Good morning. It's a quote that will go down in history: When the US government offered to evacuate Ukrainian President Volodymyr Zelensky from Kyiv early Saturday, he said thanks but no thanks, per the SCMP. "The fight is here; I need ammunition, not a ride." —Neal Freyman, Jamie Wilde, Matty Merritt, Max Knoblauch | | | |  | Nasdaq | 13,694.62 | | | | | S&P | 4,384.65 | | | | | Dow | 34,058.75 | | |  | 10-Year | 1.969% | | | | | Bitcoin | $38,975.10 | | | | | Etsy | $148.94 | | | | *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: In a sign that the Russia–Ukraine market dip was perhaps overblown, the Dow had its best day since November 2020, while the Nasdaq and S&P closed out a winning week.
- Ukraine: Street fighting broke out in Kyiv as Russian forces continued their assault on the capital, but Ukraine's government said it repelled the attack and still controls the city.
| | Francis Scialabba Following Russia's invasion of Ukraine, Western governments have dropped heavy sanctions on Russian banks, companies, and elites—including President Vladimir Putin himself. But they've yet to move forward with what's been called the "nuclear option": banning Russia from using SWIFT. What is SWIFT? Belgium's Society for Worldwide Interbank Financial Telecommunications (SWIFT) runs a messaging service that facilitates transactions across 11,000+ financial institutions globally. Think of it as the "Gmail of global banking." Entities in every country except North Korea use SWIFT to shuffle trillions of dollars' worth of funds across borders. And Russia is a SWIFT power user—as a major supplier of energy and other goods, it ranks sixth globally for payment messages sent on SWIFT. So if Russia were cut off from SWIFT, "the nation would essentially be severed from much of the global financial system," the NYT wrote. Thing is, not everyone's prepared for that While the UK and Ukraine are trying to boot Russia from the global group chat, the US and some EU nations are a little more hesitant. Here's why: - They're not ready to go full James Franco in 127 Hours. Their citizens still use Russian energy to keep the lights on, so shutting down Russia's Gmail account would essentially force financial communications onto a janky platform like 1990s-era AOL, resulting in a colossal headache for everyone involved.
- Another worry for the US is how blocking Russia from SWIFT would impact the dominance of the US dollar in the longer term. The US enjoys many benefits from the dollar's status as the world's reserve currency, and US officials are concerned that booting Russia from SWIFT would spur Moscow to join up with Beijing and develop alternative payment systems (on the blockchain, for instance) that undermine the dollar.
Of course, workarounds to SWIFT already exist, which is another reason why some sanctions experts say that blocking SWIFT access is an overrated tool for punishing Russia. You could do it, but you might be creating more problems for yourself in the process. Looking ahead…while a decision is not imminent, at least one of the initial holdouts may be warming up to a ban. Germany's finance minister said yesterday, "We are open, but you have to know what you are doing."—NF | | Kevin Lamarque-Pool/Getty Images  Biden makes historic Supreme Court pick. President Biden nominated US Circuit Judge Ketanji Brown Jackson of the DC Court of Appeals to fill Justice Stephen Breyer's seat when he vacates it this summer. If confirmed, she'd become the first Black woman to serve as a Supreme Court Justice, fulfilling one of Biden's campaign promises (but the Court would remain split 6–3 in conservatives' favor). The Court will hear major cases on affirmative action and LGBTQ protections this fall.
 MLB lockout deadline looms. For the first time ever, baseball has a clock—and it's ticking down to EOD Monday. That's when MLB team owners and players must agree to a deal to end their lockout, or opening day will be pushed back and the season shortened. It would be the first time regular-season baseball games have been scrapped since the 1994 strike, when even the World Series was canceled.
 Regulators target short sellers. The SEC is considering new rules that would require short sellers (investors betting on a stock to fall) to disclose their wagers each month. It's a bid to create more transparency around an investment strategy that's been targeted by individual traders, who attempted to "squeeze" short sellers of GameStop last year.
| | Harry and the Hendersons/Universal Pictures Your lipstick collection's rebirth begins now. The CDC loosened mask requirements yesterday for indoor public spaces, saying communities where hospitals aren't under high stress can safely unmask (about 72% of Americans). The updated guidelines come as new cases across the country dropped to an average of 76,000—down 66% from two weeks ago. But you'll probably hear much less about case counts moving forward. Given Americans' increased immunity from prior infection and vaccines, the CDC will begin measuring Covid risk through a new system that considers hospital admissions and capacity. Businesses and state governments' response: "OK, but you're a little late." Target removed its mask mandate for employees and shoppers on Monday, Apple ditched requirements for shoppers in some stores on Tuesday, Disney parks lifted masks for fully vaxed guests last week, and every state in the US (minus Hawaii) has either lifted mask mandates or announced plans to. Zoom out: When the CDC allowed Americans to ditch their masks last May, the Delta variant promptly arrived to ruin the nude face party. Still, given the current Covid conditions, public health experts generally supported yesterday's decision.—MM | | | The celeb-fave OCA Low in Canvas by Cariuma is finally BACK IN STOCK. These kicks are coming off a 'round-the-block 34K waiting list—and while we can't promise you'll have the paparazzi snapping photos of your beautiful face, your feet just might make the front page. With the OCA Low in Canvas, A-list season is year-round. They're the perfect stylish sneaks that'll always keep you comfortable—whether you're rockin' your favorite tee or sportin' board shorts on the way to the beach. The OCA Lows are hittin' high notes to match your  fit with gorgeous, neutral colors such as Off-White, Rose, Sand, and Grey. And JSYK: These cult favorites never go on sale, but Brew readers get a special offer here. | | FromSoftware/Bandai Namco One of the most anticipated games of the year, Elden Ring, launched yesterday and before day's end notched over 750,000 concurrent players on the platform Steam. The sprawling, open-world fantasy game is the latest entry from director Hidetaka Miyazaki (of Dark Souls fame), and much of the lore and worldbuilding was written by Game of Thrones author George R. R. Martin. It's received glowing reviews from basically every major outlet, and its publisher, Bandai Namco, expects to sell 4 million copies by April. But if you're planning on downloading it, you may want to double check your PTO bank: Reviewers with 30+ hours of playtime are claiming to have barely scratched the surface of Elden Ring's story. The reviewer for the gaming site IGN beat the game in 87 hours, equivalent to just over three and a half days.—MK | | TSN Quote: "No war please." Russian tennis player Andrey Rublev wrote a message of peace on a TV camera after winning his semifinal match at the Dubai Championships. Stat: In the 24 hours after Putin recognized the independence of two breakaway regions in Ukraine, the US, EU, and UK bought more than $700 million worth of goods from Russia, Bloomberg Opinion's Javier Blas estimates. It shows how, despite being political adversaries, neither side is willing to sever this critical economic relationship. Read: Welcome to the age of peak tech TV. (The Ringer) | | - Ukraine's vice prime minister called on Apple to shut down product sales and its App Store in Russia.
- More than 50,000 Ukrainians left the country in less than 48 hours, mostly going to Poland and Moldova, the UN said.
- An inflation gauge used by the Fed jumped 6.1% in January for its biggest increase since 1982.
- The reviews are rolling in for Disney World's Star Wars: Galactic Starcruiser resort experience, which opens Tuesday.
| | Smell amazing, be amazing. Laundry Sauce harnessed the powers of science to make a detergent that's unforgettable, yet understated. Just like you. And at $1 per load, laundry luxury has never been this affordable. Try it today.* Send that CC interest a-packin'. When you move your existing balance onto this credit card, you'll pay 0% interest on your transferred debt for 21 months, plus no annual fee. Apply for this card here.* Vibing: This YouTube channel has a playlist for every mood, including "songs to slow dance to when you finally reunite with the one that got away." Weekend conversation starters: *This is sponsored advertising content | | | There's a clue in today's crossword for everyone, whether you like sports, history, or literature. Solve it here. | | In the newest episode of Brew Breakdown, we explain what you can expect when you file your taxes. Nervous you might be paying Uncle Sam this year and not getting a refund? Win some extra cash to help cover those expenses. Subscribe to our YouTube channel and comment on this video with which topic we should break down next. Once you do, you'll be in the running to win $1,000. We will pick three lucky winners on February 28. *Terms and conditions apply. US entries only. | | | Written by Neal Freyman, Jamie Wilde, Matty Merritt, and Max Knoblauch Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - Emerging Tech Brew: AI, crypto, space, autonomous vehicles, and more
- HR Brew: analysis of the employee-employer relationship
- Marketing Brew: the buzziest happenings in marketing and advertising
- Retail Brew: retail trends from DTC to "buy now, pay later"
Tips for smarter living → Accelerate Your Career → - MB/A: virtual 8-week program designed to broaden your skill set
| ADVERTISE // CAREERS // SHOP // FAQ
Update your email preferences or unsubscribe here.
View our privacy policy here.
Copyright © 2022 Morning Brew. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011 | |
No comments:
Post a Comment