CAIRO: It doesn’t take an economist to tell you that money and financial information are complements. That is, when people get more of one, they almost instantly want more of the other.
To satisfy budding demand for Middle Eastern business news, CNN will launch “Marketplace Middle East, a weekly, 15-minute segment devoted to financial and corporate news from this increasingly pivotal region, the network reported last week.
The program’s launch, scheduled for this Friday, marks the return of seasoned television journalist John Defterios to CNN. Defterios, who left to host CNBC’s “World Business in 2000, began his career as a CNN intern in 1984.
“Our news instinct tells us that there is a real need for a show like CNN Marketplace Middle East, Defterious told Daily News Egypt in an e-mail. “We want [this show] to be the point of reference for the international investor.
Defterios said Marketplace will complement CNN’s “Inside the Middle East, which covers social and cultural trends.
Marketplace is tailored for a global audience, he said. It will air on CNN International, with some features and interviews recycled for CNN US.
“People living in the Middle East already have access to local news about what is taking place in the region, he said. “This is part of the natural evolution of the global economy, moving the stories from within the context of their nation or region and putting them into a global context.
Naila Hamdy, professor of journalism at the American University in Cairo, said CNN’s new show reflects a larger trend of interest in the Middle East.
“I’m surprised they hadn’t launched it earlier, she said. “This part of the world has attracted much more attention since 9/11.
CNN has a storied history with the Middle East reaching back to its now-historic reports from the Al-Rashid Hotel in Baghdad, the only broadcasts to reach outside Iraq during the opening bombing campaigns of the Persian Gulf War. Those early hours cemented CNN’s reputation as a major force in global news.
But the network has not gone completely unscathed as it has expanded coverage into the Middle East, a region where volatile politics often make swift enemies of anyone thought to hold a bias.
And CNN has been accused of nearly every bias in the book: In the US, conservatives have called them “anti-American, while media watchdogs have accused them of adopting Fox News-style jingoism. Some critics, including its own Christiane Amanpour, have alleged the network has slanted its international coverage to favor American interests.
Defterios credits these conflicting views to regional friction.
“While we have been subjected to criticism, this is only natural in regions where there is conflict. All of our programming strives for balanced objective journalism. The same standards will apply to Marketplace, he said.
Hamdy also said satellite television has made it easier to reach Middle Eastern audiences.
Satellite television has been in Egypt since the early 90s, she said. But until recently it reached an audience made up almost exclusively of the richest and most powerful.
“Critical mass. That’s what is more recent, she said. As satellite television has become cheaper, its audience has blossomed. In 2005 Demographic and Health Surveys, a project funded in part by USAID, reported that more than nine in 10 Egyptian households own a television and nearly one-quarter of urban households here own a satellite dish.
“I think the demand will continue for a while, Hamdy said. “This is just the beginning.
CNN Marketplace Middle East airs each Friday at 10:15 am and 9:45 pm Cairo Local Time (CLT). Weekend repeats will air Saturdays at 7: 45 am and Sundays at 9:15 am CLT.
