Kentucky Fried Chicken (KFC) is poised to become the first major US fast food retailer in Myanmar, the company’s local business partner announced yesterday, as the long-isolated nation braces for an influx of international food outlets.
The fried chicken retailer plans to open its first branch in downtown Yangon, according to a statement by Myanmar franchise holder Yoma Strategic.
It will become “the first major American quick service restaurant to establish a foothold in Myanmar,” the statement said, without giving an exact date for the opening.
Yoma said it plans to open “several more” restaurants in the country’s bustling commercial hub by the end of the year.
Myanmar has seen a flood of foreign brands since the end of outright military rule in 2011, which prompted the lifting of many Western sanctions.
US firms, including drinks makers Coca-Cola and Pepsi and automakers Chevrolet and Ford Motor Co, have already established a sales presence in the country.
KFC has more than 15,000 restaurants in countries across the world. If the Myanmar launch goes ahead, Laos would be the only remaining South East Asian nation without the global franchise.
However, the spread of US-style fast food across the world has gone hand in hand with fears over expanding waistlines.
In February, KFC Philippines shrugged off criticism for selling a hotdog wrapped in fried chicken instead of bread and covered in cheese sauce, the “Double Down Dog,” saying it had a similar calorie count to a double cheeseburger.
KFC Myanmar’s Facebook page has already attracted 120,000 likes, but while “The Colonel” might have beaten other major US restaurant chains into the frontier Asian market, it is certainly not the first foreign fast food firm to open in Myanmar.
South Korea’s Lotteria burger restaurant opened its first branch in 2013 and now has seven outlets in the country, according to its Web site, one of those in the second-largest city, Mandalay.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to