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McDonald's to Acquire Carlyle's Stake in McDonald's China
McDonald's Corporation (NYSE: MCD) and global investment firm Carlyle (NASDAQ: CG) today announced that McDonald's has agreed to acquire Carlyle's minority ownership stake in the strategic partnership that operates and manages McDonald's business in mainland China, Hong Kong and Macau.
The CITIC Consortium, mainly through its equity affiliate CITIC Capital, will maintain its controlling ownership stake. Upon completion of the transaction, the CITIC Consortium will continue to own 52%, and McDonald's will remain a minority partner while increasing its stake from 20% to 48% ownership...
China Issues Ban on Irish Beef After Atypical Case of BSE Confirmed
Beef exports to China from Ireland have been stopped after a case of atypical bovine spongiform encephalopathy (BSE) was detected in a bovine animal.
In a statement seen by Irish media outlets, the Department of Agriculture, Food and the Marine (DAFM) said that tests carried out at the department’s Central Veterinary Research Laboratory confirmed a case of atypical BSE on 3 November.
It is reported that the animal in question was a 10-and-a-half-year-old cow. It did not enter the food or feed chain...
Where Are Commodities Prices Headed?
Individuals investing in commodities haven't had a smooth ride over the past few years.
U.S. crude-oil futures briefly turned negative during the height of the pandemic in 2020 before rebounding to more than $82 a barrel recently. World food prices reached their highest level on record last year, in part as the Russia-Ukraine war spooked markets, but have fallen back more recently. And commodities from lumber to copper rode high and then fell, as global inflationary pressures and recession concerns drove trading.
So what happens next...
Yum China Reports Second Quarter 2023 Results
Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the second quarter ended June 30, 2023.
Second Quarter Highlights
- Total revenues increased 25% year over year to $2.65 billion from $2.13 billion (a 32% increase excluding foreign currency translation ("F/X")).
- Total system sales increased 32% year over year, with increases of 32% at KFC and 30% at Pizza Hut, excluding F/X. Growth was mainly attributable to same-store sales, new unit contribution and lapping of...
U.S.'s Yellen Begins China Visit with Both Sides Locked in Confrontation
U.S. Treasury Secretary Janet Yellen arrived in the Chinese capital on Thursday, beginning a four-day visit expected to focus on easing ties between the world's two largest economies, despite low expectations on both sides.
Yellen received a low-key welcome from a Chinese finance ministry official and the U.S. envoy to China, Nicholas Burns, as she stepped off a government aircraft just after a rainstorm brought some relief to an otherwise sweltering Beijing.
Both sides are sceptical that Yellen's visit will be able to take much heat...
U.S. Red Meat Industry Makes Presence Known at SIAL China
An eye-catching location and expanded pavilion with spacious public reception areas, private meeting spaces, meat sample displays and a separate cooking area for product tastings were among the pieces in place to ensure a prominent presence for the U.S. red meat industry at SIAL China in Shanghai. Twelve members joined the USMEF Pavilion at the show, which hosted 175,527 attendees from 67 countries during the three-day event.
These elements were part of a blueprint designed to tout grain-fed U.S. beef and pork as top quality and show...
U.S., China Start Talking Again, With Global Economic Order at Stake
Washington and Beijing are talking again. The test now is whether they can settle into a new normal that avoids upending the global economy—or fall back into a cycle of acrimony and retaliation.
Treasury Secretary Janet Yellen heads to China on Thursday through Sunday to meet with senior government officials, her department said Sunday. The trip comes as tensions over trade, technology and Taiwan prompt both countries to reconsider the deep commercial and investment ties that have defined the relationship for decades. Yellen is hoping to preserve...
US Official Visits Taiwan to Discuss US-Hosted APEC Meetings
A senior U.S. official charged with handling ties with the Asia-Pacific Economic Cooperation (APEC) bloc visited Taiwan this week for talks on his country's plans to host the grouping this year, the de facto U.S. embassy in Taipei said on Friday.
APEC is one of the few international organisations to which Chinese-claimed Taiwan belongs, since Beijing, which views the island as a Chinese province, and not a country, blocks its participation in most others.
Against the backdrop of military tension between Beijing and Taipei, past APEC summits have...
Cargill to Sell China Poultry Unit to Private Equity Firm DCP Capital
U.S. agribusiness giant Cargill said it is selling its poultry business in China to private equity firm DCP Capital, exiting a Chinese meat market that has become increasingly challenging, especially for foreign players.
The sale of the unit known as Cargill Protein China is subject to regulatory approvals but is expected to close this year, Cargill said in a statement on Wednesday.
It did not give a transaction price and DCP declined to comment on the deal.
China is the world's No.2 poultry producer after the...
Circana: China’s Foodservice Industry Showing Signs of Recovery
China’s foodservice industry received a much-needed boost in the third quarter of 2022 as government-mandated COVID-19 restrictions were lifted. However, that boost was met with a Q4 decline. The start of 2023 has shown that the industry in China is back on track, according to the latest findings from Circana Market Intelligence, formerly IRI and The NPD Group.
Circana’s latest “China Foodservice Market Sentiment Snapshot” broke down how the impact of outbreaks and lockdowns set forth in 2022 had a massive impact across 22 cities tracked in China...
USSEC Launches Development of U.S.-China Soy Value Chain Innovation Center
The soy industry plays a key role in trade relations between China and the United States. To deepen cooperation throughout the supply chain, USSEC is developing the U.S.-China Soy Value Chain Innovation Center, or SIC, in Henan, a province in Central China, with soy checkoff support. A hybrid Memorandum of Understanding signing ceremony was held on February 28, 2023, to mark this milestone.
“This MOU represents a remarkable and unprecedented success in deepening agricultural cooperation between the U.S. and China,” says Xiaoping Zhang, USSEC regional director...
Maersk Launches U.S.-China Air Routes as Market Reopens Following COVID-19 Restrictions
Shipping giant A.P. Moller – Maersk (Maersk) debuted a pair of new air freight services featuring regular flights between the U.S. and China.
The company said the move is expected to “plug a connectivity gap between the world’s two largest markets for ocean customers, with solutions for time sensitive and high value cargo via new air services.”
“With the introduction of these new routes, we are further connecting North America and Asia Pacific through regular flights and controlled capacity for our customers,” Michel Pozas Lucic...
Beef Quarterly Q1 2023: China’s Reopening Provides Opportunities for Beef
Retail and farmgate beef prices cracked records in many regions in 2022, driven by elevated consumer demand and tight beef supplies. Brazil also achieved record export volumes and returns in 2022, thanks to growing Chinese demand.
The softening in consumer sentiment and subsequent weaker beef pricing in late 2022 has flowed through into early 2023. While beef supply settings are favorable for beef prices, consumer confidence will continue to be tested and have a bearing on beef returns. China will remain a focal point, as the world watches to see...
U.S., China Regulatory Authorities and Industry Hold Dialogue After First Cultivated Meat Approval
FDA's recent approval for cultivated chicken from Upside Foods in the U.S. on November 16 set a positive tone for the adoption of cultivated meat and other innovative food in global markets. One month after the FDA's approval, another milestone was reached. On December 22, the AgFood Future Center of Excellence (AGF) and the Agriculture Food Partnership (AFP) co-organized an online event where, for the first time, regulatory experts from two of the largest potential markets for...
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