Tuesday, March 1st, 2022
Russia Financial Meltdown, State of the Union & Fat Tuesday
All the news in about 10 min:
This episode is brought to you by kiwico.com (Listen for the discount code) and Rothys.com/newsworthy
Story Summaries
All the news stories mentioned in today's episode are listed with links below, so you can spend as much -- or as little -- time as you want to read the latest happenings...
Russia/Ukraine Fighting
Russia’s invasion of Ukraine is going into its sixth day, and there are no signs it will come to an end anytime soon. No major breakthroughs came out of yesterday’s peace talks, and as the negotiators were meeting, people in Ukraine’s largest cities were still hearing explosions and gunfire. Russia fired rockets at residential areas in Ukraine’s second-largest city, Kharkiv, and they started closing in on the capital of Kyiv. No major cities have been taken yet, so experts say they think Russian troops might start taking a more destructive approach.
Read more: NY Times, WaPo, WSJ, AP
Ukrainian Refugees
More than half a million Ukrainians have fled their home country since the invasion started less than a week ago. That’s what one United Nations official told the General Assembly. He says the number is rising dramatically “by the hour.” Most evacuees are going to the nearby NATO allies of Poland, Romania, and Hungary. Germany is even vowing to take in all Ukrainian refugees. Today, the UN will reportedly ask for nearly $2 billion in donations for the four million refugees it's expecting.
Read more: WaPo, CNN, The Hill, Axios
Russia Financial Meltdown
Russia’s economy is starting to feel the impact of western sanctions. Even more of those financial penalties came yesterday. The U.S. and European Union announced new sanctions against Russia’s central bank. That keeps Americans and Europeans from doing any business with the bank and freezes its assets within the U.S. and EU. That’s on top of a wave of several severe sanctions the U.S. and its allies imposed on Russia in the last few weeks. Russia’s ruble fell more than 25% against the dollar, a record drop, as Russians rushed to withdraw cash. To try to slow the nosedive, Russia’s central bank more than doubled its key interest rate.
Read more: Reuters, WaPo, CNBC, CBS News, US Treasury
Russia/US Diplomats Return
The U.S. asked 12 Russian United Nations diplomats to leave the U.S., accusing them of spying. The U.S. State Department also closed its embassy in Belarus, since that country has been supporting Russia in its invasion. Plus, the U.S. is also letting American diplomats in Russia leave if they want to.
Read more: The Hill, Reuters, CNN, USUN, State Dept.
Biden’s First State of the Union
Tonight, President Biden will deliver his first State of The Union address. He’s been revising his speech throughout the week to keep up with the crisis in Ukraine, but he’s also expected to talk about the economy at home, especially inflation. Biden will reportedly also lay out more of his domestic priorities like federal paid family and medical leave and a $15-an-hour federal minimum wage. After the president’s speech, Iowa Gov. Kim Reynolds will deliver the GOP response. Coverage starts at 9 p.m. ET.
Read more: NPR, Fox Business, CNN, Politico, CBS News, White House
Western Businesses Cut Russian Ties
Western companies are pulling out of Russia, and the list is expected to grow. Leading banks, airlines, automakers, and more are cutting shipments, ending partnerships, and sending a clear message to Russia. For example, Europe’s largest oil company, Shell, announced it will abandon all of its Russian operations. It comes one day after Europe’s second-largest company, BP, left its stake in the Russian oil giant Rosneft, risking the loss of up to $25 billion. Also, Nasdaq and the NYSE put a pause on trading stocks of Russia-based companies.
Read more: Reuters, WaPo, BP, Shell,
Russian Sports Isolated
The world of sports is showing its support for Ukraine by turning on Russia. First, the International Olympic Committee recommended that all Russian and Belarusian athletes be banned from international competitions. Soccer’s global governing body, FIFA, and the organization that rules over the sport in Europe, UEFA, banned Russia from playing in any of their competitions, indefinitely. That includes the World Cup qualifying playoffs set to start in a few weeks. The International Ice Hockey Federation banned Russia at its ally Belarus from competitions at all age levels, and the NHL cut all business ties in Russia.
IOC Recommends Banning Russian Athletes: WSJ, NY Times, CBS Sports, IOC
FIFA and UEFA Ban Russia: Fox News, ESPN, AP, UEFA
Hockey Punishes Russia: USA Today, AP, NY Post, NHL, IIHF
Derek Jeter Steps Down
The Miami Marlins are looking for a new CEO after Derek Jeter announced he’s stepping down. In his announcement, he talked about how much the Marlins have transformed during his time with the team, and he thanked the staff, fans, and players. Jeter owned about 4% of the team and was the MLB’s first Black CEO. Jeter didn’t say much about why he’s leaving. He just said the vision for the future of the franchise isn’t what he signed up for.
Read more: NY Post, ESPN, NY Times, Derek Jeter Statement, BusinessWire
MLB Deadline
Major League Baseball could decide to cancel some regular-season games today. Midnight was the original deadline for MLB owners and the players’ union to reach a deal to end the lockout. That said, they kept negotiating into the early morning hours and finally extended the deadline to this evening. Stay tuned.
Read more: AP, WaPo, CBS Sports, ESPN
Mardi Gras/ Fat Tuesday
Today is Mardi Gras, which translates to Fat Tuesday. Mardi Gras is the tradition of binging on sweets and fatty foods ahead of Lent. The Christian feasting period-turned-cultural phenomenon dates back thousands of years. Cities all over the world take part, but of course, New Orleans takes the cake for the most elaborate celebrations. Last year, most celebrations were canceled because of COVID-19, but the glitzy costumes and floats are back this year (with a few restrictions).
Read more: WaPo, People, The Advertiser, AP, New Orleans
Trivia Tuesday
Q. What is the largest planet in our solar system?
Play along on today’s Instagram Stories quiz. We’ll also have the answer right here next week.
Last Week’s Trivia
Q: Which is the main substance used to make a Crayon?
A: Wax
Read More: Smithsonian, ThoughtCo, Kids Discover, Crayola