Roundup: McDonald's says 3 more Russian restaurants closed; Fed Chair Yellen's assets up 8% during 2013; more
McDonald's closes 3 more sites in Russia amid safety inspections
McDonald's has temporarily closed three more restaurants in Russia because of mass unscheduled inspections by Russia's food safety watchdog, the company said in a statement on Thursday. The state agency previously closed three McDonald's restaurants in Moscow, one in Stavropol and one in Yekaterinburg in the Urals region, and revealed sweeping checks at its outlets across the country.
The watchdog said it ordered the closures for sanitary reasons, but they coincided with heightened tensions over the Ukraine crisis, in which the United States and European Union have imposed sanctions on Russia, and Moscow has hit back by banning a wide range of Western food imports. McDonald's said a restaurant in Serpukhov in the Moscow region was temporarily closed, as well as two restaurants in Sochi.
Yellen's assets gained 8% during 2013
Federal Reserve Chair Janet Yellen's assets rose in value by at least 8 percent during 2013, raising their total to between $5.3 million and $14.1 million, according to her latest financial disclosure released on Thursday.
Yellen's biggest asset is a trust fund she set up in 1992 with her husband, George Akerlof, a Nobel Prize-winning economist. The value of the trust fund is estimated at between $1 million and $5 million. Yellen's assets have likely been driven up in value by a rebounding economy and a rising stock market.
In 2012, her disclosure form estimated her assets at between $4 million and $13 million. Some of Yellen's listed assets belong to her alone; others are co-owned with Akerlof. The disclosure documents provided only a broad range rather than a specific figure for total assets.
Apple to debut products in notable venue
Apple's latest product release will be in a setting that holds a special place in its history, signaling how big this event is for the company.
The Sept. 9 event, which is expected to feature a larger iPhone and possibly a computerized watch, will be in the same Silicon Valley venue where Apple's late co-founder, Steve Jobs, took the wraps off the original Mac computer 30 years ago. That machine was hailed as a major breakthrough that helped bring personal computing to the masses.
These events have become an annual rite since the 2007 release of the iPhone, but this year's could be the most highly anticipated since the iPad was released in 2010. A “smartwatch” or other wearable technology would mark the company's first foray into a new product category since the iPad's debut.
Other business news
• Mylan Inc. said it was the first company to file an application with the Food and Drug Administration for generic Copaxone, a drug used to treat multiple sclerosis. If the FDA approves, Mylan would get 180 days of exclusive sales of generic Copaxone, which is made by Israel's Teva Pharmaceuticals and had American sales of $411.5 million in the 12 months ended June 30.
• The Operating Engineers Local 66 union in Pittsburgh said it would keep Highmark Inc. as the health insurer for its 7,000 members.
— Staff and wire reports