The day Pearson, owners of the Financial Times newspaper, detailed a weak trading update for 2012 the paper's editor Lionel Barber has revealed plans to cut jobs and push deeper into what he calls a "digital first" environment which will see the paper move from a being "a news business" to a "networked business". The move is important: of all the world's major papers, FT has gone furthest (and deepest) in transforming its business model to a digital world.

It leads with more than half its subscribers being digital, while revenues from digital areas such as advertising and subscriptions now make up more than 50% of total revenues for the FT Group. But Barber believes the paper has to change even further.