Economy

Pizza Hut will close approximately 250 locations during the first half of 2026, the company confirmed Friday, as parent company Yum! Brands seeks to streamline operations and address shifting consumer preferences. The closures, representing roughly 3% of Pizza Hut’s U.S. Footprint, are focused on underperforming stores unable to sustain operating costs.

The move is part of an internal plan, dubbed “Hut Forward,” designed to optimize the brand’s performance and modernize the customer experience, according to Yum! Brands. The restructuring comes amid a decline in comparable sales in the United States during 2025 and increased competition within the fast-food and pizza sectors.

“The closure of historical chains is often explained by a combination of costs, habits, and fierce competition,” a recent report noted, reflecting broader trends in the restaurant industry. “In a market where millions are at stake, a sales slump can accelerate drastic decisions.”

Yum! Brands, which also owns KFC and Taco Bell, initiated a formal review of options for Pizza Hut in November, acknowledging the challenges faced by the brand’s aging business model. Chris Turner, Yum’s CEO, stated last week that the review is expected to be completed this year, but declined to provide further details.

While the number of closures is significant, Yum! Brands emphasized that this is a reconfiguring of the network, not a collapse. Pizza Hut ended 2025 with 19,974 stores globally, a net decrease of 251 from the previous year, despite opening nearly 1,200 new locations in 65 countries. The company plans to continue global expansion in 2026, though specific details were not disclosed.

The closures follow a difficult year for Pizza Hut, with U.S. Same-store sales falling by 5% in 2025. This contrasts with Domino’s, the world’s largest pizza company, which saw a 2.7% increase in U.S. Same-store sales during the first nine months of last year.

Founded in 1958, Pizza Hut operates as part of a global network exceeding 20,000 establishments. The company is also evaluating a potential sale of the brand, a possibility publicly acknowledged by its executives during 2025. The current restructuring is seen as a way to make the brand more attractive to potential buyers by reducing operational complexity and focusing on more profitable markets.

South Korean stocks surged to unprecedented heights on Friday, February 13, 2026, with the KOSPI index exceeding 4,400 for the first time, marking a 3.43% increase. The rally was largely fueled by strong performances from semiconductor giants Samsung Electronics and SK Hynix, as investor confidence grew surrounding the anticipated “supercycle” in the chip industry.

Samsung Electronics saw its share price climb 6%, while SK Hynix rose by 3%, driven by news regarding the production and shipment of High Bandwidth Memory 4 (HBM4). This positive momentum contributed to a combined increase of 63 trillion won in the market capitalization of both companies in a single day, according to reports from The Hankyoreh.

Foreign investors played a significant role in the market’s ascent, engaging in a sustained buying spree over the past four trading days, acquiring 4.4 trillion won worth of shares and establishing a record high in total market holdings. Samsung Electronics also experienced a rise in its target price, reaching 180,000 won, reflecting optimistic projections for the company’s future performance.

However, the bullish sentiment in South Korea contrasted sharply with the volatile conditions observed in global markets. Concerns surrounding artificial intelligence and its potential impact on various sectors, including finance and real estate, triggered significant fluctuations in New York’s stock exchanges. The S&P 500, for instance, experienced a dramatic intraday swing, plummeting 50 points within minutes of the opening bell before staging a rapid recovery.

The cryptocurrency market also mirrored this instability, with Bitcoin experiencing a substantial decline. After reaching a peak of $126,000 just four months prior, the value of Bitcoin fell to the low $60,000 range, representing a 50% drop from its highest point. This downturn added to the overall sense of uncertainty prevailing in international financial markets.

While South Korean investors celebrated record gains, global markets grappled with anxieties, creating a stark divergence in market sentiment during the second week of February. The KOSPI’s strong performance stands in contrast to the turbulence seen elsewhere, highlighting the differing economic narratives unfolding across the globe.

A Bombardier Global 6000 business jet, previously operated from Geneva, has reappeared with Russian registration after a sale that has drawn scrutiny from Swiss authorities. The aircraft, with the former identification code HB-JFX, was initially sold to a company in the canton of Nidwalden in 2023 and operated by Swiss Private Jet before being deregistered from the Swiss registry on December 30, 2025, ostensibly for export to Oman.

However, on January 16, 2026, the jet was tracked with its original identification code but similarly a new Russian transponder code, indicating its presence in Russia, according to flight tracking platform Flightradar24. As of February 15, 2026, the aircraft remains in Maskat, Oman, but is now owned by North West Air Company, a Russian airline.

The sale has prompted questions regarding potential violations of international sanctions imposed on Russia. Swiss authorities, however, maintain that the transaction was conducted lawfully. According to Swiss Private Jet’s CEO, the deal was brokered through a U.S. Agent and a U.S. Bank, both of which provided assurances regarding the legality of the sale. The Swiss Federal Office of Civil Aviation (Bazl) confirmed the export notification to Oman and the subsequent deregistration.

The purchase contract reportedly included a clause explicitly obligating the buyer in Oman to comply with international sanctions, effectively prohibiting further resale to Russia. Swiss Private Jet stated it has requested its external partners to report the situation to the Swiss authorities and has initiated its own internal investigation.

Despite the presence of the jet in Russia, the Swiss State Secretariat for Economic Affairs (Seco) has declined to comment on the matter. Bazl confirmed the export to Oman but stated it did not conduct any additional investigations. Swiss sanctions against Russia include a “no re-export” clause, prohibiting the resale of goods originating from Switzerland to sanctioned countries. Violations could result in financial penalties, imprisonment, and the revocation of licenses.

The Bombardier Global 6000 was originally used by watchmaker Rolex from 2017 until 2023. The jet’s journey from Geneva to Russian ownership, via a reported stop in Oman, has raised concerns about the effectiveness of sanctions enforcement and the potential for circumvention through intermediary transactions.