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The World
U.S. Secretary of State Antony Blinken poured cold water on hopes of a diplomatic settlement to the war in Ukraine, saying there were no signs Vladimir Putin was “prepared to stop” Russia’s invasion of its neighbor. Blinken played down expectations the warring countries would be able to come to an agreement that would see Russia withdraw its forces from Ukraine as he vowed Washington would investigate “war crimes” carried out by the Russian military. (Financial Times)
Ukraine President Zelensky told the German Bundestag that "help came too late to stop war" with Russia. Zelenskyy had some harsh words for the German government over its economic interests with Russia. "We could see your willingness to continue to do business with Russia and now we're in the middle of the cold war. And again this is something you have failed to see," Zelensky told the Bundestag. "You're still protecting yourself behind a wall that does not make it possible for you to see what we are going through," he added. He appealed directly to German Chancellor Olaf Scholz saying "Dear Mr. Scholz, tear down this wall.” By using the term "wall", the president made a direct historical reference to a speech by US President Reagan standing next to the Berlin Wall in 1987. (Deutsche Welle)
China’s muted response to Russia’s invasion of Ukraine has hardened views within the Biden administration that President Xi Jinping may be moving closer to supporting Moscow as the conflict continues, according to several people familiar with the matter. Even as the Chinese government publicly voices some support for the Ukrainian people and calls for a peaceful solution, top American officials see signs that China is seeking ways to soften the blow of sanctions imposed on Russia by the U.S. and its allies. (Bloomberg)
Biden will tell Xi any support of Russia comes with ‘costs’, when the two leaders speak today for the first time since Russia invaded Ukraine. (South China Morning Post)
Koch Industries, the industrial conglomerate run by the billionaire Charles Koch, has said it will continue to operate factories in Russia as other companies pull out after Russia’s attack on Ukraine. (New York Times)
President Macron promised to make France a more independent nation with better education and defense, lower taxes and an end to unemployment within five years if he is re-elected next month — as well as increasing France’s retirement age to 65. Setting out his manifesto just over three weeks before the first round of voting, Macron, 44, also showed he had listened to criticism of his top-down leadership and promised more consultation with citizens, teachers, unions and other bodies. Having been the frontrunner in the polls for months, with the war in Ukraine boosting his position, the centrist president was eager to deflect accusations that he is not bothering to campaign as he laid out his second-term program during a three-hour news conference in Aubervilliers, a suburb on the edge of central Paris. (The Times)
Moderna requested the FDA grant emergency use authorization to a fourth dose of its Covid-19 vaccine for adults who already received a booster dose of any approved or authorized shot. The company said its request includes all adults to give flexibility to CDC and health care providers so they can “determine the appropriate use of an additional booster dose.” (Politico)
With infections spiking in Europe and a variant on the rise, experts warn the U.S. could face a Covid resurgence. Europe has seen a surge of cases in recent weeks, and the situation there has typically foreshadowed that in the U.S. Moreover, some U.S. wastewater surveillance sites are picking up increased viral levels. Individual testing is down, and is increasingly done at home, so it’s harder to see the full landscape. Key factors: Fewer anti-Covid policies, variants, waning immunity from vaccines. (STAT News)
Jeffrey D. Zients, an entrepreneur and management consultant who steered President Biden’s coronavirus response through successive pandemic waves and the largest vaccination campaign in American history, plans to leave the White House in April to return to private life. Mr. Zients will be replaced as the White House coronavirus coordinator by Dr. Ashish K. Jha, the dean of the Brown University School of Public Health and a practicing internist who has urged an aggressive approach to the pandemic in frequent television appearances. Officials said his background as a medical doctor makes him the right choice as the virus becomes more an endemic part of the country’s health challenges. (New York Times)
U.S. News ranked Columbia No. 2, but a Columbia math professor has his doubts: A professor identified several data discrepancies that Columbia University provided to U.S. News & World Report, renewing the debate over the value and accuracy of college rankings. (New York Times)
Drought conditions are likely to continue across more than half of the continental U.S. through at least June, straining water supplies and increasing the risk of wildfires, the NOAA said. Nearly 60% of the continental U.S. is experiencing drought, which is the largest part since 2013, NOAA said in issuing its spring outlook, a broad climatic forecast for April, May and June. While these conditions are not new, the agency expects them to worsen and spread in the coming months because of above-average temperatures and below-average precipitation. (New York Times)
Economy
Dealmakers see M&A pace slow as geopolitical turmoil takes toll: Mergers and acquisitions activity has tailed off after a record-breaking 2021, as the war in Ukraine adds to a bevy of distractions faced by corporate boards and management in their existing businesses. Bankers and lawyers speaking at the Tulane Law conference noted that while conversations were still taking place and deals would continue to get done, the market volatility of recent weeks has made signing off on acquisitions more tricky. (Reuters)
Ukraine economic developments: JPMorgan processed interest payments from the Russian government due on two of its bonds, boosting investor expectations that Moscow will avoid defaulting on its debt; Ukrainian MPs have urged western companies including the UK’s Marks and Spencer and France’s Société Générale to pull out of Russia; Brent crude, the international oil benchmark, settled at $106.64 a barrel, up 8.8%. (Financial Times)
U.S. House votes to strip Russia’s most favored nation trade status, moving bill to Senate. (CNBC)
The era of ultralow mortgage rates is over. The average rate for a 30-year fixed mortgage topped 4% for the first time since May 2019, Freddie Mac said Thursday. At the beginning of the year, the average rate on America’s most popular home loan was 3.22%. It hit a record low of 2.65% in January 2021 and spent more than half the year under 3%. (Wall Street Journal)
New Yorkers are struggling to pay utility bills as electricity prices soar, with more than 1M customers in arrears prompting action by the state government. For January, the bill for an New York City residence using 300 kilowatt-hours of electricity was $123.65 versus $82.80 in December, a 50% increase, according to Con Edison, the local utility company. Spot market prices dropped from January to February but were still on average 79% higher year over year. (Financial Times)
Apparel retailers and department stores are bumping up against pockets of price resistance, a sign that consumers are curtailing spending as inflation remains at the highest level in four decades. Macy’s tried to raise prices on some mattresses and sofas by $100, but shoppers pushed back, CEO Jeff Gennette said. Clothing brand Bella Dahl raised prices on its T-shirts by about $20, then sales fell and the company rolled back the price increase. “There was a revolt,” said Steven Millman, its chief brand officer. “If we go any higher, we’ll do half the sales.” (Wall Street Journal)
Is a U.S. recession on the horizon? Stock market investors are recalibrating their expectations as soaring commodity prices, reduced fiscal spending and rising interest rates threaten the economic expansion. Goldman Sachs Research forecasts the S&P 500 Index of large U.S. companies will end the year at 4700 (the previous forecast was 4900), which would be a gain of about 12% from today’s level. The decline in the S&P 500 in recent weeks suggests about a 40% likelihood of U.S. recession, which would lead to much lower valuations and earnings, according to Goldman Sachs Research. Separately, our economists estimate there’s a 20% to 35% chance of a U.S. downturn, which is roughly in line with models based on U.S. Treasury yields. (Goldman Sachs Briefings)
Technology
Apple Studio Display reviews are in. They’re brutal. But last night, and update via Daring Fireball: “Multiple little birdies familiar with the Studio Display, each birdie independent of the others, tell me that the image quality problems really are a software problem, not hardware — a bug introduced at the last minute — and a future software update might not merely somewhat improve image quality, but raise it to a level commensurate with the iPad models equipped with the same camera (the new Air and last year’s Pros), modulo the differences between the M1 and A13 ISPs. That would be excellent news, if true. But someone at Apple is having a very bad day today, if true.” (Daring Fireball)
Apple Studio Display review: At $1,599, you won’t get what you pay for. The sharp new monitor makes a good case for people who are all in on Macs, but the screen doesn’t stand out against competitors and the webcam is bad. (Wall Street Journal)
‘No-Code’ brings the power of A.I. to the masses: A growing number of new products allow anyone to apply artificial intelligence without having to write a line of computer code. Proponents believe the “no-code” movement will change the world. Sean Cusack is part of a growing army of “citizen developers,” who use new products that allow anyone to apply artificial intelligence without having to write a line of computer code. Proponents of the “no-code” A.I. revolution believe it will change the world: It used to require a team of engineers to build a piece of software, and now users with a web browser and an idea have the power to bring that idea to life themselves. “We are trying to take A.I. and make it ridiculously easy,” said Craig Wisneski, a no-code evangelist and co-founder of Akkio, a start-up that allows anyone to make predictions using data. (New York Times)
MIT chemical engineers have developed a solution to polluted waters. Inspired by soap, the three engineers created microscopic, sponge-like particles the size of human cells which could provide an affordable way to combat micropollutants in bodies of water around the world. (MIT News)
For college students, LinkedIn FOMO is real — these tips will help: Stop worrying about work experience and connections; follow these 11 guidelines to make the most out of your LinkedIn profile. (Wall Street Journal)
Google Search data reveals that interest in the metaverse and NFT’s are dropping off substantially in recent weeks. In particular, searches for “metaverse” peaked when Facebook changed its name to Meta and began to evangelize an increasingly-digital future. (Forbes)
Smart Links
American Airlines will resume alcohol sales on flights starting April 18. (CNBC)
Half of cancer patients report medical debt. (Axios)
Biogen publishes data on its Alzheimer’s drug in a little-known journal. (STAT News)
Web 2.0 investors aren’t cut out for the Web3 world. (The Information)
A long queue forms to buy London’s most famous Russian asset: Chelsea FC. (Wall Street Journal)
Interest in March Madness is trending in the wrong direction. (Morning Consult)