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

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
 

[Giphy]

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​​​​.

[Giphy]

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!

Share:
More In Culture
Elizabeth Holmes Fraud Conviction Might Yield Five to Seven Years in Prison
The six-month trial of Theranos founder Elizabeth Holmes has come to an end with the former tech startup star found guilty of four out of 11 counts of fraud. Michael S. Weinstein, Esq, chair of the white collar criminal defense practice at Cole Schotz, and former Department of Justice trial attorney, joined Cheddar News Wrap to discuss what happens next for the former mogul. "Do I think it's going to be more than five or seven years? Probably yes. I think that's probably a fair range at this point," he said about her potential prison sentence.
CES 2022 Begins on Wednesday
We are just one day away from what has been called the most influential tech event in the world. CES 2022 will officially kick off on Wednesday in Las Vegas, but the annual tech summit is being impacted by COVID-19, like so many other recent events. The Consumer Technology Association originally planned for a hybrid event to take place from January 5-8, with some in-person events and some virtual; however, a few big-name companies announced they will not be attending in-person, so the CTA decided to shorten the event by one day, with it now ending on Friday. Consumer electronics senior analyst Will Greenwald joins Cheddar News' Closing Bell to discuss.
California Starts Largest U.S. Food Waste Recycling Program
California's new composting law will affect what residents do in their kitchens. As of this week, Californians will have to recycle excess food in an effort to reduce emissions caused by food waste. Cities and counties will turn recycled food into compost or use it as a renewable energy source. California's new law is the largest mandatory residential food waste recycling program in the country. Rachel Wagoner, Director of the California Department of Resources, Recycling and Recovery called the law 'the biggest change to trash' since recycling started in the 1980s. She joined Cheddar Climate to discuss.
Sweetgreen Launches Salad Subscription Service 'Sweetpass'
Fast-casual restaurant chain Sweetgreen is rolling out its first salad subscription service called sweetpass as it looks to customers tackling new year weight loss and health goals. Members will receive up to 30 percent off of purchases.
Severe Snowstorm Blankets D.C., Mid-Atlantic Region
Washington DC and the surrounding areas saw a record breaking snow storm Monday as a strong storm system works its way across the eastern U.S. The extreme weather event caused extensive damage in the greater Washington area, leaving thousands in the region without power. Jonathan Porter, Chief Meteorologist, AccuWeather, joined Wake Up with Cheddar to discuss the fierce storm.
Over 3,000 Flights Canceled on Monday Over Severe Weather, Crew Shortages
Airlines canceled more than 3,000 flights on Monday over severe weather and crew shortages. The cancellations come on one of the busiest travel days of the holiday season, and is a continuation of the industry-wide disruption that started before Christmas. Thomas Pallini, Aviation Reporter for Insider joined Wake Up with Cheddar to discuss.
End of Child Tax Credit Could Mean Slide Back Into Increasing Child Poverty
Millions of Americans with young children have relied on the child tax credit since the federal government began issuing checks in July 2021. The last round of payments was sent out just before the Christmas holiday — at the same time as the omicron variant surged. Leah Hamilton, associate professor of social work at Appalachian State University, joined Cheddar to discuss what the end to the tax credit means as the U.S. sees the end of many relief programs and its highest number of COVID cases since the start of the pandemic. "It'll become harder for families to meet their basic needs, increasing national childhood poverty rates and the proportion of families who have difficulty putting food on the table, maintaining stable housing, and paying their bills," Hamilton said. She also pointed to research that the credit as a long-term investment in children offsets claims that it contributes to macroeconomic impacts like inflation.
NYT Piece Claims Silicon Valley Investors and Founders Contorted Legal Tax Break to Avoid Taxes on Investment Profits
Several Silicon Valley insiders are being accused of contorting a 1990s-era tax break to avoid taxes on millions of dollars of investment profits. The tax break is known as the qualified small business stock exemption, and it allows early investors in certain companies to avoid half of the taxes on up to $10 million in capital gains. A piece recently published in the New York Times says venture capital firms like Andreessen Horowitz replicated the tax exemption by giving shares of companies to friends and family, who would otherwise face a 23.8% capital gains bill. The CEO of Roblox is also accused of replicating the tax break for his family members at least 12 times. Although the loophole known as 'stacking' is considered to be legal, the Times piece implies that the exemption has been manipulated for the ultra-wealthy to become more wealthy. Greycroft co-founder and Chairman Emeritus Alan Patricof joins Cheddar News' Closing Bell to discuss.
Load More