Axios

WW, the company formerly known as Weight Watchers, used a weight loss app targeted toward minors to illegally collect personal information from children under 13, violating children's privacy laws, the Federal Trade Commission said Friday.

Why it matters: The FTC stated that WW and the app, Kurbo, violated the FTC’s Children’s Online Privacy Protection Act Rule (COPPA Rule), which requires apps or online services that collect data from kids to get parental permission.

The economic and market ramifications stemming from the Russian invasion of Ukraine illuminate the interconnectedness of the global economy, even when direct relations between countries are limited.

Why it matters: The U.S. doesn’t do much business with Russia — at least compared with more significant trading partners like China and Canada — but the chain-reaction effect of the war shows how there’s no escaping economic tumult in the event of seismic geopolitical instability.

Starbucks is suspending all activity in Russia, the company's CEO said in a letter to staff on Tuesday.

Driving the news: Starbucks' decision to halt operations in Russia comes as the forces of Vladimir Putin continue their two-week invasion of Ukraine. It follows a similar decision announced earlier today by McDonald's and Coca-Cola.

Amazon Web Services is no longer accepting new customers in Russia and Belarus, the company announced Tuesday.

Driving the news: Amazon joins a slew of other companies curtailing their ties with Russia in the wake of its unprovoked invasion of Ukraine.

Coca-Cola is suspending operations in Russia in response to President Vladimir Putin's invasion of Ukraine, the company said Tuesday.

Why it matters: Sanctions and divestment from the business community have increasingly isolated Russia from the rest of the world. Businesses operating there have a limited ability to collect revenue or pay workers and suppliers.

McDonald's is temporarily closing all stores in Russia over strongman Vladimir Putin's unprovoked invasion of Ukraine, the chain announced Tuesday.

State of play: McDonald's CEO Chris Kempczinski said the company will continue to pay its 62,000 Russian employees, but added that "it’s impossible to predict when we might be able to reopen our restaurants in Russia."

Stax, an Orlando, Fla.-based payments company, raised $245 million in funding valuing it over $1 billion. Greater Sum Ventures, HarbourVest Partners, and Blue Star Innovation Partners invested.

Why it matters: Based on recent data from FT Partners, Stax is one of just 23 fintech unicorns in the world with a woman founder or co-founder — a rare distinction in a sector that is more male-dominated than most.

BDG, formerly Bustle, is leaning into parenting content as a bigger share of its business, its chief content officer Emma Rosenblum told Axios.

Why it matters: The company expects revenue from its parenting content to account for more than one-quarter of its business in 2022.

Bloomberg and the BBC were the first news outlets to suspend their news operations in Russia after lawmakers approved legislation that threatens to imprison journalists and individuals for up to 15 years if they publish what Moscow deems to be "fake" information about Russia's invasion of Ukraine.

Why it matters: The new law will make it very hard for Western outlets to report factually from the ground on what's happening in Russia.

Vivante Health, a digital health company that wants to bring virtual tools to digestive care raised $16 million in Series A funding led by 7wireVentures, Robert Garber, partner at 7wireVentures, tells Axios exclusively.

Why it matters: Digital health companies focused on heart and metabolic issues have seen sky-high fundraises and valuations in recent years, but far less attention has gone towards digitizing support for gastrointestinal (GI) conditions.

Alumni Ventures Group is the latest private investment firm to get in trouble for saying one thing and doing another, when it comes to the fees it charges to limited partners.

Driving the news: The SEC found that AVG told LPs in marketing materials that they would be charged the "industry standard" of 2% management fees and 20% carried interest. But, rather than charging the management fees on an annual basis, as is industry standard, AVG charged 20% upfront (i.e., 2% times 10 years).

Tesla CEO Elon Musk asked a federal judge Tuesday to terminate a 2018 settlement with the Securities and Exchange Commission that resolved a federal lawsuit over Musk's allegedly false statements about efforts to take Tesla private.

Why it matters: The settlement, which required Musk to step down as the chair of Tesla, pay a $20 million fine and get pre-approval for all of his tweets about the company, has generated friction between the billionaire and federal regulators.

Puck, the subscription newsletter company, is moving into podcasts, its co-founder and editor-in-chief Jon Kelly tells Axios.

The big picture: "Starting an audio division is part of our goal to treat journalists like creators," Kelly said. Puck, which launched last year, now has 19 full-time employees.

Trinity Broadcasting Network (TBN), which calls itself the world's largest Christian television broadcaster, is launching a news show called “Centerpoint” with Fox News alums.

Why it matters: TBN is looking to build a "Christian lifestyle brand" rather than just "preaching and teaching," TBN VP of Marketing Nate Daniels told Axios.

The tech-heavy Nasdaq composite fell into bear market territory after a 3.6% tumble Monday.

Why it matters: A bear market is Wall Street's term for a 20% decline from a recent high. It's a more acute market slump than a "correction," which is a fall of 10% or more.

"Any Russian who wanted to come here isn't going to come," said Liz Elliott, a real estate agent with Echo Fine Properties in Martin County, Florida, just north of Palm Beach. Already, a Russian client backed out of a deal she'd been working on.

Why it matters: Observers of the U.S. real estate market are watching to see how new economic sanctions — on oligarchs, but also on financial transactions involving money from Russian banks — will impact sales.

Google has agreed to buy Mandiant (Nasdaq: MNDT), a Reston, Va.-based cybersecurity firm, for $5.4 billion in cash.

Why it matters: The deal reflects how the rise of cloud computing comes with increased cybersecurity needs, which is why Microsoft was also interested in buying Mandiant — a company that recently generated headlines for uncovering the SolarWinds hack.

Russia's invasion means bread prices will soar in some of the world's poorest, most fragile countries, potentially igniting a cycle of instability.

Driving the news: Wheat prices shot to a record $12.94 per bushel, and are up an astonishing 70% over the last month, as measured by a type of futures contract on the Chicago Board of Trade.

The price of nickel on the London Metal Exchange closed on Monday up 44%, at nearly $43,000 per metric ton.

• Early Tuesday, the price spiked to more than $100,000, before the London Metal Exchange stepped in to halt trading.

The World Bank announced Monday a $723 million emergency financing package of loans and grants for Ukraine as the country battles the Russian military invasion.

By the numbers: This includes a $350 million loan supplement to an earlier World Bank loan, according to a statement from the financial institution.

Estée Lauder announced Monday it has "decided to suspend all commercial activity in Russia, including closing every store we own and operate, as well as our brand sites and shipments to any of our retailers in Russia."

Driving the news: The multinational makeup giant said in a statement it wanted to "stand with all those that are suffering, including our employees and their families and the people of Ukraine" following the Russian military invasion.

SK Group is pouring $100 million into 8 Rivers Capital, which bills itself as “a full-service Net Zero solutions provider.” The move will also establish an 8 Rivers-SK joint venture that will focus on decarbonization in South Korea and other Asian markets.

Why it matters: The announcement reflects how major corporations are willing to spend big to find ways to decarbonize beyond renewables and storage.