Newswire alliance to challenge dominance of top tier vendors

Newswire alliance to challenge dominance of top tier vendors, AFX News and Xinhua Financial Network are joining forces to create a global news service for the financial community.

The partners say their World Business News alliance will challenge the dominance of top tier news providers, Reuters, Bloomberg and Dow Jones.

"The World Business News Alliance offers the finance industry, for the first time, a comprehensive but affordable news alternative to existing global players," says Eric Scherer, chairman of WBN and chairman of AFX. "This will be a welcome, attractively-priced offering, coming as it does in the midst of a downturn in the financial services sector."

The network will combine North American markets coverage from CBS MarketWatch, European news from AFX and Asia reporting from Xinhua Financial. It will be delivered to institutional investors through initial agreements with Thomson Financial and Moneyline Telerate.

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