Weekly News Wrap: Fukushima’s F&B businesses woo back diners; Swire Pacific invests in retail-led projects in China
And Yum China’s shares dive amidst auditing dispute with US regulators.
From Bloomberg:
A small group of chefs, restaurateurs, and retailers was invited to the Japan Society in New York City last month for a special tasting event.
Each table setting had four small cups of sake and, among other goodies, a bento box with nigiri sushi—one somewhat unorthodox piece had a strip of seared A5 wagyu on top of the rice. The sake, rice, and beef had a notable distinction: They were from Japan’s Fukushima prefecture.
This month marks the 11th anniversary of the earthquake and tsunami that killed roughly 16,000 people and caused meltdowns at the Fukushima Daiichi nuclear power plant. Afterward, exports of food and drink from there and surrounding prefectures were halted or severely curtailed.
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From Bloomberg:
Swire Pacific is doubling down on its mainland China expansion and reaffirming its commitment to Hong Kong as the sprawling business empire shows tentative signs of revival following three years of political and pandemic-linked turmoil.
The company’s real-estate arm will invest $12.8b (HK$100b) in the region over the next decade, with more than half going to mainland China and focusing on retail-led, mixed-use property projects in major cities, Chairman Guy Bradley said in a statement.
One third will be used to expand the group’s key commercial complexes in Hong Kong. Swire is also seeking opportunities in residential projects in its core markets, he said.
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From Reuters:
Shares in Yum China, and four other Chinese companies tumbled after they were ensnared in an auditing dispute between Beijing and Washington, though China's securities regulator said it was confident they could reach a deal.
Yum China Holdings, the owner of KFC, Taco Bell and Pizza Hut in China, said it may have to delist from the New York stock exchange by 2024 after US authorities said it had failed to provide access to audit documents.
Its Hong Kong-listed shares fell as much as 12% on Friday, having closed 11% lower in New York.
Washington is demanding complete access to the books of US-listed Chinese companies, but Beijing bars foreign inspection of working papers from local accounting firms - a long-simmering auditing dispute that puts hundreds of billions of dollars of US investments at stake.
In December, the US Securities Exchange Commission (SEC) said it had identified 273 companies that were at risk, without disclosing names.
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