- A + A (May 24): Social media stocks are on course to shed more than US$100 billion in market value after Snap Inc’s profit warning, adding to woes for the sector which is already reeling amid stalling user growth and rate-hike fears. Shares in digital ad-dependent Snap are set for a record one-day drop, down 30% in premarket trading. If that move holds, the company will lose about US$10 billion in market value. Added to the value of premarket declines for peers including Facebook-owner Meta Platforms Inc, Google-owner Alphabet Inc, Twitter Inc and Pinterest Inc, the group may see about US$100 billion wiped out. “At this point, our sense is this is more macro and industry-driven versus Snap specific,” Piper Sandler analyst Tom Champion wrote in a note. Others on Wall Street agreed, with RBC Capital Markets analyst Brad Erickson saying that implications for the digital advertising space are broadly negative, with Meta and Alphabet likely best insulated among … [Read more...] about Social media stocks set to erase US$100b on Snap warning
Tom ford
Biden’s latest Taiwan gaffe stokes tensions with Beijing
- A + A (May 24): President Joe Biden is seeking to show US resolve against China, yet an ill-timed gaffe on Taiwan risks undermining his bid to curb Beijing’s growing influence over the region. Whether intentional or not, Biden provoked China with a vow to defend Taiwan militarily. After saying that US policy on Taiwan “had not changed at all” during a news conference in Tokyo, he then answered “yes” when asked if the US would act “militarily” to defend the island in the event of a Chinese attack. “It’s a commitment we made,” Biden added. White House officials later walked back the remark, saying the president was only promising US aid to help Taiwan defend itself in the event of hostilities. That would be akin to what the US is doing in Ukraine, where Biden has vowed not to send troops. “The policy has not changed at all, and I stated that when I made my statement,” Biden said Tuesday when pressed by reporters to clarify the US position. The president’s … [Read more...] about Biden’s latest Taiwan gaffe stokes tensions with Beijing
Malaysian travels to six countries in three weeks before pandemic
Write to us We can finally travel again! We would love to hear about your travels and adventures not just within Malaysia, but overseas too. If you don’t feel like travelling yet, that’s OK, as you can always tell us about your past holidays instead. Your story – experiences, tips, advice – should be 700 to 800 words long in Word or Text format. Please attach some photos (1MB, captioned) in a separate email. There is no payment for submissions, and we reserve the right to edit all submissions. Email [email protected] with the subject “Readers Share” In 2019, I decided to go on a six-country tour. I made all the travel arrangements in October that year, and my three-week trip was supposed to begin in February 2020. However, by December 2019, Covid-19 was becoming a serious problem all over the world and the travel industry was already affected then. Initially, I thought of cancelling my trip, but after much research, and hesitation, I decided to just go ahead with my … [Read more...] about Malaysian travels to six countries in three weeks before pandemic
Makers Of ‘First Man’ Forget The First Rule Of Holes
One of the more amusing aspects about the flag flap from “First Man,” the upcoming biop of Neil Armstrong, is how the filmmakers seem to have forgotten the first rule of holes: When one is in a hole, stop digging. When the critics noticed that conspicuous absence of the raising of Old Glory on the lunar surface, a tweet storm started, led, curiously, by Sen. Marco Rubio, who called the omission “lunacy” and not (yet) President Trump. Ryan Gosling defended the omission. According to the UK Telegraph , he stated that the Apollo moon landing “transcended countries and borders” and that he thinks “this was widely regarded in the end as a human achievement [and] that’s how we chose to view it.” The famous plaque did say the astronauts “came in peace for all mankind.” The moon landing, however, constituted a decisive victory in the Cold War over the Soviet Union, fulfilling the challenge laid down by President John F. Kennedy. It proved that any technological feat that the United … [Read more...] about Makers Of ‘First Man’ Forget The First Rule Of Holes
Dow Soars 600 Points As JPMorgan Rallies—But ‘Vicious’ Bear Market Risks Keep Experts On Edge
Share to Twitter Share to Linkedin Topline Fresh off the S&P 500's brief plunge into bear-market territory, financial stocks led a staggering market rally on Monday after bullish news from the nation's largest lender, but with uncertainty around interest rate hikes still posing a risk to stocks, experts aren't breathing a sigh of relief just yet. Key Facts The Dow Jones Industrial Average soared 633 points, or 2%, to 31,896 by 3:30 p.m. ET Monday, while the S&P jumped 1.85% and the tech-heavy Nasdaq, 1.4%—setting the market up for its first daily increase in a week. Heading up the Dow and S&P's gains, shares of JPMorgan—though still down 22% this year—surged 7% after the bank raised its outlook for net interest income this year to $56 billion, up from guidance of $50 billion in January, due to expectations that the Federal Reserve will raise rates to 3% this year. "Strong economy, big storm clouds," JPMorgan CEO Jamie Dimon said … [Read more...] about Dow Soars 600 Points As JPMorgan Rallies—But ‘Vicious’ Bear Market Risks Keep Experts On Edge