Panic-buying hits Singapore after virus alert raised

SINGAPORE - Anxious Singapore shoppers formed long lines at grocery stores Saturday and cleared the shelves of essential items, after the city-state raised its alert level over China's coronavirus outbreak.

Since emerging late last year, the virus has killed over 700 people and infected more than 34,000 in China, and spread to many other countries.


Singapore, which has reported 33 cases, raised its alert level Friday to "orange" -- the same as during the deadly 2003 SARS outbreak, indicating the virus is severe and passes easily between people.

The announcement triggered panic in the city-state of 5.7 million starting late Friday, with shoppers -- many wearing masks -- rushing to stock up on items including rice, noodles and toilet paper.

Pictures circulating on social media showed empty shelves in some stores, carts filled with goods and long lines at counters, which continued into Saturday.

"I'm afraid that if they further raise the alert level, we will not be able to go out," a 50-year-old housewife, who did not want to be named, told AFP after leaving a grocery store.

The highest level on Singapore's 4-point scale for dealing with disease outbreaks is "red," one above "orange."

There were, however, ample stocks of other items such as fruit, meat, fish and alcohol.

The government urged calm, with Trade Minister Chan Chun Sing saying there was no need to rush out to buy crucial supplies.

"There is no risk of us running a shortage of essential food or household items," he wrote on Facebook.

Singapore raised its alert level amid a growing number of virus cases in citizens with no recent travel history to mainland China and no known links to previous infections.

Hong Kong has also been hit by a wave of panic-buying in recent days as it seeks to battle the virus, with supermarket shelves frequently emptied of crucial goods.

source: news.abs-cbn.com

WATCH: These celebs have tried the spicy noodle challenge

MANILA – Do you have a high tolerance for spicy food? These instant noodles promise to set your mouth ablaze after one bite.

Thousands of people across the globe have been posting videos of themselves trying the “world’s spiciest instant noodles” manufactured by the South Korean company Samyang Foods.

And even local celebrities have jumped on the bandwagon, joining the viral spicy noodle challenge on YouTube.

source: news.abs-cbn.com

Monde Nissin buying UK meat substitute firm Quorn for $831-M

LONDON/MANILA - Philippine instant noodles maker Monde Nissin Corp is buying British meat substitute company Quorn Foods for 550 million pounds ($831 million) to capitalize on rising demand for health foods, in what will be the third largest overseas purchase by a firm in the Southeast nation.

Monde Nissin beat competition from some global food giants to clinch the deal for Quorn, which had sales of 150.3 million pounds in 2014. UK-based investment firms Exponent Private Equity and Intermediate Capital Group, Quorn's owners, announced the sale on Wednesday.

The deal comes as Asian firms are increasingly venturing outside of their home markets in search of targets in the food and drinks sector.

"It's a matter of diversification," Augusto Cosio, fund manager at Manila-based First Metro Asset Management Inc, said on Thursday of Monde Nissin's Quorn buy. "Their income is already too dependent on one market."

Reuters had previously reported that Monde Nissin was among the parties to have shown interest in Quorn Foods. It attracted interest from French yogurt company Danone, Singapore-based Wilmar International, Canadian French fries producer McCain and Ireland's Kerry Group, sources had said.

Quorn is a mycoprotein meat substitute, made by fermenting a type of fungus. It is sold on its own, in ready-meals or in products that replicate burgers, sausages or chicken fillets.

Quorn Foods aimed to benefit from a trend of consumers eating healthier food and less meat. It claims that in the past five years it has cut 60 billion calories from consumers' diets.

Monde Nissin is owned by Betty Ang, the Philippines' 19th richest person, and is planning an IPO as early as 2016. Earlier this year, it bought Australia's Black Swan, a brand of chilled dips, and Nudie, which sells premium juices.

It has ambitions to do larger deals and emerge as a 'health and wellness company, according to one person familiar with the company.

The Quorn deal is being funded by Bank of the Philippine Islands (BPI), BDO Unibank Inc and Metropolitan Bank & Trust Co, Reginaldo Anthony Cariaso, chief operating officer of BPI's investment banking subsidiary, told Reuters.

Monde Nissin did not respond to Reuters requests for comment.
Among Philippine firms, Emperador Inc purchased scotch whisky firm Whyte & Mackay for 430 million pounds while Universal Robina Corp bought Griffin's Foods in New Zealand for NZ$700 million, both in 2014.

Elsewhere, Chinese private equity firm Hony Capital bought Britain's Pizza Express chain last year for around 900 million pounds.

source: www.abs-cbnnews.com