Misfresh Goes Bankrupt

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Misfresh was one of China's fastest-growing consumer technology companies. Its business model was to blanket cities with small warehouses for faster delivery. Ryan says the collapse has shocked a lot of people in China, but the government seems to be turning its back on misfresh and perhaps other high-flying tech companies.

Federal Reserve officials discussed the need to keep interest rates at levels that restrict the economy “for some time” in a bid to contain inflation, Short-term UK borrowing costs surged to the highest level since 2008, and Tencent posts its first quarterly revenue fall. Plus, the collapse of Chinese food delivery app, Miss Fresh, could be a cautionary tale for other tech giants in China.

Mentioned in this podcast:

Fed officials signal restrictive rates may be needed ‘for some time’

UK bonds sell off as hot inflation lifts expectations for BoE rate rises

Tencent hurt by slowing Chinese economy and stalled game approvals

What the collapse of Missfresh means for China’s tech sector

Japan’s latest alcohol advice: please drink more

The FT News Briefing is produced by Sonja Hutson, Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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