Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Asian Markets Slip as AI Spending Fears Shake Tech, Wall Street Futures Rebound 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock 
ArmRest, the franchisee of the KFC fried chicken restaurant brand, is selling the stores in Russia for $104.48 million or €100 million. It was reported that the Spanish casual dining, fast-food restaurant and coffee shop operator already signed an agreement to unload its KFC restaurant business in the said country.
As per Reuters, AmRest has been operating in Russia since 2007 and currently owns a total of 215 restaurants. Earlier this week, it confirmed the reports of its agreement to sell its KFC store chain to Almira, a Russian restaurant and entertainment firm.
The Madrid, Spain-headquartered fast-food firm is the latest to withdraw its business in the country. It follows a long list of Western companies that have also pulled out their brands, sold, or shut down their operations in Russia that has been attacking Ukraine since February this year with an intention to invade it.
AmRest said that the sale of its KFC business to Almira would not require any further impairments than those already booked in the accounting period closing in June. it was shared that prior to the invasion of Ukraine, Russia was considered one of the main markets for the company’s restaurant business.
In a press release, AmRest revealed that the “Completion of the transaction is subject to the approval by the competition authority in Russia, the consent by YUM! Brands Inc. and other regulatory authorizations that may be applicable in Russia.”
The company added that the final terms of the acquisition deal, which are also subject to some external factors such as the current exchange rate, will be posted if the transaction proceeds and is closed.
The Spanish company further stated, “AmRest estimates that after recognition of the impairment of the Russian business in its consolidated financial statements as of June 30, 2022, the completion of the transaction should not require further adjustments. AmRest has been present in Russia since 2007 and currently operates 215 KFC restaurants in this market.”
Photo by: Aleks Dorohovich/Unsplash
