Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
SpaceX Insider Share Sale Values Company Near $800 Billion Amid IPO Speculation 
ASX Shares Slide After ASIC Imposes A$150 Million Capital Requirement 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets 
China’s Small Bank Consolidation Struggles as Profits Fall and Risks Persist 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
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.”
