Business
Russia Issues Google with ‘Unpayable’ Fine for Media Restrictions
A Russian court has imposed a staggering fine on Google amounting to two undecillion roubles—equivalent to $20,000,000,000,000,000,000,000,000,000,000,000 USD—for limiting Russian state media channels on YouTube. This unprecedented sum vastly exceeds Google’s valuation of around $2 trillion and even surpasses the global GDP, estimated at $110 trillion by the IMF.
The fine reportedly grows exponentially, doubling daily for each day it remains unpaid, according to the state news agency Tass. Kremlin spokesman Dmitry Peskov commented, admitting he “cannot even pronounce this number,” but urged Google’s leadership to take heed of Russia’s demands.
The fine relates to Google’s restriction of 17 Russian media channels on YouTube, which began in 2020 and intensified following Russia’s 2022 invasion of Ukraine. Western companies, including Google, scaled back operations in Russia amid tightened sanctions and European bans on Russian media, prompting reciprocal actions from Moscow.
Google has not issued a public statement on the matter, and the company has yet to respond to media requests for comment. This immense penalty marks a significant new phase in the ongoing tensions between Russia and the U.S.-based tech giant.
Business
Warren Buffett Reduces Apple Stake Again, Selling Nearly a Quarter in Q3
Warren Buffett has further scaled back his investment in Apple, marking the fourth consecutive quarter of downsizing Berkshire Hathaway’s largest equity holding. According to the company’s third-quarter earnings report released on Saturday, Berkshire Hathaway held $69.9 billion worth of Apple shares as of the end of September. This figure suggests Buffett sold nearly 25% of his Apple stake, leaving the conglomerate with approximately 300 million shares.
Overall, Berkshire’s position in the tech giant has decreased by a substantial 67.2% since the third quarter of last year. Buffett, known as the “Oracle of Omaha,” began reducing his Apple investment in late 2023 and intensified the sales during the second quarter of this year, surprising many by offloading nearly half of his holding at that time.
Despite the sell-off, Apple remains a significant asset for Berkshire Hathaway, reflecting Buffett’s earlier confidence in the company that became a major pillar of his investment portfolio. The reasons behind the consistent reduction of the stake remain closely watched as the investment community speculates on the billionaire’s strategic moves.
Business
Reynolds and McElhenney Expand Wrexham Ventures with Brewery Acquisition
Hollywood actors Ryan Reynolds and Rob McElhenney have expanded their Wrexham AFC empire, now adding the renowned Wrexham Lager brewery to their ownership portfolio. Already known as the oldest British lager brewery, Wrexham Lager holds a historic 140-year-old recipe and has long been linked to Wrexham AFC as a sponsor.
“We’re excited to help write the next chapter of Wrexham Lager’s storied history,” said Reynolds and McElhenney, who humorously noted that their time as club owners has taught them “the intricacies of the offside rule and the occasional need for beer — especially after finance meetings.”
Since their initial £2 million takeover of Wrexham AFC in February 2021, the club has thrived under their leadership, climbing from the National League back into the Football League and currently standing third in League One. The owners celebrated the brewery acquisition in a lighthearted YouTube video, using telegraph keys to “speak,” and joked that the 1882 technology left them “literally speechless.”
Business
McDonald’s Apologises for E. Coli Outbreak Amid Struggles with Declining Sales
McDonald’s CEO Chris Kempczinski has issued a public apology following an E. coli outbreak linked to the chain’s Quarter Pounders in the U.S., marking a significant setback as the company grapples with declining sales. “We are sorry for what our customers experienced,” Kempczinski said. “We offer our sincere and deepest sympathies and are committed to making this right.”
The outbreak has led to a proposed class-action lawsuit from two affected customers, while others have also taken legal action. Despite these challenges, executives assured investors that the public health scare was contained and unlikely to have a lasting impact on sales.
However, the incident has added to existing pressures McDonald’s faces as budget-conscious consumers dine out less frequently. In the three months leading to September, sales at stores open for at least a year dropped by 1.5%, following a 1% decline in the previous quarter. This marks the chain’s steepest sales fall in four years.
International markets, including the UK, France, China, and the Middle East, were hit particularly hard. Despite the struggles, McDonald’s has seen some positive momentum in the U.S., where a $5 Happy Meal promotion and the introduction of a new chicken sandwich have helped boost customer interest.
Kempczinski emphasized that the company remains focused on providing “value and affordability” to attract budget-conscious customers as they continue to be mindful of their spending.
This apology and effort to rebuild trust come at a crucial time as McDonald’s aims to stabilize its global performance and regain consumer confidence following the outbreak.
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