Trump Questions Housing Bill as He Prioritizes SAVE America Act 
Lenovo Shares Slide as AI-Driven Memory Demand Signals Higher DRAM and NAND Prices 
UN Chief Urges Nations to Close $100 Million UNRWA Funding Gap 
Apple Challenges India Antitrust Probe, Says CCI Copied Rivals’ Claims in App Store Case 
China Eastern Orders 25 Airbus A330neo Jets in $9.35 Billion Deal to Boost International Expansion 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
Central Banks Eye Gold, Reduce Dollar Exposure as AI Adoption Accelerates: OMFIF Survey 
Gold Price Hits Annual Low as Fed Rate Hike Bets and Sticky Inflation Weigh on Bullion 
UBS Raises TSMC Price Target to T$3,400 on Strong AI Chip Demand Outlook 
Nvidia Stock Rises as SemiAnalysis Sees AI Data Center Revenue Beating Wall Street Forecasts 
U.S. Stocks End Q2 Higher as Strong Jobs Data and AI Rally Lift Wall Street 
Argentina Economy Shrinks 1.5% in April, Recovery Under Milei Loses Momentum 
TSMC CoWoS Capacity Forecast Raised as Mizuho Sees AI Server CPU Demand Surging Through 2027 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Italy Investigates Microsoft Over Microsoft 365 AI Subscription Price Hike 
Kakaku.com Shares Rise as Bain Capital and LY Corp Prepare Higher Takeover Bid Than EQT 
Airbnb, the San Francisco, California-based company that operates an online marketplace for lodging, primarily homestays for vacation rentals and tourism activities, announced it would end its business in China. It will be closing down its listings in the region due to dismal tourism.
Airbnb cited the lockdowns related to COVID-19 as the cause of the slowing business as it is restricting tourism activities in the country. A source who has knowledge of the matter also said that the company sees no end to the lockdowns, so it made the decision to pull down its listings in China.
It has been two years since China started implementing the lockdowns, and up to now, the situation is still the same. Sometimes the situation is worse depending on the surge of COVID-19 cases in the region.
According to CNN Business, the vacation rental company made the decision since its business is not recovering and is instead on a decline. Even if it is operating in the second-largest economy in the world, there is no improvement in Airbnb’s business revenues, and it only incurs losses brought about by the costly operating expenses.
Thus, starting this summer, the company will be shutting down its listings and offers for hosted experiences. It is not just Airbnb that is experiencing a slowdown in profits, but a good number of multinational firms are also feeling the decline in China. Things are not improving, and the restrictions are forcing businesses to limit their activities.
The Chinese country is also pursuing the “zero COVID” policy, which further makes it harder for businesses to operate and thrive. This is because the lockdowns associated with the COVID policies stop people from leaving their homes, and businessmen are forced to close their stores as well.
Then again, BBC News reported that while Airbnb is pulling out its listings, its operations will not be entirely terminated in China. It will continue to hold an office in Beijing, but there will be big changes as to how it will operate from now on.
The company is expected to focus on Chinese resident travelers going overseas. It will also work on other global projects to keep the business going and avoid the laying out of its employees in China, which numbers to hundreds.
