Get the Need2Know newsletter in your inbox every morning! Sign up here! 

Here are the headlines you Need2Know for Thursday, February 17, 2022:

COVID LATEST

U.S.: The Biden Administration is reportedly going to ask for an extra $30 billion for COVID-19 vaccines, treatments, testing, health care coverage for uninsured people, and preparations for any future variants. The federal government has so far spent $5.8 trillion on battling the pandemic, according to the Committee for a Responsible Federal Budget. Also, the CDC on Wednesday said it is reconsidering its mask guidance as an increasing number of states around the country end their mandates. AP

INTERNATIONAL: Parts of Asia, meanwhile, are seeing record case numbers. South Korea is beginning to give out free rapid tests as the country reports its highest daily jump ever, while a fast-spreading outbreak in Hong Kong is putting China's zero-COVID policy to the test. WASH POST

RETAIL SALES RISE

Not even a fresh surge in COVID cases and the highest inflation in decades was enough to curb Americans' appetite for spending. Retail sales rose 3.8% in January, which is the strongest gain since last March. Holding to the pandemic-era trend, consumers continued to shell out more for goods than services, with online orders contributing the biggest share. While the numbers were impressive, it's worth noting that part of the increase could have come from higher prices, as retail data isn't adjusted for inflation. WSJ

ARCTIC WATERWAYS THAW OUT

In the last few days, the world has gotten a series of pretty dire climate predictions, from record megadroughts in the U.S. West to rising sea levels on coastal shorelines. Now scientists are predicting that Arctic sea lanes might completely thaw out during the summertime as early as 2035. This might sound like a dream come true for shipping companies — as a Northern Sea Route would spare them from having to navigate the Suez Canal —  but it doesn't bode well for native communities and wildlife that use the ice for crossing. It also points to a broader warming trend due to climate change that could prove devastating for the planet in the long-run. CNBC

OIL HEADS FOR $100

Oil prices have been on a wild ride these past two years, effectively dropping to below zero at the beginning of the pandemic to hitting nearly $100 per barrel this week. Now the crisis in Ukraine is driving up prices further, and shuffling up the global market in the process. Given that oil holds a special place at the center of the world economy, the possibility of higher prices could mean additional supply constraints and inflationary pressures. This is putting pressure on countries to resolve the conflict in Ukraine peacefully — though that is proving a challenge. BLOOMBERG

You know what else has been on a wild ride the past two years? Our sanity.

VACCINE FACTORIES IN AFRICA

BioNTech, Pfizer's partner in developing a COVID-19 vaccine, is planning to build modular vaccine factories in Africa using shipping containers to quickly kickstart manufacturing. The company's goal is to churn out 50 million doses in the next 12 months, with the first facilities set to be shipped out to either Senegal or Rwanda in the second half of this year. While BioNTech touted the effort as a way to improve access to vaccines on the continent, it still refuses to suspend its vaccine patents, which arguably would also expand access. CHEDDAR

AMAZON UNION ELECTIONS

Two union elections will take place next month at Amazon warehouses. Workers in Staten Island, N.Y. and Bessemer, Ala. have come to an agreement with the company to hold votes in late March that would unionize their respective workforces. This is the second attempt at a union drive for Bessemer workers. The first one failed, but the National Labor Review Board ordered a rerun after determining that Amazon had interfered in the process. If successful, the unions would be the first in the U.S. for Amazon. THE VERGE

GOOGLE RESTRICTS APP TRACKING

Google plans to restrict the tracking of personal data on Android apps. This follows a similar move from Apple last year that is already cutting into the bottom lines of companies that rely on digital ads, like Meta. Yet Google has no intention of killing the advertising industry and is instead working on more privacy-focused replacements to the current system that could still, in some cases, allow developers to track user activity. CNN

OTTAWA PROTESTS

While the Canadian government has managed to clear the blockade of truckers at the Ambassador Bridge, protestors and their big rigs remain hunkered down in the heart of Ottawa. Tensions escalated on Wednesday as police warned truckers to leave now or risk arrest. For the moment, authorities have avoided violent confrontations, and have stuck with ticketing vehicles and handing out leaflets informing protestors they could be prosecuted. AP

Nothing scatters protesters like leaflets informing them they could be prosecuted.

VIACOMCBS REBRANDS

ViacomCBS has officially rebranded as Paramount Global in a play to place more emphasis on the company's streaming service. Paramount+ entered a crowded marketplace when it launched a year ago but has since propelled itself into the big leagues. The service has 32.8 million subscribers and is aiming to hit 100 million by 2024. Now the name of the game for Paramount Global is content, content, content, placing it in the running with other companies, such as Disney and WarnerMedia, that are increasingly relying on streaming. CHEDDAR

LEFTOVERS: VIDEO GAME PRESERVATION

About one year from today, Wii U and Nintendo 3DS will no longer have access to Nintendo's digital game store — and gamers aren't happy about it. As the company pointed out in the announcement, this is just part of the "natural life cycle" of products as they become less used. But video game preservationists argue that the shutdown will make thousands of digital-only games essentially impossible to find. To combat this, some are calling for the use of "emulators," which have been used for years to resurrect old games, to preserve Nintendo's catalog. AXIOS

Now they know what it feels like to run out of quarters.

Need2Know Podcast Note: The Need2Know podcast is taking a break for now. We're looking forward to bringing you more context and analysis on the big stories of the day in a few weeks. In the meantime, check out our archive on Apple or Spotify, or watch on YouTube, and send us your feedback!

Share:
More In Culture
CES 2022 Begins on Wednesday
We are just one day away from what has been called the most influential tech event in the world. CES 2022 will officially kick off on Wednesday in Las Vegas, but the annual tech summit is being impacted by COVID-19, like so many other recent events. The Consumer Technology Association originally planned for a hybrid event to take place from January 5-8, with some in-person events and some virtual; however, a few big-name companies announced they will not be attending in-person, so the CTA decided to shorten the event by one day, with it now ending on Friday. Consumer electronics senior analyst Will Greenwald joins Cheddar News' Closing Bell to discuss.
California Starts Largest U.S. Food Waste Recycling Program
California's new composting law will affect what residents do in their kitchens. As of this week, Californians will have to recycle excess food in an effort to reduce emissions caused by food waste. Cities and counties will turn recycled food into compost or use it as a renewable energy source. California's new law is the largest mandatory residential food waste recycling program in the country. Rachel Wagoner, Director of the California Department of Resources, Recycling and Recovery called the law 'the biggest change to trash' since recycling started in the 1980s. She joined Cheddar Climate to discuss.
Sweetgreen Launches Salad Subscription Service 'Sweetpass'
Fast-casual restaurant chain Sweetgreen is rolling out its first salad subscription service called sweetpass as it looks to customers tackling new year weight loss and health goals. Members will receive up to 30 percent off of purchases.
Severe Snowstorm Blankets D.C., Mid-Atlantic Region
Washington DC and the surrounding areas saw a record breaking snow storm Monday as a strong storm system works its way across the eastern U.S. The extreme weather event caused extensive damage in the greater Washington area, leaving thousands in the region without power. Jonathan Porter, Chief Meteorologist, AccuWeather, joined Wake Up with Cheddar to discuss the fierce storm.
Over 3,000 Flights Canceled on Monday Over Severe Weather, Crew Shortages
Airlines canceled more than 3,000 flights on Monday over severe weather and crew shortages. The cancellations come on one of the busiest travel days of the holiday season, and is a continuation of the industry-wide disruption that started before Christmas. Thomas Pallini, Aviation Reporter for Insider joined Wake Up with Cheddar to discuss.
End of Child Tax Credit Could Mean Slide Back Into Increasing Child Poverty
Millions of Americans with young children have relied on the child tax credit since the federal government began issuing checks in July 2021. The last round of payments was sent out just before the Christmas holiday — at the same time as the omicron variant surged. Leah Hamilton, associate professor of social work at Appalachian State University, joined Cheddar to discuss what the end to the tax credit means as the U.S. sees the end of many relief programs and its highest number of COVID cases since the start of the pandemic. "It'll become harder for families to meet their basic needs, increasing national childhood poverty rates and the proportion of families who have difficulty putting food on the table, maintaining stable housing, and paying their bills," Hamilton said. She also pointed to research that the credit as a long-term investment in children offsets claims that it contributes to macroeconomic impacts like inflation.
NYT Piece Claims Silicon Valley Investors and Founders Contorted Legal Tax Break to Avoid Taxes on Investment Profits
Several Silicon Valley insiders are being accused of contorting a 1990s-era tax break to avoid taxes on millions of dollars of investment profits. The tax break is known as the qualified small business stock exemption, and it allows early investors in certain companies to avoid half of the taxes on up to $10 million in capital gains. A piece recently published in the New York Times says venture capital firms like Andreessen Horowitz replicated the tax exemption by giving shares of companies to friends and family, who would otherwise face a 23.8% capital gains bill. The CEO of Roblox is also accused of replicating the tax break for his family members at least 12 times. Although the loophole known as 'stacking' is considered to be legal, the Times piece implies that the exemption has been manipulated for the ultra-wealthy to become more wealthy. Greycroft co-founder and Chairman Emeritus Alan Patricof joins Cheddar News' Closing Bell to discuss.
Competitive Stock-Trading Mobile App Zingeroo Raises $8.5 Million
There is a new player in the mobile app stock trading space. Zingeroo recently announced a funding round of $8.5 million. The company says it aims to bring 'friendly competition' to stock trading, by literally breaking trading down into daily and weekly competitions between friends. Zingeroo also says it hopes its new approach can make trading more accessible, educational, and social than ever before. Zingeroo co-founder and CEO Zoe Barry joins Cheddar News' Closing Bell for more.
Load More