RIYADH: America’s Airbnb announced that it will stop operations in China partially amid strict lockdowns. Local Luckin Coffee’s revenue jump’s 90 percent in the first quarter of 2022. Also, iron ore futures slipped amid slowing economic repercussions.
· American vacation rental company Airbnb has announced that it will halt its listings in China after two years of strict lockdowns with no signs of easing off soon, CNN Business reported, citing sources familiar with the matter. Founded in 2008, the firm will keep its office in Beijing for the sake of outbound travelers and global projects rather than operations in the Asian country itself.
· Chinese coffeehouse company Luckin Coffee’s first quarter earnings revealed a surge in revenue of almost 90 percent despite strict Covid-19 restrictions and a slowing economy, CNN Business reported. In addition to achieving its first profit since its launch, the firm also ended the first quarter with 6,580 stores in China, surpassing Starbucks which currently has around 5,650 outlets in the country.
Chinese coffeehouse company Luckin Coffee’s first quarter earnings revealed a surge in revenue. (Shutterstock)
· Chinese iron ore futures slipped on Thursday amid low investor demand. This comes as the world’s second largest economy is facing large economic struggles when compared to 2020. While some indicators saw a steep drop in March, the country should start achieving reasonable growth in the second quarter of 2022, Reuters reported, citing Premier Li Keqiang.
