Stronger dollar hurts McDonald's 3Q results
NEW YORK (AP) â¿¿ Tough competition in the U.S. and the weakening economy abroad was a double whammy for McDonald's in the third-quarter, sending the burger chain's net income down nearly 4 percent.
McDonald's said it was adjusting some of its plans to deal with the pressures, including stepping up advertising for its dollar menu and bringing back the popular McRib sandwich nationally in December to drive traffic into U.S. stores.The world's largest hamburger chain with 33,000 locations worldwide has thrived in boom and bust times by selling cheap eats and constantly updating its menu. But global economic pressures and intensifying competition are wearing at the company, which does two-thirds of its business overseas. ___ Starbucks opens first India store in Mumbai MUMBAI, India (AP) â¿¿ Starbucks inaugurated its first store in India Friday in a historic building in southern Mumbai as the Seattle-based coffee giant seeks growth in a market long associated with tea drinkers. After over six years of studying the local market, Starbucks is making a rapid-fire entry into Asia's third-largest economy. Coffee houses are still a relatively new trend in India, and the chains already in business sell cappuccinos and lattes well below Starbucks' usual prices. The company, in a joint venture with Tata Global Beverages, plans to open two additional stores in Mumbai next week â¿¿ on Wednesday in the Taj Mahal Palace hotel and on Thursday in the Oberoi hotel across town â¿¿ before launching in New Delhi early next year. ___ Draft order would give companies cyberthreat info WASHINGTON (AP) â¿¿ A new White House executive order would direct U.S. spy agencies to share the latest intelligence about cyberthreats with companies operating electric grids, water plants, railroads and other vital industries to help protect them from electronic attacks, according to a copy of the order obtained by The Associated Press.