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Here’s what you need to know
Oil prices fell. Lockdowns in China and optimism about peace talks, which will resume today, sent global prices down, and should make prices at the pump more palatable.
Ukraine wants more US aid. The UN says more than 600 civilians have been killed thus far in Russia’s attacks—though Ukraine’s figures are much higher. Following the blocking of a humanitarian aid convoy into Mariupol and an air strike on a TV tower, Ukrainian president Volodymyr Zelenskyy will address the US Congress on Wednesday.
Russian oligarchs’ crypto wallets may have been identified. Elliptic, a London-based crypto forensics firm, said it found ties to individuals who might be trying to evade sanctions.
Moderna started trials on an mRNA HIV vaccine. In other global health breakthrough news, Australian regulators gave the green light to a new malaria treatment for children.
Foxconn and Saudi Arabia are exploring a partnership. A $9 billion factory in the country could help the Taiwanese electronics manufacturer best known for supplying parts to Apple diversify as US-China tensions grow.
Your iPhone may now recognize your masked face. New updates come just as mask mandates are falling away in many parts of the world.
What to watch for
The US Federal Reserve will raise the federal funds rate by .25% on Wednesday, eventually making consumer loans more expensive over time as Fed officials try to slow down inflation without creating a recession. The Fed will also release the Summary of Economic Projections revealing inflation, GDP, unemployment rate, and interest rate forecasts for the year.
Here’s what to keep in mind:
3: Number of rate hikes officials had projected for 2022 (economists expect this forecast to go up)
5.2%: January annual US inflation rate excluding food and energy from the personal consumption expenditure report—the Fed’s preferred inflation measure
2%: Fed’s target for inflation (averaged over three to five years)
10: Years inflation has been running below the Fed’s target prior to the pandemic
What Russia buys from China
As the US and European countries beef up sanctions, China’s exports to Russia, its top trade partner, are surging.
China’s “neutral” stance toward Russia’s war on Ukraine is fortunate for both countries as China sends Russia electrical equipment, machinery, and vehicles, while Russia supplies China with petroleum products and wood.
While Chinese scholars are warning that China’s pro-Russia stance will not benefit China in the long term, the partnership could give Chinese car manufacturers “the chance of the century,” according to Chinese automobile analysts.
Africa’s AI horizon
Africa is rife with opportunities for artificial intelligence. In Ethiopia, iCog—a company best known for contributing to the creation of humanoid robot Sophia—wants to find new ways to replicate human and animal cognition. But Ethiopia’s tech ecosystem isn’t flush with cash, and startups in niche industries like AI have it doubly difficult.
That’s not stopping startups from pushing ahead. Read about iCog’s foray into Africa’s AI industry in a free edition of the Quartz Africa Member Brief. Like what you see? You can get the brief in your inbox, plus unlimited access to Quartz Africa stories, by signing up for a membership today.
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Surprising discoveries
Ever hear of a Hill’s horseshoe bat? Conservationists thought the peculiar mammal was extinct until they found one in Rwanda’s Nyungwe forest.
Pack hunting spiders, oh my. They live in squads of up to 1,000 and hunt with webs that span several meters.
Covid-19 rules may have stopped the spread of dengue. The mosquito-borne virus was slowed by restrictions on people’s movements.
Geomagnetic storms are coming. Don’t worry, though—solar storms are common for Earth, and it means we could see an uptick in both aurora borealis and aurora australis.
The “D” in DJ might as well stand for “disco.” They’d be out of a job if it weren’t for a musical genre it became cool to hate. Hear how disco affected music as we know it in the latest episode of the Quartz Obsession podcast.
🕺 Listen on: Apple Podcasts | Spotify | Google | Stitcher
Our best wishes for a productive day. Send any news, comments, spider pals, and cornhole bats 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 Jane Li, Alexander Onukwue, Nate DiCamillo, Susan Howson, and Morgan Haefner.