The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Slack Technologies' reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.Technologyread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
With the Federal Reserve deciding not to cut interest rates but leaving the door open for future cuts, experts are split on what comes next.Trading Nationread more
Slack's public market debut on Thursday will generate billions for venture firm Accel and healthy returns for Andreessen Horowitz and Social CapitalTechnologyread more
Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.Mad Money with Jim Cramerread more
Oracle found revenue growth from cloud applications in its fiscal fourth quarter, which helped it surpass analysts' expectations.Technologyread more
Fast-food giant McDonald's plans to accelerate its expansion in China increasing the number of restaurants in the country by 2,000 by the end of 2022, to a total of 4,500 nationwide.
The chain hopes the mass openings will drive double-digit sales growth in China in each of the next five years said Steve Easterbrook, its president and chief executive.
The new plans come after McDonald's sold off most of the China business to state-owned investment house Citic and global asset manager Carlyle, saying they would bring a better understanding of the local market.
Under that US$2.08 billion deal, announced earlier this year, McDonald's still holds a 20 per cent stake in the business. Citic Ltd and Citic Capital Partners will jointly take a 52 per cent stake, while US firm Carlyle will hold 28 per cent.
The opening pace of new McDonald's restaurants in mainland China is expected to progressively ramp up from around 250 per year in 2017 to 500 per year in 2022, from 2,500 to 4,500 restaurants in total, including delivery services offered from over 75 per cent of those.
The most significant growth will be in third- and fourth-tier cities, which will by then account for around 45 per cent of its outlets in China.
The expansion plan also includes an increase in its so-called 'Experience of the Future' restaurants to over 90 per cent, which Easterbrook said will allow the company to offer digitalised and personalised dining experience to more customers.
"China will soon become our largest market outside of the United States. We are excited to join forces with Citic and Carlyle for better localised decision-making to meet changing customer demands in this dynamic market," said Easterbrook.
"Mainland China and Hong Kong are leading the global system in capturing new consumer trends such as delivery and digitalisation and its driving strong performance and growth momentum.
"I have great confidence in our new partnership to unlock the full growth potential of China."
Zhang Yichen, chairman of the new McDonald's China unit, said: "The partnership [with Citic and Carlyle] will strengthen McDonald's China's entrepreneurial spirit, driven by ownership at the local level.
"We believe this is a winning formula that fuses McDonald's global quality standards and branding with Citic and Carlyle's extensive resources and market expertise in real estate, finance, supply chains, consumer & retail, and technology."
More from the South China Morning Post:
The 'Belt and Road' projects China doesn't want anyone talking about
A potential Trump casino in Macau may see ripples reaching even Beijing
China seeks to strengthen ties with Malaysia as work starts on key Belt and Road rail link