Hello Readers! Our weekly Inside Business Roundup now has a new home on Inside.com's Social News Site. We will launch the beta version of the site on Monday, March 7. For more information visit https://republic.com/inside. I cannot wait to engage with you all on there. See you on the Inside! | |  Vanessa |  |
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 FT montage/AFP/Getty/Reuters Russia has presented three options for foreign companies operating there amid a cascade of sanctions imposed against the country. On Friday, Russian First Deputy Prime Minister Andrei Belousov in a statement said the three options were: a.) the company can continue working in Russia, b.) foreign shareholders can transfer their shares to be managed by Russian partners with the option to return to the market later, or c.) the company permanently terminates its operations in Russia, closes production, and dismisses employees. More: - Each option presents its own risks.
- Companies that might choose to stay would face public criticism in western markets.
- Companies that transfer control have no guarantees, and those that decide to shut down operations completely face huge losses.
- Since Russia’s invasion of Ukraine last Thursday, several western companies announced various actions from stopping sales and operations to completely exiting the country.
- On Friday, the Russia Rouble fell to 121 roubles to a dollar, down from last Friday’s 83 roubles to a dollar, a 46% drop.
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Several western brands have left Russia following multiple sanctions imposed against the country. Brands from various sectors, including energy, tech, and entertainment, have taken different actions in protest of Russia’s invasion of Ukraine. Oil companies ExxonMobil, BP, and Shell are offloading their Russian investments, while Apple and Dell have both announced they would be suspending product sales in the country. More: - On Friday, Microsoft announced it would suspend new sales of its products and services in the country.
- Microsoft has also removed the apps of Russian state-controlled media RT from its Windows App Store.
- Facebook parent Meta Platforms and Alphabet’s Google and YouTube have also restricted Russian state media companies from generating ad revenue on their platforms.
- On Wednesday, Swedish clothing brand H&M announced it was suspending all sales in Russia, citing the tragic developments in Ukraine.
- Russia is H&M’s sixth biggest market and accounted for 4% of the company’s group sales in Q4 2021.
- H&M has 170 physical stores in Russia.
- Luxury brand Hermes announced on Friday it was temporarily closing its stores in Russia and suspending all sales in Russia.
- Airbnb announced on Friday it was suspending all operations in Russia and Belarus.
In related news: - Russia has retaliated in various ways against actions taken against it.
- On Friday, Russia’s media regulator said it would block Facebook in the country, claiming the tech company violated Russian federal law by restricting access to accounts of several state-affiliated media outlets.
- On Thursday, Russia announced it would stop supplying the U.S. with rocket engines.
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The U.S. economy added 678,000 workers in February, the strongest job growth in seven months. According to a report from the Labor Department, unemployment fell to its lowest level since the pandemic to 3.8%, down from 4% reported in January. Wages rose 5.13% YoY. The report is a snapshot of the labor market in mid-February, meaning it does not reflect the impact, if any, of the ongoing Russia-Ukraine war. More: - The hospitality industry, including hotels, restaurants, etc., led in hiring in February, adding 179,000 workers, accounting for about 25% of all new employment.
- Other sectors with strong gains include professional and business services, healthcare, construction, and retail.
- The labor force participation rate rose to 62.3%.
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 Sony's CEO Kenichiro Yoshida at the unveiling of Sony's EV prototype | Getty Images Japanese companies Honda and Sony announced they would form a joint venture to develop electric vehicles that could go on sale as early as 2025. The partnership would allow Sony to deploy its advanced sensor technology, which is critical for autonomous driving. Honda would oversee the manufacturing of the EV at its plant, while Sony would develop the mobility service platform for the new company. More: - In January, Sony announced a new business, Sony Mobility Inc., to “explore entry” into the EV market and unveiled a prototype.
- The EVs produced under this joint venture with Honda would have a distinct brand from Honda.
- In 2020, Honda and GM announced they would be collaborating on investments in new technologies to save costs.
- Last April, Honda announced it would completely transition from combustion engine vehicles to EVs by 2040.
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 The D'Amelio family | Getty Images The D’Amelio family, the family of TikTok influencer sisters Charli and Dixie D’Amelio, launched a VC fund, 444 Capital, with a target to raise $25M. The family is partnering with Doug Renert of Tandem Capital and producer Jeff Beacher of Beacher Media Group on the fund. The fund will focus on high-growth companies with strong end-user brands in fintech, healthcare, edtech, and other B2B2C platforms, including direct-to-consumer. More: - Some of the $25M targeted for the fund has been raised and deployed.
- The D’Amelio family said the fund will focus on women and minority-led startups.
- In a joint statement, sisters Dixie and Charli D’Amelio noted the family aims to help a new generation of female and minority entrepreneurs build great companies and level the startup playing field.
- Greg Goodfried, Head of the D’Amelio Family Enterprises, said the fund will join other top VCs to invest in Series A and later rounds.
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Wholesale retailer Costco released its Q2 FY2022 earnings report on Thursday, beating analysts’ expectations across the board. The company reported Q2 total revenue of $51.9B, a 16% increase YoY, including $50.1B in net sales. Net income was $1.3B or $2.92 per share, a 37% increase YoY. More: - Costco operates 828 warehouses worldwide, including 572 in the U.S. and Puerto Rico.
- Same-store sales rose 11.1%, and digital sales rose 12.6% in the quarter.
- Costco shares fell ~1% in extended trading on Thursday. It closed at $525.50 a share on Friday, down 1.4% for the day.
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- On Friday, Russian forces captured Europe’s largest nuclear plant in Zaporizhzhia in southeastern Ukraine in an assault that set fire to one of the buildings on the premises. According to the International Atomic Energy Agency (IAEA), no nuclear reactors or essential equipment were damaged, and radiation levels were unaffected.
- On a recent podcast, White House Chief of Staff Ron Klain said President Biden is still considering student loan forgiveness. Klain said a decision on whether to forgive student debt through executive action would be made before the payments resume in May.
- Disney announced it would offer a new ad-supported tier for its Disney+ streaming service. The ad-supported tier is expected to launch in the U.S. later this year.
- Tesla received local approvals in Germany to formally begin EV production at its new plant outside Berlin. The approvals come with environmental conditions, including water usage and pollution controls.
- NATO has rejected Ukraine’s call for a no-fly zone over the country to protect its skies from Russian missiles and warplanes. Ukraine President Volodymor Zelenskyy criticized the decision, saying it allows Russia to continue bombing the country.
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Upcoming Events - March 08 - Digital Identity in the Age of Virtual Worlds with David Lucatch (Liquid Avatar) (Register Here)
- March 08 - Venturing in VC - Episode #10 with Alda Leu Dennis (Initialized Capital) (Register Here)
- March 10 - NoCode's impact on the Gig Economy with Sharath Kuruganty (Register Here)
- March 17 - Understanding Million Dollar Virtual Real Estate with Neil Mandt (Metaverse Rights) (Register Here)
- March 23 - Need to Know NoCoder: Nichole Bestman (Bubble) (Register Here)
- March 31 - How To Build In Web 3.0 (Register Here)
- April 04 - Blockchain and the Law (Register Here)
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- April 28 - Alternative Investments 2: Crypto Safety Standards (Register Here)
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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Labelbox is a training data platform designed to increase model performance faster and with less data. | |
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