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Here are the headlines you Need2Know for Wednesday, March 2, 2022:
STATE OF THE UNION
In his first State of the Union address, President Joe Biden said Russian President Vladimir Putin will "pay the price" for invading Ukraine. He stressed this did not necessarily mean engaging militarily, but rather using economic measures to isolate Russia. He also confirmed that the U.S. would join European allies in closing its airspace to Russian airplanes. After delivering this foreign policy message to bipartisan applause, Biden moved onto his domestic agenda and outlined an ambitious plan to fix thousands of bridges and highways, return manufacturing jobs to the U.S., and rein in inflation without lowering wages. Many commentators saw the speech as an opportunity for Biden to rebrand his policy agenda and push back against falling poll numbers ahead of the midterm elections. CHEDDAR
TARGETING CIVILIANS
Russia is reportedly escalating its attacks on civilians in crowded urban areas, while a 40-mile convoy of tanks and other vehicles gradually advances toward Kyiv. Ukraine's government is reporting increasingly powerful missile strikes in the largest cities, and the United Nations said at least 136 civilians were killed in the past six days. Some military experts are concerned that the bombings could mark a shift toward more brutal tactics. As the ground war intensifies, international denunciations of Putin are ramping up, and a growing number of nations and private companies are working together to isolate Russia's economy. BBC
STOCKS FALL/OIL RISES
Markets plummeted on Tuesday in another brutal session for Wall Street. The Dow Jones Industrial Average fell nearly 600 points, and the Nasdaq and S&P 500 dropped 1.59% and 1.55%, respectively. Oil prices moved in the opposite direction, though, with the major benchmarks both passing $106 per barrel, which is the highest in seven years. Responding to ballooning energy costs, the International Energy Agency's 31 member countries have agreed to release 60 million barrels of oil from their strategic reserves. Russia, meanwhile, is struggling to keep its crucial energy exports flowing, as refineries and financiers pull away from the country. WSJ
CRYPTO RALLIES
Bitcoin and other crypto currencies made a comeback on Tuesday with a sudden pop in price. Digital assets have struggled in recent weeks, along with the rest of the market, throwing into doubt the claim that crypto is a reliable store of value during a downturn. The upswing came as crypto emerged as an interesting bit player in the Ukraine crisis, with both sides leveraging it for their own purposes. For Ukraine, a surge in crypto donations are supporting the war effort. For Russia, crypto appears to offer a way to get around Western sanctions. CHEDDAR
While Monopoly money remained steady...
ABBOTT VS. O'ROURKE
The stage is set for a fierce gubernatorial race in Texas, as incumbent Governor Greg Abbott fended off far-right challengers in Tuesday's primary, and former presidential candidate Beto O'Rourke clinched the Democratic nomination. The upcoming election will be O'Rourke's second try at turning Texas blue after narrowly losing to Sen. Ted Cruz back in 2018. While Democrats are set on taking over an increasingly demographically diverse Texas, history shows it could be an uphill battle: the state's last Democratic governor left office in 1995. NPR
MLB SEASON DELAYED
In the final hour and a half before a self-imposed deadline on Tuesday, players turned down Major League Baseball's "best and final offer" to end a three-month long lockout. With no deal in place, the league is now on track to miss regular-season games for the first time since 1995. The league and union officials negotiated over salaries, bonuses, the process for draft picks, the number of teams allowed in the postseason, and other sticking points. Negotiations will continue, but baseball fans will have to wait longer than usual for opening day. ESPN
This is almost taking as long as an actual game does.
MARDI GRAS RETURNS
Yesterday was Fat Tuesday, and revelers hit the streets of New Orleans to celebrate the first full-dress Mardi Gras celebration since 2020. Back-to-back parades filled with colorful floats and costumed dancers wound through the city's neighborhoods throughout the day. The only difference from prior years was slightly shorter parade routes, which was due to a lack of police officers rather than COVID restrictions. The city canceled the celebration last year to avoid causing a superspreader event. Now that cases are falling worldwide, and 92% of the city's adults are at least partly vaccinated, the most famous street celebration in America is back. CHECK IT OUT
If only plastic beads prevented COVID.
AIRBNB WELCOMES REFUGEES
More than half a million people have fled Ukraine since Russia invaded last week and now Airbnb is offering free short-term housing for up to 100,000 people. The company said it will work with nonprofits on the ground to help people who may not have access to an electronic device. The European Union is asking members to grant temporary asylum to Ukrainians for the next three years. Joe Gebbia, company co-founder and chairman of Airbnb.org, told Cheddar that many believe this "conflict is likely to be the largest humanitarian crisis since World War II" and that companies should step up to help. CHEDDAR
WOMEN'S HISTORY MONTH IS HERE!
Hot off our series highlighting trailblazing Black Americans, Cheddar is kicking off another series for Women's History Month. For our first profile, we heard from Deb Cupp, president of Microsoft U.S., who talked about the importance of companies holding themselves accountable for meeting their equity goals. Expect two profiles each week of the month, featuring women in a range of roles, including business leaders in media, tech, and health care. CHEDDAR
LEFTOVERS: CARGO SHIP SINKS
The last time we found ourselves invested in the fate of a massive ship — definitely the Ever Given incident in the Suez Canal — the world got a happy ending. The ship was unstuck, and global trade resumed. The latest supply chain horror story, this one involving a cargo ship full of burning Porsches, Bentleys and more, had a less satisfying end. The ship, called Felicity Ace, sank about 250 miles off the coast of Portugal’s Azores Islands. It was headed for Rhode Island with a belly full of electric vehicles when a fire broke out on board that was intensified by the lithium-ion batteries in the hull. Now the fire is out and Felicity is at the bottom of the sea. PROVIDENCE JOURNAL
Nicest reef ever.
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!
