Russian bank

raises interest rate

Russia’s central bank has raised its key interest rate by two percentage points to a record-high 21% in an effort to combat growing inflation. Government spending on the military is straining the economy’s capacity to produce goods and services and driving up workers’ wages. The central bank said in a statement Friday that “growth in domestic demand is still significantly outstripping the capabilities to expand the supply of goods and services.” Inflation, the statement said, is running considerably above the Bank of Russia’s July forecast, and “inflation expectations continue to increase.” It held out the prospect of more rate increases in December.

McDonald’s E. coli

outbreak expands

A food poisoning outbreak tied to McDonald’s Quarter Pounders has expanded, with at least 75 people sick in 13 states. The Centers for Disease Control and Prevention said Friday that at least 22 people have been hospitalized. One person died. No source of the E. coli outbreak has been identified, but officials are focused on slivered onions used on the burgers. McDonald’s officials have said that a Calfornia-based grower supplied yellow onions that have been recalled for possible contamination.

Spirit Air

plans job cuts

Spirit Airlines is cutting jobs and selling off some jets worth millions of dollars as the budget carrier aims to cut costs amid looming financial struggles and an uncertain future. Spirit says it has identified about $80 million of cost-cutting measures set to begin early next year. Those cuts will be driven primarily by a “reduction in workforce,” the Florida-based airline disclosed in a Thursday regulatory filing. The budget airline has also agreed to sell 23 airplanes to GA Telesis, an aviation services company, for about $519 million. That could help provide some key cash for a company that’s faced loss after loss since the start of the COVID-19 pandemic.

— Bulletin wire reports