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Here are the headlines you Need2Know for Thursday, March 17, 2022:
BIDEN CALLS PUTIN 'WAR CRIMINAL'
Ukrainian President Volodymyr Zelenskyy made a direct plea to Congress yesterday for additional support. "I call on you to do more," he said, invoking the memory of Pearl Harbor and the Sept. 11 terror attacks. President Joe Biden responded with a commitment to send more anti-aircraft and anti-armor weapons and drones to the country. The president also called Russian President Vladimir Putin a "war criminal" during a press conference. On the ground, rescuers are desperately trying to pull survivors from a bombed a theater in Mariupol where more than a thousand people may have been sheltering. BBC
RUSSIAN DEBT
Today Russia says it has ordered a crucial $117 million interest payment, but we're still waiting to find out whether debt-holders will actually get their money. The funds used are among the assets frozen by international sanctions, but the U.S. Treasury says it will allow the payment to go through. There was speculation the country would try to pay in rubles, which would technically violate the terms. If Russia defaults on the foreign-currency debt, it would be the first time that has happened since the Bolshevik Revolution more than a century ago and could further isolate the country and send shockwaves through the rest of the global economy. CNN
FED RAISES RATES
The Federal Reserve finally did it. After months of speculation and some brutal, anxiety-inducing sessions on Wall Street, the Fed raised its target interest rate for the first time since 2018. What does this mean for you? Cheddar broke it down in a helpful explainer. Fed Chair Jerome Powell tried to keep his cool in the post-meeting speech, stressing that war in Ukraine presented new uncertainties for the global economy, but that the central bank does not anticipate a recession. He also said that the Fed expects inflation to drop in the second half of this year. CHEDDAR
HBCU SECURITY
Historically Black Colleges and Universities (HBCU) are now eligible for federal security grants after a string of bomb threats in recent months. The grants will support campus security and mental health resources, and the funding can't come soon enough. Since the beginning of the year at least 36 HBCUs, or a third of the total in the U.S., have been targeted with bomb threats. The House will discuss the matter at a hearing today. AP
CHINA PIVOTS ON TECH CRACKDOWN
Good news for Chinese companies listed in the United States: The Chinese Communist Party plans to pivot away from its ongoing crackdown on the tech sector, which has led to widespread uncertainty about the industry's future abroad. The CCP and U.S. regulators are reportedly making progress toward a cooperation plan that would allow Chinese companies to continue listing on American exchanges and pursue IPOs abroad, pushing up the stock price for Chinese firms such as Alibaba and JD.com. The olive branch was extended as China and the U.S. wrangled over the war in Ukraine amid reports that China weighed supporting Russia. CNBC
If there’s one thing that can bring us together its higher stock prices.
STARBUCKS FOUNDER RETURNS
Starbucks shocked investors Wednesday with the announcement that CEO Kevin Johnson is stepping down and founder Howard Schultz is returning to lead the company. Starbucks thrived under Johnson, so the reason behind the shake-up is unclear. One challenge facing the company as Johnson tags out is a wave of unionization that began with two Buffalo-area stores last December. Six locations have voted to unionize so far and more than 100 stores have now filed for union elections. Starbucks is also facing a complaint from the National Labor Relations Board over accusations of penalizing workers for union activity. In other Starbucks news, the company is talking about getting rid of its iconic single-use cups and encouraging customers to BYO Mug instead. NY TIMES
DISNEY WALK-OUT
Disney employees are planning a series of walk-outs in protest of Florida's Parental Rights in Education bill — known to its critics as the "Don't Say Gay" bill — which prohibits teachers from talking about sexual orientation and gender in primary schools. In an open letter, the employees accused the company of failing to push back against the legislation and criticized CEO Bob Chapek for remaining silent on the bill until last week. They also urged Disney to take steps to "regain the trust of the LGBTQIA+ community and employees." Pixar employees earlier this month also accused the company of censoring gay affection in its films. CNN
SPORTS ROUNDUP
FOOTBALL (SOCCER): The owners of the Chicago Cubs are making a bid for the Premier League club Chelsea. The Ricketts family started pursuing the purchase after the team's Russian owner, Roman Abramovich, faced sanctions for his links to Putin and was forced to sell. AP
We never thought football, Chicago Cubs, and Premier League would be used in the same sentence.
TENNIS: The French Open has decided to allow Novak Djokovic to play even if he's not vaccinated. The tennis champion was previously booted from the Australian Open over his vaccination status. The tournament will also accept Russian tennis players as well. AP
More like the French Wide-Open.
TIKTOK GOES TO CANNES
The Cannes Film Festival is pulling back the curtain for Gen Z social media users. The prestigious film festival announced plans to make TikTok an official partner in a bid to reach the platform's massive user base. The partnership marks a shift in attitude toward social media since Cannes banned selfies on the red carpet several years ago. Now organizers want to give TikTok users exclusive, backstage content, and host a competition for vertical short films shot on the app that are between 30 seconds and 3 minutes long. VARIETY
LEFTOVERS: HALLUCINOGENIC KEY WORDS
In what could be an extraordinary opportunity for talkative drug-users, a research team is exploring the effect of psychedelic drugs on the brain by using machine learning to discern key words and phrases that people use while under the influence. As hallucinogenic drugs are gradually decriminalized across the country, scientists are trying to better understand their effects on the brain. This new research method could help with that, and give galaxy-brained college roommates everywhere the audience they've always wanted. THE VERGE
We hope they like the words “whoah" and “dude.”
AND NOW YOU KNOW
Cheddar's Alex Vuocolo explains why yesterday's Fed rate hike matters to you. READ THE TWEETS
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