Texas-based Golden Chick Restaurants preparing to land in Pakistan

Golden Chick Restaurants preparing to land in Pakistan

KARACHI: An upcoming Pakistani food company has formally signed a franchise agreement with Texas-based Golden Chick Restaurants, a fast-food chain with a global presence.

Crescent Star Insurance, which is the 100% owner of the recently established Crescent Star Foods, said in a notice on Monday that its food subsidiary signed the agreement with the American company on August 7.

In its annual report, Crescent Star Insurance had hinted at making a long-term investment of Rs70 million in Crescent Star Foods.

The company will roll out as many as 30 food outlets in the next 10 years in different cities of Pakistan. The first outlet is expected to be operational by December 2015.

Read more » The Express Tribune
See more » http://tribune.com.pk/story/935784/fast-food-joint-golden-chick-restaurants-preparing-to-land-in-pakistan/

China devalues the yuan, cutting rates by 1.9%

China Rattles Markets With Yuan Devaluation

China devalued the yuan in a move that rippled through global markets, as policy makers stepped up efforts to support exporters and boost the role of market pricing in Asia’s largest economy.

The central bank cut its daily reference rate by 1.9 percent, triggering the yuan’s biggest one-day drop since China ended a dual-currency system in January 1994. The People’s Bank of China called the change a one-time adjustment and said its fixing will become more aligned with supply and demand.

Read more » Bloomberg
See more » http://www.bloomberg.com/news/articles/2015-08-11/china-weakens-yuan-reference-rate-by-record-1-9-amid-slowdown