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Uniqlo owner stays in Russia as Netflix and AMEX cut ties

Uniqlo owner stays in Russia as Netflix and AMEX cut ties

  • Netflix suspends service in Russia
  • Danone suspends its investments in Russia
  • KPMG, PwC and EY cut ties with local units
  • AMEX calls Ukraine attack ‘unjustified’

MARCH 7 (Reuters) – Fast Retailing, owner of Uniqlo (9983.T) It will keep its stores in Russia open, joining a small group of international companies that have stayed in place even as dozens of major brands have paused operations or exited the country due to their invasion of Ukraine.

“Clothes are a necessity of life. The Russian people have the same right to live as us,” said the CEO of Japanese clothing retailer Tadashi Yanai, in remarks first published by Nikkei, adding that every country should oppose war.

Political pressure is mounting on companies to stop doing business in Russia while sweeping sanctions affecting everything from global payment systems to a range of high-tech products have complicated operations.

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Major shippers have blocked container routes to and from Russia and several Western companies including Nike Inc, Swedish home furniture retailer Ikea, and British energy giants BP and Shell. (sigh) Stores closed or announced plans to exit Russia.

On Sunday, the Netflix giant, three of the Big Four accounting firms KPMG, EY, PricewaterhouseCoopers LLP (PwC) and credit card company American Express, broadcast (AXP.N) Cut ties with Russia.

Danone French Yogurt Maker (DANO.PA)The company, which generates about 6% of its sales in Russia and Ukraine, said on Sunday that it was suspending investment in Russia and that one of its factories had closed in Ukraine. Read more

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McDonald’s Corp. (MCD.N) and PepsiCo Inc (PEP.O) It is among the companies that continue to operate in Russia, prompting a New York state pension fund – one of the couple’s shareholders – to urge them to consider stopping their operations there temporarily. Read more

Russia said on Monday it would stop fires and open humanitarian corridors in several Ukrainian cities, after fighting halted evacuation efforts at the weekend and the number of civilian casualties mounted. Read more

Russia described the campaign it launched on February 24 as a “special military operation”. It has denied attacking civilian areas and says it has no plans to occupy Ukraine.

The sun sets behind the skyscrapers at the Moscow International Business Center, also known as “Moscow City,” in Moscow, Russia, on April 23, 2018. REUTERS/Anton Vaganov

A spokesperson for Fast Retailing told Reuters that the company had not noticed any noticeable impact on the supply chain or logistics in Russia. They said last week that the company had no plans to suspend operations in the country, where Uniqlo has 49 stores.

Chinese video app TikTok said on Sunday it would suspend live broadcasts and upload videos on its platform in Russia while it reviews the implications of a new media law signed by President Vladimir Putin on Friday.

“We have no choice but to suspend live broadcasts and new content on our video service while we review the security implications of this law,” the social media company said in a series of messages. Twitter posts. It said in-app messages would not be affected by the decision.

‘unfair attack’

Several companies strongly condemned Russia’s actions as they suspended their services in the country.

“In light of the ongoing and unprovoked Russian attack on the people of Ukraine, American Express is suspending all operations in Russia,” it said on its website. Read more

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“Given the conditions on the ground, we have decided to suspend our service in Russia,” a Netflix spokesperson said. Read more

Earlier, Netflix paused all projects and future acquisitions in Russia and said it had no plans to add state-run channels to its Russian service, despite regulations requiring it to do so.

Companies KPMG, PwC and EY have said they will cut ties with their Russian operations, affecting thousands of employees. Read more

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Additional reporting by Akriti Sharma in Bengaluru, Chris Gallagher in Washington, DC, and Rocky Swift in Tokyo; Written by Anna Driver and Sayantani Ghosh; Editing by Diane Craft, Kirsten Donovan

Our criteria: Thomson Reuters Trust Principles.