the crisis at snap. shares in the social media firm are plunging in after hours trading.. we look into what's driving the sell—off. plus.. is canada losing its cool? why fewer permanent residents are applying for canadian citizenship, and some have even begun to leave the country. hello and welcome to asia business report. i'm steve lai. we begin with snap because shares of the social media firm are down more than 30% in afterhours trading. the snapchat owner missed wall street estimates for quarterly revenue, as it continues to struggle with competition from much larger rivals like meta and alphabet, which grab a much larger share of digital advertising. the disappointing earnings announcement comes a day after snap announced it would lay off 10—% of its staff.. the 528 employees who were sacked join the ranks of a much

larger group of tech workers across the industry who've lost theirjobs since the end of the pandemic. i talked to tech expert dan ives earlier who had this to say about the current tech landacape. if you looked up disaster in the dictionary you would see their earnings, and there continues to be a drop off, they are the outside looking in, another black eye quarter for them,. in, another black eye quarter for them”- in, another black eye quarter for them-— for them,. the surge in tech lay-offs _ for them,. the surge in tech lay-offs and _ for them,. the surge in tech lay-offs and 20 _ for them,. the surge in tech lay-offs and 20 was - for them,. the surge in tech lay-offs and 20 was at - lay—offs and 20 was at therefore would suggest there is trouble in the industry, but that may not be the case if we look at other key measures. it's a tale of two cities, the strong are getting stronger, the er revolution, you're seeing more spending in areas like that, but then you see nonstrategic areas get cut. most of these job cuts in the rear—view mirror, but it shows we are going to a fork in the road. fortech, we are going to a fork in the road. for tech, where the strong are getting stronger.

how does ai play into that fork in the road? it how does ai play into that fork in the road?— in the road? it is the biggest tech thing — in the road? it is the biggest tech thing since _ in the road? it is the biggest tech thing since the - in the road? it is the biggest| tech thing since the internet, and i will fuel, i believe $1 trillion of spend, companies who are in the right side of that with benefits and be drinking champagne. the ones on the wrong side of that, they would have to cut it a lot of costs and there could be lots of more pain ahead, and that is what you are excited to see play out even in this earnings season. ~ ., ., , play out even in this earnings season. ., ., , , ., season. what does being on the riahts season. what does being on the ri . hts of season. what does being on the rights of it _ season. what does being on the rights of it mean _ season. what does being on the rights of it mean for— season. what does being on the rights of it mean for work- season. what does being on the rights of it mean for work as - rights of it mean for work as in a text will they have to readjust their meaning of what skills that they have and jobs they do? skills that they have and “obs the do? �* , skills that they have and “obs the do? 3 ., , skills that they have and “obs the do? �*, ., , ., they do? it's mainly for companies, _ they do? it's mainly for companies, those - they do? it's mainly for companies, those like l they do? it's mainly for - companies, those like microsoft and others, just the tip of the iceberg for companies are leading, and companies are the thought leaders, but for employees, it would be sometimes about enhancing the skill set and will change the

workforce. in the near term, it actually as jobs, workforce. in the near term, it actually asjobs, it workforce. in the near term, it actually as jobs, it does not subject. actually as “obs, it does not sub'ect. ~ ., , actually as “obs, it does not sub'ect. ~ . , ., sub'ect. what is your outlook for subject. what is your outlook for the tech _ subject. what is your outlook for the tech sector _ subject. what is your outlook for the tech sector for - subject. what is your outlook for the tech sector for the - for the tech sector for the year ahead, we'rejustin year ahead, we're justin february? year ahead, we're justin february?— year ahead, we're justin februa ? ~ ~ . february? we think the tech market is — february? we think the tech market is alive _ february? we think the tech market is alive and - february? we think the tech market is alive and well, - february? we think the tech market is alive and well, it | market is alive and well, it was truth of about 20% this year, and of the year nasdaq 20,000, ithink year, and of the year nasdaq 20,000, i think the party is just standing just for starting in my opinion. spotify has also announced fourth quarter results after the bell. the popular music streaming service reported fourth—quarter monthly active users and subscribers ahead of expectations as it grew in all regions. spotify is among the growing number of tech companies who've laid off workers to boost profitability. it's also raised prices for its subscribers. another tech company announcing lay—offs today is amazon.. the tech giant is cutting hundreds ofjobs across two of its health care units — one medical and amazon pharmacy. the news comes as the tech giant continues to identify areas in the business where resources need to be redirected. earlier this month,

amazon laid off employees across its prime video, mgm studios, buy with prime, twitch and audible units. the tech industry is at the forefront of the deep changes brought about by the widespread adoption of artificial intelligence. two companies leading such industry—wide transformation right now are cisco and nvidia. the pairare teaming up to offer purpose built ai infrastructure and ethernet solutions. my colleague sally bundock caught up with the executive vice president and general manager of the cisco networking team, jonathan davidson, and asked him how important the tie up is. nvidia is as synonymous with al as cisco is to networking, and you need to make sure that you've got both of these things. there really is no ai without networking infrastructure. and so it's really important that we come with the best technology in the world when it comes to ethernet and connectivity, and then adding in the best ai technology from a gpu perspective and bringing those together

and then simplifying it so that any enterprise is able to take advantage of that technology stack. and we see that as being a really important piece, notjust the technology itself, but how you simplify it. so we have these things called cisco validations designs, where we go and we make sure that it's really simple. think of it as a blueprint for how every enterprise can go and build this infrastructure out for their own use cases. so your customers, how able are they to take this on board? what, you've obviously partnered up with nvidia. how soon will they be able to benefit from this investment on your part? so, there've been surveys that show that 95% of it infrastructure is going to be increasing due to ai workloads. so we know there's a huge demand, but we also know in that same survey that only 13% are prepared and ready with their current infrastructure to be able

to handle ai workload. so there's a lot of need in the marketplace today, and this partnership together gives us the capability to drive it rapidly into enterprise as we see this with all of our customers have been asking for us for something like this for over a year now. so we're excited to actually bring this to market and share with our customers this week. in other news... disney's espn, fox and warner brothers discovery are gearing up to launch a sports streaming service later this year. users will be able to subscribe via an app and also be given the option to bundle the new product with disney plus, hulu and max. no details were revealed about the name of the new product or pricing, but the service will have an independent management team. for decades, canada has been a magnet for immigrants. but recently, fewer permanent residents are applying for canadian citizenship and some have even begun to leave the country. to help understand why the buzz

has quietened a little nikhil inamdar sent this report from punjab in north west india in north west india, which sends thousands of migrants to canada each year. punjab, india's breadbasket. land of mustard fields and also immigrant dreams. millions have left these villages over decades. in canada, the punjabis are amongst the largest diaspora. but some are now returning home. this man's family mortgage land to send him to university in toronto. citizenship was his ultimate goal. but afterjust one year, he's come back and started an embroidery business. translation: from rent groceries. everything became more expensive. i had to work a0 or 50 hours

every week to survive. the high inflation is making many students leave their studies in canada. the lure of the canadian dream is fading a little, and that's palpable on this street in the town of babinda, where every day thousands of young people come and meet immigration agents and make plans to leave the country. last year, though, the number of indian students applying to canadian universities dropped sharply. protests over a lack of affordable housing went viral last year. in response, the trudeau government announced international students must have double the amount of money to cover living expenses when they come to canada. a temporary two—year cap on new international student permits. in addition, the government has introduced a cap on how many student visas are issued every year to help address the housing shortage. canada stopped building housing in large scale for about 30 years, and now that's come back to bite us as the population starts to grow. but there are deeper reasons for a waning canadian dream.

for some, like this man, who've achieved career and financial success, it was the allure of a comfortable rural life that inspired his return to india after 15 years with the family. he's now started an online consultancy to help others come back to their roots. i started this back to motherland punjab page almost one and a half months ago. i get two or three calls every day and most of the calls are from canada. people who wants to know what kind ofjob opportunities or what is available in punjab. india is growing and people can see that. for decades, immigrants have fuelled canada's economic growth. india is still one of its largest sources of migrants. while the numbers of those leaving canada are still small, they do paint a more complex picture of the opportunities abroad and those at home. nikhil inamdar, bbc

news in punjab, india. and before we go, actress gina carano has sued disney and lucasfilm after she was sacked in 2021 over a social media post in which she compared being a republican to being a jew during the holocaust. the lawsuit is being funded by elon musk, who made an open call on his platform x for others to join the suit. ms carano, who portrayed cara dune in the first two seasons of the disney+ show the mandalorian, is seeking $75,000 in damages. she is also asking the court to force lucasfilm to recast her. representatives for the defendants were not immediately available for comment. and that's it for this edition of asia business report. thanks for watching. bbc news, bringing| you different stories from across the uk.

at 102, there are not many firsts left forjack hemmings but today he is about to pilot a spitfire — a dream unrealised until now. he was a squadron leader in the raf during the war and has long been an admirer of the aircraft. if the spitfire had not succeeded in overcoming the luftwaffe, there would be been invasion and britain would have become german. jack is still working hard for the charity he loves. the flight today is about raising awareness and vital funding. after plenty of waiting the weather was right and it was time to take to the skies. after taking the controls for a time, jack relaxes as the pilot performs victory rolls. not one, not two...

but three. and when you have waited this long to fly a spitfire, it would be rude not to make the most of it. for more stories from across the uk, head l to the bbc news website. welcome to the catch up. tonight the king has been out and about, why miss japan was stripped of her title, and breaking boundaries around hearing loss. first, the king has been out today since the first time since the palace announced he has cancer. here he is with queen camilla about to travel to sandringham by helicopter. prince harry flew back from california to visit, but apparently he doesn't plan to meet his brother whilst he is here. we know cancer in one way or another effects all of us, so if you are finding the news

hard to deal with, you can find support here... some other news, ukrainian born miss japan has had to give back her crown after a newspaper exposed her affair with a married man. that title will remain vacant for the rest of the year. tom holland is going to star in a west end production of romeo and juliet this year. this is the first time he will be on stage since he starred as billy elliot as a child. and former love islander tasha has been chatting about a cochlear implant. it is a small device that can help people who are deaf or hard of hearing. she is trying to break the stigma of how people talk when they take theirs off. it is great because everyone else out there who might want to go on love island and wears these cochlear implants, do not be afraid. you can do it. i am going to leave you with ten seconds of wrong

direction as drivers in edinburgh say that sat nav's keep sending them down this set of steps. it has happened an awful lot lately. you are all caught up now.

hello and welcome to sportsday — i'm marc edwards — coming up on the programme. it'sjubilantjordan at the asian cup as they stun south korea to reach their first ever final it's misery for murray in marseille though — as the former world number one suffers another first round exit and fury�*s forgiven — oleksandr usyk holds no grudges after their heavyweight fight is postponed — but promises to beat him in may hello, and thanks for joining us on sportsday. we start with a huge shock at the asian cup asjordan continue to re—write the history books. having never got past the last

eight of the competition, they are now into the final for the very first time.