Is the new U.S. editor of the Financial Times the most powerful woman in newspapers? Perhaps not, but a Daily Beast piece gives Gillian Tett some well-deserved kudos for taking the business newspaper to new heights as The New York Times and The Wall Street Journal duke it out for New York area supremacy.

“Modesty aside, there's no doubt that Tett's petite frame masks a fierce competitor who sees, in The Wall Street Journal's general interest news war with The New York Times, an opportunity for the FT to grab a few market-share points by staying true to its core competency of explaining the interconnectedness between politics and business around the globe,” writes Daily Beaster Peter Lauria. “Though Tett, an avid skier who forsakes the trails in favor of strapping her gear to her back and climbing up backcountry mountains, will never say that herself, in true British fashion thinking it too impolite to be that in-your-face.”

He also adds: “Financially, the FT is still recovering from the dramatic hit all media organizations took in 2008. According to a Stifel Nicolaus report, FT Publishing revenue grew from $344 million in 2007 to $390 million in 2008 before dropping to $358 million last year. Analyst Drew Crum estimates that revenue won't claw back to 2008 levels until sometime after 2011. Operating income is also being squeezed, declining 47 percent to $39 million from $74 million in 2008.

”While the FT's circulation isn't going to grow to 1 million overnight, picking up another 50,000 to 100,000 readers online or in print could have significant impact. Tett's mission is to make the FT an American must-read."

We shall see.