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Here are the headlines you Need2Know for Wednesday, February 16, 2022:
DIPLOMACY ON THE TABLE
While Russia reported sending some troops away from the Ukraine border, NATO and the U.S. say they have not seen signs of a drawdown. President Joe Biden expressed skepticism about Putin's intentions and said that an invasion was still possible, while still leaving room for a peaceful resolution. "We should give the diplomacy every chance to succeed and I believe there are real ways to address our respective security concerns," Biden said. CNN
SEA LEVELS RISING
U.S. coastlines will see the same sea-level rise in the next 30 years as they saw in the entire 20th century, according to a new report from the federal government. The most vulnerable shorelines could see up to a foot and a half increase and regular flooding even on sunny days. The Gulf of Mexico and East Coast are expected to get hit harder than the West Coast and Hawaii. The warning comes just one day after another scientific study showed that the U.S. West is experiencing its driest conditions in the last 1,200 years — a pretty clear-cut example of how climate change is being felt in more ways than one. CHEDDAR
Time to add scuba gear to our doomsday preparedness kit.
LEGAL RUNDOWN
ALEC BALDWIN: The family of cinematographer Halyna Hutchins, who died on the set of "Rust," is filing a wrongful death lawsuit against actor Alec Baldwin and several other defendants. PEOPLE
REMINGTON: Firearms manufacturer Remington settled with the families of nine victims of the Sandy Hook Elementary School shooting for $73 million. AP
PRINCE ANDREW: Britain’s Prince Andrew settled a sexual harassment lawsuit by agreeing to donate to the charity of his accuser's choosing. BBC
NY TIMES: And a New York jury found that the New York Times did not libel Sarah Palin. CNBC
MORE HOT INFLATION
Another inflation measure came in hot on Tuesday. The producer price index, which measures wholesale prices, was up 9.7% from a year ago, and 1% month-over-month. The report showed that demand for goods continues to drive inflation more so than services. High energy costs and supply chain snarls were also a factor. The uptick in prices is intensifying the debate over when and by how much the Federal Reserve should raise interest rates. Markets should get some clarity today with the release of the Fed's minutes from its last meeting, which could provide a hint of what could be coming at its next gathering in March. CHEDDAR
BLOCKFI FINED $100 MILLION
The SEC is levying $100 million in penalties against BlockFi, a leading decentralized finance company, for not registering one of its products as a security. The company offered customers deposit accounts for crypto with up to 9.25 percent interest rates. According to regulators, these high-interest accounts should have been qualified as securities, because customers were technically lending their assets to BlockFi. The fine is potentially a major blow to the emerging defi space, as higher regulatory standards could push out smaller players. BlockFi, meanwhile, has announced a similar product that will be registered with the SEC. TECHCRUNCH
More like Block-Fined.
HARVARD AGAINST HARASSMENT
Harvard University had one of its biggest demonstrations in recent memory as hundreds of students and some faculty members walked out of classrooms this week in protest of the school's handling of sexual harassment claims against professor John Comaroff. A federal lawsuit filed last week alleges that administrators ignored claims of misconduct for up to a decade. While Harvard denies this, many students agree that there is no equitable process in place for dealing with sexual harassment. Some argue the case highlights the need for third-party arbitration, a longtime goal of the graduate student union. HARVARD CRIMSON
DISNEY HIRES METAVERSE EXEC
Disney has announced that it is appointing a new executive to lead the company into the metaverse. Mike White, who previously was in charge of consumer experiences and platforms, will be in charge of Disney's "next generation storytelling." A memo from CEO Bob Chapek did not spell out exactly how Disney plans to make money from the metaverse but noted that White will be tasked “connecting the physical and digital worlds” for Disney entertainment. Meanwhile, in the physical world, Disney World is lifting its mask requirement for vaccinated guests. THR
They haven’t said how they plan on making money on this, but if anyone can figure that out, it’s Disney.
BLACK HISTORY MONTH
We're halfway through Black History Month, and Cheddar continues to put out one profile each day looking at the life and work of prominent Black Americans. The latest mover and shaker in the series is Amanda Gorman, the young poet who performed at President Joe Biden's inauguration. Earlier this week, we also profiled Byron Allen, the head of Entertainment Studios, which owns The Weather Channel, Local Now, and The Grio. In addition, Cheddar on Tuesday interviewed financial planner Ayesha Selden, who was our first profile of the month, to talk about the role of real estate and homeownership in closing the racial wealth gap. CHEDDAR
SUPER BOWL BROADCAST REBOUNDS
An estimated 101.1 million viewers tuned into the Super Bowl last Sunday, which is up 6% from the previous year, giving hope that the pandemic-era dip in viewership is finally ending. The ratings boost wasn't a total surprise, however. Viewership was already up 20% during a playoffs season that featured multiple knock-down-drag-out games. The Rams-Bengals match-up didn't disappoint in this regard either, staying neck-and-neck until the end. So whether it was good football or a return to normal that lifted viewership remains to be seen. AP
We’d like a Super Bowl of just halftime shows.
LEFTOVERS: FOUR-DAY WORK WEEK IN BELGIUM
Working for the weekend is about to get a lot easier in Belgium as the country rolls out a series of labor market reforms aimed at improving work-life balance. Under the plan, employees would work slightly longer each day for four days rather than five, totaling 38 hours overall. If it doesn't work out after the first six months, companies can go back to a five-day week, but it looks like momentum is building in the country for greater limits on the working week. The plan follows another recent reform that helps workers disconnect by allowing them to shut off their devices and ignore messages from their boss after hours without fear of reprisal. EURONEWS
We went for the chocolate, stayed for the four-day workweeks.
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!
