Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
Austan Goolsbee Signals Potential for More Fed Rate Cuts as Inflation Shows Improvement 
New Zealand Business Confidence Hits 30-Year High as Economic Outlook Improves 
noyb Files GDPR Complaints Against TikTok, Grindr, and AppsFlyer Over Alleged Illegal Data Tracking. 
Micron Technology Forecasts Surge in Revenue and Earnings on AI-Driven Memory Demand 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
Yen Near Lows as Markets Await Bank of Japan Rate Decision, Euro Slips After ECB Signals Caution 
McDonald's closed its stores in Russia last month, and it turned out that it will not only be losing money from the sales, but its exit is costing much more than that. It was reported that the fast food's shutdown also resulted in having food and supplies that can no longer be used and will end up as waste.
The ending is that McDonald’s expenses to purchase these items will not be recovered so the exit in Russia is really costing a lot of money. The company closed down its restaurants in the country due to its invasion of Ukraine.
As per CNN Business, McDonald's reported a loss of $127 million in the last quarter due to store closures. On top of this, even if the company is not operating its business anymore, it still continues to pay its 62,000 Russian employees so the hefty losses are not surprising.
McDonald’s chief executive officer, Chris Kempczinski, said on Thursday via conference call that it will continue to support its Ukrainian employees as well. "In both countries, we have continued to pay employees and provide additional support," he said.
McDonald’s revealed that the combined costs of staff salaries, payments for leases and supplies are around $27 million but this amount is not a match to what the food costs the company. It said that the $100 million from total losses was from the food and items that it has to get rid of as they will not be used since the stores in Russia are closed now.
"Results included the $100 million of costs for inventory in the company's supply chain that likely will be disposed of due to restaurants being temporarily closed," McDonald’s said in a statement.
The fast-food chain has been operating 847 McDonald's outlets in Russia as of last year. It also has another 108 locations in Ukraine and they accounted for the nine percent of its total revenue for the year 2021. Apparently, the store shutdowns hit the company’s net income that dropped 28% in the three months ending on March 31.
