Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient 
The International Hotels Group, or IHG, which runs the Holiday Inn Hotel, announced on Monday, June 27, that it has decided to withdraw its business in Russia. The hotel and resort company said that it made the decision due to the growing challenges it faces in operating its business in the country amid the invasion of Ukraine.
Aside from Holiday Inn, IHG also owns other well-known luxury hotels, including Crowne Plaza, Hualuxe, and Regent hotel chains that have locations around the world. The company said it had already halted all of its new investments and development activities in Russia, as per Reuters.
The IHG hotel group further revealed that its corporate office in Moscow, the capital of Russia, has been shut down as well. As part of its plans to leave the country, it is also in talks with the owners of IHG-branded hotels to fix and revise their franchise contracts that include long-term management agreements.
“We remain deeply troubled by the war in Ukraine and the humanitarian crisis it has caused. Following the outbreak of the war, we announced the suspension of future investments, development activity and new hotel openings in Russia and that we did not intend to resume any investment or development activity in the foreseeable future,” the IHG Group said in a statement.
The company went on to say, “These steps followed significant donations to our humanitarian charity partners and a commitment to work with hotel owners in other countries to shelter refugees.”
Seeking Alpha reported that IHG met up with the owners of at least 28 properties, and the meetings have been going on since April. But in the last couple of meetings, the company ultimately decided to just pull out its operations, and this is the main topic of the talks.
The IHG hotels that will be affected by the company’s decision include the 5-star luxury hotel called Tverskaya located in St. Petersburg, Holiday Inn in Perm, and others located in Ufa, Chelyabinsk, Voronezh, Krasnodar, Kaliningrad, and Samara. Finally, the share price of the IHG hotel group increased a bit in the waning hours of June 27th’s trading session.
