US Senate approves US$9b cuts to foreign aid, public broadcasting funding
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Straits Times
2 hours ago
- Straits Times
Diplomats dismissed: Inside the overhaul reshaping Trump's foreign policy
Find out what's new on ST website and app. The office responsible for managing US-Asean engagement has been shuttered as part of a drive in which more than 1,300 State Dept staffers were shown the door. - A bout of mass layoffs has shaken up America's diplomatic corps and threatens to unravel the Trump administration's claim that Asean is important to the United States. The office responsible for managing US-Asean engagement was shuttered on July 11 as part of what the Department of State is calling a 'historic' reorganisation.
Straits Times
3 hours ago
- Straits Times
Stephen Colbert is latest casualty of late-night TV's fade-out
Find out what's new on ST website and app. Stephen Colbert's show has seen its ad revenue plummet to US$70.2 million in 2024 from US$121.1 million in 2018. LOS ANGELES – Late-night television had been fighting for its survival even before The Late Show With Stephen Colbert was cancelled this week . The announced end of one of the most popular broadcast late-night shows, days after host Stephen Colbert accused the network owner of bribing President Donald Trump to approve a merger, drew cries of political foul play from liberal politicians, artists and entertainers. 'Stephen Colbert, an extraordinary talent and the most popular late-night host, slams the deal. Days later, he's fired. Do I think this is a coincidence? NO,' Vermont Senator Bernie Sanders, an independent, wrote on X. CBS executives said in a statement that dropping the show was 'purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount'. Whether or not politics were at play, the late-night format has been struggling for years, as viewers increasingly cut the cable TV cord and migrate to streaming. Younger viewers, in particular, are more apt to find amusement on YouTube or TikTok, leaving smaller, ageing TV audiences and declining ad revenues. Americans used to religiously turn on Johnny Carson or Jay Leno before bed, but nowadays many fans prefer to watch quick clips on social media at their convenience. Top stories Swipe. Select. Stay informed. Singapore Mindef, SAF units among those dealing with attack on S'pore's critical information infrastructure Asia How China's growing cyber-hacking capabilities have raised alarm around the world Singapore Vessels from Navy, SCDF and MPA to debut at Marina Bay in NDP maritime display Singapore 1 dead, 1 injured after dispute between neighbours in Yishun HDB block Asia Autogate glitch at Malaysia's major checkpoints causes chaos for S'porean and foreign travellers Asia SIA, Scoot, Cathay Pacific cancel flights as typhoon nears Hong Kong Singapore A deadly cocktail: Easy access, lax attitudes driving Kpod scourge in S'pore Singapore 'I thought it was an April Fool's joke': Teen addicted to Kpods on news that friend died Advertising revenue for Colbert's show has dropped 40 per cent since 2018, the financial reality that CBS said prompted the decision to end The Late Show in May 2026. One former TV network executive said the programme was a casualty of the fading economics of broadcast television. Fifteen years ago, a popular late-night show like The Tonight Show could earn US$100 million (S$128 million) a year, the executive said. Recently, though, The Late Show has been losing US$40 million a year, said a person briefed on the matter. The show's ad revenue plummeted to US$70.2 million in 2024 from US$121.1 million in 2018, according to ad tracking firm Guideline. Ratings for Colbert's show peaked at 3.1 million viewers on average during the 2017-18 season, according to Nielsen data. For the season that ended in May, the show's audience averaged 1.9 million. 'Shocked but not surprised' Comedians like Colbert followed their younger audiences online, with the network releasing clips to YouTube or TikTok. But digital advertising did not make up for the lost TV ad revenue, the source with knowledge of the matter said. The TV executive said reruns of a hit prime-time show like Tracker would leave CBS with 'limited costs, and the ratings could even go up'. The Late Show With Stephen Colbert is just the latest casualty of the collapse of one of television's most durable formats. When The Late Late Show host James Corden left in 2023, CBS opted not to hire a replacement. The network also cancelled After Midnight in 2025, after host Taylor Tomlinson chose to return to full-time stand-up comedy. But the end came at a politically sensitive time. Paramount Global, the parent company of CBS, is seeking approval from the Federal Communications Commission for an US$8.4 billion merger with Skydance Media. In July, Paramount agreed to settle a lawsuit filed by Mr Trump over a 60 Minutes interview with his 2024 Democratic challenger, then Vice-President Kamala Harris. Colbert called the payment 'a big fat bribe' two days before he was told his show was cancelled. Many in the entertainment industry and Democratic politicians have called for probes into the decision, including the Writers Guild of America and Senator Edward Markey, who asked Paramount chair Shari Redstone whether the Trump administration pressured the company. Paramount has the right to fire Colbert, including for his political positions, Mr Markey said, but 'if the Trump administration is using its regulatory authority to influence or otherwise pressure your company's editorial decisions, the public deserves to know'. 'It's a completely new world that artists and writers and journalists are living in, and it's scary,' said Mr Tom Nunan, a veteran film and TV producer who is co-head of the producers programme at UCLA's School of Theater, Film and Television. 'When the news came in about Colbert, we were shocked but not surprised.' REUTERS
Straits Times
5 hours ago
- Straits Times
Trump duties to decimate China profits, says Bloomberg Economics
Find out what's new on ST website and app. Chinese textiles are among the industries most at risk from US President Donald Trump's sweeping tariffs. HONG KONG – Most of China's industries cannot survive US President Donald Trump's tariffs at current levels, according to a new analysis by Bloomberg Economics. Tariffs now set at roughly 40 per cent compare with average industrial profit margins of about 14.8 per cent in 2024. That gap may prompt more intense price cuts, weakening profits, and – in the worst case – layoffs and potentially a wave of bankruptcies and closures, according to analysts Chang Shu, David Qu and Maeva Cousin. Among industries most at risk are textiles, IT and communication equipment and furniture manufacturing. Of 33 industrial sectors that analysts considered, only five have margins that are wider than tariff rates. They include pharmaceuticals, tobacco and oil and gas extraction. 'Some companies with a heavy dependence on the US market may not survive,' the analysts wrote in a research note. 'Others will scramble to adapt, accepting lower margins, laying off workers, cutting wages, and potentially flooding the domestic and other foreign markets with cut-price goods.' Top stories Swipe. Select. Stay informed. Singapore Mindef, SAF units among those dealing with attack on S'pore's critical information infrastructure Asia How China's growing cyber-hacking capabilities have raised alarm around the world Asia Autogate glitch at Malaysia's major checkpoints causes chaos for S'porean and foreign travellers Singapore A deadly cocktail: Easy access, lax attitudes driving Kpod scourge in S'pore Singapore 'I thought it was an April Fool's joke': Teen addicted to Kpods on news that friend died Singapore Who decides when you can't? A guide on planning for end-of-life care Singapore Why hiring more teachers makes sense, even with falling student numbers Singapore Bukit Panjang LRT disruption: Train service resumes after power fault affects 13-station line The findings underscore the economic risks that tariffs pose to the world's second-largest economy at a time when domestic consumption remains sluggish. Trade officials continue to negotiate with their US counterparts on a bilateral deal to avoid another escalation in levies. Earlier in 2025, tariffs on China soared to 145 per cent . Data this week underscored the Asian giant's reliance on industrial production and exports to fuel growth. While gross domestic product advanced 5.2 per cent in the second quarter, outpacing analysts' estimates, it was helped by shipment frontloading and manufacturers cutting prices, both of which are tough to sustain. Nearly half of China's industrial sectors rely on overseas markets to absorb 10 per cent or more of their output, the Bloomberg analysis found, and the US remains China's largest single-country trading partner. Elevated tariffs could, in the long run, prompt companies in the US to source goods from other countries, the analysts wrote. To be sure, there are factors that could cushion the blow to China's industry, including exports to other countries in which goods do not face the same trade barriers. Some products may also be absorbed by domestic demand. Some sectors have also cornered the global market, making it difficult or impossible for US firms to find needed items elsewhere. China's government could also step in with additional fiscal support. BLOOMBERG
