The Wall Street Journal is making significant changes to its operations in Asia, as announced in a company-wide memo by Editor-in-chief Emma Tucker. The newspaper is shifting its “center of gravity in the region” to Singapore from Hong Kong, leading to staff cuts in the latter. This move reflects a trend seen in many companies in the region, including those covered by the WSJ.
Tucker mentioned that some colleagues, primarily in Hong Kong, will be leaving as part of these changes. However, new positions are being created in Singapore, including an editor and several reporters. A notable development is the formation of a new business, finance, and economics group, which consolidates separate teams under one banner. This group’s focus will be on major financial stories in Asia, such as China’s EV industry, the chip war, Hong Kong’s finance struggles, and China’s property market challenges.
The decision to shift operations comes amidst broader changes in Hong Kong’s economic and political landscape. Factors such as Beijing’s national security law, stringent pandemic measures, and China’s economic slowdown have influenced businesses and professionals in the city. This has also impacted media coverage, with international outlets reevaluating their presence in Hong Kong. The city’s media freedom ranking has declined, reflecting a broader trend of shrinking press freedoms.
While the exact impact of these changes on Hong Kong’s media industry remains to be seen, they underscore the evolving dynamics in the region’s business and journalism sectors.