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

Here are the headlines you Need2Know for Wednesday, March 16, 2022:

'ROOM FOR COMPROMISE'

Even as Russia stepped up its bombardment of Kyiv on Tuesday, negotiations between the two countries showed signs of progress. One Ukrainian official said the talks were "very difficult and vicious" but that "there is certainly room for compromise." Russian President Vladimir Putin had a different view of the proceedings, saying Ukraine was "not demonstrating a serious attitude toward finding mutually acceptable solutions.” The news came as the prime ministers of the Czech Republic, Poland, and Slovenia visited Kyiv in solidarity with Ukraine, as bombs rained down on the city. Ukraine President Volodymyr Zelenskyy will address the U.S. Congress today via video and President Joe Biden confirmed his own plans to visit Europe to meet with allied leaders. Biden is also expected to announce an additional $800 million in aid for Ukraine. AP

SEWER DATA SHOWS CASES RISING

The CDC's wastewater monitoring system is showing signs of a slight uptick in Covid-19 cases in the U.S., even as cases remain low overall. The data came as mask mandates are lifted across the country and workers return to offices. Pfizer and BioNTech also announced they are seeking emergency authorization for a second booster shot for adults 65 and older, and an audit out of New York confirmed that the administration of former governor Andrew Cuomo hid nursing home deaths from the public. Meanwhile, baseball fans are waiting to see whether their favorite Mets and Yankees will be able to play this year since NYC still has a private-sector vaccine mandate - the same one which has kept NBA star Kyrie Irving from playing most of the season. NY TIMES

Oh that’s just the CDC monitoring our wastewater, nothing to see here.

BIDEN CALLS FOR EQUAL PAY

The Biden administration celebrated Equal Pay Day on Tuesday with the roll-out of a measure aimed at closing the gender pay gap for federal workers and contractors. The president signed an executive order that encourages government agencies to ban federal contractors from seeking information about salary history. While the order is more of a prod than a demand, it does call attention to persistent pay disparities between genders. THE DETAILS

We’re all for equal pay. Let’s use an investment banker’s salary.

SENATE PASSES 'SUNSHINE PROTECTION ACT'

Sorry, early-risers. Daylight savings time could soon be permanent. The Senate passed a bill that would end the annual ritual of setting back the clocks during the winter. The Sunshine Protection Act, if passed in the House and signed by President Biden, will make some commuters' mornings a little darker, but on the flip side, many will enjoy an extra hour of daylight in the evenings during the winter. CHEDDAR

BIDEN FED NOMINEE DROPS OUT

Democratic spoiler Joe Manchin does it again. Sarah Bloom Raskin, Biden's choice for vice chair of the Federal Reserve, withdrew her nomination after the West Virginia senator announced his opposition. With Republicans all lined up to vote no, Manchin's rejection tipped the scales against the former deputy Treasury secretary. The coal-state senator didn't like that Raskin saw a role for the Fed in forcing banks to account for climate change risks —  a practice that is rapidly becoming more common around the world. THE NEW YORKER

RENT COSTS SKYROCKETS

Housing costs have been rising throughout the pandemic. Now renters are feeling the pressure too, according to a new report. Single-family rents jumped 12.6% year-over-year in January, which is up from a 3.9% increase in the same period last year, and price jumps are more than three times that in some Sun Belt cities. Experts said the housing market has become so difficult that many prospective homebuyers are simply giving up and renting. CNBC

MEME-STOCK MEETS MINING

What does metal mining have to do with movies? We don't know, but you can try to ask AMC Entertainment CEO Adam Aron, who announced the movie theater chain is buying a 22% stake in a Nevada-based gold and silver mine. Aron is calling the stake a "bold diversification move." While the connection between the companies is tenuous at best, that didn't stop Aron from making comparisons. Just like AMC, he said, Hycroft Mining has "rock-solid assets" but severe liquidity issues. Now he just needs to convince /wallstreetbets it's a buy. BLOOMBERG

CHICAGO OFFICERS NOT CHARGED

The Chicago Police Officers who shot and killed 13-year-old Adam Toledo and 22-year-old Anthony Alvarez in Chicago last year will not face charges due to "insufficient evidence." The killings were captured on video showing the officers chasing after the victims before shooting them. Foot chases are widely considered reckless and are known to lead to unnecessary shootings. The incident has led to renewed calls for reforms at the Chicago Police Department, which has long had a reputation for brutality and misconduct. CHICAGO TRIBUNE

'ANNA DELVEY' FIGHTS DEPORTATION

Anna Sorokin, the subject of the Netflix series "Inventing Anna," who scammed her way into New York's high society by pretending to be a German heiress, filed paperwork Monday to hold off her deportation from the U.S. The 31-year-old German woman has already spent more than three years behind bars and is currently under the custody of U.S. Customs and Immigration Enforcement. One judge has already declined an appeal from Sorokin, but as several Manhattan art collectors could tell you, she can be very convincing. CHEDDAR

LEFTOVERS: EIFFEL TOWER GROWS

They say you get shorter as you get older. Not so, says the Eiffel Tower. The 133-year-old landmark is actually getting 20 feet taller with the addition of a new communications antenna. The digital radio antenna was carried up by helicopter yesterday as tourists watched from the esplanade below. Whether this sparks a trend in topping off iconic landmarks remains to be seen. AP

SAY WHAT??


"I just got very lucky and kept not getting fired. That's a real key to having a long career: keep not getting fired."

-- Actor Bob Odenkirk on his success in "Breaking Bad" and "Better Call Saul"

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
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.
Competitive Stock-Trading Mobile App Zingeroo Raises $8.5 Million
There is a new player in the mobile app stock trading space. Zingeroo recently announced a funding round of $8.5 million. The company says it aims to bring 'friendly competition' to stock trading, by literally breaking trading down into daily and weekly competitions between friends. Zingeroo also says it hopes its new approach can make trading more accessible, educational, and social than ever before. Zingeroo co-founder and CEO Zoe Barry joins Cheddar News' Closing Bell for more.
Load More