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By Tino La Shaw · Business · No Comments
Shanghai’s historic Peace Hotel has closed for renovations and is expected to remain closed for the next two years while construction work is completed. Jinjiang International Hotel Management, the owner of the hotel, has signed a deal with Fairmont Hotels & Resorts and the Swiss watchmaker Swatch to do the renovations.
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By Ted Masterson · Business · No Comments
McDonalds and KFC have come under fire in China for underpaying their part-time employees. Labor bureaus in the Guangdong province began an investigation upon hearing that McDonalds, KFC, and Pizza Hut (which is owned by Yum Brands Inc., the same company that owns KFC) are paying their part-time employess less than the minimum wage of 7.5 RMB (97 cents) an hour.
By Ted Masterson · Business · No Comments
Shanghai police arrested three men suspected of producing and purchasing 30,000 counterfeit 100RMB bills.
By Lisa Thompson · Business · No Comments
Tiffany & Co. announced plans today to open a 700-square-foot store in Shanghai’s prestigious luxury shopping center Plaza 66 this fall; it will be the city’s second store. The new store will offer an array of renowned Tiffany & Co. collections including the diamonds that have established Tiffany’s as a premier jeweler.
By Jerry Hu · Business · No Comments
Starbucks entered the Chinese market in the late 1990s by partnering with mainland and Taiwanese food and beverage companies. The US company currently has 165 stores across 18 mainland Chinese cities, about 120 of which lie in the capital or around Shanghai. And now they are embarking on an expansion into the second-tier markets the medium sized cities offer.
By Jerry Hu · Business · 1 Comment
Walking down the streets of Shanghai, you’ll see many signs of home. McDonalds, Pizza Hut, KFC and yes, even Bank of America. But if you are thinking this might have any connection beyond the name to the Bank of America you know from back home, think again. It’s an entirely separate entity ruled by very, very different guidelines. Banking laws differ from one state to another within the United States, so you can imagine how different they must be in another country.
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