The Coca-cola company Suspending Russian Operations
Source: Guardian
The Coca-cola company is the latest multinational brand to announce that they will also be temporarily suspending all business in Russia, following similar announcements today from McDonalds and Starbucks.
In a statement released today, Coco-cola shared the decision, stating:
The Coca-Cola Company announced today that it is suspending its business in Russia.
Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine.
We will continue to monitor and assess the situation as circumstances evolve.
Read more: https://www.theguardian.com/world/live/2022/mar/08/ukraine-news-russia-war-vladimir-putin-volodymyr-zelenskiy-kyiv-russian-invasion-live-latest-updates
Emile
(21,916 posts)OneBlueDotS-Carolina
(1,371 posts)They left a couple of years ago.
Edited to add a clarification. So they are there, but not there. They still operate their investment banking operation.
My apologies as I recalled they had left Russia completely. maybe they still do superyacht & high-end personal jet financing.
Central Bank of Russia Cancels Banking License of Morgan Stanley
The cancellation is part of Morgan Stanleys efforts to scale down its business in Russia.
Wednesday, 27/05/2020 | 06:29 GMT-5 by Celeste Skinner
In particular, the First Deputy Chairman of the Bank of Russia, Chairman of the Banking Supervision Committee D. Tulin, ordered the cancellation of Morgan Stanley Bank Limited Liability Companys license this Wednesday to conduct banking operations with a credit institution.
However, in a statement provided to Finance Magnates today, the bank said that although it will be scaling down its business, it will still have an office in Russia and employ people within the country and will still offer investment banking and capital market activities.
Going forward, Morgan Stanley will maintain its longstanding on-the-ground presence in Moscow and will be operating its investment banking and global capital markets activities in Russia through its subsidiary LLC Morgan Stanley, a spokesperson from Morgan Stanley said.
https://www.financemagnates.com/forex/regulation/central-bank-of-russia-cancels-banking-licence-of-morgan-stanley/
FarPoint
(12,209 posts)List posted here in DU of companies still there as of yesterday .Starbuck is still open with 130 stores, Pepsi, Heinz....
onecaliberal
(32,489 posts)FarPoint
(12,209 posts)This bothered me all day too that they were still there...This will make an impact.
onecaliberal
(32,489 posts)FarPoint
(12,209 posts)I just saw a thread post saying Pepsi has pull out too...Didn't get to read it yet ..I'm working and reading stuff on my phone .
onecaliberal
(32,489 posts)FarPoint
(12,209 posts)I just saw a thread post saying Pepsi has pull out too...Didn't get to read it yet ..I'm working and reading stuff on my phone .
yaesu
(8,020 posts)I'm not sure if this means suspending all sales like the titles are saying
The company will be suspending all capital investments, advertising, and promotional activities in Russia and will stop operations in Ukraine to allow associates to seek safety as war escalates in the country.
The announcement from PepsiCo follows an earlier report from the Wall Street Journal today that PepsiCo officials were working to see how they could avoid a suspension of business in the country despite announcements from McDonalds, Starbucks, and most recently, Coca-Cola that they would suspend business in Moscow:
OneBlueDotS-Carolina
(1,371 posts)Heres a statement from PepsiCos CEO Ramon Laguarta about the companys decision to suspend its business in Russia and operations in Ukraine:
As the tragic war continues in Ukraine, I wanted to update everyone on PepsiCos activities in the region.
As many of you know, we have been operating in Russia for more than 60 years, and we have a place in many Russian homes. Pepsi-Cola entered the market at the height of the Cold War and helped create common ground between the United States and the Soviet Union. However, given the horrific events occurring in Ukraine we are announcing the suspension of the sale of Pepsi-Cola, and our global beverage brands in Russia, including 7Up and Mirinda. We will also be suspending capital investments and all advertising and promotional activities in Russia.
As a food and beverage company, now more than ever we must stay true to the humanitarian aspect of our business. That means we have a responsibility to continue to offer our other products in Russia, including daily essentials such as milk and other dairy offerings, baby formula and baby food. By continuing to operate, we will also continue to support the livelihoods of our 20,000 Russian associates and the 40,000 Russian agricultural workers in our supply chain as they face significant challenges and uncertainty ahead.
Our first priority continues to be the safety and security of our fellow Ukrainian associates. We suspended operations in Ukraine to enable our associates to seek safety for themselves and their families, and our dedicated crisis teams in the sector and region continue to closely monitor developments in real time.
We are also continuing to provide aid on the ground to assist Ukrainian refugees in neighboring countries. Our business has donated food, milk and refrigerators to relief organizations, and were ramping up production of foods and beverages in neighboring countries to meet the increased need. We are also donating a total of $4 million to the Red Cross in Poland, World Vision in Romania, the World Food Program, World Central Kitchen and Save the Children. And we continue to match up to $1 million raised from PepsiCo employees through our Gift Matching Campaign. The number of associates expressing concern for our colleagues and a genuine desire to help has been truly inspiring, with some of you even volunteering to take refugees into your homes. Your kindness and generosity speak volumes about our company, and we will continue working to support your efforts.
My heart goes out to all those who are caught in the middle of this deadly conflict. As it so often does, war is falling hardest on the innocent. War is never an answer, and we join all those calling for a speedy, peaceful resolution.
yaesu
(8,020 posts)for them as far as shareholder lawsuits, franchise contracts, ect... but I'm sure that concern weighed on their decision.
OneBlueDotS-Carolina
(1,371 posts)Previous decisions by Deutsche Bank AG, Finlands Nordea Bank Abp and others to retrench in Russia may have been prudent. Deutsche Banks credit exposure there was 7.9 billion euros ($9 billion) in 2012 but that had fallen almost 70% by the end of 2016 after it shuttered a securities unit amid a money-laundering scandal. Morgan Stanley gave up its Russian banking license in 2019.
Putin has laid a marker down, said Jon Corzine, who ran Goldman Sachs Group Inc. until 1999, became a U.S. senator and now runs a hedge fund. That will make it very difficult to have any confidence in doing any serious business there for a very long period of time for most U.S. and western investors.
https://finance.yahoo.com/news/banks-stuck-russia-face-biggest-120018742.html
Emile
(21,916 posts)twodogsbarking
(9,312 posts)Emile
(21,916 posts)No one can tell you what to do. But, would you WANT to do business with such a company? Seems to me that MS is willing to compromise their moral compass for the sake of the almighty dollar. Is that a company you want to trust and benefit?
Bev54
(9,963 posts)The franchises in Russia was originally owned by a Canadian, not sure if he remains the owner but it sounds like it could be.
OneBlueDotS-Carolina
(1,371 posts)Bev54
(9,963 posts)FeelingBlue
(667 posts)yaesu
(8,020 posts)ananda
(28,783 posts)None of them are doing this out of the goodness of
their hearts.
ZonkerHarris
(24,156 posts)money to make.
It's convenient for them and let's them look good
Would YOU keep a store open and accept worthless paper as payment?
Ruble is worth less than one penny right now.
LetMyPeopleVote
(144,005 posts)TomSlick
(11,035 posts)Gore1FL
(21,035 posts)Good on Coke.
LudwigPastorius
(8,944 posts)Now, you're going to have to answer to the Coca Cola company.
Samrob
(4,298 posts)I bet someone has stolen the formula, tho.