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☆ Japanese wage growth to surpass inflation for the first time in over 30 years, says asset management firm
▼ + stars: | 2024-09-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Japanese wages are expected to grow in real terms in the second half of 2024 for the first time in more than three decades, according to Asset Management One. Wages in Japan are rising more rapidly than they did in 2023, the investment management firm noted in a recent report. Japanese real wages in July rose 0.4% year on year, rising for a second consecutive month after a 1.1% rise in June. Asset Management One economists anticipate regular wages likely maintained this rate of growth this summer, despite recent volatility in the yen and Japanese equities. "The past three decades in Japan have been defined by minimal price inflation and negligible wage growth," said Yuko Iizuka, economist at Asset Management One.

Persons: Yuko Iizuka, Iizuka Organizations: Management, Asset Management Locations: Japan

☆ Seven & i Holdings' shares slide 3% on likely U.S. probe into a potential M&A deal with Couche-Tard
▼ + stars: | 2024-09-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

A 7-Eleven convenience store, operated by Seven & i Holdings Co., in Kawasaki, Japan, on Monday, Aug. 19, 2024. The FTC was concerned that the companies' defense attorneys were advising them to get rid of documents linked to the potential merger ahead of antitrust investigations, Reuters reported. In June, the FTC and the Justice Department launched antitrust investigations into Microsoft, OpenAI and Nvidia. Other recent antitrust investigations include cases against Amazon and Google. Seven & i revealed that Couche-Tard had offered to acquire all outstanding shares of Seven & i for $14.86 per share.

Persons: Canada's Alimentation, Tard, Tokutaka Ito, O Shearman, Ito, — CNBC's Lim Hui Jie Organizations: Seven, Holdings Co, Holdings, U.S . Federal Trade Commission, Reuters, FTC, Justice Department, Microsoft, Nvidia, Amazon, Google, CNBC Locations: Kawasaki, Japan, Asia, .

☆ Investors are 'dramatically overestimating' an oil glut, Carlyle's Jeff Currie says
▼ + stars: | 2024-09-10 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

SINGAPORE — Global markets are severely overplaying an oil supply glut, said Jeff Currie, chief strategy officer of energy pathways at private equity giant Carlyle. China's crude oil imports in 2023 had notched a record high. China's oil demand has been declining on the back of a slump in industrial inputs, according the International Energy Agency. On the supply side, black oil production in the U.S., one of the world's top crude oil producers, has been "flat" this year, Currie said. Black oils include crude oil, fuel oil, furnace oil, asphalt and tar.

Persons: Currie, Jeff Currie, Carlyle, I've, Energean Organizations: Asia Pacific Petroleum Conference, SINGAPORE —, International Energy Agency, Reuters Locations: Stanton , Texas, Singapore, SINGAPORE, APPEC, U.S, Egypt, Italy, Croatia

People walk past the logo of Samsung Electronics in Seoul on July 7, 2022. Global semiconductor and associated stocks fell on Wednesday, following a steep plunge in Nvidia's share price in the U.S. overnight. In the U.S., chipmaker Nvidia plunged more than 9% in regular trading, leading semiconductor stocks lower amid a sell-off on Wall Street. Around $279 billion of value was wiped off of Nvidia on Tuesday, in the biggest one-day market capitalization drop for a U.S. stock in history. Nvidia's value chain extends to South Korea, namely, memory chip maker SK Hynix and conglomerate Samsung Electronics.

Organizations: Samsung Electronics, Samsung Electronics Co, Nvidia, Bloomberg, Department of Justice, Facebook, SK Hynix Locations: Seoul, South, U.S, South Korea

☆ A recession is coming in the U.S., and 'a few rate cuts' won't prevent it, says strategist
▼ + stars: | 2024-08-23 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Evans pointed to signs of the economy slowing down, including what he called the "deteriorating" U.S. labor market. The Fed funds futures market suggests that investors are expecting at least three rate cuts by the end of the year, according to the CME FedWatch Tool. "A few rate cuts are not going to prevent a recession. Average recession is 10 months… It takes something like a year before fed cuts actually start to give a boost to the economy," he said. "The market believes that the fed fund rate at the end of next year will be 3%.

Persons: Garry Evans, Evans, It's, Jerome Powell, isn't Organizations: BCA Research, . Federal, BCA Research's, U.S . Labor Department, Traders Locations: U.S, Jackson

☆ 'Pulling a Joe Biden': Reactions to Japanese Prime Minister Fumio Kishida's resignation
▼ + stars: | 2024-08-14 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Japan's Prime Minister Fumio Kishida speaks to reporters following North Korea's missile launch on April 13, 2023. JIJI Press | AFP | Getty ImagesJapanese Prime Minister Fumio Kishida is stepping down in September, a move that sparked a broad range of reactions from government officials and analysts. Still, Izumi thanked Kishida for his hard work, adding "Prime Minister Kishida, you must have been under a lot of pressure." "The prime minister is a true friend of the United States and Japan has become a true global partner for America," U.S. "I pay tribute to my friend Prime Minister Fumio Kishida.

Persons: Fumio Kishida, Japan's, Kishida, Joe Biden, he's, William Pesek, Biden, Izumi, Japan Rahm Emanuel, Kishida's, Emanuel, Anthony Albanese, Japan Shihab Alfaheem, Amir Anvarzadeh Organizations: Japan's, JIJI Press, AFP, Getty, Liberal Democratic Party, Constitutional Democratic Party of Japan, LDP, Japan, America, U.S, Alliance, Australian, Asymmetric Advisors Locations: United States, Japan, Australia

☆ Japan Prime Minister Fumio Kishida will not run for party reelection
▼ + stars: | 2024-08-14 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Japan's Prime Minister Fumio Kishida announced Wednesday he will not be running in the Liberal Democratic Party presidential election due next month. He added that he felt the need to step down in order for the LDP to regain the public's trust. The prime minister also pledged to fully support the new leader. Kishida's decision to not run for reelection effectively means he would step down as prime minister when the party elects a new leader. According to the latest opinion poll by NHK, the number of people who "support" the Kishida cabinet stands at 25%, while 55% do not.

Persons: Fumio Kishida, Kishida Organizations: Japan's, Liberal Democratic, LDP, Kyodo, NHK

☆ China will have nearly twice as many pets as young children by 2030, Goldman Sachs says
▼ + stars: | 2024-08-08 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

China's pet population will be close to double that of its young children by 2030 as young Chinese remain unwilling to start new families, Goldman Sachs said in a recent note. The country's urban pet population is set to hit over 70 million by the end of the decade, while the number of children four and under will dwindle to less than 40 million, according to Goldman Sachs research that cited data from the National Bureau of Statistics. In 2017, the situation was just the opposite — there were 90 million children aged four and under, compared to the urban pet population of around 40 million. "We expect to see stronger momentum in pet ownership amid a relatively weaker birth rate outlook and higher incremental household pet penetration from the younger generation," the investment bank's equity analyst Valerie Zhou wrote. New births in the country are projected to fall at an average rate of 4.2% until 2030, largely driven by a decline in the population of women aged 20 to 35 years, and as the younger generation is less inclined to have children, the report stated.

Persons: Goldman Sachs, Valerie Zhou Organizations: National Bureau of Statistics

☆ India's ultra-wealthy club is booming — here's where the country's rich are investing
▼ + stars: | 2024-08-06 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +5 min

High-end real estateAbout 30% of India's UHNWI investments go into luxury real estate, including overseas projects, said Alok Saigal, president of wealth management firm Nuvama Private. People have moved away from investing in land as it is less liquid, and more wealth has been allocated to residential real estate since the pandemic, he added. Around 20% of Dubai's offshore real estate pie is owned by Indian investors. Startups' lureInvesting in startups is becoming increasingly popular, especially with the younger generation of rich Indians, wealth managers told CNBC. Bloomberg | Bloomberg | Getty ImagesAbout 17% of India's UHNWIs' wealth goes into luxury goods, with jewelry, art and watches as top preferences, findings from Knight Frank revealed.

Persons: Knight Frank, Alok Saigal, Alok, Chethan Shenoy, Anand, Saigal, Nitin Chengappa, India's, Chengappa, Anand Rathi Wealth's, LVMH Moet Hennessy Louis Organizations: Getty, India, Nuvama Private, Offshore, Nuvama, CNBC, Standard Chartered Bank, Shoppers, DLF, BMI, Bloomberg, Fitch Solutions, LVMH Moet Hennessy Louis Vuitton SA Locations: Mumbai, Beijing, New York, London, UHNWIs, Dubai, Delhi, New Delhi, India

☆ A global stock rout is deepening with investors fleeing to safe havens
▼ + stars: | 2024-08-05 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

A man looks at an electronic boarddisplaying stock prices of the Nikkei 225 listed on the Tokyo Stock Exchange in Tokyo on April 30, 2024. Kazuhiro Nogi | Afp | Getty ImagesInvestors on Monday turned to safe-haven assets as a global stock sell-off deepened, following weaker-than-expected U.S. jobs data at the end of last week. The disappointing jobs report spurred investor fears that the Federal Reserve made a mistake last week when it kept interest rates unchanged, and that the world's largest economy is headed toward a recession. The stock sell-off has also been exacerbated by volatility in some of the major earnings and a more hawkish Bank of Japan, which has led to speculation that the popular yen "carry trade" has imploded over a short-term basis. A "carry trade" takes place when investor borrows in a currency with low interest rates, such as the yen, and reinvests the proceeds in a currency with a higher rate of return.

Persons: Kazuhiro Nogi Organizations: Nikkei, Tokyo Stock Exchange, Afp, Getty, Federal Reserve, Bank of Japan Locations: Tokyo

☆ China’s first university degree in marriage offers courses like matchmaking and pre-divorce counseling
▼ + stars: | 2024-08-02 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Newly-wed couples attending a group wedding ahead of '520 I Love You' Day on May 19, 2024 in Nanning, Guangxi Zhuang Autonomous Region of China. China is issuing its first university degree program in all things matrimony, and its curriculum includes wedding planning, matchmaking services and marriage counseling. "It starts from before [a couple] starts a family — from marriage matchmaking, to premarital counseling, marriage registration, wedding services, and then extending down to counseling before divorce," Yu told local media according to a Baidu translation, adding that there is currently a talent demand gap for highly trained professionals in the marriage services market. Modules in the course include sociology, wedding venue design, family ethics, the economics of the marriage industry and family policies. Students will also have the chance to intern at agencies that specialize in weddings, matchmaking, marriage registration and counseling.

Persons: Yu Xiaohui, Yu Organizations: Vocational University of Civil Affairs, university's, of, Culture, Media Arts Locations: Nanning, Guangxi Zhuang Autonomous Region, China, Beijing

☆ Here's how much athletes at the Paris Olympics earn for winning medals
▼ + stars: | 2024-07-31 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Olympic and Paralympic medals are shown during the unveiling of the Paris 2024 Olympic and Paralympic Games Medals on February 1, 2024 in Paris, France. Pascal Le Segretain | Getty Images Sport | Getty ImagesThe Paris 2024 Olympics is well underway, with dozens of medals already handed out. Vivian Kong won Hong Kong's first medal at the Paris Games, topping the podium in the women's epee individual event. Vaughn Ridley | Getty Images Sport | Getty ImagesOther governments dangling six-figure cash rewards for their gold medalists include Israel, Malaysia, Kazakhstan and Indonesia. Gold medalists receive 20,000 euros ($22,000).

Persons: Pascal Le Segretain, Hong, Administration Chan Kwok, ki, Vivian Kong, Hong Kong's, Cheung Ka, Siobhan Bernadette Haughey, Joseph, Michael Phelps, Vaughn Ridley, Man Wai Vivian Kong Organizations: Paris, Paralympic, Getty, International Olympic, CNBC, Olympic, Hong Kong, Tokyo, Administration, HK, Paris Games, Singapore, United, Rio, Tokyo Games, Germany's Sports Aid Foundation, Indian Olympic Association, Team Hong Kong, Olympic Games, Grand Palais Locations: Paris, France, Hong Kong, Singapore, United States, Israel, Malaysia, Kazakhstan, Indonesia, Grand

☆ Where are China's ultra-rich parking their wealth amid a slowing economy?
▼ + stars: | 2024-07-30 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +5 min

At a time when China's economy is facing headwinds, and growth has been slowing, where are the Chinese ultra-rich, whose numbers are expected to swell to 144,897 by 2028 from 98,551 in 2023, parking their wealth? However, the country's high-end property market remains a favored asset. Luxury real estate"There has been a noticeable increase in transactions within Shanghai's luxury real estate sector," said James Macdonald, head of China research at global real estate firm Savills, attributing it to a recent policy easing by the government. That said, China's luxury real estate market is still primarily concentrated in the core areas of first-tier cities, said Li. Other local investment classes, such as the wider property market and China-listed stocks are not as popular among the ultra rich, experts told CNBC.

Persons: Weiquan Lin, Frank, James Macdonald, Savills, Stephen Pau, Sam Xie, CBRE's, Xie, Arbour, Tian Di, Knight Frank Head of, Pacific Research Christine Li, Li, Nick Xiao, Xiao, Yongyuan Dai, Pau, defensiveness Organizations: CNBC, Pacific Research, Overseas, Domestic Institutional Investors, Domestic Limited, Hywin Locations: China, Shanghai, Lujiazui, Knight Frank Head of Asia, Pacific, Hong Kong, Yongyuan, Pau

☆ Asia-Pacific markets trade higher, tracking Wall Street gains
▼ + stars: | 2024-07-23 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

A general view of the Lotte tower amid the the Seoul city skyline and Han river during sunset. Hong Kong's Hang Seng index futures were at 17,741, higher than the HSI's last close of 17,635.88. South Korea's Kospi rose 1.01%, while the small-cap Kosdaq climbed 1.22%. South Korea's producer price index in June rose 2.5% year-on-year, compared to a 2.3% climb in May. According to economists polled by Reuters, the country's consumer price index is expected to climb 2.7% year-on-year.

Persons: Australia's, Narendra Modi's, —, Samantha Subin, Hakyung Kim Organizations: Nikkei, Barclays, Traders, Reuters, Nasdaq, Dow Jones Locations: Seoul, India, Asia, U.S

Singapore is the world's safest city for tourists, according to new research by Forbes Advisor. Out of 60 analyzed cities, the Southeast Asian city boasted the lowest natural disaster risk, and the second lowest health and infrastructure risks. Singapore was deemed to have the second lowest digital security risk on the list. After Singapore, the study ranked Tokyo and Toronto as the next safest cities for travelers. Tokyo was deemed to have the lowest health security risk, a testament to the quality of healthcare services in the city, and the fifth lowest infrastructure security risk.

Organizations: Forbes Advisor, Singapore Locations: Singapore, Tokyo, Toronto, Japan, Australia

☆ Global leaders react to 'true friend' Biden dropping out of U.S. presidential race
▼ + stars: | 2024-07-22 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

Canadian Prime Minister Justin Trudeau called Biden "a true friend" and a "partner to Canadians." "I've known President Biden for years. To President Biden and the First Lady: thank you," Trudeau wrote in an Instagram post. Biden's "difficult" decision was acknowledged by Polish President Donald Tusk and Czech Prime Minister Petr Fiala as driven by the larger interest of the U.S."Dear President @JoeBiden. "We will always be thankful for President Biden's leadership.

Persons: Joe Biden, Kamala Harris, Biden, Donald Trump, Justin Trudeau, He's, —, Trudeau, Keir Starmer, Biden's, Donald Tusk, Petr Fiala, @JoeBiden, You've, Tusk, Anthony Albanese, Yoav Gallant, Gallant, Volodymyr Zelenskyy, Dmitry Peskov, Peskov, Barack Obama, Obama Organizations: College of Southern, Sunday, Democratic Party, Canadian, Czech, Israeli, Kremlin Locations: College of Southern Nevada, Las Vegas , Nevada, Poland, America, U.S, Israel, Gaza, Moscow, Ukraine, Russian

☆ China's cooking oil scandal prompts residents to buy oil presses amid food safety concerns
▼ + stars: | 2024-07-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

They are turning to making their own oil by buying household oil press machines. a post on social media platform Xiaohongshu, captioning a video of a bottle of cooking oil, showcased locals' worries. China's authorities have launched an investigation into food safety concerns after domestic media revealed that a major state-owned company, Sinograin, had been using tankers that carry fuel to transport cooking oil. Be careful of 'Made in China' food products," Rein told CNBC's "Squawk Box Europe." "Illegal enterprises and relevant responsible persons will be severely punished in accordance with the law and will not be tolerated," China's Commission on Food Safety of the State Council said.

Persons: It's, Shaun Rein, Rein, CNBC's Organizations: Chinese Communist Party, Beijing, Private, Hopefull, Oil Group, Beijing News, China Market Research, Times Finance, Food, State Locations: China, China's Guangxi, Australia, Europe, Hong Kong

☆ Gold eases after hitting fresh record
▼ + stars: | 2024-07-17 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

One kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices extended their rise to a fresh all-time high on Wednesday, as growing optimism for an interest-rate cut from the U.S. Federal Reserve in September and a weaker dollar boosted demand. Spot gold eased about 0.2% to $2,462.85 per ounce, driven by profit-taking, after the bullion hit a high of $2,482.29 earlier in the session. Markets now see a 98% chance of a U.S. rate cut in September, according to the CME FedWatch Tool. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.

Persons: David Meger, Christopher Waller Organizations: Co, U.S . Federal Reserve, High, Fed Locations: Bangkok, Thailand, U.S

☆ Global population to peak within this century as birth rates fall, United Nations report says
▼ + stars: | 2024-07-12 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

The world population is on course to peak earlier than expected this century as some of the world's largest countries face declining birth rates, according to the United Nations. According to the organization's biennial World Population Prospects report, global population is projected to peak at around 10.3 billion in the mid-2080s from the current 8.2 billion. The UN in 2022 had estimated the world population would peak at 10.4 billion by the 2080s. The total population of these countries is stipulated to fall by 14% over the next 30 years. For 126 countries including the United States, India, Indonesia, and Pakistan, population is expected to peak in the second half of the century or later.

Persons: Li Junhua, Li Organizations: United Nations, UN, Economic, Social Affairs, Central African, Democratic Locations: China, South Korea, Spain, Italy, Germany, Japan, Russia, Niger, Somalia, Central African Republic, Democratic Republic of Congo, United States, India, Indonesia, Pakistan

☆ Japanese warship entered China's waters near Taiwan despite warnings, domestic media reports
▼ + stars: | 2024-07-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

A Japanese maritime self-defense force destroyer entered Chinese territorial waters recently in spite of warnings by Chinese vessels, Kyodo News reported Thursday. The Suzutsuki temporarily ventured into waters off China's eastern province of Zhejiang on July 4, according to Kyodo. Instead, the vessel "sped up and navigated" into the Chinese waters for about 20 minutes before leaving. Japan is holding the position that the destroyer's entry into Chinese waters was not illegal, Kyodo News reported. China often sends its coast guard and military vessels into Japanese territorial waters near the disputed Senkaku Islands in the East China Sea.

Organizations: Self, Defense Force, Kyodo, China's, Safety Administration, United Nations Convention Locations: Japan, Tanjung Priok, Jakarta, Indonesia, Zhejiang, East, Beijing, China

☆ Locusts in your noodles? Singapore approves 16 insect species as food
▼ + stars: | 2024-07-10 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

From locusts to superworms to honey bees, Singapore has approved 16 species of insects for human consumption. "With immediate effect, SFA will allow the import of insects and insect products belonging to species that have been assessed to be of low regulatory concern," the Singapore Food Agency said in a statement. The agency said the following list of approved bugs can be imported for both human consumption and animal feed for food producing animals. Singapore's food agency acknowledged that the country's insect industry is "nascent" and that the critters are a new food item in the city-state. But in announcing a regulatory framework for edible insect imports, the SFA emphasized its priority was ensuring the safety of food consumed in Singapore.

Persons: mealworm, Fura, Insectyumz Organizations: SFA, Singapore Food Agency, House, Sustainability, Seafood Locations: Singapore

☆ China’s ETF market sees ‘explosive’ growth, inflows jump 5-fold in three years, Morningstar says
▼ + stars: | 2024-07-10 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Chinese exchange-traded funds saw a "staggering" growth in the last five years, with inflows consistently notching new highs, according to Morningstar. "Annual inflows to China ETFs surged almost fivefold over the past three years," Morningstar's analyst Wanda Wang said in a June report. According to data provided by the American financial services firm, total yearly inflows to Chinese ETFs swelled from 127.2 billion Chinese yuan ($17.49 billion) in 2021, to 387.2 billion yuan in 2022. In 2023, this figure hit 604.3 billion yuan. "The growth of the Chinese ETF market over the past few years is explosive," Wang told CNBC.

Persons: Morningstar, Wanda Wang, Wang Organizations: CNBC Locations: China

☆ Asia markets rise after S&P 500, Nasdaq close at all-time highs; Aussie consumer confidence dips
▼ + stars: | 2024-07-09 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets opened higher on Tuesday, tracking gains on Wall Street that saw the S&P 500 and the Nasdaq Composite closing at record highs overnight. Hyundai on the other hand reached a tentative wage agreement with its labor union, averting a strike. Hyundai shares slid 1.59%. Last week, the European Union had hiked tariffs on electric vehicles imported from China. Traders in Asia will also watch out for Australia's business confidence data due later in the day.

Persons: Kospi, Mehmet Fatih Kacir, Australia's Organizations: Nasdaq, Nikkei, Samsung Electronics, Hyundai, European Union, Traders Locations: Asia, Pacific, Turkey, China

☆ India's Modi to meet Putin in Moscow as both sides seek to forge deeper ties
▼ + stars: | 2024-07-08 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Russian President Vladimir Putin speaking to Indian Prime Minister Narendra Modi during their meeting at Taj Exotic Hotel on October, 15, 2016 in Benaulim, Goa, India. Mikhail Svetlov | Getty Images News | Getty ImagesIndia's Prime Minister Narendra Modi is set to meet President Vladimir Putin in Moscow on Monday, marking his first visit to the Kremlin since the invasion of Ukraine. Their meeting is significant as it's the Indian premier's first bilateral trip overseas since he was reelected for a rare third term in June. watch now"This trip will rankle many Western observers," an analyst at the Lowy Institute pointed out in a published commentary. India's refiners have been snapping up discounted Russian oil since the start of the Ukraine war.

Persons: Vladimir Putin, Narendra Modi, Mikhail Svetlov, Vinay Kwatra, Kwatra, India's, Lowy Organizations: Indian, Taj Exotic, Getty, India's, Kremlin, Shanghai Cooperation Organization, United Nations, East Asia Summit, Lowy Institute Locations: Benaulim, Goa, India, Moscow, Ukraine, Russia, Russian, Europe

☆ McDonald's shortens breakfast hours in Australia in response to nationwide egg shortage
▼ + stars: | 2024-07-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Australia is facing an egg supply crunch thanks to bird flu outbreaks — and it's led McDonald's to trim breakfast hours by 90 minutes, also pushing supermarkets to restrict purchases to two cartons per consumer. Citing "industry challenges," McDonald's on Tuesday announced that it was temporarily serving breakfast until 10.30am instead of midday across Australia. The government added that it is currently responding to outbreaks of the H7 high pathogenicity avian influenza (HPAI) at 11 poultry farms. The Food Standards Australia New Zealand (FSANZ) noted that there is currently no evidence that people can contact the virus through "properly prepared" food. "Avian influenza (bird flu) is not a food safety concern and it is safe to eat properly handled and cooked chicken meat, eggs and egg products," the organization added.

Persons: it's, Murray Watt, McDonald's, Rowan McMonnies, there's, McMonnies Organizations: U.S, Australia Facebook, Coles, Woolworths, Food Standards, Food Standards Australia New Zealand Locations: Australia, Food Standards Australia

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