McDonald’s selling all 850 of its restaurants in Russia
Last year, McDonald’s Russian operations contributed 9% of the company’s total annual sales, or around $2 billion.
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Lithium sector needs $42 billion as pivot from China adds costs
The forecast comes as Europe and North America look to reduce their dependency on Chinese imports and develop their own lithium production. China has enjoyed a stranglehold over the lithium supply chain.
McDonald’s to sell its Russian business, try to keep workers
More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald’s said Monday that it has started the process of selling its business in Russia, another symbol of the country’s increasing isolation over its war in Ukraine.
Cummins: Suspending Russian operations cost it $158M in first quarter
Cummins made the disclosure in its first-quarter financial report. Profit dropped in the period, but sales hit a record high. The company also said interest in its emerging hydrogen business is growing.
Holcomb: Trade trip to Europe targeting electric vehicles, batteries, clean energy
Indiana Gov. Eric Holcomb and Secretary of Commerce Brad Chambers spent this week in Sweden, the United Kingdom and Monaco meeting with world leaders and companies.
Allegion to acquire Stanley Black & Decker business for $900M
Security-products company Allegion, which has about 1,300 employees at its Americas headquarters in Carmel, expects to close the largest deal in its history in the third quarter.
Marketing-tech startup Prodport lands $3.6M investment
Prodport’s CEO and cofounder is Ohad Hecht of Carmel, who formerly led marketing-tech firm Emarsys until leaving that company last year.
Yellen walks out on Russia’s G-20 remarks
Treasury Secretary Janet Yellen and Ukraine’s Finance Minister Serhiy Marchenko walked out of a Group of 20 meeting Wednesday as Russia’s representative started talking.
Indiana governor, commerce chief to lead trade trip to Europe
Indiana Gov. Eric Holcomb and Secretary of Commerce Brad Chambers are set to lead an economic development trip to Sweden, the United Kingdom and Monaco at the end of this month to bolster strategic relationships and highlight the state’s industries.
Economic toll worsens as trucks remain stopped at Mexico border
Trucks containing household goods, car parts and other shelf-stable goods have been delayed, tangling up supply chains that involve hundreds of thousands of jobs on both sides of the border.
Trucker blockade snarls U.S.-Mexico trade route at border
One of the busiest trade ports on the U.S.-Mexico border remained effectively closed Wednesday as frustration and traffic snarls mounted over orders by Texas Gov. Greg Abbott requiring extra inspections of commercial trucks.
Congress votes to suspend Russia trade status, enact oil ban
The White House said sanctions the U.S. and more than 30 other nations have already enacted have stung the Russian economy.
U.S. Senate to vote on revoking Russia’s trade status, oil ban
Reports of civilians being tortured and killed in Ukraine, with streets on the outskirts of Kyiv being strewn with corpses, had some lawmakers this week questioning why the Senate had not yet taken action on the bill.
Indiana governor visits refugees as state cuts Russian ties
Indiana’s state government is selling off nearly $150 million of Russian-related investments as the governor said he’s looking at ways the state could help Ukrainian refugees fleeing from the Russian invasion of their country.
Commerce investigation imperils solar industry, advocates say
Clean energy leaders said the investigation—which could result in retroactive tariffs of up to 240%—would severely hinder the U.S. solar industry, leading to thousands of layoffs and imperiling up to 80% of planned solar projects in the United States.
Ag-tech company Solinftec working to launch farm-field robot
Brazil-based Solinftec has had operations in West Lafayette since 2019. The company is now working to launch a robot that would continuously roam agricultural fields and collect information farmers can use to improve their operations.
United States agrees to lift tariffs on British steel, aluminum
In return, the British agreed to lift retaliatory tariffs on U.S. exports, including whiskey.
Ukrainian war hits local tech companies with overseas workers
Companies have had to figure out ways to support their Ukraine-based workers while also keeping business moving in a time of huge disruption.
Lagging business travel delays adding international flights at IND
Indianapolis Airport Authority officials are looking to 2023 and 2024, with a focus on renewing the nonstop flight to Paris and possibly other international destinations.
Holcomb, Chambers to visit Slovakia, Israel on economic mission
The trip also will include a humanitarian component tied to Russia’s invasion of Ukraine.