AP Business SummaryBrief at 12:18 a.m. EDT | Business

De-Arching: McDonald’s sells its operations in Russia, leaves the country

McDonald’s says it has begun the process of selling its Russian business, which includes 850 restaurants employing 62,000 people. The fast-food giant highlighted the humanitarian crisis caused by the war, saying retaining its business in Russia “is no longer tenable, nor in line with McDonald’s values”. The Chicago-based company had temporarily closed its stores in Russia but was still paying employees. On Monday, he said he would seek a Russian buyer to hire his employees and pay them until the sale closes. He did not identify a potential buyer. McDonald’s said it plans to start removing golden arches and other symbols and signs bearing its name.

Once a powerful symbol in Russia, McDonald’s is stepping down

Two months after the fall of the Berlin Wall, another powerful symbol has opened its doors in the heart of Moscow: a shiny new McDonald’s. It was the first American fast food restaurant to enter the Soviet Union. But now McDonald’s is selling its 850 stores in Russia and exiting the market in response to the war in Ukraine. It’s the first time the Chicago burger giant has exited a major market. Chairman and CEO Chris Kempczinski said clinging to Russian stores __ that have been closed since March __ was unprofitable and inconsistent with company values.

Conspiracy theorists flock to bird flu, spreading lies

An outbreak of bird flu forces farmers to cull their flocks and raises concerns about even higher food prices. While not posing a significant threat to humans, the outbreak is sparking a new wave of some of the same conspiracy theories that have emerged from the COVID-19 pandemic. Experts who study misinformation say claims that bird flu is a bioweapon or an elaborate hoax reflect a growing mistrust of the media and scientific experts. For poultry farmers and animal health officials in affected states, however, the flu poses a very real threat to both their animals and their local economies.

Musk’s China Ties Add Potential Risks to Twitter Buy

BEIJING (AP) — Elon Musk’s ties to China as the largest shareholder in electric car brand Tesla could add complexity to his bid to buy Twitter. Other companies that want access to China’s huge market are bowing to pressure to follow Beijing’s positions on Taiwan and other issues. Internet barriers prevent most Chinese citizens from seeing global social media, including Twitter, although Beijing uses the platform to deliver its own messages. Some experts believe Tesla Inc.’s China ambitions could give its ruling Communist Party a way to silence human rights activists and other critics of Beijing if Musk’s purchase of Twitter for 44 billions of dollars continues. Chinese customers bought half of the Teslas sold last year.

Asian stocks rise despite losses on Wall Street

Stocks are higher in Asia after another shaky day on Wall Street that extended a losing streak for the markets. Hong Kong rose nearly 2.5% and other benchmarks were moderately higher. Oil prices have fallen. On Monday, the S&P 500 failed to hold onto an afternoon gain, losing 0.4%. The benchmark is coming off a six-week losing streak. Tech companies were among the biggest losers, sending the Nasdaq down 1.2%. The Dow Jones Industrial Average barely finished in the green. Spirit Airlines surged after JetBlue said it would make a hostile bid for the budget carrier. ManTech surged after investment firm Carlyle Group announced it would buy the defense contractor.

AP Exclusive: Black Lives Matter has $42 million in assets

NEW YORK (AP) — A new 63-page IRS tax return shared exclusively with The Associated Press shows the Black Lives Matter Global Network Foundation Inc. ended its last fiscal year with nearly $42 million in net assets. The foundation has spent more than $37 million on grants, real estate, consultants, and other expenses. And he invested $32 million in stocks of the $90 million he received in donations amid racial justice protests in 2020. The release of this tax return, the first public account of finances of the BLM foundation since its incorporation in 2017, follows controversy over its purchase of a $6 million property in Los Angeles.

A Bezos-Biden feud: Can corporate taxes keep inflation in check?

WASHINGTON (AP) — Jeff Bezos this weekend became the latest centibillionaire to launch a political fight on Twitter when he denounced a tweet from President Joe Biden on corporate taxes as “misinformation” and “hijacking.” The White House was quick to retort on Monday that Bezos “opposes an economic agenda for the middle class.” And then Bezos hit back, arguing that the Biden administration would have made inflation worse had his $3.5 trillion economic and social spending bill, known as “Build Back Better,” been signed into law. . “They failed, but if they had succeeded, inflation would be even higher than it is today, and inflation today is at its highest level in 40 years,” tweeted Bezos.

Official: Chinese economy recovers as anti-virus measures ease

BEIJING (AP) — Government data shows factory and consumer activity in China was even worse than expected in April as virus checks shut down businesses. But a Cabinet official said the sluggish economy was picking up as anti-virus measures eased and its commercial capital Shanghai reopened. The collapse of the second-largest economy has fueled fears that global manufacturing and trade could be disrupted after most businesses in Shanghai shut down and its 25 million people confined to their homes. This adds to complications for President Xi Jinping in a year when he is expected to try to extend his term in power.

US allows more infant formula imports to tackle shortage

WASHINGTON (AP) — President Joe Biden’s administration has announced new measures to ease the nation’s shortage of infant formula, including allowing more imports from overseas. Officials also reached an agreement to restart a closed Abbott infant formula factory, the largest in the United States. None of these steps will have an immediate effect on the limited supplies that have forced many parents to search for infant formula online or at food banks. After getting clearance from the FDA, Abbott said it would take eight to 10 weeks before new products start hitting stores. The company has not set a timetable for restarting manufacturing.

EU slashes economic growth forecast as fallout from war grows

BRUSSELS (AP) — The European Union has cut its forecast for economic growth in the 27-nation bloc amid the prospect of a long Russian war in Ukraine and disruptions to energy supplies. The EU executive said on Monday that gross domestic product would grow by 2.7% this year and 2.3% in 2023. This is the European Commission’s first economic forecast since Russia invaded Ukraine in February. The previous outlook called for growth of 4% this year and 2.8% in 2023. The war has suddenly darkened what was a generally bright economic picture for the EU. At the start of this year, European policymakers were counting on solid, albeit weaker, growth while grappling with runaway inflation triggered by a global energy crisis.

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