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On June 6, Longbai Group announced that it plans to use its own funds and special repurchase loans to repurchase some of its issued RMB common stocks through centralized bidding transactions for equity incentives or employee stock ownership plans. The repurchase price will not exceed 24.82 yuan per share, and the total amount of funds will not be less than 500 million yuan and not more than 1 billion yuan.June 6th news, since the Sino-US Geneva economic and trade talks, the two sides have used multiple bilateral occasions to maintain communication at multiple levels on their respective concerns in the economic and trade fields. Chinas "sincerity" and "principles" in the consultations are also related to this. The so-called "sincerity" means that on issues that do not involve principles, China will respect the concerns of the United States and can strive for a win-win result through the consultation mechanism. Especially in technical consultations, China has room for flexibility. And "principles" have at least two meanings - facing the unilateral tariffs of the United States, China still has countermeasures. Faced with the coercion or threats of the United States during negotiations, China is strongly opposed and advises it to abandon them.Bank of America: Raised its target price for Broadcom (AVGO.O) from $240 to $300.Wells Fargo: Raised Broadcom (AVGO.O) price target from $230 to $255.Central Bank of Russia: Further decisions on the benchmark interest rate will depend on the pace and sustainability of the decline in inflation and inflation expectations.

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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