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Davos, Switzerland (CNN Business) Mykhailo Fedorov, Ukraine's minister of digital transformation, hadn't left the country since Russia invaded three months ago. But he traveled hundreds of miles from Kyiv to Davos, Switzerland, to send a message to some of the world's biggest technology companies: We need you to do more. Fedorov said in an interview with CNN Business that he met directly with Nick Clegg, head of global affairs at Meta, Facebook's ( FB ) parent company, at the World Economic Forum. He also had meetings with representatives from Microsoft ( MSFT ) and Google ( GOOGL ) . "Each of us can do even better," he said. Almost 500 tech companies have left Russia since President Vladimir Putin sent troops into Ukraine on February 24, by Fedorov's count. But he called out tech firms Cloudflare and SAP for continuing to operate in Russia, which he said undermines the effectiveness of the "digital blockade." "When a … [Read more...] about Ukraine has a message for Cloudflare and SAP: Get out of Russia now

Share to Twitter Share to Linkedin Topline U.S. sporting heavyweight Nike is exiting Russia after suspending operations in March, according to news reports on Wednesday, another symbolic departure of a major American brand as multinational firms including McDonald’s and Starbucks sever ties with Moscow for invading Ukraine. Key Facts While Nike temporarily closed most of its Russian stores in early March and withdrew its sponsorship of popular football club Spartak Moscow, a number of independently operated but authorized retail stores have remained open. Inventive Retail Group (IRG), Nike’s largest franchisee in Russia, said the sportswear brand had suspended shipments and supplies are running low, according to Russia’s Vedomosti paper on Wednesday. IRG, which operates 37 of Russia’s 56 remaining authorized Nike stores, also said the brand has not renewed its contract or offered them a new one to sign. The company’s … [Read more...] about Nike Is Reportedly Leaving Russia After Not Renewing Main Franchise Contract

- A + A (May 25): Russia will service its dollar debt in roubles after the expiry of a sanctions loophole closed the option of payments in the US currency, potentially putting Moscow on track to default. The announcement came a day after the US confirmed the end of the waiver, creating another headache for Russia as it tries to get funds to investors. A payment in roubles would breach the terms on a 2026 dollar bond with coupons due this Friday, triggering a 30-day grace period before Russia could potentially slip into default. Russia faces an “artificial situation created by an unfriendly nation,” Finance Minister Anton Siluanov said in a statement. “We have the money and the willingness to pay.” The rouble payments will be made to foreign investors’ type ‘C’ accounts, which they will be able to access after applying to Russia’s National Settlement Depository, the Ministry said. It’s unclear how that process would play out, however, and whether investors would … [Read more...] about Russia to service debt in roubles after US closes loophole

BRUSSELS (Reuters) - The European Commission proposed on Wednesday to make breaking European Union sanctions against Russia a crime, a move that would allow EU governments to confiscate assets of companies and individuals that evade EU restrictions against Moscow. Breaking EU sanctions on Russia is now a criminal offence in 12 EU countries. It is either an administrative or a criminal offence in 13 and two treat it only as an administrative offence, Justice Commissioner Didier Reynders said. Penalties for sanction breaking across the EU vary accordingly. The Commission proposal aims to unify that approach to make sanctions evasion a serious crime in all members of the 27-nation bloc, he told a news conference. "Today's proposals aim to ensure that the assets of individuals and entities that violate the restrictive measures can be effectively confiscated in the future," the Commission said in a statement. The EU has so far frozen 10 billion euros in physical assets and more … [Read more...] about EU to make breaking sanctions against Russia a crime, seizing assets easier

- A + A KYIV/KRAMATORSK, Ukraine (May 26): Russian forces on Wednesday pounded Ukrainian-held twin cities in the Donbas region that is now the focus of the three-month war, threatening to shut off the last main escape route for civilians trapped in the path of their advance. After failing to seize Ukraine's capital Kyiv or its second city Kharkiv, Russia is trying to take full control of the Donbas, comprised of two eastern provinces Moscow claims on behalf of separatists. Russia has poured thousands of troops into the region, attacking from three sides in an attempt to encircle Ukrainian forces holding out in the city of Sievierodonetsk and its twin Lysychansk. Their fall would leave the whole of Luhansk province under Russian control, a key Kremlin war aim. Police in Lysychansk are collecting bodies of people killed in order to bury them in mass graves, Luhansk regional governor Serhiy Gaidai said. Some 150 people have been buried in a mass grave in one … [Read more...] about Russia pounds Ukraine’s east as town buries dead in mass grave

ISTANBUL (Reuters) - President Tayyip Erdogan's pledge to carry out a new military incursion on Turkey's southern borders has triggered speculation about potential targets, with the Syrian town of Tal Rifaat emerging as a primary goal of any operation. Two days after Erdogan announced the plan, the pro-government Yeni Safak newspaper said on Wednesday preparations had been made for a new operation to expand "safe zones" already set up in northern Syria, with several goals identified. "Among the probable targets of the Turkish Armed forces and the (Turkey-backed) Syrian National Army, are Tal Rifaat, Ain al Arab (Kobani), Ain Issa and Manbij," the paper said. Turkish control of the towns, which lie on or close to a central stretch of the 911-km-long border with Syria, could extend and deepen its military presence from near the Mediterranean coast along nearly three-quarters of the frontier. So far, there have been few signs of military movements that preceded Turkey's last … [Read more...] about Erdogan’s vowed military operation returns spotlight to Syrian border towns

(Representative Image) Snap Inc's (SNAP.N) shares plunged nearly 40% on Tuesday after a profit warning from the Snapchat parent signaled tough times ahead for the once-booming digital ad industry, sparking a sector-wide selloff. The company was on course to erase more than $14 billion in market value, while Meta Platforms (FB.O) , Pinterest (PINS.N) , Twitter (TWTR.N) and Google-parent Alphabet (GOOGL.O) were altogether set to lose nearly $140 billion if losses hold. Snap said on Monday it expected to miss quarterly revenue and profits targets that it set just a month earlier and would have to slow hiring and lower spending. The bleak view from one of the sector's most known players underlines how the Russia-Ukraine war, surging inflation and rising interest rates are hobbling social media companies at a time when they had just started recovering the impact of changes to Apple's iOS operating system. … [Read more...] about Oh Snap! Social media firms sink after bleak warning from Snapchat parent

(In this series on Comeback Stocks, Investopedia looks up close at companies that have staged sustained stock turnarounds, their future challenges and prospects.) Shares of social media giant Facebook Inc. ( FB ) closed trading on Sept. 23, 2019 at $186.82, or 14.5% below their all-time high of $218.62 set in intraday trading on July 25, 2018, but this nonetheless represents a strong turnaround. The stock bottomed out at $123.02 on Dec. 24, 2018, after plummeting by 43.7% over the course of nearly five months. Since then, it has rebounded by 51.9%. From its own intraday low of 2,351.10 on that same day, the S&P 500 Index (SPX) has advanced by 27.3%. The Problem Facebook was under siege during the second half of 2018, beset by multiple controversies over data breaches, privacy violations, and efforts by foreign operatives, particularly in Russia, to influence U.S. public opinion and U.S. elections, including the 2016 presidential election. Facebook became a target … [Read more...] about Comeback Stocks: How Facebook Beat the Skeptics

U.S. stocks' losing streak is continuing this morning, with all three of the major averages falling on anticipation of higher interest rates ahead of tomorrow's Federal Reserve meeting and increasing tensions surrounding Russia and Ukraine. Key Takeaways U.S. stocks' losing streak is continuing this morning, with all three of the major averages falling. Anticipation of higher interest rates ahead of tomorrow's Federal Reserve meeting and increasing tensions surrounding Russia and Ukraine are hammering stocks. Bonds rose, while oil and cryptocurrency prices fell. Last week, the Nasdaq posted its biggest weekly decline since March 2020 on its way to a fourth-straight weekly decline. The Dow Jones Industrial Average and S&P 500 have dropped for three straight weeks—the Dow lost 4.6% last week, and the S&P 500 fell 5.7%. After a solid 2021, when all three major indexes notched double-digit gains, stocks this year are hitting the brakes as the Federal … [Read more...] about Downward Slide for Stocks Continues to Start the Week

U.S. stock futures are mixed as investors look to close out a volatile month of trading, with the Nasdaq gaining and the S&P 500 and Dow Jones dropping. The S&P 500 is set to end January 7% lower, its worst monthly performance since March 2020. The Nasdaq has lost 12% for the month, its worst month since October 2008. The Dow is down about 4% for January. Key Takeaways Stocks are mixed as traders look ahead to markets facing rising interest rates and geopolitical concerns after a wild January. Oil continues its upward march, and some analysts are predicting $100 per barrel by this summer. NXP Semiconductors, Otis Worldwide, and L3Harris Technologies are among companies reporting earnings today, with Alphabet, Amazon, and Meta reporting later this week. Oil prices continue to rise, set for their best monthly gain since February 2021, as some analysts see oil topping $100 a barrel for the first time since 2014. Light sweet crude is nearing $88 per … [Read more...] about Stocks Mixed to Start the Final Day of a Volatile Month