McDonalds sells its China operations for $2.1 billion
The Dollar Business Bureau Global fast food giant McDonald’s Corp. has agreed to sell its controlling stake of China and Hong Kong operations to a group of investors for about $1.7 billion. McDonald’s took the latest decision after it failed to catch up with local rivals. According to a statement, Chinese conglomerate Citic Ltd., Citic Capital Holdings and U.S. private equity major Carlyle Group LP will acquire 80% stake for as much as $2.08 billion. These state-backed owners plan to add over 1,500 restaurants till 2021 in smaller Chinese cities. Under the deal, Citic Ltd. and Citic Capital Partners will jointly hold a 52% stake, while Carlyle will hold 28%. Illinois-based McDonald’s Oak Brook will keep the remaining 20% stake. As part of McDonald’s global ...
Stocks fall worldwide on oil price drop
Stocks fell around the world on Wednesday, impacting majorly the Asian markets, as the price of crude declined on the news that the three-day strike by oil workers in Kuwait ended, suddenly leaving the markets directionless. As concerns about oversupply of oil in the market returned to the forefront, prices of Brent crude and US crude oil futures slumped. Reversing Tuesday’s sharp gains, Brent crude fell by $1.12 to $42.91 a barrel, whereas US crude oil was down $1.09 to $39.99. The concerns over Chinese economy also resurfaced as Shanghai Stock Exchange slid 3.8 percent, with almost all the sectors from telecoms to financials witnessing a slide. The depressing mood of the market also reflected due to 0.3 percent fall in S&P 500 EMINI ...
Asian oil market on upheaval; Credits to India and China
India oil corporation (IOC) is one of the largest producers in Asia, operating 11 refineries and a combined capacity of 80.7 million tons a year, which is third of Indias capacity The Dollar Business Bureau India and China turning out to be larger consumers of oil in world beating Japan and inkling closer to US India and Chinas oil market has reversed the whole Asian market to a different level by beating one of the dominant player Japan and challenging yet another player, that is United States for the place of worlds biggest oil consumers. The oil consumption of both countries have tripled since 1990 to over 16%, coming close to the US which stands roughly at 20%, making it the worlds largest ...
