U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
U.S. Stock Futures Edge Higher as Tech Rout Deepens on AI Concerns and Earnings 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Deliveroo, the British online food delivery service company, was revealed to have pulled out its business in Australia. It ended its service and decided to leave AU due to rigid competition there.
Deliveroo said on Wednesday this week that it will no longer operate in Australia as the business environment has become really tough. One of the reasons why the business turned this way was the customers’ move to pull away from deliveries and takeaways because of the rising prices.
Moreover, Deliveroo is also competing with other major brands, including Uber Eats and DoorDash. With these rivals, the market became highly competitive. The company also said that its market share is also small thus, its position is not really strong.
As per Reuters, in the first half of 2022, the Australian unit of Deliveroo only managed to contribute three percent of the company’s total gross transaction value or GTV. Prior to this, its HQ already warned that because of the rising prices that are turning people away from ordering online, sales growth would be at the lower end of its last guidance.
"This was a difficult decision and not one we have taken lightly. We want to thank all our employees, consumers, riders and restaurant and grocery partners who have been involved with the Australian operations over the past seven years," Eric French, Deliveroo’s chief operating officer, said in a statement to investors. "Our focus is now on making sure our employees, riders and partners are supported throughout this process.”
The COO further explained that Deliveroo discerned that it would not be able to reach a sustainable and profitable level in Australia without large financial investment, so it made the decision to quit. Subsequently, Deliveroo Australia Pty Limited was placed into voluntary administration and will permanently stop operations soon.
BBC News mentioned that Deliveroo was first launched in Australia in 2015, and it has 15,000 riders as employees.
Photo by: Joshua Lawrence/Unsplash
