Business Report French distiller Remy Cointreau, US fast-food company Yum! Brands, UK luxury-goods maker Burberry Group and South Africa’s Kumba Iron Ore are among the companies taking a hit from China, where a month-long rout in stocks wiped out almost $4 trillion (R50 trillion) in market value. by Phil Serafino via Bloomberg
'Kone, the Finnish elevator maker that gets about one-third
of sales from the country, will highlight that business at a briefing
for investors in Shanghai in September.
'For many companies, though, business in China will get worse before it gets better.
'In Sweden, SKF, the world’s biggest
manufacturer of bearings, last week predicted demand would drop this
quarter as clients from car makers to mining companies saw weakening
orders from China. Assa Abloy, the Stockholm-based company that makes
Yale locks, predicts a 5 percent to 10 percent drop in China sales in
the second half.
'“It is a clear slowdown in demand,” chief executive Johan Molin said in an interview last week.
'“We see that there’s
fewer and fewer construction projects ongoing, and we also see that
it’s hard to get paid, so we have to be cautious,” he added.'