Money

McDonalds set to close doors in Russia for good

Published

2 years ago

May 17, 2022

McDonald’s is set to close its doors in Russia for good, as Putin’s war on Ukraine wages on

The fast food giant had previously temporally closed all of its 850 outlets in March, and will now make the closures permanent.

The company says the ongoing “humanitarian crisis” alongside an “unpredictable operating environment” has made operating in Russia untenable.

McDonald’s has been operational throughout the nation for more than 30 years, with the opening of the first store back in 1990 being a symbol of a relaxation of Cold War tensions.

But three decades later, it is one of a number of western companies retreating from the country.

McDonald’s CEO says it’s a complicated issue without precedent and with profound consequences.

In a message to staff he added “it is impossible to imagine the Golden Arches representing the same hope and promise” that led the company to enter the Russian market 32 years ago.

McDonald’s has already begun selling off its stores, selling all its sites to a local buyer.

Every one of the 62,000 employees in Russia will continue to be paid until any sale is completed.

Related Topics:Business Featured Politics trending ukraine

Up Next

When will Shanghai open businesses up?

Don't Miss

Head of Twitter hits back at billionaire Elon Musk

William Howard

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

Money

Why the meme-stock frenzy is unlikely to repeat

Published

2 days ago

May 14, 2024

Nathan Langridge

GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.

Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.

Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending

Money

Why are airlines after the Biden Administration?

Published

2 days ago

May 14, 2024

Nathan Langridge

Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.

On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.

Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending

Money

The mounting pressure on Government spends

Published

3 days ago

May 13, 2024

ticker NEWS

Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.

Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.

Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending