FOX Business Flash top headlines for March 9
Here are your FOX Business Flash top headlines for March 9.
Condé Nast, the global media company behind the biggest names in publishing, is the latest brand to temporarily pause operations in Russia.
On Tuesday, Condé Nast's CEO Roger Lynch told the company's global workforce in a memo that it would be suspending "publishing operations with Condé Nast Russia" following the country's invasion of Ukraine.
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"We continue to be shocked and horrified by the senseless violence and tragic humanitarian crisis in Ukraine," Lynch said.
“We continue to be shocked and horrified by the senseless violence and tragic humanitarian crisis in Ukraine,” Condé Nast’s CEO Roger Lynch said. (iStock / iStock)
The company owns namesake brands, including Vogue, The New Yorker, GQ, Vanity Fair, Wired, Architectural Digest and Condé Nast Traveler. Although it is headquartered in New York and London, the company has operations in 32 markets, including Russia.
The move to suspend operations in Russia is out of concern for the safety of its employees, according to Lynch.
MCDONALD'S PAUSING RUSSIA OPERATIONS, TEMPORARILY CLOSING RESTAURANTS
"With journalists and editorial teams around the world, it is paramount that we are able to produce our content without risk to our staff’s security and safety," Lynch said. "Recently, the Russian government passed new censorship laws that now make it impossible for us to do so."
The move to suspend operations in Russia is out of concern for the safety of its employees, according to CEO Roger Lynch. (iStock / iStock)
The invasion of Ukraine created several headwinds for companies that have operations in Russia. Over the past week, numerous brands like Condé Nast have dropped ties with the country to protect its employees, its operations and in many cases, to support Ukraine.
McDonald's, Starbucks, Coca-Cola and PepsiCo all announced Tuesday that they will temporarily stop doing business in Russia.
UKRAINE NEWS: IKEA, H&M PAUSE RUSSIA OPERATIONS
Meanwhile, Estée Lauder announced on its website that the brand has suspended "all commercial activity" in the country, including "closing every store we own and operate," as well as its brand sites. It also paused shipments to any of its retailers in Russia.
Before that, Ikea
suspended operations at all 17 of its stores and paused exports and imports. H&M Group announced that it would temporarily pause all sales in Russia and Nike's Russian website noted that it can’t guarantee deliveries. FOX Business' Lucas Manfredi contributed to this report.
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