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Here’s what you need to know
The proposed Biden-Putin summit is off. The US and its allies have put in place a range of economic sanctions against Russia as a full-scale invasion of Ukraine—and the US president is already calling it that—appears closer.
Volkswagen is considering a Porsche IPO. The German automaker hopes to spin off its profitable luxury sports car division as a way to raise cash for investment in electric vehicles.
Barclays withheld its former CEO’s bonus. Jes Staley won’t receive $22 million as an investigation into his links to Jeffrey Epstein continues. The bank also announced profits of $8.4 billion in 2021.
The US women’s soccer team reached a $24 million settlement over equal pay. The USWNT’s fight brought the longstanding issue of pay discrimination in professional sports to the fore, but its achievement remains rare, for now.
Hong Kong will start covid testing for all residents in March. Everyone will be required to take three rounds of PCR tests and daily rapid tests. The city will also shut schools to turn them into covid response centers.
What to watch for
From tomorrow, all legal covid-related restrictions in England will be gone: no more masks, self-isolation, routine contact-tracing, and some financial support. Free testing will also phase out from April 1.
The UK government is aggressively pursuing a “living with covid” strategy, emphasizing common sense and personal responsibility over large-scale state intervention for what’s left of the pandemic.
The government insists it’ll continue to protect the most vulnerable, and the vaccine booster program will be stepped up again. But critics say this policy, the first of its kind in any rich country, is reckless. To a large extent, however, official covid policy in England has only followed what people are doing anyway.
Oil prices aren’t so back to normal
As economic activity has picked up with the easing of pandemic lockdowns, the demand for oil has led to a steady climb in prices.
But after Russia ordered troops to enter two breakaway regions in Ukraine, oil prices jumped to a seven-year high. The price of a barrel of Brent crude briefly touched $99.38, the highest since September 2014.
Western countries are responding to Russia’s incursion on eastern Ukraine with a series of economic sanctions, with Germany suspending certification of the Nord Stream 2 gas pipeline from Russia and jeopardizing a potentially vital natural gas supply.
No such thing as too much fanfare
Indian weddings are as varied as the religions, castes, communities, and tribes that host them. But the big, spectacular Indian wedding—a combination of Hindu tradition and Bollywood influence—has withstood the test of time, social reform, and a pandemic. 🎧 Learn more about the staying power of these pricy parties with this week’s episode of the Quartz Obsession podcast.
🥻 Listen on: Apple Podcasts | Spotify | Google | StitcherÂ
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Surprising discoveries
Scientists think it rains liquid precious gems on this exoplanet. And the clouds are made of metal.
Colombia is done with Pablo Escobar’s hippos. Descendants of the drug lord’s herd will be named an invasive species.
Miami street gangs have given up on drugs. Online identity theft is much more lucrative.
A group of Australian magpies helped each other remove their tracking devices. Most were free within hours.
The US rejected an algorithm’s copyright claim. The Copyright Office said the AI-created art didn’t meet its standard for protection.
Our best wishes for a productive day. Send any news, comments, liquid gems, and AI art to hi@qz.com. Get the most out of Quartz by downloading our iOS app and becoming a member. Today’s Daily Brief was brought to you by Hasit Shah, Samanth Subramanian, Courtney Vinopal, Liz Webber, and Morgan Haefner.