The frozen custards will be replaced by soft serve for now — say it isn’t so!
Please return soon, frozen custards.
This year’s bird flu-related egg shortage has been affecting restaurant prices, breakfast at Whataburger, and now frozen custard at Rita’s Italian Ice.
The East Coast-based chain, best known for their water ices, will replace frozen custard with soft serve ice cream during the shortage. On their website, they write:
“Due to a nationwide egg shortage we are unable to serve our signature Frozen Custard at this time. We know these are eggs-traordinary circumstances, but please enjoy our creamy soft-serve ice cream in the meantime! It’s just like our signature Frozen Custard only it’s egg-less.”
Rita’s has over 600 stores and uses 1,600 pounds of egg yolks per day, which is equivalent to 24 tons per month, according to their website.
The soft serve will be available in chocolate, vanilla, and twist, and it won’t be on the menu after the nation’s egg supply returns to a stable level.
There’s no exact date for when frozen custard will return, but Rita’s promises that “We’re working hard to bring back custard as fast as we can for our loyal guests, and you’ll be the first to know when custard makes its egg-cellent return!”
Fast-food chains are taking eggs off the menu
More than 48 million birds have been affected with the flu since December.
This outbreak is causing an egg shortage that's forcing restaurants to modify their menus and improvise.
The latest chain to take a hit because of the increase in egg prices is the popular Chinese fast-casual chain Panda Express.
The chain removed eggs from its fried rice and replaced them with corn in June , according to CBS San Francisco.
The eatery was also forced to discontinue its hot-and-sour soup temporarily. It's looking like the eggs will not return to its menu anytime soon.
“We have been informed by suppliers that the egg shortage will last between 18 and 24 months. Egg prices have definitely increase [sic] for those who are able to purchase them," a Panda Express spokesperson told CBS. " In our case, the number of suppliers from whom we can purchase liquid is extremely limited, which jeopardizes our ability to consistently purchase safe and reliable product.”
P anda Express isn't the first chain to turn to alternatives for eggs. Many restaurants simply can't keep up with the high rise in prices.
" In June, producer prices for eggs for fresh use surged 71.7 percent in price from May. Consumer prices are also jumping with one USDA report for daily New York eggs showing large Grade A and USDA Grade A egg prices at major chains rising to a range of $1.99 to $3.49 Friday from $1.99 to $2.79 to a year ago," according to CNBC.
In early June, another company implemented changes. The San Antonio-based fast-food chain Whataburger faced major backlash after it was forced to shorten its breakfast window due to the shortage.
Around three weeks later, the restaurant announced it would resume normal breakfast hours.
"We know it’s been a tough couple of weeks for our customers, but we’re really grateful for their support while we worked to build up our egg supply,” said Whataburger C OO Dino Del Nano in a press release.
Last week another popular chain, Rita's, announced that it was temporarily replacing its frozen custard, which contains eggs, with soft-serve ice cream.
The company does not guarantee that its prices will not be affected as pricing is at individual franchisees' discretion.
The switch has been met with mixed responses on Twitter.
The shortage is even affecting large grocers as many of the stores' items contain eggs, especially those in their bakeries. Publix is expecting cost increases.
" The recent avian influenza outbreak has had a nationwide impact on the supply and availability of both turkey and egg products. Certain items may be temporarily discontinued until we have an adequate inventory," a Publix spokesperson said in an email statement to News-Press.
Last month another Texas-based grocer H-E-B instated a new policy that only three-dozen eggs can be purchased per customer, according to the Houston Press.
Post Holdings, a large packaged-food company that owns popular brands like Raisin Bran and Honey Bunches of Oats, announced at the end of June that the company was affected by the flu.
" A third Company owned chicken flock in Nebraska has tested positive for AI. This brings the total affected supply to approximately 35% of the Company's volume commitments as determined prior to the recognition of force majeure," according to a Post Holdings press release.
The company said that it's future remained uncertain because of the outbreak.
Summer treats disappear as egg prices double
The bird flu crisis is causing a national egg shortage that’s leaving many without their favorite summertime foods.
Suppliers of frozen custard, cookies, cakes, as well as mayonnaise and hard-boiled eggs for potato salad, are scrambling to find substitutes--or are just taking items off the menu.
Egg prices now cost more than double what they did two months ago, the Labor Department said Wednesday. The bird flu crisis has eggs costing more than 84% last month alone. That comes after a 56% jump in May. Wholesale chicken egg prices recorded the largest increase since the government began tracking the costs in 1937.
National Italian ice chain Rita's disappointed fans last week when it announced its beloved frozen custard is being phased out. The chain is temporarily replacing it with soft-serve ice cream.
John Lupo, owner of Grandma’s wholesale baker in White Bear Lake, Minn., who supplies baked good to grocery stores, is stockpile buckets of liquid eggs.
"We're trying to get as far ahead as we can," he said. "Buying from every source that is willing to sell to us. We're worried they'll be rationing."
The Chinese fast food chain Panda Express this week quietly started substituting corn for eggs in its fried rice, and discontinued hot and sour soup –also made with eggs.
Texas-based Whataburger recently revised breakfast hours to compensate for the shortage.
More than 49 million chickens and turkeys died or were euthanized in 15 states this spring as the flu virus spread from the Pacific Northwest into Midwest farms.
Some commercial bakers are experimenting with egg substitutes out of fear that the liquid egg shortage could last a couple of years.
Hampton Creek, which figured out how to make egg-intensive products like cookies and mayonnaise using plant-based ingredients, has score some big contracts. Hampton Creek shipped its Just Mix powdered egg substitute to General Mills. It also announced a contract with 7-Eleven to replace all of its mayo in its convenience stores with Hampton Creek's Just Mayo product.
But some bakers and food procedures say substitutes come with their own set of issues. Until then, they'll be stockpiling and hoping the egg supply will be replenished as the virus fades.
Fast food chains are taking eggs off the menu
The avian influenza that’s affecting millions of birds nationwide is also disrupting the fast-food industry.
More than 48 million birds have been affected with the flu since December.
This outbreak is causing an egg shortage that’s forcing restaurants to modify their menus and improvise.
The latest chain to take a hit because of the increase in the egg prices is the popular Chinese fast casual chain Panda Express.
The chain removed eggs from its fried rice and replaced them with corn in June, according to CBS San Francisco.
The eatery was also forced to discontinue its hot and sour soup temporarily. It’s also looking like the eggs will not return to its menu anytime soon.
“We have been informed by suppliers that the egg shortage will last between 18 and 24 months. Egg prices have definitely increase [sic] for those who are able to purchase them,”a Panda Express spokesperson told CBS. “In our case, the number of suppliers from whom we can purchase liquid is extremely limited, which jeopardizes our ability to consistently purchase safe and reliable product.”
Notice anything about the fried rice? #PandaExpress replaced egg w corn due 2 egg shortage. Thoughts? @VeronicaDLCruz pic.twitter.com/CzqeByU3u1
— Betty Yu (@BettyKPIX) July 15, 2015
Panda Express isn’t the first chain to turn to alternatives for eggs. Many restaurants simply can’t keep up with the high raise in prices.
“In June, producer prices for eggs for fresh use surged 71.7 per cent in price from May. Consumer prices are also jumping with one USDA report for daily New York eggs showing large Grade A and USDA Grade A egg prices at major chains rising to a range of $US1.99 to $US3.49 Friday from $US1.99 to $US2.79 to a year ago,” according to CNBC.
In early June, another company implemented changes. The San Antonio-based fast food chain Whataburger faced major backlash after it was forced to shorten its breakfast window due to the shortage.
Around three weeks later, the restaurant announced it would resume normal breakfast hours.
“We know it’s been a tough couple of weeks for our customers, but we’re really grateful for their support while we worked to build up our egg supply,” said Whataburger COO Dino Del Nano in a press release.
Last week another popular chain, Rita’s, announced that it was temporarily replacing its frozen custard, which contains eggs, with soft serve ice cream.
The company does not guarantee that its prices will not be affected as pricing is at individual franchisees discretion.
The switch has been met with mixed responses on Twitter.
Soft serve is cool but I LIVED for the custard . My main reason to always go to Rita’s
— IG: Mocha_Cocha (@Mocha_Cocha) July 13, 2015
Rita’s changing their frozen custard to soft serve is prob the worst thing that could’ve happened this summer
— اليشا (@ali_dupont) July 11, 2015
$6 eggs could be on the way
Squeezed by limited supply because of the worst avian flu outbreak in three decades, egg prices have already risen sharply this year. But BB&T Capital Markets analyst Brett Hundley said retail prices could surge even higher.
An uptick to more than $6 for a dozen "would not surprise" him if bird flu returns later this year, something he predicts will occur as early as fall.
As of Friday, prices to consumers for New York large shell eggs stood at a range of $1.99 to $4.49 per dozen, USDA data showed.
"It's almost scary to think about what could happen to egg prices," Hundley said.
Meanwhile, Midwest wholesale prices have risen 135 percent to $2.80 per dozen on Monday, up from $1.19 per dozen on April 22, according to prices from market research firm Urner Barry. Retail prices typically run even higher.
"It's really a day-to-day market," said Brian Moscogiuri, market reporter for eggs and egg prices at Urner Barry, in a phone interview. "It's been very volatile and unpredictable, for sure."
While the Midwest has borne the brunt of avian flu's impact, BB&T expects bird flu to hit its next target, the Southeast, this fall. Last detected in mid-June, the flu could crop up again by October or November as wild birds carrying the disease migrate to the area.
"We think that turkeys and egg layers are most at risk," Hundley said. "We think broilers are at risk but considerably less so."
Layers, or chickens raised to produce eggs, and turkeys live longer than broilers, or chickens raised for their meat. Therefore, they have a greater chance of contracting disease, Hundley said.
Already, the decreased egg supply has had ripple effects throughout the food industry. Last month, Panda Express said it was testing a new version of its fried rice that incorporates corn instead of the pricy protein. It also discontinued its hot and sour soup after its suppliers told the chain the egg shortage could last as long as two years. Another restaurant, Rita's, pulled its frozen custard made with eggs in favor of a soft-serve ice cream until it can get more eggs.
If bird flu were to reemerge in the Southeast this fall, several companies could be impacted, including poultry producers Sanderson Farms (SAFM), Pilgrim's Pride (PPC) and Tyson Foods (TSN), and egg producer Cal-Maine Foods (CALM).
According to its annual report, Cal-Maine Foods has a sizable presence in the South but does not have locations in two of the hardest hit states: Minnesota and Iowa. So far, a lift in egg prices has helped boost its earnings and share price, which has risen more than 40 percent year to date. But if bird flu gets closer to home for the company, this could change.
"The recent outbreak has, to this point, been a positive for the company, helping to raise industry pricing however, its flocks could be infected in the future, adding risk to revenue and profit growth expectations," noted D.A. Davidson analysts in a late July note.
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China Huarong’s Journey From Safe Bet to Bad News: A Timeline
(Bloomberg) -- It’s nearly two months since turbulence erupted around China Huarong Asset Management Co.At the end of March, its 4% perpetual dollar bond was trading at 102 cents on the dollar as investors figured the January execution of former chairman Lai Xiaomin for bribery put a line under past wayward behavior. But the failure of the company to release 2020 results by a March 31 deadline, and a subsequent report by mainland media Caixin that the firm will restructure, sparked weeks of turmoil. The same bond is now at 57 cents.The heart of the matter is whether the central government will rescue a state-owned company that’s integral to the smooth running of the financial system. While there are signs Beijing wants to ensure China Huarong can repay its debts on time, uncertainty prevails.Here’s a look at the key events for China Huarong:May 28The company has wired funds to repay $978 million of notes maturing within the following week, according to Bloomberg News, the biggest bond payment since the 2020 results delay.May 27Liang Qiang, who currently heads another bad-debt manager, is on track to become president of China Huarong, reports Bloomberg News.May 24China Huarong dollar bonds climb after the managing editor of Caixin Media wrote in an opinion piece that the asset manager is “nowhere near” defaulting on its more than $20 billion of offshore notes.May 21Some of China Huarong’s thinly traded onshore bonds slump after having held up better than the company’s dollar-denominated notes, signaling broadening concern about the firm’s financial health.May 18China Huarong has transferred funds to repay a $300 million note maturing May 20, Bloomberg News reports, the first dollar bond to come due since the delayed 2020 results. Prices for the firm’s dollar bonds slump earlier in the day after the New York Times reports China is planning an overhaul that would inflict “significant losses” on both domestic and foreign China Huarong bondholders.May 17The company has reached funding agreements with state-owned banks to ensure it can repay debt through at least the end of August, by which time China Huarong aims to have completed its 2020 financial statements, according to a Bloomberg News report. That as at least two of its onshore bonds see big price declines in recent days, worrying some investors.May 13The firm says it’s prepared to make future bond payments and has seen no change in the level of government support, seeking to ease investor concerns after a local media report that regulators balked at China Hurarong’s restructuring plan.May 6The company says it transferred funds to pay five offshore bond coupons due the following day, its latest move to meet debt obligations amid persistent doubts about its financial health.April 30China Huarong breaks its silence, with an executive telling media it is prepared to make its bond payments and state backing remains intact. The official also says the week’s rating downgrades “have no factual basis” and are “too pessimistic.”April 29Moody’s Investor Service downgrades China Huarong by one notch to Baa1, adding the firm remains on watch for further downgrade. The cut reflects the company’s weakened funding ability due to market volatility and increased uncertainty over its future, according to the statement.April 27China Huarong units repay bonds maturing that day. The S$600 million ($450 million) bond was repaid with funds provided by China’s biggest state-owned bank, according to a Bloomberg News report.April 26Fitch Ratings downgrades China Huarong by three notches to BBB while dropping the company’s perpetual bonds into junk territory. The lack of transparency over government support for the firm may hamper its ability to refinance debt in offshore markets, Fitch said.April 25China Huarong says it won’t meet an April 30 deadline to file its 2020 report with Hong Kong’s stock exchange because auditors needed more time to finalize a transaction the company first flagged on April 1. Securities and asset-management units said in the days before that they wouldn’t release 2020 results by month’s end.April 22The China Banking and Insurance Regulatory Commission asks lenders to extend China Huarong’s upcoming loans by at least six months, according to REDD, citing two bankers from large Chinese commercial lenders.April 21China is considering a plan that would see its central bank assume more than 100 billion yuan ($15 billion) of China Huarong assets to help clean up the firm’s balance sheet, according to a Bloomberg News report. Peer China Cinda Asset Management Co. was said to be planning the sale of perpetual bonds in the second quarter.April 20China Huarong’s key offshore financing unit says it returned to profitability in the first quarter and laid a “solid” foundation for transformation. Reorg Research reports that regulators are considering options including a debt restructuring of the unit, China Huarong International Holdings Ltd.April 19Huarong Securities Co. says it wired funds to repay a 2.5 billion yuan local note.April 16The CBIRC says China Huarong’s operations are normal and that the firm has ample liquidity. These are the first official comments about the company’s troubles. Reuters reports Chinese banks have been asked not to withhold loans to Huarong.April 13Fitch and Moody’s both put the company on watch for downgrade. The finance ministry, which owns a majority of Huarong, is considering the transfer of its stake to a unit of the country’s sovereign wealth fund, Bloomberg News reports. Chinese officials signal they want failing local government financing vehicles to restructure or go bust if debts can’t be repaid.April 9China Huarong says it has been making debt payments “on time” and its operations are “normal.” Bloomberg News reports the company intends to keep Huarong International as part of a potential overhaul that would avoid the need of a debt restructuring or government recapitalization. S&P Global Ratings puts China Huarong’s credit ratings on watch for possible downgrade.April 8China Huarong is preparing to offload non-core and loss-making units as part of a broad plan to revive profitability that would avoid the need for a debt restructuring or government recapitalization, Bloomberg News reports.April 6Selling gains steam in China Huarong’s dollar bonds, following a holiday in China. Huarong Securities says there has been no major change to its operations, in response to a price plunge for its 3 billion yuan local bond.April 1China Huarong announces a delay in releasing 2020 results, saying its auditor is unable to finalize a transaction. Stock trading is suspended and spreads jump on the firm’s dollar bonds while China Huarong tells investors its business is running as usual. Caixin reports the company submitted restructuring and other major reform plans to government officials and shareholders.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Kenya Lawmakers Balk as Debt Servicing Costs Jump to $11 Billion
(Bloomberg) -- Kenya may be heading toward a default unless the government of President Uhuru Kenyatta revamps its debt, lawmakers said in a report.The East African nation’s debt servicing costs are poised to surge to a record 1.17 trillion shillings ($11 billion) in the year starting July 1, parliamentary budget office said in a report. That exceeds the administration’s 660 billion shillings proposed spending on development projects.The increase in debt repayments “indicates a growing level of fiscal inflexibility and therefore increased exposure to fiscal risks or debt default, in absence of debt restructuring,” according to the report by the agency, which advises lawmakers on budget policy. It implies “that borrowing for development expenditure financing might no longer be a viable fiscal principle.”Calls to revamp the nation’s rising debt are growing louder even as it plans to borrow as much as $7.3 billion in the Eurobond market over the next two years, prompting the International Monetary Fund to say that the country may be at the risk of debt distress. Meanwhile, Kenya’s lawmakers want to narrow the government’s fiscal deficit to 7.5% of gross domestic product in the next fiscal year, from 8.7%, according to the report.By the year through 2024, Kenya’s debt servicing expenses will have more than doubled from 2020, with spending on development infrastructure remaining little changed. Borrowing is restricted to funding for development projects, according to Kenya’s public finance management rules.The government should put in place mechanisms to substitute borrowings with alternative financing such as public private partnerships, particularly for large infrastructure expenditure, lawmakers said.Kenya is seeking an extension to a six-month debt service holiday that ends in June, central bank Governor Patrick Njoroge said last week Thursday.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Economic Data Puts the EUR and the Loonie in Focus after a Busy Asian Session
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This Time Is Different: Outside OPEC+, Oil Growth Stalls
(Bloomberg) -- “This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.For the first time in decades, oil companies aren’t rushing to increase production to chase rising oil prices as Brent crude approaches $70. Even in the Permian, the prolific shale basin at the center of the U.S. energy boom, drillers are resisting their traditional boom-and-bust cycle of spending.The oil industry is on the ropes, constrained by Wall Street investors demanding that companies spend less on drilling and instead return more money to shareholders, and climate change activists pushing against fossil fuels. Exxon Mobil Corp. is paradigmatic of the trend, after its humiliating defeat at the hands of a tiny activist elbowing itself onto the board.The dramatic events in the industry last week only add to what is emerging as an opportunity for the producers of OPEC+, giving the coalition led by Saudi Arabia and Russia more room for maneuver to bring back their own production. As non-OPEC output fails to rebound as fast as many expected -- or feared based on past experience -- the cartel is likely to continue adding more supply when it meets on June 1.‘Criminalization’Shareholders are asking Exxon to drill less and focus on returning money to investors. “They have been throwing money down the drill hole like crazy,” Christopher Ailman, chief investment officer for CalSTRS. “We really saw that company just heading down the hole, not surviving into the future, unless they change and adapt. And now they have to.”Exxon is unlikely to be alone. Royal Dutch Shell Plc lost a landmark legal battle last week when a Dutch court told it to cut emissions significantly by 2030 -- something that would require less oil production. Many in the industry fear a wave of lawsuits elsewhere, with western oil majors more immediate targets than the state-owned oil companies that make up much of OPEC production.“We see a shift from stigmatization toward criminalization of investing in higher oil production,” said Bob McNally, president of consultant Rapidan Energy Group and a former White House official.While it’s true that non-OPEC+ output is creeping back from the crash of 2020 -- and the ultra-depressed levels of April and May last year -- it’s far from a full recovery. Overall, non-OPEC+ output will grow this year by 620,000 barrels a day, less than half the 1.3 million barrels a day it fell in 2020. The supply growth forecast through the rest of this year “comes nowhere close to matching” the expected increase in demand, according to the International Energy Agency.Beyond 2021, oil output is likely to rise in a handful of nations, including the U.S., Brazil, Canada and new oil-producer Guyana. But production will decline elsewhere, from the U.K. to Colombia, Malaysia and Argentina.As non-OPEC+ production increases less than global oil demand, the cartel will be in control of the market, executives and traders said. It’s a major break with the past, when oil companies responded to higher prices by rushing to invest again, boosting non-OPEC output and leaving the ministers led by Saudi Arabia’s Abdulaziz bin Salman with a much more difficult balancing act.Drilling DownSo far, the lack of non-OPEC+ oil production growth isn’t registering much in the market. After all, the coronavirus pandemic continues to constrain global oil demand. It may be more noticeable later this year and into 2022. By then, vaccination campaigns against Covid-19 are likely to be bearing fruit, and the world will need more oil. The expected return of Iran into the market will provide some of that, but there will likely be a need for more.When that happens, it will be largely up to OPEC to plug the gap. One signal of how the recovery will be different this time is the U.S. drilling count: It is gradually increasing, but the recovery is slower than it was after the last big oil price crash in 2008-09. Shale companies are sticking to their commitment to return more money to shareholders via dividends. While before the pandemic shale companies re-used 70-90% of their cash flow into further drilling, they are now keeping that metric at around 50%.The result is that U.S. crude production has flat-lined at around 11 million barrels a day since July 2020. Outside the U.S. and Canada, the outlook is even more somber: at the end of April, the ex-North America oil rig count stood at 523, lower than it was a year ago, and nearly 40% below the same month two years earlier, according to data from Baker Hughes Co.When Saudi Energy Minister Prince Abdulaziz predicted earlier this year that “‘drill, baby, drill’ is gone for ever,” it sounded like a bold call. As ministers meet this week, they may dare to hope he’s right.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Bitcoin Eyes Second-Biggest Monthly Drop on Record
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Meituan Surges 10% as CEO Moves to Address Antitrust Concerns
(Bloomberg) -- Chinese food-delivery giant Meituan’s shares jumped more than 10% after Chief Executive Officer Wang Xing unveiled better-than-expected financial results and detailed plans to address government concerns about its business practices.Shares surged after the company’s first-quarter revenue more than doubled from the year-earlier period, and Xing said the company is working with regulators to make changes to its business. That has kept most analysts positive on the stock even as some have slashed price targets to account for new investments.“Despite near-term overhang from regulatory headwinds, overall growth momentum across all three major business segments remains intact,” Citigroup Inc. analysts including Alicia Yap wrote in a note on Sunday.On Friday, Wang reassured investors that Meituan is working to resolve regulators’ concerns, including setting up a dedicated team to work with government officials and changing certain practices that had sparked an antitrust probe. He said he anticipates the company will be able to navigate the government scrutiny without significant negative consequences.“In terms of our day to day operation, we haven’t been significantly impacted,” the 42-year-old billionaire said during the earnings call. “This event will not jeopardize the competitive advantage of our food delivery business.”Beijing announced an investigation into the tech giant in April over alleged antitrust violations. Financial regulators then imposed wide-ranging restrictions on its fintech operations, alongside those of peers like Didi. Renewed scrutiny over the treatment of its delivery riders added to concerns that labor expenses could rise and cut into profitability.Meituan’s selloff accelerated in May after Wang posted a classical poem about book burning during the Qin dynasty that some interpreted as a veiled criticism of Beijing. The entrepreneur deleted it days later and issued a clarification that he used the poem in reference to the company’s competitors.Meituan offered a response in both its regulatory comments and its financial results. The company reported nearly 121% growth in revenue during the March quarter from a year ago, the highest increase since its listing, thanks to a strong comeback from Covid-19 lows last year. Its core food delivery business swung back to black this quarter, while ticketing and travel services have also recovered as life within China has largely returned to normal.During its earnings call on Friday, the Beijing-based company pledged to proactively work with regulators and improve its compliance standards. It also promised to provide insurance for millions of its delivery drivers -- many of them work as part-time personnel and lack proper employee benefits -- and has started to reform its commissions scheme in a move to cut fees for partner restaurants.In addition, Meituan joined Chinese tech giants such as Alibaba Group Holding Ltd. and Tencent Holdings Ltd. in promising to invest in technological innovation -- a priority set by Chinese President Xi Jinping. Meituan raised $10 billion from investors to boost its spending in autonomous delivery technology in April, days before China’s antitrust watchdog unveiled its probe into the company.“The 2Q core business outlook appears better than we feared, and we expect in-store to accelerate further,” Morgan Stanley analysts including Gary Yu wrote in a note on Sunday.(Updates share price move from first paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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U.S. tyre maker Goodyear faces allegations of labour abuse in Malaysia, documents show
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Turkey’s Economy Outperformed Most Peers -- But at a Cost
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Turkey’s economy has grown at a strong pace this year, outperforming most large economies as it recovers from the pandemic -- an expansion that’s come at the expense of price and currency stability.Turkey grew faster than all Group of 20 nations except for China in the first quarter after nearly stalling a year ago when Covid-19 struck. It’s been bolstered by robust consumption on the back of last year’s government-led push to cut interest rates and boost lending.Gross domestic product rose 7% from a year earlier and 1.7% from the fourth quarter. The median of 22 forecasts in a Bloomberg survey was for 6.3% growth compared to the same period in 2020.There is an “exchange rate illusion” in Turkey’s economic growth data, said Enver Erkan, chief economist at Istanbul-based Tera Yatirim. GDP per capita in U.S. dollar terms has dropped nearly 40% since 2013 to around $7,700 last year, making Turkey’s economic model unsustainable as the growth is mainly driven by government spending and efforts to boost lending, he said.The government encouraged banks to ramp up loans to help businesses and consumers ride out last year’s Covid-19 crisis. The credit boom was coupled with a front-loaded easing cycle. That growth push weakened the currency by 20% last year and kept headline inflation in double digits.The currency lost a further 10% against the dollar in the first quarter, particularly after President Recep Tayyip Erdogan fired the central bank’s hawkish governor Naci Agbal in March. The decision to fire Agbal, who had sought to restore the central bank’s credibility, set off a swift reversal of investor enthusiasm, sending Turkish markets into a nosedive.Below are some more highlights from the GDP report released by the state statistics institute in Ankara on Monday:Household consumption -- estimated to account for about two-thirds of the economy -- continues to be one of the main drivers of growth. It jumped 7.4% from a year earlier.The biggest contribution to growth came from manufacturing sector, which rose 12.2% in the first quarter on an annual basis.The size of the economy grew to $728.5 billion in the first quarter from $717 billion in current prices last year.Exports rose 3.3% on an annual basis. Imports dropped 1.1%.Gross fixed capital formation, a measure of investment by businesses, rose an annual 11.4%. Government spending rose 1.3% after a 6.6% jump in the previous quarter.The economy grew by 1.7% in the last quarter from the previous three months when adjusted for seasonality and the number of working days. Overall output rose 1.8% in 2020.The data expose the challenge facing new central bank Governor Sahap Kavcioglu as he looks to restore price stability without cooling the economy ahead of the general elections in 2023.Kavcioglu pledged policy continuity after his appointment and kept the benchmark interest rate unchanged at 19% for a second meeting this month, saying the pace of price gains had peaked in April. Consumer inflation quickened for a seventh month to 17.14% in April.There may be a limited drop in the pace of growth in the second quarter, according to Istanbul-based economist Haluk Burumcekci. “Uncertainties regarding the monetary policy makes it difficult to assess the upside risks on our growth expectation of 5.5% for 2021,” he said.(Updates with chart and more details in the bullets)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Sunak pushes Biden for tougher global tax deal
Rishi Sunak is pushing the United States to agree to tougher rules on the tax paid by tech giants as part of a global corporation tax overhaul. Finance ministers from the G7 will meet this week to thrash out the biggest reforms to global tax rules in a generation in a bid to ensure multinational companies pay their fair share. President Joe Biden has proposed a minimum global corporation tax rate of 15pc as well as new rules forcing the world's largest 100 companies to pay taxes based on the location of their customers, rather than where they book profits. The plans are aimed to preventing multinationals from shifting profits to low-tax jurisdictions - a growing problem that is feared will deprive governments of revenues as they try to recover from the pandemic. However, the UK is holding out on backing America's plans for a minimum corporation tax rate as it seeks more assurances over the tax treatment of big tech companies such as Facebook, Amazon and Google. The Chancellor told the Mail on Sunday: "We understand why an agreement on global corporation tax is important to our American friends. We need them to understand why fair taxation of tech companies is important to us. "There's a deal to be had and I'm urging the US - and all of the G7 - to come to the table next week and get it done."
Bitcoin's in a slump — here's why Warren Buffett has hated it all along
The billionaire has never made a secret of his loathing for cryptocurrency.
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Katy’s Top Happy Hour Destinations
Katy, Texas – November 25, 2015
Your guide to enjoying Katy’s most tantalizing social-hour specials
Happy hour is a time to relax and unwind after a hard day or kick back with friends and enjoy a drink or two. But happy hour is not just about the drinks. There are a lot of delectable snacks and appetizers to try, making happy hour even happier. No more pretzels and peanuts – these snacks are sure to spoil your appetite for dinner.
BJ’s Restaurant and Brewhouse
20536 Katy Fwy. | 281-769-1850
At BJ’s happy hour is Monday through Friday from 3 to 6 p.m. and Sunday through Thursday, 9 to 11 p.m. This fall, happy hour is also extended to anytime during a pro football game. In addition to drink specials, there are lots of great specials on snacks and appetizers. BJ’s offers mini deep dish pizza, prepared with their signature five-cheese blend for only $6. An order of four sliders with grilled onions, lettuce, and pickles is only $5 during happy hour.
Bonefish Grill’s bang bang shrimp
2643 Commercial Center Blvd. | 281-394-5099
Stop by Bonefish Grill in LaCenterra and enjoy $1 off draft beer and $3.50 wines daily from 4 to 6:30 p.m. They also offer specials on their signature cocktails including the fresh pear martini, with freshly muddled pears and garnished with an edible flower. Enjoy a taste of the season with the fall apple martini, including soaked apples, a touch of honey, and topped with cinnamon sprinkle. On Wednesday nights you can try their famous bang bang shrimp, tossed in a creamy spicy sauce, all night for only $6.
21300 Katy Fwy. | 832-772-1277
Stop by Chuy’s for happy hour, Monday through Friday from 4 to 7 p.m. and enjoy their famous, free, fully-loaded nacho car. General manager Mark Novak says, “Our nacho car is the back end of a 1956 Chevy Bellaire, piled high with nacho chips, queso, beans, and ground sirloin.” You can help yourself to a plate of nachos at the bar anytime during happy hour. Another great option is the deluxe quesadillas with chicken fajita meat, cheese, green chilies, and onions or the appetizer plate, which includes the deluxe quesadillas along with chicken flautas, chile con queso, guacamole, and sour cream.
Hasta La Pasta
1450 W. Grand Pkwy. S. | 281-392-0045
Stop by for happy hour Monday through Friday from 4 to 7 p.m. Kimberly Gattis owns and runs Hasta La Pasta with her husband Eric. “We have $1.99 house wine, domestic beer, frozen margaritas, bellinis, and house-made sangria during happy hour,” Gattis says. She suggests any of their $5.99 appetizers to go with your bevvies. “We have bruschetta, toasted ravioli, calamari, fried zucchini, and sausage with peppers,” Gattis says. The calamari is lightly breaded, fried, and served with artichokes. The fried zucchini comes with pomodoro and ranch sauces.
22215 Katy Fwy. | 281-392-0452
Kyle Simms, general manager at Landry’s in Katy, says, “We have happy hour seven days a week, 11a.m. to 7 p.m., with drink specials on beer, wine, and cocktails.” The food prices are pretty special too. Simms adds, “We have tiers of appetizers like the battered onion strings and jalapenos, served with ranch dressing for dipping at just $4.” For shrimp lovers there are the fire cracker shrimp poppers, tempura fried in a sweet chili glaze or stuffed shrimp brochette, large bacon-wrapped shrimp stuffed with seafood, jack cheese, and jalapenos, which can be had for only $7 during happy hour. “Another must-try app is the fried crab balls,” Simms says. “They’re great with cocktail sauce and served with a side of onion strings for $5.”
5831 Highway Blvd. | 281-391-9466
Los Cucos manager Luis Toro proudly recommends the family appetizer platter at happy hour. “It’s a big variety of bite-sized snack foods, with enough for everyone to share,” says Toro. The platter comes with chicken flautas, stuffed jalapenos, beef fajita nachos, chicken quesadillas, and chile con queso. Happy hour at Los Cucos is all day Monday and Tuesday, and from 4 to 6 p.m. Wednesday through Friday. Happy hour food specials are served Monday through Friday, 3 to 6 p.m. and include chicken taquitos, shrimp cocktail, and ceviche served with chips.
23501 Cinco Ranch Blvd. | 281-347-3600
Monday through Friday Perry’s Steakhouse offers specials on their social hour menu from 4 to 6:30 p.m. With delicious select appetizers and signature cocktails for half the price, your experience at Perry’s is bound to be blissful. Try their delicious escargot or pork chop bites for $7.95 each, with a cucumber blueberry martini for $6.
21855 Katy Fwy. | 281-647-9400
“Saltgrass Steakhouse has a happy hour that is incomparable,” says corporate beverage manager Brian Webb. “We offer a large selection of local and imported beers for less than $3 and several premium wines for under $5. At Saltgrass, you can enjoy value drinks without having to compromise quality.” To go with your libations, Webb recommends the range rattlers. “We take jumbo jalapenos and stuff them with jack cheese and whole shrimp, then we fry it to a golden brown.“ Another popular choice is the creamy, satisfying spinach and artichoke dip, served with crisp tortilla chips and salsa. Both are available for only $6 in the bar area during happy hour, Monday through Friday from 3 to 7 p.m.
Texas Borders Bar & Grill
20940 Katy Fwy. | 281-578-8785
See ad on page 182
At Texas Borders Bar & Grill, happy hour runs all day on Monday and from 3 to 7 p.m. the rest of the week. “We have some awesome apps and different specials for every day of the week,” says Kellie Messer. The Texas Borders hot bites are only $3 during happy hour. Choose from fried pickles, onion rings, or cheese sticks with marinara. “For bigger appetites we have $6 buffalo chicken, a cheeseburger, or pulled pork sliders served with fries,” Messer says. Another great choice is the mini crab meat quesadilla with pico.
Any time can be happy hour at TGI Friday’s with their new endless choice of appetizers. You can get endless refills on your choice of appetizers for only $12 or, for $10, you can have endless refills of one favorite appetizer. There are new selections on the menu as well including spicy sriracha chicken potato skins loaded with asiago-queso, and French onion dumplings filled with caramelized onions and topped with melted Swiss cheese. Pair that with one of their famous smoothies like the mango passion smoothie with organic agave, passion fruit, and mango purees. KM
More Great Happy Hours in Katy
Black Walnut Café – $4 mimosas, and other cocktails, $3 fried pickles, and $4 quesadillas M-F, 7 – 10:30 a.m. and 3 – 6:30 p.m. Jimmy Changa’s – $2.50 draft beer, $9 Tex-Mex egg rolls, M-F, 12 – 6 p.m.
Johnny Carino’s – $2 off appetizers and pizza, M-F, 3 – 7 p.m.
Kublai Khan – $5 sushi rolls, M-F, 3 – 6 p.m.
Las Mañanitas – $3.50 margaritas, $7.50 shrimp nachos, M-F, 3-7 p.m.
CHERRI NORTHCUTT enjoys dining out with friends and family in Katy. Her favorite happy hour snacks always include nachos.