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Fast-food giant KFC leaves Kentucky home for Texas

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KFC’s headquarters is being moved from its ancestral home in Kentucky to Texas as part of a wider shakeup at its parent company

KFC, the fast-food restaurant chain formerly known as Kentucky Fried Chicken, is moving its corporate headquarters in the US from Louisville in Kentucky to Plano in Texas, according to a statement from its parent company, Yum Brands.

About 100 corporate employees and dozens more remote workers will be required to move and will receive relocation support.

The decision by Yum Brands is part of a plan to have two headquarters for its main brands — KFC and Pizza Hut will be headquartered in Plano, while Taco Bell and Habit Burger & Grill will remain in Irvine, California.

In recent years, many companies have relocated to Texas attracted by the state’s lower taxes and business-friendly policies.

“These changes position us for sustainable growth and will help us better serve our customers, employees, franchisees and shareholders,” said David Gibbs, the chief executive of Yum Brands in the company’s statement.

Yum also expressed hope the plan will boost collaboration between its employees and brands.

The statement added that Yum will be maintaining it corporate offices as well as the KFC Foundation in Louisville.

The governor of the state of Kentucky, Andy Beshea, has criticised the move to relocate KFC’s headquarters, according to a statement given to the Associated Press.

“I am disappointed by this decision and believe the company’s founder would be, too,” Mr Beshear reportedly said.

“This company’s name starts with Kentucky, and it has marketed our state’s heritage and culture in the sale of its product.”

KFC’s history in the state dates back to the 1930s, when its founder Colonel Harland Sanders began selling fried chicken at a service station in Corbin.

Today, Sanders’ face is emblazoned on the shop fronts of more than 24,000 KFC restaurants in over 145 countries and territories around the world.

Since the pandemic, many US companies have moved their headquarters. According to a report by real estate services firm CBRE, Austin and other Texan cities have been particularly successful due to the state’s business-friendly environment.

(BBC News)

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Oil prices plunge as Trump announces ceasefire

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Oil prices fell sharply to their lowest in more than a week on Tuesday as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, alleviating worries of supply disruptions in the Middle East – a major oil-producing region.
Brent crude futures were down $2.08, or 2.9%, at $69.40 a barrel around 0330 GMT, after earlier tumbling more than 4% and touching its lowest level since June 11.

U.S. West Texas Intermediate crude declined $2.03, or 3.0%, to $66.48 per barrel, having dived 6% to its weakest level since June 9 earlier in the session.

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BOC to provide Rs. 10 Bn for grooming young entrepreneurs

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Deputy General Manager of Development Banking and Branch Credit Operations of Bank of Ceylon (BOC) R.M.N. Jeewantha said that the Bank Has introduced a special programme to create new entrepreneurs for the country from young people with a business idea.

He stated that the basic requirement for becoming an entrepreneur is to have an entrepreneurial idea, and that the bank provides all other advisory services including financial and non-financial facilities required to become a successful entrepreneur.

He stated this at the Bank of Ceylon headquarters while participating in a special discussion with the Daily News newspaper on Friday (20).

“We provide all the resources, facilities and advice required for the young people who come in this way to practically implement their business ideas. Last year, this programme created 15,000 new young entrepreneurs for the country. This year, our aim is to bequeath another group of young people to the country. The bank is ready to provide Rs 10 billion rupees as the initial capital required for this group,” he said.

The bank provides an initial capital of Rs. 500,000 for the new start-up at the initial stage without any securities as no collateral is needed. He said that even for a person already engaged in a business, the bank will provide the necessary support free of charge to develop that business, sell products, introduce new products, and enter the export market. Accordingly, any person under the age of thirty can come to the bank’s SME Circle and receive the necessary advice and financial facilities to develop as an entrepreneur.

“Anyone under the age of thirty who has a business idea should come to the bank. The bank is ready to provide Rs. 500,000 as initial capital for such start-ups at a low interest rate of seven percent. They also do not need collateral,” he added.

(dailynews.lk)
(This story, originally published by dailynews.lk has not been edited by SLM staff)

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Standard egg prices to be announced daily via SMS

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Chairman of the All-Ceylon Egg Producers’ Association, R.M. Sarath Rathnayake has said new measures to announce daily standardized egg prices will be introduced from next Monday (June 23) to ensure fair pricing for consumers.

The prices covering wholesale, retail, and intermediary rates will be communicated daily at 5.00am via SMS to small, medium, and large-scale egg producers, as well as bakery owners, food manufacturers, and hotels through the number 070-7030700.

He warned of recent practices where eggs were bought at Rs.15-18 and stockpiled, stating such actions will no longer be tolerated.

He also criticized groups posing as “egg associations” without actual farming experience.

The cost of producing an egg is around Rs.28 for large farms, Rs.29-30 for medium range farms, and Rs.32 for small-scale producers, he further said.

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