Hong Kong Retains Top Ranking as Asia Pacific’s Most Expensive Retail Destination
Cushman & Wakefield (NYSE: CWK) today released the 33rd edition of its Main Streets Across the World report which examines prime retail rental rates in key cities globally.
Global Markets React to Economic Data, Igniting Fears of Rate Hikes
Global markets experienced a sudden downturn fueled by a mix of conflicting economic indicators, triggering apprehensions about potential interest rate hikes by central banks. Asian stock markets, including Hong Kong, Shanghai, Tokyo, and Sydney, faced notable declines as investors grappled with uncertainty. The Philippine Stock Exchange index (PSEi) also witnessed a dip, partly attributed to disappointing second-quarter economic growth figures. The intricacies of this situation were exacerbated by the contrasting data emerging from the United States, particularly around inflation rates. The prevailing market sentiment now hinges on forthcoming data, which could either quell or amplify concerns regarding central banks’ responses to inflation and economic stability.
Food Delivery Service CoLab Joins List of Firms in Ceasing Operations in Australia
CoLab, the Australian food delivery service, has announced winding up its operations last week. CoLab, is the seventh food delivery brand that have closed their operations in Australia in the last one year.
CoLab is a direct-to-customer retailer website and has entered voluntary administration last Thursday after failing to gain a fresh round of funding. failing to gain financing to continue its operations. It was launched as part of a collaboration between ChefPrep and Co-lab Pantry.
In a LinkedIn post, CoLab’s co-founder and CEO Josh Abulafia said that the company’s staff had been made redundant. “It’s been a tough day for CoLab and unfortunately we have had to let the team go,” he posted.
“As a quick background we (were) in the process of closing out a new round of financing that fell through. We then had significant interest for the company to be acquired and decided to put the company into VA to help, but due to unforeseen events our timelines became truncated,” Abulafia added.
One of the major reasons for the closure of these brands is said to be challenging economic conditions resulting in a rise in the cost of living where consumers have less money to spend.
Other Firms
Earlier, Sydney-based MilkRun, which was in the headlines for promising to deliver groceries within 10 minutes a customer placed order. The firm raised more than $5759 million from some of the biggest names in Australian venture capital, including Atlassian billionare Mike Cannon-Brookes.
In an internal email to the employees on Tuesday last, MilkRuns co-founder and chief executive Dany Milham said: “I am writing to let you know that we have made the difficult decision to wind down the business, and as a result, MilkRun will cease trading this Friday.”
According to Australian media reports, despite banking an impressive $75 million funding round led by a US venture capital firm in 2022, Milham blamed worsening economic conditions for the shock collapse.
Dany Milham had already found success with fast-delivering mattress company Koala. Less than a year ago he was confidently predicting MilkRun would be bigger than Coles or Woolworths within ten years.
The other five delivery service firms, which shut down in the Australian market, included three local startups promising 10-minute deliveries – ‘Send’ in May 2022, ‘Voly’ and British-owned ‘Deliveroo,’ both of which ceased operations in November 2022.
DashMart, which was launched in Sydney, Melbourne, and Brisbane by food courier platform DoorDash in January 2023 claiming it would succeed where its rivals had failed, closed its operations last month.
While Melbourne food delivery platform Providoor became the sixth delivery firm to enter liquidation last month, Germany’s Foodora collapsed in August 2018.
Bank of Japan makes surprise policy tweak
The Bank of Japan has slightly loosened the shackles on its 10-year yield target and said it will review the operation of its yield-curve control policy, surprising financial markets and sending the yen sharply higher.
Exclusive: Morgan Stanley to slash 2022 banker bonuses in Asia by up to half
Morgan Stanley plans to slash investment bankers’ annual bonuses by as much as 50% in Asia, said two people with direct knowledge of the matter, as the Wall Street firm reins in costs to tackle tough market conditions that have hit its revenue.
Shares dip, dollar strengthens as markets eye U.S. inflation data
Shares dipped slightly and the dollar firmed on Thursday, ahead of U.S. inflation data that will influence the Federal Reserve’s rate plans, while the likely collapse of a major digital asset exchange rattled crypto investors.
Uber agrees to Australia minimum pay body after similar moves in Britain, Canada
Uber Technologies Inc (UBER.N) and Australia’s main transport union agreed on Tuesday to back a federal body that enforces minimum pay for the company’s drivers, joining a global thawing of relations between the ride-hailing giant and industrial bodies.
Qantas to switch domestic fleet to Airbus in blow to Boeing
Australia’s Qantas Airways Ltd (QAN.AX) said on Thursday it has chosen Airbus SE (AIR.PA) as the preferred supplier to replace its domestic fleet, switching from Boeing Co (BA.N) in a major win for the European planemaker.
Stocks lurch lower, bonds jump as virus variant spooks investors
Stocks suffered their sharpest drop in three months in Asia on Friday and oil tumbled after the detection of a new and possibly vaccine-resistant coronavirus variant sent investors scurrying toward the safety of bonds, the yen and the dollar.
Australia home price boom piles on pressure for RBA pullback
Australian home prices raced to fresh heights in October, piling pressure on the country’s central bank to open the door to an interest rates rise well before the current projection of 2024.
