McDonald's Corp on Monday became one of the biggest global names to exit Russia, laying out plans to sell all its restaurants after operating for more than 30 years in the country following its invasion of Ukraine. The world's largest burger chain, which owns about 84% more its nearly 850 restaurants in Russia, will take a related non-cash charge of up to $1.4 billion. McDonald's had in March decided to close its restaurants in the country, including the iconic Pushkin Square location in central Moscow - a symbol of flourishing American capitalism in the dying embers of the Soviet Union. FILE PHOTO: A logo of the McDonald's restaurant is seen in the window with a reflection of Kremlin's tower in central Moscow, Russia March 9, 2022. REUTERS/Maxim Shemetov In the Russia of the ...
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With the EU banning Russian aircraft from operating in its airspace due to Russia’s invasion of Ukraine, these nations are likely to receive very few Russian tourists this summer says GlobalData. According to the leading data and analytics company, Russia was the fifth ranked country globally in terms of international departures in 2021, with 13.7 million. According to GlobalData, in 2021, almost 20% of all outbound and domestic trips in Russia occurred in the months of June and July. Additionally, travelers from Russia spent a total of $22.5 billion in 2021, which put it in the top 10 source markets globally for total outbound tourist expenditure. Russian Tourists walk at the beach in Phuket, Thailand March 8, 2022. REUTERS/Jorge Silva Ralph Hollister, Travel and Tourism Analyst...
Read MoreA day after coal and fertilizer billionaire Andrey Melnichenko was placed on the European Union's sanctions list on March 9, his superyacht Motor Yacht A stopped broadcasting its location while in Maldives' waters, maritime data shows. In Italy, four days later, authorities seized another of Melnichenko's vessels – the world's largest sailing yacht, estimated by Italian financial police to be worth $578 million. Switching off devices that allow authorities to track a ship's whereabouts can help keep yachts out of their sight. FILE PHOTO: Super yacht 'Motor Yacht A', owned by Russian tycoon Andrey Melnichenko, is seen in front of the Monaco harbour. REUTERS/Stefano Rellandini But in Maldives, the chances of action against the property of sanctioned oligarchs are in any case sli...
Read MoreThe International Air Transport Association (IATA) announced that air travel posted a strong rebound in February 2022 compared to January 2022, as Omicron-related impacts moderated outside of Asia. The war in Ukraine, which began on 24 February, did not have a major impact on traffic levels. Total traffic in February 2022 (measured in revenue passenger kilometers or RPKs) was up 115.9% compared to February 2021. That is an improvement from January 2022, which was up 83.1% compared to January 2021. Compared to February 2019, however, traffic was down 45.5%.February 2022 domestic traffic was up 60.7% compared to the year-ago period, building on a 42.6% increase in January 2022 compared to January 2021. There was wide variation in markets tracked by IATA. Domestic traffic in February ...
Read More533 feet long Eclipse is one of the world’s biggest yachts A second superyacht linked to Russian billionaire Roman Abramovich docked in a Turkish resort on Tuesday and sources familiar with the discussions said he and other wealthy Russians were looking to invest in Turkey given sanctions elsewhere. Western governments have targeted Abramovich and several other Russian oligarchs with sanctions as they seek to isolate President Vladimir Putin and his allies over Moscow's invasion of Ukraine. Eclipse, a superyacht linked to sanctioned Russian oligarch Roman Abramovich, is docked in Marmaris, Turkey March 22, 2022. REUTERS/Yoruk Isik While strongly criticising the invasion, Turkey has said it opposes sanctions imposed by its NATO allies on principle. That could set it up as...
Read MoreWhen 75-year-old Svetlana and her family from the city of Krivoy Rog in central Ukraine reached the snow-covered Putna Monastery in the rolling hills of northeastern Romania, they had been on the road for four days. The monks living at the remote 15th century Romanian Orthodox monastery, a pilgrimage site that sits in a valley covered in dense forest, have opened its doors to people like Svetlana who have fled Ukraine to neighbouring countries in their millions since Russia began its invasion on Feb. 24. Romanian Orthodox monk, Father Mikhail, departs after the mass at the Church in Putna Monastery, Putna, Romania, March 8, 2022. REUTERS/Clodagh Kilcoyne Of those, more than 400,000 people have already crossed into Romania, and numbers are expected to rise as Russia continues what...
Read MoreWhen planeloads of Russian tourists left Cuba this week, their vacations interrupted by war in Ukraine, it marked a sad day in the resort town of Varadero, a visible sign the conflict will rattle the island nation's fragile economy. Varadero, a finger of white sand extending out into the blue Caribbean sea, has long been a magnet for Russians fleeing the northern winter. In 2021, with much of the world hunkered down amid the coronavirus pandemic, visitors from Russia soared to 40% of total arrivals in Cuba, according to government figures. Tourists sunbathe at the beach in Varadero, Cuba, March 7, 2022. REUTERS/Amanda Perobelli Varadero's beaches, usually teeming with tourists at this time of year, are suddenly quiet, said Yanet Costafreda, who sells trinkets to tourists along...
Read MoreThe recovery in air travel slowed for both domestic and international in January 2022 compared to December 2021, owing to the imposition of travel restrictions following the emergence of Omicron last November. The International Air Transport Association (IATA) said this according to its latest traffic data. The main highlights of the latest findings were: Total demand for air travel in January 2022 (measured in revenue passenger kilometers or RPKs) was up 82.3% compared to January 2021. However, it was down 4.9% compared to the previous month (December 2021) on a seasonally adjusted basis.January domestic air travel was up 41.5% compared to the year-ago period but fell 7.2% compared to December 2021 on a seasonally adjusted basis.International RPKs rose 165.6% versus January 2021 bu...
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