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The U.S. House of Representatives will vote next week on a bill to permanently implement daylight saving time.Democratic Republic of Congo: The number of confirmed Ebola cases has risen to 1,792, with 625 deaths.July 10 – According to Sputnik News Agency, Russian Foreign Minister Sergey Lavrov stated at a press conference that Russia no longer believes the West is willing to negotiate on the Ukraine issue. Lavrov said, “We no longer believe the West is willing to resolve the issue through negotiations. Our previous goodwill and hope have been completely exhausted.” Lavrov added, “We have outlined our assessment of the current situation in Ukraine, including the actions of the West. While pretending to be prepared for negotiations, as the European side has already announced, the West has turned around and publicly issued an ultimatum to Russia.”On July 10th, U.S. Commerce Secretary Rutnick called on Samsung Electronics and SK Hynix to increase their memory chip production in the United States to help alleviate the global shortage of key components for artificial intelligence development. Rutnick confirmed that he is in talks with the two South Korean memory chip manufacturers but did not disclose specific details. He acknowledged that Micron CEO Mehrotra might not welcome competitors expanding their presence in the U.S., but Rutnick stated that this move is necessary to strengthen the U.S. chip supply chain. "You know, he (Mehrotra) wont like this, but I want to bring his competitors—Samsung and SK Hynix—to the U.S. to set up factories," Rutnick said. "Micron is currently in the lead. Other companies are bound to be envious, right? So they have to follow suit."Foreign central banks held -$28.605 billion in U.S. Treasury securities in the week ending July 3, compared with -$11.064 billion in the previous week.

As consumers lower their spending, KFC's parent business raises discounts

Charlie Brooks

Aug 04, 2022 10:52


Yum Brands Inc. stated on Wednesday that it will provide new goods and promotional discounts in an effort to reverse the fall in demand for its pizzas and fried chicken among low-income consumers.


As family savings dwindle and the price of fuel and other needs rises, Americans are tightening their belts, which has a detrimental influence on firm profitability.


Walmart (NYSE:WMT) Inc and Best Buy Co Inc (NYSE:BBY) have already reduced their earnings forecasts, while McDonald's Corp (NYSE:MCD) is pondering more reductions due to consumers' choice for less priced items.


David Gibbs, the chief executive officer of Yum, remarked that customers are growing more skeptical, with the retreat of low-income consumers becoming increasingly apparent.


Yum has reintroduced Mexican pizza at Taco Bell, introduced $5 macaroni and cheese bowls at KFC, and is depending on cheaper discounts at Pizza Hut to attract customers.


After its quarterly profitability fell short of predictions owing to increasing ingredient, labor, and packaging costs, which pushed up its overall expenses by 4 percent, the company plans to improve its promotional offerings.


Yum's second-quarter adjusted earnings per share of $1.05 fell short of forecasts of $1.09, sending the stock down as high as 3.2%.


The company's earnings surpass those of competitors McDonald's Corp and Starbucks Corp (NASDAQ:SBU), which were able to offset higher expenditures with price increases.


Taco Bell's 8 percent increase exceeded expectations, offsetting declines at KFC and Pizza Hut.


More than half of Pizza Hut's U.S. sites utilized third-party delivery services to enhance their operations by the end of the quarter, up from 40 percent at the beginning of the quarter.

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