- Mozambique vote: no suspense but some disillusion
- Austrian rapper channels anti-racist rage in Romani hip-hop songs
- Ohtani magic powers Dodgers over Padres in MLB playoff thriller
- Five of the best: Pakistan-England Test thrillers
- Man sets arm on fire as marches across US mark Gaza war anniversary
- Vietnam's young coffee entrepreneurs brew up a revolution
- Trump rallies at site of failed assassination: 'Never quit'
- Too hot by day, Dubai's floodlit beaches are packed at night
- Is music finally reckoning with #MeToo?
- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Monaco take top spot in Ligue 1 with win at Rennes
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
- Thousands march in London in support of Palestinians, 1 year after Oct 7
- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
- 'Imperfect' PSG fighting on all fronts - Luis Enrique
- Struggling Pakistan look to thwart adaptable England
- Child 'trampled to death' in asylum seekers' Channel crossing: minister
- Gauff fights back to set up Beijing final against Muchova
- Guardiola claims Premier League won't delay season for Man City
- Israel to mark October 7 attack as Gaza war spreads
Renault hands Russian assets to Moscow, McDonald's says will exit Russia
The exodus of Western businesses from Russia deepened on Monday as French automaker Renault's local assets were effectively nationalised and fast food giant McDonald's said it would exit the market.
Renault handed over its local assets to the Russian government, both parties announced, marking the first major nationalisation since the onset of sanctions over Moscow's military campaign in Ukraine.
Meanwhile, American fast-food giant McDonald's said it would exit the Russian market and sell its business after more than 30 years of operations in the country.
Renault controlled 68 percent of AvtoVAZ, the largest carmaker in Russia with the country's top brand Lada, but was under pressure to pull out of the country since the start of Russia's military intervention in Ukraine in late February.
Renault has funnelled billions of euros into the Soviet-era factory since the two automakers signed a strategic partnership agreement in 2008.
No financial details were provided on Monday, but Russian Industry and Trade Minister Denis Manturov said in April that Renault planned to sell its Russian assets for "one symbolic ruble".
"Agreements were signed on the transfer of Russian assets of the Renault Group to the Russian Federation and the government of Moscow," the industry ministry said in a statement.
Under the agreement Renault will retain a six-year option to buy back the stake in AvtoVAZ.
The deal also included Renault's Moscow plant, which makes Renault and Nissan models.
"It was a brave and quick decision," Renault chief executive Luca de Meo told reporters.
- 'New page in history' -
De Meo said Russia and its car industry will likely "continue to suffer for a long time" from sanctions imposed over Ukraine.
He added that the company's Russian operations would have quickly faced bankruptcy and 45,000 people would have lost their jobs.
"We didn't have many choices. I think we did the right thing," he said.
De Meo did not disclose the financial details of the deal.
Renault indicated that a non-cash writedown of 2.2 billion euros will be made on the firm's Russia assets in the first half of 2022.
Renault's shares skidded 0.7 percent lower on Monday, and are down more than a third from before the invasion began.
Thanks to AvtoVAZ, Russia was Renault Group's second-largest market behind Europe last year, with around half a million vehicles sold.
Moscow mayor Sergei Sobyanin said production of passenger cars at the Renault plant would resume under the Soviet-era Moskvich (Muscovite) brand, which the French automaker had discontinued.
"We cannot allow thousands of workers to be left without work," Sobyanin said in a statement.
"In 2022, we will open a new page in the history of Moskvich," he added.
The first Moskvich cars were produced in 1946 and were inspired by Germany's Opel Kadett K38, but the brand's vehicles were notorious for their shoddiness.
Political commentator Anton Orekh said that it was unclear what Moscow authorities planned to do with the plant, but trying to make a new car from scratch in the absence of access to foreign technologies and components would be akin to throwing "billions to the wind."
- McDonald's exiting Russia -
Since President Vladimir Putin sent troops into Ukraine on February 24, Renault has had difficulty keeping its operations going due to a lack of components following the imposition of Western sanctions.
The conflict and sanctions have triggered an exodus of foreign corporations.
Russian authorities said they were ready to nationalise foreign assets, and some officials assured Russians that their favourite brands would have domestic alternatives.
In March, citing "unspeakable suffering to innocent people", McDonald's closed all of its 850 restaurants in the country.
On Monday, the company said it was looking to sell "its entire portfolio of McDonald's restaurants in Russia to a local buyer".
The company added that after the sale, the restaurants would no longer be able to use the McDonald's name, logo, branding or menu.
The restaurant chain, which launched in Moscow in January 1990 to great fanfare almost two years before the Soviet Union was dissolved, characterised the withdrawal as difficult but necessary.
"We're exceptionally proud of the 62,000 employees who work in our restaurants, along with the hundreds of Russian suppliers who support our business, and our local franchisees," chief executive Chris Kempczinski said in a statement.
"However, we have a commitment to our global community and must remain steadfast in our values."
McDonald's shares were down 0.6 percent in midday trading in New York.
B.Godinho--PC