The daily business briefing: July 18, 2022

H&M announces it's leaving Russia, Boeing says it's "very close" to resuming 787 Dreamliner deliveries, and more

H&M in Moscow
(Image credit: AFP via Getty Images)

1. H&M says it's pulling out of Russia

H&M said Monday it will leave Russia, joining a growing number of companies pulling out in the wake of Moscow's invasion of Ukraine. H&M suspended its Russia operations in early March as Western nations imposed sanctions on the country, and it will reopen stores temporarily to sell off inventory. H&M is the world's second biggest fashion retailer, and Russia was its sixth biggest market. The move by the Swedish company, which has 170 stores in Russia, will affect about 6,000 employees. Before the invasion, the company had been adding stores in the country while cutting back in some other markets. Chief Executive Helena Helmersson said in a statement that continuing to do business in Russia was "impossible given the current situation."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.