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The Star
5 days ago
- Business
- The Star
Snap sinks as ad glitch, fierce competition stall growth
FILE PHOTO: A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson/File photo (Reuters) -Snap shares plummeted nearly 17% in premarket trading on Wednesday as a weak quarter and mounting competition underscored the company's struggle to keep pace with AI-driven peers. Advertisers have been curtailing marketing budgets amid economic uncertainty and leaning toward bigger platforms like TikTok and Meta's Facebook and Instagram. That, and a glitch in Snap's ad-buying platform that resulted in ads being delivered at discounted rates contributed to quarterly revenue growth slowing down to 8.7% from a year ago. Although it aligned with estimates, it is a far cry from the brisk double-digit growth the Santa Monica, California-based company logged over the past five quarters. MoffettNathanson analysts said advertisers favor platforms that sit closer to users inclined to buy their product, offer strategies to different marketing tools, and can demonstrate clear return on ad spend. "Snap still lags on all three fronts," they said. "Until those factors change, we think the company remains stuck in monetization purgatory." The Snapchat-parent is now in a tough spot, especially as rivals Meta and Reddit reported strong second-quarter results last is down around 12% this year, trailing rivals Meta that is up 30.3% and Reddit that is up 21.8%, as their AI-driven businesses are making big leaps. The company said a broader rollout of Sponsored Snaps — a new video ad format that appears in user inboxes — in June across the U.S. and several global regions, is driving increased user actions and deeper engagement with ad content."For Snap to take advantage of its improvements in engagement it must better prove out the efficacy of its ads to advertisers and lower barriers to advertiser adoption of its products", Morgan Stanley analysts said. (Reporting by Joel Jose in Bengaluru; Editing by Harikrishnan Nair)
Straits Times
5 days ago
- Science
- Straits Times
Australia's Great Barrier Reef suffers record coral decline following mass bleaching
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Assorted reef fish swim above a finger coral colony as it grows on the Great Barrier Reef off the coast of Cairns, Australia October 25, 2019. REUTERS/Lucas Jackson/File Photo SYDNEY - Australia's Great Barrier Reef has suffered the largest decline in coral cover in two of its three regions over the last year, research released on Wednesday showed, following a mass bleaching of its corals that was among the worst on record. The Australian Institute of Marine Sciences said the reef has experienced the largest annual decline in coral cover in its northern and southern regions since monitoring began 39 years ago, with coral cover dropping between a quarter and a third after several years of solid growth. "We are now seeing increased volatility in the levels of hard coral cover," said Mike Emslie, head of institute's long term monitoring programme. "This is a phenomenon that emerged over the last 15 years and points to an ecosystem under stress." The reef, the world's largest living ecosystem, stretches for some 2,400 km (1,500 miles) off the coast of the northern state of Queensland. Since 2016, the reef has experienced five summers of mass coral bleaching, when large sections of the reef turn white due to heat stress, putting them at greater risk of death. The 2024 event had the largest footprint ever recorded on the reef, with high to extreme bleaching across all of its three regions, the report said. Top stories Swipe. Select. Stay informed. Singapore Finding hidden vapes: Inside ICA's mission to uncover contraband at land checkpoints Singapore Delays on East-West MRT Line between Boon Lay and Buona Vista due to track point fault Singapore Sorting recyclables by material could boost low domestic recycling rate: Observers Singapore SM Lee receives Australia's highest civilian honour for advancing bilateral ties Asia Trump's sharp India criticism on tariffs, Russia oil corner Modi as rift deepens Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Asia Cambodia-Thailand border clash a setback for Asean: Vivian Balakrishnan The Great Barrier Reef is not currently on UNESCO's list of world heritage sites that are in danger, though the UN recommends it should be added. Australia has lobbied for years to keep the reef - which contributes A$6.4 billion ($4.2 billion) to the economy annually - off the endangered list, as it could damage tourism. REUTERS
Straits Times
12-05-2025
- Business
- Straits Times
US Virgin Islands involved in US international ship registry proposal, governor says
A yacht transport ship sits in the harbor of Charlotte Amalie on the island of St Thomas in the U.S. Virgin Islands, May 16, 2019. REUTERS/Lucas Jackson/File Photo LONDON - The U.S. Virgin Islands (USVI) is involved in a proposal that aims to create a US international ship registry domiciled in the U.S. territory, the island's governor said. President Donald Trump's administration is considering the proposal as part of efforts to enlarge the tiny commercial shipping fleet flying the American flag, sources familiar with the matter told Reuters last week. Using the USVI could be the most efficient way to "strengthen American maritime posture" because the island territory could provide a U.S.-controlled flag without the costly restrictions associated with a straight U.S. flag registration, according to Eric Dawicki, president of the Center for Ocean Policy and Economics research body, which submitted the proposal to U.S. officials. "We have been working with Eric R. Dawicki on this project for a while now. This is an innovative solution to strengthen American shipping," USVI Governor Albert Bryan Jr. said in a LinkedIn post on Saturday. Bryan's office did not immediately respond to a request for comment on Monday. Increasing the number of U.S.-flagged vessels is important for Trump's administration because it would enhance the ability of the U.S. commercial shipping fleet to provide logistical support for the military in time of war, and ease Washington's dependence on foreign ships to transport supplies and equipment across sea lanes. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
New York Times
07-03-2025
- Business
- New York Times
A Tariff Tantrum: the Upheaval from Trump's Trade Policies
Image The S&P 500 is on pace for its worst week in two years as tariff tensions intensify. Credit... Lucas Jackson/Reuters The markets have spoken. The S&P 500 is on track for its worst weekly loss since the collapse of the Silicon Valley Bank crisis two years ago. And investors have wiped out post-Election Day gains as President Trump's dizzying start-stop tariff policy fuels volatility on trading floors and in boardrooms. Another test comes this morning with the jobs report due out at 8:30 a.m. Eastern. It's expected to show solid growth in hiring even as federal workers brace for mass layoffs. Economic alarm bells are ringing elsewhere. Mohamed El-Erian and Ed Yardeni, two longtime market watchers, see a downturn in the making, with Yardeni warning of a 'tariff-induced recession.' Those jitters are colliding with concerns about shifting White House policy. Maximalist moves — freezing funding, axing government jobs, engaging in a trade war — that get rolled back have made it tough for world leaders and corporate chiefs to decipher Trump's end game. Jim Farley, Ford's C.E.O., sees only 'costs and chaos' from tariffs. A recap: Trump yesterday gave Mexico and Canada a partial tariff reprieve — exempting levies for one month on products covered by the U.S.-Mexico-Canada Agreement, the trade pact Trump signed in his first term. Presumably, that buys time to negotiate a truce, though Trump and his trade team have signaled they're not willing to budge much. Traders still hit the sell button. Trump, who has long cited stock market rallies as a sign his policies are working, blamed 'globalists' for tanking stocks. 'I'm not even looking at the market, because long term the United States will be very strong with what is happening here,' he told reporters in the Oval Office yesterday. Tariffs and tensions are up. Trump's levies on aluminum and steel are to go into effect next week, and next month could bring tariffs on agricultural products and automobiles. Prime Minister Justin Trudeau of Canada upped the ante, announcing countermeasures on U.S. imports and ominously predicting: 'We will continue to be in a trade war that was launched by the United States for the foreseeable future.' Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times. Thank you for your patience while we verify access. Already a subscriber? Log in. Want all of The Times? Subscribe.
