Deliveroo exits Hong Kong, selling assets to Foodpanda due to consistent losses and market challenges. Despite efforts to expand, Hong Kong operations made up only 5% of global transactions. The company will close remaining assets and wind up its business by April 7.
British food delivery giant Deliveroo has announced it will exit its Hong Kong operations by selling certain assets to Delivery Hero's foodpanda. The deal, valued at an undisclosed amount, marks the end of Deliveroo’s presence in the region. The company will also close other assets in Hong Kong.
In a statement, Deliveroo explained that several factors specific to the Hong Kong market led the company to make this decision. Despite efforts to expand, its Hong Kong operations were consistently loss-making and accounted for only about 5% of the company's global transactions.
Deliveroo has appointed liquidators to wind up its remaining Hong Kong businesses that were not sold to foodpanda. The platform will continue operating until April 7, allowing users to complete any outstanding orders before the closure.
The move reflects broader challenges faced by international food delivery companies in Hong Kong, as competition intensifies and market conditions become more difficult. Deliveroo's exit from the city highlights the ongoing strategic adjustments these companies must make to align with profitable markets.
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Deliveroo exits Hong Kong, selling assets to Foodpanda due to consistent losses and market challenges. Despite efforts to expand, Hong Kong operations made up only 5% of global transactions. The company will close remaining assets and wind up its business by April 7.
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The Swedish Government has instructed Sida, the Swedish International Development Cooperation Agency, to stop all cooperation with Georgia in response to "the serious deterioration of the democratic situation" in the country.
Social media platform X is facing a major outage, affecting thousands in the UK and US. Downdetector reports over 21,000 issues in the US and 10,800 in the UK. X has not yet responded, leaving users frustrated. The cause remains unclear, and service is still down.
In a massive show of support, Mexican President Claudia Sheinbaum spoke to a huge crowd in Mexico City’s Zócalo square on Sunday. It's after the U.S. postponed its plan to impose 25% tariffs on Mexican goods.
Australia has activated income support for workers affected by ex-Tropical Cyclone Alfred, which caused severe flooding, power outages, and damage. Workers whose income drops below the average weekly wage can receive up to 13 weeks of financial assistance.
Traton forecasts slow growth for 2025 due to weak European demand and a decline in electric vehicle sales. The company expects a sales change of -5% to +5% and focuses on improving efficiency amid global economic uncertainty and geopolitical challenges.
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