Highlights of the activity: exit of McDonald’s in Russia,

CHICAGO (AP) — McDonald’s says it has begun the process of selling its Russian business, which includes 850 restaurants that employ 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.

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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 program 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.

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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 curbs are eased and its commercial capital of Shanghai reopens. 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.

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Abbott says deal has been reached to reopen infant formula factory

WASHINGTON (AP) — Infant formula maker Abbott said it has reached an agreement with U.S. health officials to restart production at its largest domestic plant, a key step to easing a nationwide shortage. Abbott did not immediately detail the terms of the agreement with the Food and Drug Administration, which has been investigating safety issues at the Michigan plant. The consent decree is a binding legal agreement between the company and the federal government. After production resumes, Abbott said it will take at least eight weeks to start shipping new products to stores. The Biden administration has come under intense pressure over the past week to do more to ease the formula shortage.

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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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Stocks typically end lower, extending losing streak for S&P 500

NEW YORK (AP) — Stocks ended another wobbly day, mostly down on Wall Street on Monday, extending a losing streak for markets. The S&P 500 couldn’t hold a gain in the afternoon and ended down 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. Bond yields fell.

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French carmaker Renault sells its Russian operations to Moscow

Russia will take control of French automaker Renault’s operations in the country and resurrect a Soviet-era car brand. Monday’s news marks the first major nationalization of a foreign company since the start of the war with Ukraine. Renault announces that it will sell its majority stake in Avtovaz to a public research institute known as NAMI. Avtovaz is best known for its Lada brand. The Moscow city government takes over a Renault factory in the city and wants to bring back the Moskvich brand. New owners will face a shortage of imported electronics for cars.

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Rebuffed by Spirit, JetBlue turns hostile in takeover bid

NEW YORK (AP) — JetBlue is getting hostile in its bid for Spirit Airlines. And he’s asking Spirit shareholders to reject a proposed $2.9 billion takeover by Frontier Airlines. Spirit shareholders are due to vote on June 10 on Frontier’s offer, which is favored by Spirit’s board of directors. Spirit cited uncertainty over regulatory approval of JetBlue’s $3.6 billion bid for the Florida budget carrier. JetBlue said Monday that Frontier’s offer was high risk and low value. Shares of JetBlue Airways Corp. fell 6% while shares of Denver-based Frontier closed up 6%. Shares of Miramar, Fla.-based Spirit jumped 13.5% but still closed well below either JetBlue bid at $19.27.

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Starbucks will cover travel for workers seeking abortions

SEATTLE, AP — Starbucks says it will pay travel expenses for U.S. employees to access abortion or gender confirmation procedures if those services aren’t available within 100 miles of a worker’s home. The Seattle coffee chain says the benefit will also be available to dependents of employees enrolled in its health care coverage. Starbucks is one of the most high-profile companies to adopt a travel benefit following a leaked Supreme Court draft opinion that would strike down the nation’s abortion rights. Amazon also covers up to $4,000 in travel and accommodation costs for employees who request abortions or gender confirmation procedures.

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The S&P 500 fell 15.88 points, or 0.4%, to 4,008.01. The Dow Jones Industrial Average rose 26.76 points, or 0.1%, to 32,223.42. The Nasdaq fell 142.21 points, or 1.2%, to 11,662.79. The Russell 2000 Small Business Index fell 9.24 points, or 0.5%, to 1,783.43.

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