Happy Friday! I recommend staying home this weekend and watching Netflix and Disney+ while you can. Hollywood actors are joining screenwriters in strike action, setting up a showdown with studios and likely meaning new shows will be delayed. Does anyone really care now, though, given Succession is over?

The lowdown

• 🔎 FTC opens an investigation into ChatGPT creator OpenAI to determine whether it has put customer data and reputations at risk.

• 🎭 Hollywood actors union joins screenwriters in strike setting up showdown with film and TV studios.

• 💸 CEO of bankrupt crypto platform Celsius founder charged with defrauding customers.

Featured story

Carlyle and Trustar to sell part of their stake in McDonald’s China

McDonald's sold its businesses in mainland China and Hong Kong to state-owned enterprise CITIC (with Trustar Capital being its private equity affiliate) and the PE firm Carlyle Group for $2.08 billion back in 2017 ($). Those firms are now looking to raise $4 billion from a partial exit.

McDonald's currently operates 5,400 stores in China, up from around 1,750 in 2017. Under Carlyle and Trustar’s ownership, the focus has been on opening new restaurants in third- and fourth-tier cities to tap into rising disposable incomes in China.

Back in 2017, there were fears about whether McDonald's could expand and retain customers in a market where fast-food chicken is generally preferred over burgers. KFC owner Yum China celebrated the opening of its 500th KFC store in Shanghai alone this week – it has 9,200 restaurants in total in China.

The content we're consuming today

• The Economist: Subsidies and protection for manufacturing will harm the world economy ($).

• PIMCO: Bond Market Outlook: Valuations Suggest Potential for Equity-Like Returns With Less Risk.

• Exorbitant Privilege: The Cost of Public Service.

Off-balance sheet items

• Looking for something to read over the weekend while we take a break from writing Balance Sheet? Here is a guide to the best books of 2023 so far ($).

The bottom line