The scandal surrounding Husi, which is owned by OSI Group of Aurora, Illinois, has alarmed Chinese diners.» Read More
CHICAGO, July 23- OSI Group, the U.S.-based meat supplier at the center of a new food safety scandal in China, on Wednesday admitted to problems at a plant in Shanghai that have cost the company business with top fast-food chain Yum Brands Inc..
OSI Group, a privately-held company based in Aurora, Illinois, was thrust into the spotlight this weekend when a Chinese TV station reported that one of its Shanghai plants repackaged old beef and chicken and slapped new expiration dates on them.
SHANGHAI/ LANGFANG, China, July 23- Yum Brands Inc's China division severed ties to OSI China after Shanghai police detained five people from that supplier's meat processing factory at the center of a food safety scare that has ensnared several major Western brands.
July 23- Yum Brands Inc's China division has stopped buying from OSI China, after Shanghai police detained five people connected to the meat supplier's factory at the center of a new food safety scandal, Yum said on Wednesday.
July 23- Yum Brands Inc's China division has stopped buying from OSI China, after Shanghai police detained five people connected to the food supplier's factory at the center of a new food safety scandal, Yum said on Wednesday.
*Chinese firm said to now have enough cash to pay off $64.5 mln bond. SHANGHAI, July 23- A troubled Chinese construction company avoided a landmark bond default at the last minute on Wednesday, raising enough funds to pay off both principal and interest on a 400 million yuan bond, people directly involved in the matter told Reuters.
HONG KONG, July 23- China shares finished little changed on Wednesday, a day when five companies began accepting subscriptions for initial public offerings, diverting some funds from existing stocks. The two largest listed players- CITIC Securities and Haitong Securities climbed 1 and 2.3 percent, respectively.
SHANGHAI, July 23- Shanghai police said on Wednesday they detained five people in an investigation into a Chinese-based supplier of foreign fast-food brands, including KFC, McDonald's Corp and coffee chain Starbucks Corp, over allegations the firm supplied old and rotten meat.
Some of the illegal conduct was an "arrangement organized by the company," the deputy director of the agency's Shanghai bureau, Gu Zhenghua, told the official Xinhua News Agency. Those in criminal detention include Husi's quality manager, the Shanghai police department said on its microblog account.
HONG KONG, July 23- The index of major Chinese companies listed in Hong Kong surged early Wednesday, getting close to its 2014 peak, as investors particularly targeted financial and energy counters seen as undervalued. At midday, the CSI300 of the leading Shanghai and Shenzhen A-share listings was up 0.3 percent to a 3- month high.
*Ukraine tension eases but Gaza worries keep investors risk averse- analysts. TOKYO, July 23- Japan's Nikkei share average was flat on Wednesday morning as investors avoided risk due to geopolitical concerns in the Gaza Strip, which offset upbeat sentiment from gains in U.S. and European markets overnight.
SHANGHAI, July 23- Food safety violations at Shanghai Husi Food Co Ltd, a supplier to global brands including McDonald's Corp and Yum Brands Inc, were company-led and not the acts of individuals, the official Xinhua news agency said, citing the Shanghai food and drug watchdog.
TIANJIN, China, July 23- China is readying an assault on the "fortress economies" of local governments by creating a super region around Beijing, with proposals that sources suggest will be more aggressive than so far has been publicly revealed.
*Beijing trying to end years of support for bloated sector's such as steel. TANGSHAN, China, July 23- In Tangshan, a polluted industrial Chinese city that produces more steel a year than the entire United States, the Xinming Steel Pipe Plant shut earlier this month leaving more than 400 workers and a host of creditors unpaid.
July 22- McDonald's Corp feels "a bit deceived" by the audit it received for Shanghai Husi Food Co Ltd, a China supplier that was shut down this week after a TV report showed workers mishandling meat, Chief Executive Don Thompson said on Tuesday.
BEIJING— The death toll from the strongest typhoon to hit China's south in decades was raised to 46 on Tuesday, increasing the overall toll to 151 people dead in three countries just before a second storm approaches land.
But the price gain in the second quarter resulted in capacity that was either idled, or about to be shut, remaining in operation, according to a July 17 report from Beijing- based consultants AZ China. This is despite some 80 percent of Chinese smelters, representing some 20 million tonnes of annual capacity, operating at a theoretical loss, AZ China said.
BEIJING— China's airline regulator has warned travelers to expect flight delays at 12 airports through mid-August, and an airport employee said military exercises are the reason.
BEIJING— A suspect meat scandal in China engulfed Starbucks and Burger King on Tuesday and spread to Japan where McDonald's said the Chinese supplier accused of selling expired beef and chicken had provided 20 percent of the meat for its chicken nuggets.
HONG KONG, July 22- A Chinese market index of the leading Shanghai and Shenzhen A-share listings closed at its highest in three months on Tuesday, with gains coming in heavy volumes as autos, banking and property sectors all strengthened. BYD surged 5.6 percent in Shenzhen, while SAIC Motor Corp rose 1.7 percent to its highest close since February 2013.