GameStop reports decline in quarterly revenue
Videogame retailer GameStop reported a decline in quarterly revenue on Tuesday as more customers moved away from its mainstay brick-and-mortar stores in favor of digital game downloads.
The company's first-quarter revenue fell 17 per cent to $732.4 million, compared with $881.8 million a year ago.
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CNA
2 hours ago
- CNA
Heartland shops near Causeway lament low footfall but say CDC vouchers help cushion impact
SINGAPORE: Heartland businesses near the Johor-Singapore Causeway are experiencing decreased consumer activity as more people travel across the border to Malaysia during the June school holidays. Retail owners in Woodlands and Marsiling said that while government efforts like the Community Development Council (CDC) vouchers have lessened the impact, they are hoping for more assistance with increased operating costs such as rental hikes. Ms Noor Adibah, an employee at Aliyah Rizq, a Muslim-owned meat and seafood store in Woodlands North Plaza, said there has been an 80 per cent increase in business since the latest tranche of vouchers were given out last month. 'Before this, the shop (did not have) many people coming because we only (used) payWave or PayNow,' said Ms Noor. 'But with the government's CDC vouchers, more people came to the store.' She added that the shop is also promoting its products on social media to help increase sales during this period. CDC VOUCHERS The government on Feb 18 announced that Singaporean households will be given S$800 (US$600) in CDC vouchers to help offset rising costs. The first S$500 in vouchers were disbursed in May and the remaining S$300 will be given out in January next year. Hong Thai Ginseng Birdnest Pte Ltd, a traditional Chinese medicine (TCM) store in Woodlands, said the vouchers have helped to increase its earnings by between S$300 and S$600 last month. It added that about a quarter of its customers have been paying with the vouchers. However, the outlet said that its operating cost has also increased after the COVID-19 pandemic, noting that rental prices in the area have gone up by 10 per cent in the last year. WELCOME BUT TEMPORARY RELIEF Some business owners said that while the vouchers spur spending, the relief is temporary and the problem persists in the long run. Mr Gene Hong, the owner of a clothing store that has been at Marsiling for 16 years, said that footfall has dropped by nearly 25 per cent in June. He said more customers usually make use of the school holidays to cross the Causeway to shop in Johor Bahru, where prices are typically lower. 'I thank the government for giving CDC (vouchers), but it is not enough. Because half (will go) to the supermarket, some of them retail. But how much can they buy? (The amount) … won't cover my rental,' he said. The 75-year-old said he is opening a hair salon a few units away from his clothing shop in hopes the new venture will provide him with another source of income. "(Even) at this old age, we will never give up. We are still trying a new trade. But the hair salon (business) is very, very competitive,' noted Mr Hong, adding he plans to offer prices as low as S$6 per haircut to stay ahead of competitors in the area. LOOKING BEYOND CDC VOUCHERS Department of Statistics data released last Thursday (Jun 5) showed that retail sales growth in Singapore is slowing, easing to 0.3 per cent year-on-year in April, as compared to 1.3 per cent in March. Experts said consumers are being cautious with their spending. 'Market conditions, which softened in the first quarter of this year could weaken further … and locals are finding better deals when travelling abroad amid a strong (Singapore) dollar,' said DBS Bank senior economist Chua Han Teng. The Ministry of Trade and Industry (MTI) in March announced the creation of a task force to help rejuvenate retail areas and create opportunities in the heartlands, assisting local enterprises to compete with retail offerings in Malaysia. The task force said it will work with retailers and merchants' associations, aiming to release its findings and recommendations in 2026. Mr Hong suggested that authorities could improve the shopping area in Marsiling with festive decorations and organise more activities like carnivals to attract visitors to the estate. 'Maybe during Christmas or Chinese New Year, they can put up some lighting. This is like a dead town,' he said.
Independent Singapore
2 hours ago
- Independent Singapore
‘No one can beat you at being you': LinkedIn exec shares advice for young job seekers in the age of AI
As the job market rapidly evolves and artificial intelligence is rewriting the rules of work, Aneesh Raman, LinkedIn's Chief Economic Opportunity Officer, believes young professionals can still be optimistic. In a story published by the Business Insider, Raman shared his insights drawn from a career doing war reporting, political speechwriting, tech, and now shaping the future of work. In that interview, Raman offers valuable points of view that job seekers and those currently working can learn from. Tougher job market, but not a hopeless one According to a recent story published by Business Insider , current statistics depict a challenging picture for job hunters. The New York Federal Reserve revealed that the unemployment rate for new college graduates (ages 22–27) hit 5.8% in March, more than the national average of 4%. However, Raman sees this moment not just as an obstacle, but as a chance to reconsider how people must view career-building, that they must approach it and begin with a profound 'personal exercise.' Discovering your 'story of self' Raman suggests that entry-level workers start by creating what he dubs a 'story of self.' This is not a planned-out pitch for recruiters, but an account entrenched in one's distinct blend of abilities, experiences, and passions. 'The most important—and hardest—task for young workers is defining what makes them unique,' he says. 'It's about identifying the skills built through both lived and learned experience, and turning that into a compelling, confident narrative.' His path, which includes roles as a war journalist, a speechwriter for President Obama, and a tech leader, is anything but linear. Yet with these roles, a common strand surfaced – a flair for descriptive storytelling. It's that unswerving aptitude, not job titles, that eventually moulded his present role at LinkedIn. 'Your job might not make sense on paper, but your skillset can,' he says. 'That's how you build toward a job no one else can do better than you.' Make learning a daily habit—starting with AI Beyond defining one's story, Raman says young people must create a routine of learning every day, with AI mastery at the forefront. 'The tools are out there, but how are you using them in service of your goals? How are they helping you master the skills you want to build?' he asks. 'Over time, your curiosity will guide your learning—and that's what creates long-term value.' He believes that AI, notwithstanding existing disruptions, offers a huge advantage for young people in the workforce. Since businesses are still trying to figure out how to effectively implement and adapt to technology, this creates an opportunity for early-career professionals to proliferate and take on more purposeful work. A new age of career ownership Raman sees a future where individuals will have extraordinary autonomy over their careers, particularly if they advance non-technical 'human' capabilities such as communication, flexibility, and collaboration. 'The knowledge economy we've known is fading,' he clarifies. 'In its place, we're seeing a rise in the value of uniquely human capabilities. These are now the real hard skills.' Employers and educators must swing their focus accordingly, he added, with special concentration on AI knowledge and entrepreneurial outlooks. Naturally, not everyone will need to launch a startup, but every worker should espouse the attributes of an entrepreneur: inquisitiveness, flexibility, and imagination. See also Malaysia considers social media licence requirement for LinkedIn Embracing the challenge and the possibility While Raman admits that at present, getting into the workforce is exceptionally tough, he recommends that young people should not allow fear to take over. 'This is a different moment than any other generation has had,' he says. 'You have the tools to build a career on your terms. AI can help you grow, scale ideas, and learn faster than ever before.' The future of work, he believes, will be demarcated by people who can do what no one else can —be themselves. 'No one can beat you at being you,' he says. 'And that's the career you should build.'
CNA
3 hours ago
- CNA
Trump willing to extend trade talks deadline, but says that won't be necessary
WASHINGTON: US President Donald Trump said on Wednesday (Jun 11) he would be willing to extend a Jul 8 deadline for completing trade talks with countries before higher US tariffs take effect, but did not believe that would be necessary. Trump told reporters before a performance at the Kennedy Center that trade negotiations were continuing with some 15 countries, including South Korea, Japan and the European Union. "We're rocking in terms of deals," he said. "We're dealing with quite a few countries and they all want to make a deal with us." He said he did not believe a deadline extension would be "a necessity." Trump said the US would send out letters in coming weeks specifying the terms of trade deals to dozens of other countries, which they could then embrace or reject. "At a certain point, we're just going to send letters out ... saying, 'This is the deal. You can take it, or you can leave it,'" Trump said. "So at a certain point we'll do that. We're not quite ready." US Treasury Secretary Scott Bessent told lawmakers earlier that the Trump administration could extend the July trade deal deadline - or "roll the date forward" for countries negotiating in good faith, in certain cases. A 90-day pause in Trump's broadest, "reciprocal" tariffs will end on Jul 8, with only one trade deal agreed with Britain and some 17 others at various stages of negotiation. "It is highly likely that those countries - or trading blocs as is the case with the EU - who are negotiating in good faith, we will roll the date forward to continue the good-faith negotiations," Bessent told the House Ways and Means Committee. "If someone is not negotiating, then we will not." Bessent's remarks marked the first time a Trump administration official has indicated some flexibility around the expiration date for the pause. Bessent reiterated the possibility of more negotiating time at a second hearing before the Senate Appropriations Committee on Wednesday, saying it was "my belief that countries that are negotiating in good faith could be rolled forward." He said the European Union had previously been slower to come forward with robust proposals, but was now showing "better faith", without providing specifics. Trump echoed that more upbeat view on Wednesday, saying, "They do want to negotiate." A deal struck on Tuesday in London with China to de-escalate that bilateral trade war is proceeding on a separate track and timeline, with an Aug 10 deadline set last month. The president has been the final decision-maker on his administration's tariff and trade policies, but Bessent's influence has increased in recent months and the Treasury chief has been viewed by many trading partners as a moderating voice. Trump announced the pause on Apr 9, a week after unveiling "Liberation Day" tariffs against nearly all US trading partners that proved to be so unexpectedly large and sweeping that it sent global financial markets into near panic. The S&P 500 Index plunged more than 12 per cent in four days for its heftiest run of losses since the onset of the COVID-19 pandemic in early 2020. Investors were so rattled they bailed out of safe-haven US Treasury securities, sending bond yields rocketing higher. The dollar sank. Markets started their recovery on Apr 9 when Trump unexpectedly announced the pause. The recovery continued in early May when the Trump team agreed to dial back the triple-digit tariff rates it had imposed on goods from China. Those events have given rise to what some on Wall Street have parodied as the "TACO" trade - an acronym for Trump Always Chickens Out. "The only time the market has reacted positively is when the administration is in retreat from key policy areas," Democratic Representative Don Beyer of Virginia told Bessent before pressing him on what to expect when the July deadline expires.
