Researched & collated by: Vagda Galhotra & Nivedita Bobal
The Russian invasion: The latest update
Editor’s note: If you need more context, we highly recommend reading our Big Story on the historical roots of the conflict and this timely explainer on the effectiveness of economic sanctions, the return of the Cold War, what is driving Vladimir Putin, India’s “balancing act” and the looming oil crisis.
We are paring down the long update to the normal kind—until the next round of escalation, of course!
- The Prime Ministers of Slovenia, Czech Republic and Poland made a defiant trip to the besieged capital Kyiv in a stirring show of support. In a press conference after the meeting Czech Prime Minister Petr Fiala told Ukrainians “Europe stands with you.”
- In a big concession, President Zelenskyy has acknowledged that Ukraine will not become a Nato member: “For years we heard about the apparently open door, but have already also heard that we will not enter there, and these are truths and must be acknowledged.”
- Russia owes a debt of $117 million that comes due today—and is payable in dollars. Thanks to the sanctions, it plans to do so in roubles or yuan instead—which may not be accepted. But is that a default? The Russians don’t think so.
- Meanwhile, India is planning to buy Russian crude oil at a heavy discount in a rupee-rouble transaction.
- The good news is that the big Covid lockdown in China has offset the invasion—and oil prices have dropped to $100 a barrel. Also: Russia indicated it might go along with reviving a nuclear deal with Iran—which again brings more oil back to the global market.
A related thing to see: Russian editor Marina Ovsyannikova staged an extraordinary protest when she held up an anti-war sign behind a TV anchor reading the news. She was arrested, fined and has now been released. FYI: President Macron offered her asylum at the French Embassy. See the protest below:
Saudi Arabia to deliver ‘yuan’ blow?
Riyadh is in active talks with Beijing to sell oil in yuan—as opposed to the dollar. Not just that. There are also plans to create future contracts called petroyuan in the pricing model of Aramco—Saudi Arabia’s public company which is the world’s largest oil producer. Why this is a very big deal if it happens:
“It would be a profound shift for Saudi Arabia to price even some of its roughly 6.2 million barrels of day of crude exports in anything other than dollars. The majority of global oil sales—around 80%—are done in dollars, and the Saudis have traded oil exclusively in dollars since 1974, in a deal with the Nixon administration that included security guarantees for the kingdom.”
Also: China buys more than 25% of the Saudi oil exports. If priced in yuan, it will offer a huge boost to its currency, dent the US dollar’s monopoly—and make it more immune to the kind of economic punishment being meted out to Russia. Also very significant: It would signal Riyadh’s willingness to undercut Washington at a time when it most needs the support. (Wall Street Journal or Yahoo News)
Zomato to buy Blinkit
The food delivery company first extended a $150 million loan to the fast delivery startup (previously known as Grofers)—and has now decided to buy it outright in an all-stock deal that values Blinkit between $700-$800 million. What’s notable: Back in August, Blinkit became a unicorn (with a valuation more than $1billion)—in a round led by Zomato and the global fund SoftBank:
“The pared-down valuation indicates Blinkit… may be struggling to sustain the 10-minute delivery of groceries. The loss of the unicorn tag in less than a year may also dampen investor euphoria around cash-guzzling quick-commerce startups.”
Also read: our explainer on the challenges of the 10-minute delivery biz. (Mint)
A new cure for malaria
Australia has approved a drug combination—of a single dose of the drug tafenoquine plus chloroquine—to be administered to children between 2 and 16. Why this matters: the new formulation prevents recurrence of the disease—since the malarial parasite vivax can hide out in the liver, triggering relapses months after the initial infection. These often lead to severe anaemia, lasting brain damage and death. Also this: It is administered as a single small 50 milligram tablet that dissolves in water—making it easier for kids to take as opposed to the seven-to-14-day course for adults. The first official nod makes it likely it will be approved widely. (New York Times)
Pete Davidson is going to space!
The comedian best known for his love life—breaking up with Ariana Grande and now dating Kim Kardashian—will jump on Jeff Bezos’ Blue Origin on March 23. He will be accompanied on the 10-minute ride by five other people, none of whom are famous—and therefore will have to pay for the privilege. (CNN)
Speaking of famous people: Country legend Dolly Parton shocked everyone by removing herself from the list of nominees for the Rock & Roll Hall of Fame. She sweetly said:
“I don't feel that I have earned the right. I really do not want votes to be split because of me, so I must respectfully bow out. I do hope that the Rock & Roll Hall of Fame will understand and be willing to consider me again—if I'm ever worthy. This has, however, inspired me to put out a hopefully great rock 'n' roll record at some point in the future, which I have always wanted to do."
Three studies of note
On sleeping: A new study found that sleeping with even a teeny bit of light—think nightlight or a TV screen—is bad for your blood sugar and heart rate. All of which puts you at greater risk for heart disease, diabetes and metabolic syndrome. What the researchers order: drawing blinds, wearing a sleep mask, keeping the night-light at floor level (if necessary) and avoiding blue light. (CNN)
‘Virgin’ mice births: Researchers have successfully raised a mouse born from a single unfertilised egg cell—and only has its mother’s genetic material. It has also been able to successfully reproduce with a male. This is called parthenogenesis—which occurs naturally in several animal species, including some sharks, lizards and birds—but was thought impossible in mammals. (Smithsonian Magazine)
Simple is best: An intriguing new study has found that Mother Nature likes to keep things simple and symmetrical. Evolution has an “overwhelming preference” for “simple” algorithms—which form the building blocks of life. The reason: complexity contains a greater risk of things going wrong:
“‘Imagine having to tell a friend how to tile a floor using as few words as possible . . . You wouldn’t say: put diamonds here, long rectangles here, wide rectangles here. You’d say something like: put square tiles everywhere. And that simple, easy recipe gives a highly symmetric outcome.’ Hence, there exists an abundance of symmetry in tile patterns worldwide—and in nature, whether radial (starfish, pine cones, the cross-section of a kiwi fruit) or bilateral (a butterfly, a maple leaf).”
Another big ship is stuck!
Ever Forward—owned by the same company as the infamous Ever Given that got stuck in the Suez—has run aground in the Chesapeake Bay—after leaving the port of Baltimore. Mercifully, the 334-metre container ship is not blocking traffic. So there won’t be all the drama created by its sister ship. (BBC News)
Two things to see
One: The ubiquitous corner shop chain Walgreens swapped out the glass doors of their freezers for smart screens—which display the items inside. People hated it lol! And for good reason: the fancy freezers come equipped with facial recognition software that tracks what people are looking at. And they flash ads at you. What’s not to hate? (CNN)
Two: Pop legend Rod Stewart fixing potholes in his town. His reason: “People are bashing their cars up. The other day, there was an ambulance with a burst tire. My Ferrari can’t go through here at all.” Local authorities are not happy—especially since his Insta videos went viral. To be fair, those potholes make Bangalore roads look good. (Huffington Post)
Good stuff to check out
On the latest episode of the splainer podcast ‘Press Decode’, the splainer team discussed the politics of rescue—be it freeing students in Ukraine or the ocean of plastic waste. Be sure to head over to the IVM website, Spotify or Apple Podcasts to listen to it.
