Meituan Dianping’s quarterly revenue beat analysts’ estimates as demand for takeout services bounced back from the disruptions caused by the coronavirus pandemic in China.
The world’s largest meal delivery service reported sales climbed 8.9 per cent to 24.7 billion Chinese yuan ($3.6bn / Dh13.2bn) in the June quarter, compared with the 23.6bn yuan average of analysts’ estimates.
The company reported surprise net income of 2.2bn yuan, compared with the 643 million yuan loss projected by analysts.
Backed by Tencent Holdings, Meituan has seen a gradual pick-up in its core food delivery business after the company posted its first ever quarterly revenue decline in the three months ended March during the Covid-19 shutdowns.
Still, consumers remain wary amid sluggish economic growth and the possibility of a resurgence in virus cases, denting appetite for restaurant dining, hotels and other hospitality services.
Daily delivery orders topped the 40 million milestone earlier this month, Jefferies said in an August 9 note. It had taken the company about a year to grow orders by the latest 10 million, accelerating from the 14 months it took to increase daily orders from 20 million to 30 million, analysts led by Thomas Chong wrote, adding that they are “positive about daily delivery order volume in the long run”.
Shares of Meituan have more than doubled this year, lifting the value of the company to more than $160bn.
Amid increasing competition in its core takeout business from rivals including Ant and SF Express - both supported by Alibaba Group - Meituan had expanded into a wide array of services including online travel, groceries delivery and ride-hailing.
Alibaba’s food-delivery arm Ele.me is also engaging in a subsidy battle with the start-up for market leadership.
In the longer run, Meituan is investing in technologies like self-driving vehicles to help cope with surging delivery demands.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
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