Daniela Wei

Luckin Coffee Inc.’s chairman, Charles Zhengyao Lu, was ousted by shareholders from the scandal-plagued Chinese company, just days after surviving an effort by some directors to strip him of control, local media reports said, citing unidentified sources.

The firings of Luckin Coffee Inc.’s chief executive officer and her lieutenant in an escalating scandal over faked transactions is another body blow for the Chinese chain, which expanded at breakneck speed trying to supplant Starbucks Corp. as the dominant barista in a booming coffee culture.

Liquor giant Kweichow Moutai Co.’s buoyant first quarter earnings is the latest sign that China’s demand for luxury goods is resilient, a relief for global brands dependent on the Asian nation to drive growth.

Traditional retail and e-commerce hold little interest for consumers who are wedded to smartphones and take their cues from influencers.

Swiss watchmaker Hublot, owned by LVMH, introduced a limited-edition timepiece that’s exclusively available for purchase with Bitcoin, 10 years after the digital currency was first created.

Macau casino stocks retreated after Typhoon Mangkhut forced a 33-hour shutdown of the world’s biggest gambling hub, a halt that’s estimated to cost operators including Sands China Ltd. and Wynn Macau Ltd. as much as $186 million in revenue.

Shares of Kweichow Moutai Co. gained the most since mid-2015 after the world’s most valuable spirits maker said it will raise the price for its signature drink for the first time in five years.

Macau, the world’s largest gambling hub, is on its way to seeing casino profits surge toward highs set before a Chinese government corruption crackdown drove wealthy high-rollers away.

Hong Kong’s annual candlelight vigil to commemorate China’s 1989 Tiananmen Square crackdown attracted the smallest crowd in nine years as local student leaders shunned the gathering.

The casinos’ operations are raising the risks of money laundering, according to a U.S. government report in March.