Moneywise focus: coping with the economy

Six months ago, the Dow was above 11,500, TARP and credit default swaps were not common terms, and most Richmond business news appeared on the business pages.

As the business landscape has changed, so has the

Richmond Times-Dispatch's business coverage. Local business news lands on the front page regularly, along with the latest developments in stimulus, bailout, and foreclosure recovery efforts.

The sudden downward shift in the economy is the biggest story since the terrorist attacks on 9/11. Strengthening the nation's economy and improving job opportunities ranked as the highest policy concerns of Americans surveyed by the Pew Research Center for People & the Press in January.

Pew reported that 85 percent of people surveyed ranked the economy as their top priority, up from 68 percent two years ago. And the 82 percent who rate improving the job situation as a top priority represents a 21-point jump from a year ago, according to the Pew report.

It's clear there is a need for news and information to help people make informed decisions about how to cope. With that in mind,

The Times-Dispatch shifted the focus of the Sunday Business section to provide more of those stories.

With the introduction of Moneywise last month, we launched our revamped approach to the Sunday Business section with a focus on how to cope with the changing economy.

"Business news is one of the most important aspects of our total coverage plan. Today's economy makes it even more important for us to provide good business coverage," said Executive Editor Glenn Proctor. "Moneywise, our new Sunday section, is one result of our increased emphasis on helping readers and viewers cope.''

This new section, under the leadership of business editor John Hoke and senior editor Sundra Hominik, is devoted to coverage of the economy and how people and businesses are finding ways to survive and thrive in the economic turmoil.

It offers resources to help you save money and protect your home, job, and investments. It includes stories of how businesses innovate to find their footing in this new financial landscape. Topics range from the economy, banking, and jobs to worklife, personal finance, and consumer issues.

This week's section tackles the question of saving versus spending and offers individuals advice on how to make the right decisions for their personal budgets. Next week, Moneywise will focus on what you need to know before filing your 2008 tax returns, including important changes in the tax code.

Moneywise includes Iris Taylor's consumer column and the Wall Street Journal Sunday pages. The Moneywise stories are complemented with additional resources and multimedia on TimesDispatch.com.

The Moneywise Web page offers more resources and links to other sites, plus a blog where people can interact and share information related to personal finance, business finance, the economy, jobs, worklife issues, home economics, and consumer information.

Because of the wide range of businesses in our region, Proctor said we have the responsibility to cover not only the large Fortune 500 companies, but also the small and midsize businesses that make up a large part of our work force, add a lot of dollars to the local economy, and develop innovative ideas for our region.

"With all of our coverage, we have to strike a balance with good and bad news," Proctor said. "There's enough bad news, and it is our job to provide some good."

The big stories about the economy will continue to show up on The Times-Dispatch's front page -- and they're not all bad news. A recent front-page story reported on Owens & Minor Inc.'s very profitable 2008. The Hanover County-based distributor of medical and surgical supplies, whose roots in the Richmond area go back 126 years, had a good year as the company made an acquisition and posted a 28 percent increase in profit.

If you have suggestions for future Moneywise or other business stories, please get in touch.

Cheryl Magazine is Sunday editor. Contact her at (804) 649-6850 or .