A new food scandal has erupted in China, threatening to tarnish the reputations of McDonald's and Yum Brands.
An American-owned meat factory operating in China has been accused of selling out-of-date and tainted meat to clients including McDonald's and Yum Brands, which owns the KFC, Taco Bell and Pizza Hut chains.
Suntory Holdings, a massive Japanese beverage company, is acquiring American spirits maker Beam for $16 billion, creating one of the largest premium spirits companies in the world.
The all-cash deal values Beam at $83.50 per share, a 25% premium over Friday's closing price.
Shares in Beam shot up in premarket trading Monday after the deal was announced.
Beam is known for its brand-name products, including Jim Beam bourbon, Maker's Mark whiskey and Courvoisier cognac.
The transaction is expected to close in the second quarter of the year, provided it receives all necessary shareholder and regulatory approvals.
Wal-Mart is recalling donkey meat in China after it was found to be contaminated with other animal products.
Wal-Mart said it was recalling the meat in Jinan, the provincial capital of Shandong. The company apologized to customers and said it would provide refunds.
State media said the product - Five Spice Donkey Meat - had been contaminated with fox meat.
Chocolate lovers beware! The price of your favorite treat is on the rise.
Growing demand in emerging markets and bad weather in major cocoa producing countries is pushing up the cost of key ingredients, leaving manufacturers little choice but to pass on some of that pain to consumers.
The price of cocoa butter, for example, stands at a four-year high, having risen by 70% over the past 12 months, according to Mintec commodity consultant Liliana Gonzalez.