Hey Snackers,
Ukraine and Russia agreed to create a “humanitarian corridor” to evacuate civilians from Ukraine, and it could come with a temporary ceasefire. The UN said the war could make 4M people refugees. Meanwhile, Russia is gaining ground in critical parts of southern Ukraine.
Stocks ended yesterday lower, while oil briefly soared past $116/barrel for the first time since 2008. In the San Francisco Bay Area, average gas prices topped $5/gallon.
Rough seas for Putin’s pals… First, Western governments went after Russia’s banks — now they’re targeting its oligarchs. Refresher: oligarchs are wealthy individuals with outsized influence over government. Post-Soviet oligarchs have amassed staggering fortunes during the privatization of Russia’s economy by doing favors for politicians like President Putin. By going after oligarchs, Western countries hope to pressure Putin to end the war in Ukraine:
Yacht-onomics… Putin has spent years sanction-proofing Russia for this day. Moscow stockpiled currency, bought Chinese bonds, and ditched Western trade partners to fortify Russia’s economy. Oligarchs did their part: experts say Putin and his cronies have personally stashed at least $250B of dark money outside Russia. But their laundered loot is hidden in plain sight: $1B+ yachts and Manhattan penthouses aren’t exactly subtle.
Keep your enemies' friends close… So far, government sanctions and international shaming haven’t stopped Putin from escalating his aggression against Ukrainians. Western leaders hope that going after his influential friends could help turn the screws. Russian oligarchs have already lost $83B because of sanctions — and that’s not counting the yachts. And it’s just beginning: the US is said to be expanding sanctions against oligarchs and the businesses that made them rich.
Let this sink in… After two years of a pandemic, women have still not fully recovered from the labor market pain of 2020. While the US added a record 6.4M jobs last year, and the overall unemployment rate is down to 4%, men have dominated new hirings. Of the jobs gained in January, women filled 40%. This morning’s jobs report will offer fresh insight into how women are rebounding from the she-cession.
Why women left… Women bore the brunt of childcare when schools closed, which hurt their careers, relationships, and well-being. Women are also overrepresented in jobs with some of the highest burnout rates, including high-contact industries like healthcare, education, and retail. Ultimately, many mothers were forced to decide between being primary caregivers or full-time employees. And while schools have reopened, there’s still a childcare crisis keeping women out of the resurgent labor market:
The labor market is still healing… especially for women. Biden’s $1.2T infrastructure bill aims to pump money into industries like construction and transportation, but those sectors have traditionally employed few women. Some say minimizing bias against workers who take career breaks for childcare could help women return to the labor pool.
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