, as evidenced by the March purchase of the Prometric business of Sylvan Learning Systems Inc. Prometric, which became part of Thomson Learning, was a global leader in computer-based testing and assessment services.
Prometric was a prime example of the type of company Thomson intended to pursue: one that was electronic and global--not print and local. The future of Thomson--that of an electronic information powerhouse--seemed clear at the beginning of the 21st century. By the company aimed to generate 80 percent of its revenue from the electronic distribution of information compared to the 50 percent figure of early and, more specifically, between 35 and 50 percent from the delivery of data and services over the Internet.
Only seven percent of overall revenues were Internet-based in early To achieve its ambitious Internet growth, however, Thomson would need to rely on an increased penetration of high-speed Internet hookups in businesses and homes--particularly because the company's databases were typically on the large side. Another issue for Thomson in the new century was the preparation for a leadership transition. That issue was at least partially resolved in May , when Chairman Kenneth R. Thomson announced his decision to retire within two years.
In The Canadian Encyclopedia. Historica Canada. Article published July 21, ; Last Edited December 16, The Canadian Encyclopedia , s. Thank you for your submission Our team will be reviewing your submission and get back to you with any further questions. Thanks for contributing to The Canadian Encyclopedia.
Article by Jessica Potter.
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