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

Here are the headlines you Need2Know for Thursday, March 3, 2022:

MAJOR UKRAINIAN CITY FALLS

Kherson, a southern Ukrainian city of 300,000 people, has fallen to Russian forces, as fighting intensified across the country. The Russian Defense Ministry provided its first official count of military casualties, which was 498 dead troops and 1,597 injured, and the United Nations updated its civilian death count to 227. Internationally, pressure on Russia intensified, and the General Assembly voted 141-5 to demand that Russia halt the war and the Paralympics, which officially begins Friday, has banned all athletes from Russia and Belarus. As sanctions on the country escalated, the economic repercussions are being felt worldwide. NY TIMES

OIL PRICES SOAR

It's all about the black stuff. As oil prices spiked on Wednesday to $115 per barrel, the entire world suddenly found itself adjusting to a new energy landscape. The shockwaves rippled into political debates as U.S. lawmakers on both sides of the aisle urged the Biden administration to do more to ramp up domestic production and criticized America's reliance on Russian oil exports, which have so far dodged sanctions. OPEC, meanwhile, doubled down on plans to only gradually ramp up supply. WSJ

'OLIGARCHS BE WARNED'

Look out oligarchs: the Biden administration's new "KleptoCapture" task force is setting out to enforce U.S. sanctions on a handful of high-level Russian nationals. The law enforcement supergroup will include officers from the Secret Service, FBI, IRS, Homeland Security, and even the postal service, and plans to use a range of tools to freeze assets and seize criminal proceeds. The announcement is the latest from Biden in a series of measures designed to make Russian elites feel the pain for Putin's invasion of Ukraine. CNN

Or maybe we could sanction all the oil they sell us.

FED STICKS TO THE PLAN

Markets rallied yesterday on the news that the Federal Reserve still plans to raise interest rates 25 basis points later this month, despite the uncertain economic impact of the war in Ukraine. The Fed had been signaling a March hike for months, but after multiple hot inflation reports, some investors had priced in a more hawkish turn. Chair Jerome Powell assured lawmakers in his semiannual report to Congress that the Fed would proceed carefully and adjust its approach as needed. Whether Powell was being wishy-washy or admirably flexible, the soft-spoken banker calmed markets after another chaotic session. CHEDDAR

CUTTING PLASTIC WASTE

The world is awash in plastics, and 175 nations are teaming up to stem the tide. The countries have agreed to begin sketching out a legally-binding treaty designed to improve recycling practices, clean up waste, and curb plastic production worldwide. The United Nations-led effort aims to seal the deal by 2024, and is set to rival the 2015 Paris Agreement as one of the biggest global environmental accords in history. NY TIMES

Cue the plastic lobbyists...

FITBIT RECALLS BURNING WATCHES

Fitbit smartwatches are designed to monitor users' physical activity. Now they're getting overheated themselves. The Google-owned company is recalling one million Iconic smartwatches after reports of burn injuries from overheating batteries. Fitbit urged customers to stop wearing their watches immediately and reach out for a prepaid package to return the product. The recall only covers the Iconic style, which was sold from September 2017 through December 2021, not any of the brand's other lines.  A federal regulator said there have been 78 reports of third and second-degree burns. WSJ

FORD SPINS OFF EV BUSINESS

The electric vehicle boom is underway and Ford is streamlining its business model to maximize profits. The automaker announced plans to spin off its electric vehicle business into a separate entity called “Ford Model e." The goal of the split is to capture some of the investor enthusiasm that has gone to exciting new EV startups, while continuing to tap into Ford's century-plus experience in the business to drive growth. The traditional combustion engine business will also get a snazzy new name, "Ford Blue." CNBC

DOT: PROTECT PEDESTRIANS (OR ELSE)

The Pete Buttigeig-led Department of Transportation has a message for state governments: protect pedestrians and bicyclists or risk losing access to billions of dollars going out to local governments from the bipartisan infrastructure bill. So that's the stick. The carrot is that projects that do include upgrades for bike paths, sidewalks and other pedestrian pathways will get preferential treatment in the distribution of money. The department's shift in priorities followed a sizable spike in road deaths in 2021. AP

[Giphy]

APPLE PRODUCT LAUNCH

Invitations have gone out for Apple's first product launch hof 2022. A new iPad Air, updated Macs, new Apple-made chips, and a low-cost iPhone SE with 5G capabilities are all expected to get their grand reveals at the March 8 event. Unfortunately for Russia, these hot new releases won't be available, at least for now. The company announced this week that it's pausing sales of physical products to Russia until further notice. BLOOMBERG

LEFTOVERS: GIRL SCOUTS HARASSED 

It's Girl Scout cookie season, and the uniformed young saleswomen hitting the streets with the latest supply of Thin Mints and Peanut Butter Patties are running into an unexpected obstacle: angry customers. Despite the charitable aims of the cookie sales, the organization says customer harassment is making face-to-face sales difficult. What exactly are these pillars of the community saying? The group said customers' main complaints had to do with price hikes, healthy eating, and false rumors that it's connected to Planned Parenthood. INSIDER

[Giphy]

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
Dating App Hinge Is Giving Single Daters With Kids $100 to Go to Childcare
Hinge users who have children can opt-in to a $100 stipend up to $25,000 for childcare. Logan Ury, the director of relationship science for the online dating platform, noted the issue as an obstacle for single parents who want to go out on dates. "We have heard that singles with children have a hard time going on dates for one of the reasons being that it's just hard to find childcare and it's hard to be able to afford it," she said. Ury also said that the hot topic among Hinge's users is mental health and the prioritizing of mental health.
Rock & Rock Hall of Fame Announces 2022 Nominations
Dolly Parton, Eminem, Lionel Richie, and Carly Simon are just a few of the nominees announced for the Rock & Roll Hall of Fame 2022 induction. Results of the voting will be released in May, however, the ceremony date has yet to be announced.
How A.I. is Reinventing Remembrance; Biodiversity of the Humboldt Current
On this episode of Cheddar Innovates: CEO of HereAfter AI discusses how artificial intelligence can be used to preserve family history and stories, and allow you to 'talk' to loved ones that have passed; Creator of the board game 'Travel Explore Discover' explains how she came up with the idea for this informative and educational board game, and how she's using the proceeds to give back to her community; Cheddar gets a look at Curiosity Stream's 'The Humboldt Current.'
Despite Black Participation in Stock Market Lagging, Investment Gap Might Improve
According to the Federal Reserve, the investment gap between Black and white Americans has remained substantial, with only 34 percent of Black households joining in on the historic rise in the markets. Stacey Tisdale, the first Black woman to have reported from the NYSE and the CEO and president of Mind Money Media Inc., said that the data might not be as disheartening as it seems. "I think that number is very deceiving. That Federal Reserve study is actually from 2019, and it's very important that we all look beneath that number and look beneath the surface because there is nothing short of an investing revolution going on in the Black community," Tisdale said.
How 'HereAfter AI' is Reinventing Remembrance
James Vlahos, Co-Founder and CEO of HereAfter AI, joins Cheddar Innovates to discuss how artificial intelligence can be used to preserve family history and stories, and allow you to 'talk' to loved ones that have passed.
Tik Talk: Meet The LSU Tiger Girls, National Champions & Comeback Queens
An award-winning performance by the LSU Tiger Girls dance team is going viral on TikTok, but like many other viral tiktoks, this one had a larger story to tell. The story goes back to 2021 when for the first time in 22 years, the LSU dance team was informed it could not compete at Universal Dance Association Nationals. The team made their anticipated return to UDA Nationals this year with a performance that delivered a strong and clear message to their university. The LSU Tiger Girls walked away from the competition with their first national championship title in 12 years, redemption against the university that held them back, and of course- millions of new fans and friends on TikTok.
Factorial Energy Raises $200 Million to Accelerate Commercialization of Its Solid-State Batteries for Electric Vehicles
Solid-state battery maker Factorial Energy recently raised $200 million in a Series D round led by Mercedes-Benz and Stellantis. Factorial says the funding will be used to accelerate commercial production and deployment of its solid-state battery technology, which the company says is safer, and offers up to 50% more driving range than current lithium-ion technology. Factorial also has joint development agreements (announced in late 2021) with Mercedes-Benz, Stellantis, and Hyundai, three of the top 10 global automotive manufacturers, to commercialize its batteries. Factorial CEO Siyu Huang joined Cheddar News' Closing Bell to discuss.
Brian Flores Lawsuit Looks to Address NFL's Lack of Diversity at the Top
Former Dolphins coach Brian Flores filed a lawsuit against the NFL over racial discrimination, exposing a long-running problem the NFL has had with diversity in its top coaching and management positions. Eric Mitchell, the president and CEO of public relations and communications company LifeFlip Media, joined Cheddar News to delve into the scandal rocking the pro football world just before the Super Bowl. "There is a problem. If you look at who owns teams in the NFL, it's right, it's a good old boys club, it's a bunch of old white guys," he said. "So, it's exposing something that's been around for ages and now that we're sitting in 2022 has come up."
Katie Taylor, Amanda Serrano on Being First Female Boxing Headliners at MSG
This April, Madison Square Garden will be hosting the first-ever women's boxing match to headline at the arena in its 140 years of history in boxing. Undisputed lightweight champion, Katie Taylor, and seven-division champion, Amanda Serrano, will go head-to-head for a career-high guaranteed seven-figure purse for both of them. The pair joined Cheddar News to talk about the upcoming "fight of their lives." "I mean, this is the first step I believe," said Serrano. "Unheard of, two women headlining the Garden, we get in the biggest paydays of our career, I hope it continues to break down barriers."
Load More