Forward deployed bases

As more evidence surfaces pointing to a potential massacre of hundreds of civilians across Ukraine by Russian soldiers, more governments targeted the Kremlin with additional sanctions, some zeroing in on investment. The U.S., European Union and Group of Seven nations said they will ban all new investment in Russia, increase sanctions on financial institutions and state-owned enterprises there and penalize unidentified Russian officials and their family members.

The EU is going a step further, proposing a ban of Russian coal—something even Germany indicated it was willing to do. Berlin’s long-standing reluctance to stop buying Russian energy has put the country at odds with Ukraine and others in NATO. Kyiv went so far as to accuse Germany of financing Vladmir Putin’s war machine by continuing to buy Russian fossil fuel. The threat of a Russian default grew even stronger after the U.S. Treasury said it was halting dollar debt payments from the nation’s accounts at U.S. banks.

Western commanders are concerned a Russian campaign to fully take over eastern Ukraine is being planned as Putin withdraws from around Kyiv. The head of the U.S. Joint Chiefs of Staff, General Mark Milley, said Tuesday that the U.S. is mulling the option of building forward-deployed bases in Eastern Europe. —Margaret Sutherlin

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Almost one-quarter of the world’s grain comes from Russia and Ukraine. Across Ukraine’s farm belt, silos are stuck with 15 million tons of corn from the autumn harvest—most of which should have been hitting world markets by now. Already obstructed by supply-chain bottlenecks, skyrocketing freight rates and weather, the $120 billion global grains trade is bracing for upheavals, raising the specter of worldwide food shortages.

Twitter named Elon Musk to its board Tuesday, a day after it was disclosed that the chief executive of Tesla was the social media company’s largest shareholder. The appointment ends speculation Musk is mounting a takeover of Twitter (his ownership is capped while on the board). But it still doesn’t answer the question of what exactly he’s up to.

Markets slid after hawkish comments by Fed Governor Lael Brainard, who is awaiting Senate confirmation to become the bank’s vice chair. She said Russia’s invasion of Ukraine is a “seismic” geopolitical risk that skews inflation risk to the upside. Kansas City Fed leader Esther George said a half a point increase in rates is on the table at the next policy meeting. The Nevertheless, the U.S. economy is booming. Here’s your markets wrap.

Shanghai locked down 25 million people, reporting more than 13,000 daily Covid-19 cases for the first time as the omicron variant runs rampant. While infections tied to its subvariant march higher in parts of the U.S., a new study showed a third dose of the coronavirus vaccine still offers up to 77.3% protection from symptoms that require hospitalization four months after getting the shot. Regulators in the U.S. are set to meet and discuss recommendations around the next round of booster shots.

U.S. companies need workers. The super-tight labor market is very much in favor of the latter right now. So increasingly, bosses are rethinking the credentials they’ve long required for new employees.

The EU stumbled again in its attempt to quickly implement a global deal for a 15% minimum corporate tax, thanks to Poland blocking progress. The proposal was agreed to by 136 countries in late 2021.

Peru declared a curfew to stem violent protests against rising prices of food and gas there. Protests led by farmers, truckers and others intensified in recent days, leading to clashes with police, temporary food shortages and supply-chain disruptions.

It was a scene becoming typical in Miami. A white Rolls Royce pulled up in front of a new Andean-fusion restaurant in the trendy Wynwood arts district. Inside, bankers, athletes and startup founders hobnobbed over the city’s latest obsession: cryptocurrencies and a future built on blockchain. “We are literally taking the gravitational centers of America, in finance it was New York and tech it was Silicon Valley, and we’re just basically yanking it down and making it Miami,” said the city’s Mayor Francis Suarez. But is the hype for real?

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