In 1990, McDonald's was the first American fast-food restaurant to open in Russia, a sign of improving relations between the United States and its Cold War adversary. Since operating in Russia is "no longer tenable," due to its invasion of Ukraine, the firm has decided to sell its 850 outlets to a local buyer. Last year, about 9% of the company's overall revenue came from Russia and Ukraine.
Baby formula relief
The agreement with the FDA to resume production at a shuttered Michigan facility within the next two weeks was announced yesterday by Abbott, the country's largest baby formula producer. The settlement is subject to court approval and will most likely take six to eight weeks until shelves are restocked. However, it is a step in the right direction, as it helps to relieve an emergency shortage that left 40% of all baby formula in the US out of stock two weeks ago.
The Bidens visit Buffalo
The President and First Lady visited Buffalo, where on Saturday ten black people were shot to death in a hate crime at a supermarket. Biden condemned the racist "replacement theory" that apparently inspired the gunman and said that “American experiment in democracy is in danger like it hasn’t been in my lifetime.”
Employment moving in the wrong direction
Coinbase has slowed its hiring efforts as the crypto market continues to plunge. Given the "significant amount of uncertainty" in the overall economy, Wayfair has frozen corporate hiring for 90 days. Netflix terminated about 150 workers, citing concerns about declining revenue and increased competition.
Jamie Dimon gets a message
Only 31% of shareholders voted in favor of a $201.8 million pay package for the longtime CEO of JPMorgan and other executives. That marks the first time since 2009 (when executive compensation was first put to a shareholder vote) that they didn't approve it. This year has been particularly difficult for JPMorgan; its stock is down roughly 23%.