An eight-legged chicken? That’s apparently the rumors being spread on the Chinese social media that got KFC fuming. The US firm is using three Chinese companies for allegedly spreading the rumors about its food, including using chickens with eight legs, on the internet. Chickens aside, Asian equities are seen higher Tuesday as investors will likely follow Wall Street’s lead overnight. While it’s all sunny in the stock market, it won’t be for HSBC workers who might be affected by a planned job cuts that may be announced next week.
Three Chinese firms in hot water over KFC rumours. The fast food chain is suing three Chinese companies and seeking 1.5 million yuan ($242,000) in compensation for allegedly spreading rumours on social media that its chickens have eight legs. BBC
HSBC may cut 10,000-20,000 jobs. Europe’s largest lender may announce the plan to reduce its workforce on June 9. The number is still being ironed out. The bank is trying to lower costs and dispose businesses to lift revenue. Bloomberg
China set to launch oil futures market. The Shanghai International Energy Exchange is planning to introduce an oil futures contract in Shanghai’s free-trade area this year. The market will allow foreign investors to trade, becoming the first Chinese commodities market to do so. The Wall Street Journal (paywall)
Asian shares may follow Wall Street’s rise. The Nikkei may record its 13th-day winning streak as futures in Chicago and Osaka traded above its 20,569 closing level on Monday. The market will also be eyeing the results of the central bank meetings in Australia and India. CNBC
Blatter’s top assistant moved $10 million that is part of the FIFA scandal. Jerome Valcke, the secretary general, transferred the money to another FIFA official. But the indictment does not state that Valcke knew the money was part of a bribery scheme. New York Times (paywall)
Olympian Bruce Jenner breaks the Internet in a photo shoot as Caitlyn Jenner. The Vanity Fair photo shoot was even more viral than the famous shot of stepdaughter Kim Kardashian, who exposed her well-oiled derriere, earning her more than a million twitter followers more quickly than President Obama. New York Times (paywall)
Abercrombie slammed for discrimination. The Supreme Court sided with a Muslim woman Monday in her claim that Abercrombie & Fitch discriminated against her for wearing a head scarf. Samantha Elauf was denied a job at Abercrombie because head scarves violate the company dress code. Wall Street Journal (paywall)
Photo credit: Rog b via Flickr