South Korea Inflation Edges Up in November as Food and Service Costs Climb 
U.S. Soybean Shipments to China Gain Momentum as Trade Tensions Ease 
Netflix’s Bid for Warner Bros Discovery Aims to Cut Streaming Costs and Reshape the Industry 
Momenta Quietly Moves Toward Hong Kong IPO Amid Rising China-U.S. Tensions 
RBA Signals Possible Rate Implications as Inflation Proves More Persistent 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
Hikvision Challenges FCC Rule Tightening Restrictions on Chinese Telecom Equipment 
Dollar Slips as Weak U.S. Manufacturing Data Increases Pressure for Fed Rate Cuts 
OpenAI Moves to Acquire Neptune as It Expands AI Training Capabilities 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
U.S. Stocks Slip as Investors Await Fed Rate Decision and Monitor Market Shifts 
Microchip Technology Boosts Q3 Outlook on Strong Bookings Momentum 
Trump Administration Plans Major Rollback of Biden-Era Fuel Economy Standards 
USPS Expands Electric Vehicle Fleet as Nationwide Transition Accelerates 
Amazon Debuts “Amazon Now” for 30-Minute Ultrafast Grocery Delivery 
KFC and Pizza Hut have stopped operating in Russia after its parent company, Yum Brands, announced it will close its restaurants there. It was stated that 70 locations of its fried chicken brand would be shut.
Russia is said to be a key market for Yum Brands, but due to the war in Ukraine, which was initiated by Vladimir Putin, it decided to put off all investments and development in the country. The move may hurt KFC as it was able to achieve record development in 2021 with help from the Russian market.
Reuters reported KFC’s 70 stores are confirmed to close, and for Pizza Hut, the agreement for suspension of its operations is still being finalized. An agreement is needed with the brand’s local master franchisee since Yum does not have much control over the restaurants they own. Once completed, it will be shutting 50 Pizza Hut outlets in the region.
Yum Brands owns at least 1,000 KFC stores in Russia, while almost all the Pizza Huts are owned by independent franchisees. Since the start of this week, the restaurant company has already discontinued all developments in its Russian fast-food outlets.
As mentioned in the Daily Mail Yum Brands’ action is in response to Putin’s invasion of Ukraine. It has now joined the growing list of US-based companies that are withdrawing from the country.
The fast-food firm is also donating $1 million worth of profits from its Russian operations to humanitarian efforts. Yum Brands Foundation will be forwarding the fund to the Red Cross to support people affected by the ongoing crisis in Ukraine. Aside from the Red Cross, the Yum! Disaster Relief Fund will give to other charities, including UNICEF, International Rescue Committee, and the World Food Programme.
“This action builds on our decision to suspend all investment and restaurant development in Russia and redirect all profits from operations in Russia to humanitarian efforts,” Yum Brands said in a statement. “As always, we remain focused on the safety of our people in the region and will continue to support our teams in Ukraine while evaluating the ways Yum! Brands can make a positive impact in the region.”
