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Here’s what you need to know
Ukraine ceded control of Mariupol to Russia. Ukrainian soldiers were ordered to abandon the steel plant that had served as the site of a months-long siege.
UK inflation hit highest level in 40 years. Soaring to 9%, the increase is in part due to escalating gas and electricity costs pushing household energy bills to record levels.
Insurance company Allianz will pay $6 billion over a massive fraud scheme. Its investment subsidiary will also plead guilty to misrepresenting the risk posed by a group of its hedge funds.
The Cannes Film Festival kicked off with a remote address from Ukraine’s president. Volodymyr Zelenskyy’s speech centered on how cinema can spread democratic ideals.
What to watch for
McDonald’s expects its Russia shutdown will cost the business $50 million a month, but that’s just 3% of the fast-food chain’s operating income. The impact on Russia itself will be much bigger.
As companies flee the country, their employees will be set adrift in an economy where inflation is at a 20-year-high, and where diverse, flourishing jobs were hard to find even before the Ukraine war. The 62,000 people who could be let go from McDonald’s, whose history in the country is a handy lens for viewing Russia’s regression to the Soviet era, may add their numbers to a jobs crisis already in progress.
“This is probably the biggest, boldest corporate social responsibility” for the industry, restaurant consultant Aaron Allen told Quartz. “It’s a whole new scale of measurement because it’s not just swapping out non-dairy and alternative proteins.” In making this kind of bold move, McDonald’s pushes others in the restaurant industry to consider what they’ll do. Yum! Brands, another huge restaurant operator in Russia and owner of KFC, Pizza Hut, and Taco Bell, may be next to pull out.
Ryanair’s CEO has a lot to say about Boeing
Airline executives are bristling at Boeing’s uneven performance and late airline deliveries.
But no one’s putting it better than Michael O’Leary, CEO of Ryanair, who ranted that Boeing’s management is “running around like headless chickens” and needs “a reboot or a boot in the arse.”
Listen to O’Leary’s highly entertaining four-minute diatribe in full—though you may not want to do so with young, impressionable ears around.
Pop quiz: We have dyslexia to thank for what brand’s famous product names?
In the English-speaking world, dyslexia has become a great unequalizer, pushing those with means into lucrative careers, and those without to the bottom of the socioeconomic ladder. But as technology mediates and alters how we read, the economic playing field could be leveled for those with dyslexia.
🎧 Listen to this week’s episode of the Quartz Obsession podcast to learn why defining dyslexia has been so controversial.
Answer: IKEA, listen to find out how it all happened!
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In a city of quiet roads, not a car was sold. Shanghai recorded zero car sales in April due to lockdown restrictions.
A new museum will exhibit repatriated art. The Bët-bi community and cultural center in Senegal will be a temporary home for looted African art returned from Western collections.
Apparently 2.5-dimensional materials exist. And they could be used in everything from solar cells to quantum computers. Just don’t ask us how it works.
Ramen is the new fries. In other food news, Burger King Japan is now offering crispy ramen to make up for national potato shortages.
Our best wishes for a productive day. Send any news, comments, Oreo pizzas, and creative Boeing insults to email@example.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Sarah Todd, Samanth Subramanian, Michelle Cheng, Julia Malleck, Amanda Shendruk, and Susan Howson.
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