PwC reshuffle

    PWC announced that Raymund Chao has been appointed chairperson of its China division, becoming a member of PwC’s global network leadership team as one of five senior partners, and the only Asian representative, and will play a vital role in setting the overall strategy for the PwC network and the standards to which PwC firms agree to adhere.

    Prior to Chao’s new role, he was PwC’s assurance leader for China and the Asia Pacific. He was also one of the core members of the PwC global assurance executive team, which determines the strategy and direction for the firm’s assurance business on a global basis.

    Hydropower MoU

    THAILAND, China and Myanmar are expected to sign a memorandum of understanding (MoU) for the development of the 7,000-megawatt Mong Ton hydropower project on the upper Salween River this year, the Nation reported, quoting Thai Energy Minister Narongchai Akrasanee.

    The Electricity Generation Authority of Thailand International and Chinese State enterprise Three Gorges Corp. will have 40 percent stake each while the Myanmar Government will own the remaining 20 percent, the report added.

    Yum Brands sales

    YUM Brands Inc., the owner of Pizza Hut and KFC, reported its fourth straight quarter of falling sales as it struggles to recover from a food scandal in China, a market where the company makes most of its profit. Same-store sales in China plunged 10 percent in the second quarter, much steeper than the 8.40 percent fall that analysts had expected, according to research firm Consensus Metrix.