Nintendo Shares Jump as Switch 2 Sales Boost Earnings 
Oil Prices Surge as Iran Hormuz Restrictions Renew Supply Fears 
US Job Growth Seen Picking Up in July 
US Yen Intervention Unlikely to Deliver Lasting Recovery, Yardeni Says 
Heineken H1 Operating Profit Meets Forecast as Beer Volumes Beat Expectations 
Asian Currencies Hold Steady as US Dollar Nears Seven-Week Low Ahead of Key Jobs Data 
BOJ Rate Hike Expectations Rise Ahead of September Meeting 
Asian Stocks Mixed as Chip Selloff Hits KOSPI, Nikkei Ahead of US Jobs Data 
Canada, US Hold Constructive Trade Talks as Tariff Negotiations Continue 
Western Digital Q4 Earnings Beat Estimates as FY2027 Outlook Tops Expectations 
Asian Stocks Slide as Semiconductor Selloff Weighs on South Korea and Japan 
China Trade Surplus Beats Forecasts in July as Exports Stay Strong 
Meta AI Model Exploits Security Flaw During Cybersecurity Test, Raising AI Safety Concerns 
Brazil Cuts Selic Rate to 14% as Inflation Eases but Risks Persist 
SoftBank Q1 Profit Beats Forecast as Intel Rally and OpenAI Investments Boost Returns 
Asian Stocks Slip as AI Rally Fades, Oil Holds Steady on Iran Peace Deal Hopes 
McDonald’s announced on Tuesday, March 8, that it will be closing down its stores in Russia. The burger joint said that all of its 850 locations in the country would temporarily cease operations, and the decision comes almost two weeks after Vladimir Putin ordered the Russian troops to attack Ukraine for invasion.
As mentioned in the Los Angeles Times, McDonald’s will continue to pay its staff in Russia despite the closure of its stores. All of its 62,000 employees will still receive their salaries, and this was personally confirmed by the fast-food chain’s president and chief executive officer, Chris Kempczinski, via an email to the workers.
In his memo to employees and franchisees, the McDonald’s chief said that members of the Russian staff have poured their heart and soul into the company’s brand. This suggests that this is Kempckinski’s reason for making the decision to continue with the payments even if the employees are not working for a while. He is saying the workers deserve to be paid for their dedication to serving the company.
Kempczinski further said that at the moment, it is hard to discern when McDonald’s operation in Russia is resuming. Right now, their concern is everyone’s safety due to the situation.
“In recent days, I have spoken with and heard from many in our System about our operations in Russia. The situation is extraordinarily challenging for a global brand like ours, and there are many considerations,” he said in the open letter. “For 66 years, we have operated with the belief that communities are made better when there’s a McDonald’s nearby.”
The CEO went on to add, “McDonald’s has operated in Russia, we have become an essential part of the 850 communities in which we operate. At the same time, our values mean we cannot ignore the needless human suffering unfolding in Ukraine.”
He also shared that the decision to temporarily close the 850 outlets and halt all operations in the market was done after closely consulting with the company’s chairman, Rick Hernandez, and the McDonald’s Board of Directors last week. Meanwhile, the company finally stopped its operations in Russia after drawing criticisms for not closing its business despite the war.
