Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
Taiwan Says Moving 40% of Semiconductor Production to the U.S. Is Impossible 
Oil Prices Slip as U.S.-Iran Talks Ease Middle East Tensions 
UK Starting Salaries See Strongest Growth in 18 Months as Hiring Sentiment Improves 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
Anta Sports Expands Global Footprint With Strategic Puma Stake 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Australian Household Spending Dips in December as RBA Tightens Policy 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Kroger Set to Name Former Walmart Executive Greg Foran as Next CEO 
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Nikkei 225 Hits Record High Above 56,000 After Japan Election Boosts Market Confidence 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Starbucks Corp. announced on Monday, May 23, that it is officially leaving Russia after suspending its business in March due to the ongoing war in Ukraine that was started by Russia. The coffee chain will be closing its 130 licensed store outlets after 15 years of presence in the country.
With its move, Starbucks is the next major company and food brand to announce its permanent departure from the Russian market. McDonald’s Corp. withdrew last week after serving its burgers to the Russians for more than 30 years. The burger joint’s departure has been described as the end of an era. The fast-food chain ended up selling its business in Russia to a local business licensee, which will rebrand the stores and operate under a new name.
According to Reuters, Starbucks’ 130 outlets in Russia are wholly owned and operated by Alshaya Group, which is its licensee for the brand’s domestic operation. Prior to its departure, the company has almost 2,000 employees.
McDonald’s mentioned that it may take a hit of around $1.4 billion for its exit in Russia, but Starbucks did not provide any details of its own financial impact resulting from its business withdrawal.
“As we mentioned on March 8, we have suspended all business activity in Russia, including the shipment of all Starbucks products. Starbucks has made the decision to exit and no longer have a brand presence in the market,” Starbucks wrote in an updated post on its press center page. “We will continue to support the nearly 2,000 green apron partners in Russia, including pay for six months and assistance for partners to transition to new opportunities outside of Starbucks.”
CNBC reported that Starbucks would not abandon its 2,000 staff as it permanently closes its stores. As a means of support, the company will continue to pay them for six months and help them find new opportunities outside of the company.
In addition, Starbucks’ former chief executive officer, Kevin Johnson, made a pledge earlier this month. He said they will donate royalties from the firm’s business in Russia to humanitarian causes.
