Australia Targets AI Platforms With Strict Age Verification Rules 
APEX Tech Acquisition Inc. Raises $111.97 Million in NYSE IPO Under Ticker TRADU 
Asian Markets Slide as Nvidia Earnings, U.S.-Iran Tensions and AI Valuations Weigh on Investor Sentiment 
Trump Orders Federal Agencies to Halt Use of Anthropic AI Technology 
Paramount Skydance to Acquire Warner Bros Discovery in $110 Billion Media Mega-Deal 
Gold Prices Rally in February as Geopolitical Risks and Economic Uncertainty Boost Safe-Haven Demand 
MOEX Russia Index Hits 3-Month High as Energy Stocks Lead Gains 
Oil Prices Surge 13% as U.S.-Israel Strikes on Iran Spark Supply Fears 
Dominican Republic Unveils Massive Rare Earth Deposits to Boost High-Tech and Energy Sectors 
ASX CEO Exit Signals Turbulent Transition Amid Lawsuit and Regulatory Scrutiny 
Flare, Xaman Roll Out One-Click DeFi Vault for XRP Yield via XRPL Wallets 
Nintendo Share Sale: MUFG and Bank of Kyoto to Sell Stakes in Strategic Unwinding 
Bank of Japan Signals Further Interest Rate Hikes as Inflation Trends Toward 2% Target 
U.S. Stocks Close Lower as Hot PPI Data, Nvidia Slide Weigh on Wall Street 
Gold Prices Steady in Asia, Set for Strong February Gains on Safe-Haven Demand 
Samsung and SK Hynix Shares Hit Record Highs as Nvidia Earnings Boost AI Chip Demand 
FedEx Faces Class Action Lawsuit Over Tariff Refunds After Supreme Court Ruling 
The International Hotels Group, or IHG, which runs the Holiday Inn Hotel, announced on Monday, June 27, that it has decided to withdraw its business in Russia. The hotel and resort company said that it made the decision due to the growing challenges it faces in operating its business in the country amid the invasion of Ukraine.
Aside from Holiday Inn, IHG also owns other well-known luxury hotels, including Crowne Plaza, Hualuxe, and Regent hotel chains that have locations around the world. The company said it had already halted all of its new investments and development activities in Russia, as per Reuters.
The IHG hotel group further revealed that its corporate office in Moscow, the capital of Russia, has been shut down as well. As part of its plans to leave the country, it is also in talks with the owners of IHG-branded hotels to fix and revise their franchise contracts that include long-term management agreements.
“We remain deeply troubled by the war in Ukraine and the humanitarian crisis it has caused. Following the outbreak of the war, we announced the suspension of future investments, development activity and new hotel openings in Russia and that we did not intend to resume any investment or development activity in the foreseeable future,” the IHG Group said in a statement.
The company went on to say, “These steps followed significant donations to our humanitarian charity partners and a commitment to work with hotel owners in other countries to shelter refugees.”
Seeking Alpha reported that IHG met up with the owners of at least 28 properties, and the meetings have been going on since April. But in the last couple of meetings, the company ultimately decided to just pull out its operations, and this is the main topic of the talks.
The IHG hotels that will be affected by the company’s decision include the 5-star luxury hotel called Tverskaya located in St. Petersburg, Holiday Inn in Perm, and others located in Ufa, Chelyabinsk, Voronezh, Krasnodar, Kaliningrad, and Samara. Finally, the share price of the IHG hotel group increased a bit in the waning hours of June 27th’s trading session.
