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The World
One million people have fled Ukraine, the UN Refugee Agency said, as Russian forces pounded Kharkiv, Ukraine’s second-largest city, with airstrikes in a bid to break the will of the country’s resistance as Moscow’s offensive toward Kyiv stalled amid fierce Ukrainian counterattacks and logistics mishaps. Russian missile debris fell near Kyiv’s central train station on Wednesday night, damaging a major heating pipeline, with the blast wave breaking the station’s windows. Thousands of civilians, particularly women and children, are sheltering in the station at night as they await evacuation trains to western Ukraine. In the southern part of the country, Russian forces seized the first major Ukrainian city in their onslaught, the strategic southern port of Kherson. (Wall Street Journal, New York Times)
Amazon will support Ukraine’s cybersecurity as it battles a physical and online invasion from Russia, the company’s chief executive said. “We’re supporting humanitarian relief on the ground with cash donations from Amazon and our employees, logistics to get supplies to people needing them, and cybersecurity assistance to companies and governments,” Andy Jassy said. Meanwhile, FTSE Russell, MSCI all will remove Russian equities from benchmark indices, and Fitch cut its rating on Russia’s debt to “junk” status. (Financial Times)
The World Bank Group halted its programs in Russia and Belarus. The World Bank had partnered with Russia to help the country boost its economy and expand its role in the international domain. (Axios)
Hollywood boycotts Russia: Netflix paused all future projects and acquisitions in Russia while it assesses the impact of current events. Netflix's move came days after the streaming giant said it will defy a Russian law ordering it to add state propaganda channels to its service there. Disney paused the release of theatrical films in Russia, "given the unprovoked invasion of Ukraine and the tragic humanitarian crisis." Sony also said it would be pausing all of its theatrical releases in Russia. Warner Bros. halted its plans to release “The Batman" later this week in Russia. (Axios)
Among Russia’s eight most important import partners, China and Belarus are the only two countries not participating in the wide-ranging sanctions against the country, after South Korea announced that it would join Western countries in banning Russian banks from the SWIFT network and “actively participate in the international community's efforts for a peaceful resolution of the situation.” (Statista)
One of Hong Kong’s most prominent British lawyers has left the city abruptly after being questioned by national security police, casting a “chilling effect” over the financial centre’s legal profession as authorities crack down on political dissent. Former Hong Kong bar association head Paul Harris became a target for pro-Beijing politicians and state-run media, who accused him of being “anti-China” for suggesting changes to a national security law. The sweeping legislation, which was introduced in 2020, has paved the way for the erosion of the Chinese territory’s freedom of expression and autonomy. While Harris had been expected to leave Hong Kong early this year, his sudden departure this week is set to raise further concerns about the impact of the security law on freedom of speech. (Financial Times)
Hong Kong's subway operator, bus companies and one of the city's biggest supermarket chains said they were reducing services this week due to a worsening COVID-19 outbreak that has seen daily infections explode since early February. The latest strains came as Hong Kong authorities clung firmly to their "dynamic zero" coronavirus strategy which, like mainland China's seeks to curb all outbreaks at any cost. (Reuters)
Car crash deaths have risen since the pandemic started: Traffic-related fatalities rose 6.8% in 2020, according to final federal data, while projections for 2021 show the trend continuing. The report says the number of fatalities in crashes involving drunken drivers, speeding or unbuckled seat belts all increased in 2020. (Wall Street Journal)
'Biggest green deal since Paris': The UN is set to approve a plan to create the world's first ever global plastic pollution treaty on Wednesday, describing it as the most significant green deal since the 2015 Paris climate agreement. Member states have held talks for more than a week in Nairobi to agree the outline of a pact to rein in soaring plastic pollution, an environmental crisis that extends from ocean trenches to mountain tops. (Reuters)
Economy
PEI Deal of the Year EMEA: Clayton, Dubilier & Rice moved up from third place in EMEA’s Deal of the Year category in 2020 to become the frontrunner this year with its acquisition of U.K. supermarket chain Morrisons, valued at £8.7 Billion ($11.8 Billion; €10.3 Billion). The deal made headlines for all the right reasons — it was the largest take-private in the UK in a decade and involved a three-round auction and four-month battle, in which the firm outbid rivals. (Private Equity International)
Fed Chairman Jerome Powell said he would propose a quarter-percentage point rate increase at the central bank’s meeting in two weeks amid high inflation, strong economic demand and a tight labor market, offering an unusually explicit preview of anticipated policy action. Powell said Wednesday that, before Russia’s invasion of Ukraine last week, he expected the central bank would follow that initial rate rise with a series of increases this year. “We’re going to avoid adding uncertainty to what is already an extraordinarily challenging and uncertain moment,” Powell said. (Wall Street Journal)
Oil surge shows no signs of stopping as Brent hits $117. (Reuters)
Eurozone inflation hit a record 5.8% as Ukraine war adds to price pressures. The ECB called February figure ‘a negative surprise’ as it confronts dilemma over when to adjust monetary policy. (Financial Times)
Ford reveals radical plan to restructure automaker into three business units: Ford CEO Jim Farley is dividing up company operations, creating three separate automotive business units that include its existing commercial arm, as well as two new ones: Ford Blue, which will focus on the traditional internal combustion engine, and Ford Model e, which will develop the battery electric vehicles and connectivity, the company revealed. This step is designed to make the 118-year-old automaker more competitive against Tesla, the biggest electric vehicle competitor in the industry, as well as others. The newly created all-electric vehicle (EV) skill team will be led by Farley. (Detroit Free Press)
Big U.S. auto dealers bet billions against the death of the dealership: U.S. auto dealers, flush with cash, are buying each other at a record pace, but they are not closing stores in the process. Defying predictions that the internet and Tesla direct-to-consumer sales strategy would kill traditional auto dealerships, acquisitions in the sector hit a record $8 billion in value last year. That is more than triple the $2.5 billion for 2020. (Reuters)
Taiwan reported a massive blackout on Thursday that is affecting its two biggest cities as well as its most important iPhone processor production hub. Government officials estimate about 5 million households are affected by the power outages, including in Taipei. (Nikkei Asia Review)
Technology
Amazon plans to close all 68 of its brick-and-mortar bookstores, pop-ups and shops carrying toys and home goods in the U.S. and UK, ending some of its longest-running retail experiments. The news marks a turning point for a company that began as an online bookseller and helped drive established rivals such as Borders to bankruptcy. Amazon said it would focus more on its grocery markets and a department store concept going forward. (Reuters)
Lyft posted for an editor in chief. According to the job description, Lyft is looking for someone to “develop and deliver storytelling in support of the company’s products, impact, community and brand.” (The Information)
Apple announced that it will be holding its first event of 2022 on March 8. We've already heard quite a few rumors about what we can expect to see. Apple is expected to announce the next-generation version of the iPhone SE, a revamped iPad Air, and at least one Mac with an Apple silicon chip, which could be the Mac mini, the 13-inch MacBook Pro, or both. (MacRumors)
Google tells employees in Bay Area and other U.S. locations to return to offices on April 4. (CNBC)
Smart Links
Cisco tries to keep workers by asking: Bigger bonus or higher salary? (The Information)
Peloton founder sells $50 million of shares to firm backed by Michael Dell. (Wall Street Journal)
Roman Abramovich to sell Chelsea FC as pressure builds on wealthy Russians. (The Times)
Fortnite maker Epic Games acquires music marketplace Bandcamp. (The Information)
How Russia’s invasion may disrupt space exploration. (National Geographic)