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Yum Brands (NYSE:YUM) announced plans to add 150 restaurants in Africa before year's end, which will raise its total number of stores on the continent to near one thousand.
The expansion is in hopes to cash in on the growing middle class on the continent, which contributes a lot to spending in the country. Currently, Africa's consumer spending is forecast to hit $1.4 trillion by the year 2020.
Yum Brands is relatively flat on the news though, just up 0.22% to $70.05 in early trading.
From FNNO.com, this is the Financial News Network. I’m Cleo
Stiller-Farrell and this is your Midweek Market Wrap Up. The British
Bankers’ Association, which has the supervisory role of setting the
influential Libor rates, announced that it would be willing to give up
its...
The Wall Street Journal reports that home prices showed their best year-to-date gains since 2005, up 5.9% through July, signaling the housing market's steady march toward recovery. Also from the Wall Street Journal, IBM (IBM) will increase its efforts to sell so-called cloud computing services...
CEO Marissa Mayer is bringing in some more new blood to Yahoo!, tapping Ken Goldman as the company's new Chief Financial Officer. Goldman's appointment will take effect on October 22nd.
Goldman served as CFO at his most recent employer, Fortinet, having worked at Siebel Systems, Sybase,...
