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

Here are the headlines you Need2Know for Wednesday, March 9, 2022:

U.S. BANS RUSSIAN OIL IMPORTS

In a major escalation of Western powers' economic war on Russia, President Joe Biden has ordered a ban on oil and gas imports from the country. While the U.S. is much less dependent on Russian fossil fuels than Europe, which remains on the fence about imposing similar measures, Biden noted that Americans could still feel the pinch at the gas pump. “Defending freedom is going to cost,” he said. The average price of gas was $4.17 per gallon as the president announced the new sanctions. AP


Your turn, rest of the world.

ICONIC BRANDS PULL OUT

In the private sector, meanwhile, a number of iconic American brands have announced plans to end or suspend their operations in Russia. McDonald's said it will temporarily shutter 847 restaurants in the country. Starbucks said it will suspend business activity at 130 outlets, and Coca-Cola is also pausing its operations in Russia, while PepsiCo is halting soda sales but not chips and daily essentials (like milk and baby formula). The announcements came with condemnations of Russia's invasion of Ukraine, as well as promises to support employees who are impacted by the pull-out. WSJ

Now that’s big, Mac.

PUTIN DOUBLING DOWN

The economic backlash to Russia's invasion of Ukraine doesn't appear to be shaking President Vladimir Putin's resolve, according to CIA Director William Burns. He said that the Russian leader is frustrated with his military's progress and is likely to escalate attacks rather than pull back. Burns spoke before the House Intelligence Committee on Tuesday, as heavy fighting continued in eastern Ukraine and more refugees struggled to escape the war-torn country. NPR

FIGHTING THE NEXT VIRUS

As the Covid-19 pandemic winds down in the U.S., the Biden administration is turning its sights on future biological threats. The White House on Tuesday announced plans to contribute $150 million over the next three years to a project aimed at making sure the world is able to rapidly produce vaccines in the case of any future pandemics. Congress still needs to approve the funding, and it's only a fraction of the total costs of the project, but it's a start to what could become a more proactive approach to virus-fighting going forward. NY TIMES

'DON'T SAY GAY' BILL PASSES

Florida's legislature has passed a bill that would ban lessons on sexual orientation and gender identity in kindergarten through third grade. Republican lawmakers pushed the bill forward despite criticism from Democrats and activists that it undermines LGBTQ+ people. The so-called "Don't Say Gay" bill is now headed to the desk of Republican Gov. Ron DeSantis, who supports it. Democrats, meanwhile, continue to push back against the bill, saying that its language is so broad that teachers could face a wave of lawsuits. AP

GOOGLE ACQUIRES CYBERSECURITY FIRM

Google parent company Alphabet has announced plans to acquire cybersecurity firm Mandiant for around $5.4 billion. The deal is a bid to compete with Amazon Web Services and Microsoft Azure for a bigger slice of the cloud computing market. Alphabet’s finance chief Ruth Porat framed the acquisition as a way to protect cloud computing customers, who are increasingly asking for artificial intelligence and data automation, as cybersecurity threats rise. CNBC

Cloudy with a chance of profit.

NICKEL NONSENSE

You all remember the meme-stock craze, when a bunch of Reddit hooligans caused a short-squeeze that sent GameStop's share price to the moon? Well, that sort of happened to nickel on Tuesday morning. The price of the silvery-white metal climbed amid fears of Western sanctions cutting off Russian suppliers. The jump forced a deep-pocketed short-seller — the Chinese billionaire known as "Big Shot" — to cover his position, forcing the price even higher. These financial shenanigans aside, the rising cost of nickel doesn't bode well for the emerging electric vehicle market, which relies on nickel for its lithium-ion batteries. CHEDDAR

EVs getting more expensive. Gas prices through the roof. Better invest in a new pair of sneakers.

APPLE UNVEILS 'AFFORDABLE' IPHONE

Apple unveiled a new "affordable" iPhone SE in its first product event of the year. The model is the first upgrade to the budget-priced iPhone released nearly two years ago. Sticklers will point out it's actually slightly more expensive than the earlier version, but still not as pricey as the fancier iPhone 13. The company touted this model's longer-lasting battery and compatibility with 5G wireless networks as the biggest selling points. Apple also announced a new iPad Air, a 27-inch Studio Display monitor, and teased a new Mac Pro. CHEDDAR

By “more affordable” they meant more expensive.

PROUD BOY PUNISHED

The Justice Department has announced that Enrique Tarrio, leader of the far-right Proud Boys organization, has been charged with conspiracy for his role in the January 6th, 2021 Capitol Hill riots. The indictment alleges that Tarrio met with the leader of another far-right group, the Oath Keepers, in a parking garage prior to the riot and that the Capitol came up in their conversation. The department claims the Tarrio and other accused members of his group conspired "to corruptly obstruct, influence, and impede an official proceeding, the certification of the Electoral College vote." CNN

LEFTOVERS: GOTTA CATCH 'EM ALL

In a spectacular case of fandom gone too far, a Georgia man took Pokémon's motto "Gotta Catch 'Em All" to a whole new level when he used $57,000 in Covid-19 relief funds to buy a collectible trading card last year. He's accused of submitting false information to the Small Business Administration in an application for an "entertainment services" business. He now faces a three-year prison sentence and has agreed to forfeit the costly card. Perhaps, in the end, he should have been content to "catch" just one less. NBC

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
Diane Kruger and Kiernan Shipka on Bringing 'Swimming with Sharks' to Roku
Actors Diane Kruger and Kiernan Shipka joined Cheddar News to talk about their new series remake of the 1994 movie "Swimming with Sharks," premiering exclusively on The Roku Channel on April 15 with a full season drop. The series about the seedier side of Hollywood production had its own shoot interrupted during COVID — but it was worth the wait, according to Shipka. "To see the show in its final form come to light and be received by people well and have people talk about it, it almost feels like a little bit of a fever dream," she said. Kruger also addressed the show's focus on the cutthroat nature of the film industry, noting "It is definitely not an easy job to be an assistant in Hollywood."
Absolut Vodka Brings Coachella to the Metaverse
Ann Mukherjee, the chairman and CEO of Pernod Ricard North America, joined Cheddar News to talk about Absolut Vodka’s decade-long partnership with the music festival Coachella. Perno Ricard's vodka brand has built the virtual world Absolutland in the Decentraland metaverse for users to explore. "We actually have a vending machine where you can actually purchase the cocktails that will be delivered right to your home," she said. The brand will also be featuring festival headliner Swedish House Mafia.
Here's What to Do if You Miss the Tax Day Deadline
The tax deadline in the U.S. is on April 18 this year, and some filers may still not be able to complete their return by then. Cheddar has partnered with Jackson Hewitt to let you know what you can do should you blow the deadline.
Digitally Native Brands Look to Expand Brick-and-Mortar Locations
Digitally native stores like Allbirds and Everlane are beginning to target the suburbs as they look to expand their physical retail locations. It comes as reports show that a large portion of shoppers prefer to make their purchases in store. A new Deloitte report shows that 55 percent of shoppers who began their product search online, ended up making their purchase in store. Nikki Baird, VP of Strategy at Aptos, joined Cheddar's Opening Bell to discuss.
Global Fertilizer Shortage Prompts Farmers To Consider More Sustainable Practices
A fertilizer shortage made worse from the Russia-Ukraine war is reigniting the conversation over sustainable agriculture. With the costs of fertilizer rising, weaning off of synthetic fertilizer may be a good option for farmers trying to keep costs low, while keeping crop margins high. But, Damian Mason, farm owner, agricultural economist and author of "Food Fear," says it's not that simple. Mason joined Cheddar's Opening Bell to explain the challenges of greener practices.
Consumer Debt Surges As Inflation Takes Its Toll
Americans racked up the most monthly consumer debt in over a decade in February. According to a report from the Fed, consumer debt rose by nearly $42 billion, an annual increase of roughly 11%, far outpacing expectations. Rebecca Walser, President of Walser Wealth Management. Rebecca, joined Cheddar's Opening Bell to break down this data, and discuss how this could impact the consumer moving forward.
Dallas Cowboys Partner With Crypto Platform Blockchain.com
The Dallas Cowboys have joined forces with cryptocurrency platform Blockchain.com as the NFL loosens restrictions on teams making such deals. The partnership won't open the door for crypto use at AT&T stadium but will provide for some exclusive fan experiences.
Load More