Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
South Korea Central Bank Set to Raise Interest Rates as Inflation Stays Elevated 
Eli Lilly Eyes AtaiBeckley Acquisition to Expand Psychedelic Mental Health Pipeline 
Australia Flags Child Safety Gaps at Apple, Meta, Google Over Online Sexual Extortion 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
NY Times Challenges Trump Administration Subpoenas Over Air Force One Report 
Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
Taiwan Mangoes Head to Europe as Premium Fruit Exports Expand 
Rio Tinto Reports Strong Q2 Iron Ore Sales, Maintains 2026 Production Outlook 
BHP Faces Major Port Hedland Strike as Labor Talks Stall Ahead of Production Report 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
South Korea’s KOSPI Triggers Trading Curb as AI Chip Stock Selloff Deepens 
DeepSeek Eyes China IPO as AI Startup Seeks $71 Billion Valuation in New Funding Round 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
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.
