RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
McDonald's closed its stores in Russia last month, and it turned out that it will not only be losing money from the sales, but its exit is costing much more than that. It was reported that the fast food's shutdown also resulted in having food and supplies that can no longer be used and will end up as waste.
The ending is that McDonald’s expenses to purchase these items will not be recovered so the exit in Russia is really costing a lot of money. The company closed down its restaurants in the country due to its invasion of Ukraine.
As per CNN Business, McDonald's reported a loss of $127 million in the last quarter due to store closures. On top of this, even if the company is not operating its business anymore, it still continues to pay its 62,000 Russian employees so the hefty losses are not surprising.
McDonald’s chief executive officer, Chris Kempczinski, said on Thursday via conference call that it will continue to support its Ukrainian employees as well. "In both countries, we have continued to pay employees and provide additional support," he said.
McDonald’s revealed that the combined costs of staff salaries, payments for leases and supplies are around $27 million but this amount is not a match to what the food costs the company. It said that the $100 million from total losses was from the food and items that it has to get rid of as they will not be used since the stores in Russia are closed now.
"Results included the $100 million of costs for inventory in the company's supply chain that likely will be disposed of due to restaurants being temporarily closed," McDonald’s said in a statement.
The fast-food chain has been operating 847 McDonald's outlets in Russia as of last year. It also has another 108 locations in Ukraine and they accounted for the nine percent of its total revenue for the year 2021. Apparently, the store shutdowns hit the company’s net income that dropped 28% in the three months ending on March 31.
