McDonald's to open 1,500 eateries in China, S. Korea, Hong KongMarch 31, 2016 - 16:33 AMT PanARMENIAN.Net - McDonald's Corp. said Thursday, March 31 it plans to open 1,500 new restaurants in China, South Korea and Hong Kong as it looks to faster-growing markets to help drive a global turnaround, the Associated Press reports. McDonald's said it is looking for partners to help finance that expansion. The company said it also will give local managers more decision-making power to respond to Asian customers. McDonald's, based in Oak Brook, Illinois, is overhauling its business under CEO Steve Easterbrook after acknowledging it failed to keep up with changing tastes. The total number of global diners visiting its restaurants fell last year. "Asia represents a significant area of opportunity for McDonald's to blend our global quality standards with local insights and expertise from partners who share our vision and values," Easterbrook said in a statement. "These actions build on our turnaround efforts and will advance local ownership, enable faster decision-making and achieve restaurant growth." McDonald's currently has 2,800 restaurants in China, South Korea and Hong Kong, most of them owned by the company instead of franchisees. The company deems those "high-growth markets," which it says have stronger expansion and franchising potential. The company previously announced plans to identify strategic partners in two other Asian markets, Taiwan and Japan, AP says. McDonald's says it plans to turn over more company-owned outlets to local owners, with a long-term goal of making 95 percent owned by franchisees. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Power of One Dram sums up two-year program with Teach for Armenia Idram Junior also joined the companies during the visit, bringing with it a fascinating intellectual game for children Moscow slams EU mission in Armenia for “provocative activity” The EU mission is doing more and more against Armenia’s neighbors Russia, Azerbaijan and Iran, Mikhail Galuzin said. Yerevan Mayor to travel to Paris on May 15-19 The official delegation headed by Yerevan Mayor Tigran Avinyan will travel to Paris from May 15 to 19. Armenia, India hold first defense consultations The meeting was attended by Indian Ambassador Nilakshi Saha Sinha and Defense Attaché Brigadier General Naveen Nijhawan. |