Photograph by Joe Raedle—Getty Images

Here’s what you need to know to start your day.

By Ben Geier
August 7, 2014

Hello friends and Fortune readers,

Last night the MLS All-Stars beat German giants Bayern Munich in a friendly soccer game. There are, of course, plenty of caveats: Bayern is in the preseason, some of its best players didn’t play, it didn’t count for anything, etc. But if you’re a fan of U.S. soccer, this is pretty cool. Anyway, here’s what you need to know about in business news today.

1. Wendy’s reports earnings

Fast food is at a crossroads. Last month Chipotle’s CMG earnings were way up, while McDonald’s MCD earnings were down slightly. Many take this as a sign that fast casual restaurants are really starting to eat the lunch of traditional fast-food joints. Can Wendy’s WEN buck that trend?

2. Russian sanctions are official

The situation in Russia continues to get interesting for the business community. In response to sanctions by the U.S. and the EU, Russia is banning all food imports from those countries, plus Canada, Australia and Norway.

3. Google and Barnes & Noble take on Amazon

Yesterday, Amazon AMZN expanded same-day delivery. Today, Google GOOG and Barnes & Noble BN have announced they are teaming up to offer a same-day book delivery service in Manhattan, West Los Angeles and the San Francisco Bay Area.

4. All eyes on Mario

Both the Bank of England and the European Central Bank (ECB) left rates unchanged Thursday, as expected. Of greater interest to investors will be a press conference with ECB President Mario Draghi later in the morning. His comments will be followed closely, as tension with Russia and western nations cranks up, and given the questions about a Eurozone recovery now that Italy, the region’s third-largest economy, is back in recession and the factory sector in Germany, seen as the engine of European growth, is faltering.

5. Foursquare is watching you

Even if you haven’t checked in enough to be the mayor of your favorite Starbucks, Foursquare knows where you are. The Wall Street Journal is reporting that the new version of the app will track you even when it is closed. Privacy problems, much?

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