Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
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
