Best business reporting from abroad in magazines
AWARD YEAR: 1997
AWARD NAME: The Morton Frank Award 1997
RECIPIENT: The Business Week Asia Team: Joyce Barnathan, Brian Bremner, Mark Clifford, Bruce Einhorn, Pete Engardio, William Glasgall, Christopher Power, Sheri Prasso, Michael Shari
AFFILIATION: Business Week
HONORED WORK: “Asia in Crisis”
The prime financial story of 1997 was obviously the crisis in Asia. It caught so many journalists off guard that the conventional wisdom is that it came as a surprise. it was no surprise to Business Week, however. Having won an OPC citation for the 1996 cover story “Asia: Time for a Reality Check,” the magazine dropped another warning in February, 1997, with the cover story “Asia’s Bad Banks.” The story rang all the bells that have now become familiar: a condemnation of crony capitalism and a call for “more disclosure, better accountability to shareholders, and less meddling by government bureaucrats.” Nobody who read Business Week could have been surprised when Thailand’s devaluation in July sent tremors throughout Southeast Asia. The three subsequent cover packages gave readers a clear, comprehensive, and prescient view of the continuing disaster. ‘Together, they are financial journalism at its best.
Citation for Excellence:
Peter Elkin
Fortune
“Blood Feud”