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Restaurant rebrand – meet McDonald’s new buyer in Russia

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Locals will notice the shiny golden arches will be removed, a sight they have got use to for the past three decades…. but now Russians can be assured they’ll still get their French fries hit

McDonald’s has found a local buyer for its Russian business, after the war in Ukraine pushed it to quit the country.

Alexander Govor operates 25 McDonald’s restaurants in Siberia right now.

It’s set to take the keys on Russia’s restaurants and staff.

The plan is to rebrand the McDonald’s in Russia and operate them under a new brand,

It did not disclose the sale price, but has warned investors it would take a more than $1bn hit from the exit.

The opening of McDonald’s first restaurant in Moscow in 1990 came to symbolise a thaw in Cold War tensions.

30 years later, the firm has nearly 850 restaurants in the country.

The chain is one of a growing number of corporations pulling out as the war in Ukraine and Western sanctions make it difficult to operate.

Last year, Russia and Ukraine accounted for about 9% of McDonald’s revenue. Shares slipped slightly on Wall St following the news.

McDonald’s expects the new deal to close in coming weeks.

Business

Big tech stocks tumble amid market uncertainty

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Big tech companies are struggling in the markets this quarter as interest rates rise to battle inflation

Russia’s invasion of Ukraine has devalued tech stocks causing further supply chain disruptions and sending the broad S&P 500 index down about 5 per cent.

Rising interest rates triggered more severe plummets with the S&P dropping another 16 per cent and the Nasdaq Composite index by 22 per cent.

Tesla’s stock took a huge hit sinking to nearly 38 per cent its largest decline since 2010.

Amazon saw similar results falling by 35 per cent the most in over 20 years.

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Google to pay millions to app developers

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App developers are accusing Google of tempting users into making in-app purchases.

The lawsuit relates to money that was made by app creators for Android smartphones.

The lawsuit was filed in a San Francisco court, where the 48,000 app developers are believed to have been affected.

“Following our win against Apple for similar conduct, we think this pair of settlements sends a strong message to big tech: the law is watching, and even the most powerful companies in the world are accountable when they stifle competition.”

Steve Berman, ATTORNEY FOR the Android developers.

Google says the settlement’s funds will support developers who have made less than USD $2 million in revenue between 2016 and 2021.

“A vast majority of U.S. developers who earned revenue through Google Play will be eligible to receive money from this fund, if they choose,” the company says.

Google says it will charge developers a 15 per cent commission on their first million in revenue.

The court is yet to approve the proposed settlement.

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Tesla deliveries expected to fall – here’s why

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Tesla deliveries are expected to drop significantly in the second quarter, as prolonged Covid lockdowns in China and supply chain issues take their toll

The company is also struggling to ramp up its new factories, with Tesla boss Elon Musk seemingly distracted by his very public pursuit of Twitter.

Tesla has been plagued by production glitches in China and slow output growth at new factories in both Texas and Berlin.

Experts predict deliveries will slump to just over 295,000 vehicles for the second quarter.

This would be down from the company’s record of 310,000 in the preceding quarter, marking Tesla’s first quarter-on-quarter decline since 2020.

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