What you need to know: New KFC, Maccas scandal
What you need to know on Tuesday morning, July 8.
- NZX50 up 17.973 points (0.35 per cent) to 5126.899
- NZ dollar at US86.88 cents, A92.61c, 88.01yen, 50.88p, 64.28 euro cents
- Brent crude oil at US$107.68 a barrel (up US44c)
- Spot gold at US$1313.40 an ounce
WHAT'S ON TODAY
- No local announcements scheduled for today
STOCKS TO WATCH
- Tech stocks: Technology stocks have had a bumpy ride this year, particularly Xero which has seen its share price fall by almost 50 per cent since February. The tech sector has also seen a number of IPOs that may be weighing on the price of the incumbent tech stocks. While tomorrow's $25 million listing of ikeGPS isn't huge, today's market movements could give a hint as to how its first day will go.
TOP INTERNATIONAL NEWS
- Yum Brands and McDonald's are facing a new food safety scare in China, denting the fast-food companies' efforts to shore up reputations and businesses that were hurt by a 2012 safety scandal in one of their biggest markets.
McDonald's and KFC parent Yum apologised to customers after Chinese regulators shut a local meat supplier following a TV report that showed workers picking up meat from a factory floor, as well as mixing meat that was beyond its expiry date with fresh meat.
The companies said they immediately stopped using the supplier, Shanghai Husi Food, a unit of US-based OSI Group, and had switched to alternates. They added that the factory supplied restaurants in the Shanghai area.
The report on China's Dragon TV brought Yum and McDonald's back into the firing line following the sales-battering 2012 scandal that involved chicken pumped with excessive amounts of antibiotics.
The division, Yum's No 1 business unit, had just seen its KFC restaurants bounce back from the double whammy of the food safety scare and a bird flu outbreak.
SOMETHING ELSE FOR YOUR MORNING
- Working for the same company for even a few years seems like an eternity in this age of job-hopping, but one NZ Post worker has been in the job for 45 years. Veteran postie, now mail sorter, Olive Cassidy will be made redundant from the NZ Post mail centre on Duke St, Hamilton. She started working for NZ Post in 1970.