Hey Insiders, Inside.com is partnering with GrowthHackers on this year’s globe-spanning State of Growth 2023 Survey. If you participate in this survey to understand what companies are doing to drive growth, you can be among the first to see the full report. You will also receive a $100 voucher that can be used toward a course at Growth University or a ticket to the GrowthHackers Conference. Just click this link to contribute. -The Inside.com Team | |  Gregory | |
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 Chinese leader Xi Jinping has arrived in Russia for a three-day state visit. Xi kicked off the visit by publically praising Russian President Vladimir Putin on Monday, signaling that Beijing is likely to continue supporting Moscow despite its ongoing invasion of Ukraine. More: - Xi and Putin projected an image of unity and friendship when they met in Moscow.
- Xi praised Putin for showing "strong leadership" during a conversation in which the two leaders referred to each other as "dear friend."
- Putin commended China's 12-point proposal for halting the conflict in Ukraine and welcomed Beijing's effort to serve as a mediator between Moscow and Kyiv.
- The U.S. previously said it would oppose China's proposal, which it called a "ratification of Russian conquest.”
Zoom Out: - China is Russia's most important ally and helped Moscow weather sanctions imposed by Western countries after it invaded Ukraine.
- Many Western capitals do not view Beijing as being capable of impartially mediating between Kyiv and Moscow due to its deepening ties with Russia.
- White House National Security Council spokesman John Kirby called on Xi to use his influence to convince Putin to "halt the war crimes and atrocities and to withdraw his troops."
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 U.S. President Joe Biden vetoed a bill for the first time since his presidency began. The move signals the beginning of a tense relationship between the White House and Republican lawmakers after the GOP took control of the House in January. More: - Biden's veto blocked Republican efforts to repeal a Labor Department rule that allows the government to consider environmental and social impacts when making investment decisions for retirement plans.
- The Rebublican-led measure would have effectively revived a Trump-era policy that banned federal managers of retirement plans from taking such factors into account when making investment decisions.
- Sen. Joe Manchin (D-WV) joined Republican lawmakers in criticizing the veto, saying, “This administration continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating.”
- White House spokesperson Robyn Patterson said Biden vetoed the Republican-backed legislation because "it jeopardizes the hard-earned life savings of cops, firefighters, teachers, and other workers.”
Zoom Out: - Widespread support for the veto among Democratic lawmakers makes it unlikely that Republicans will be able to overturn Biden's decision.
- Tensions between the White House and the House are expected to heat up in the future as lawmakers discuss controversial legislation related to government spending and the U.S. debt ceiling.
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 Explosions in Russian-annexed Crimea destroyed missiles being transported by rail. Ukraine has not taken responsibility for the attack, which is typical for Kyiv when it carries out covert operations. More: - The area near the explosions was attacked by drones, according to the Russian-installed leader of the nearby city of Dzhankoi.
- Ukraine's defense ministry said the destroyed weapons were Kalibr NK cruise missiles designed to be launched from ships in Russia's Black Sea Fleet.
- The local power grid was damaged by the blasts and several buildings caught fire.
- Ukraine's defense ministry said the explosions "continue the process of Russia's demilitarisation," and added that they prepare the Ukrainian peninsula of Crimea "for de-occupation."
Zoom Out: - Crimea was annexed by Russia in 2014 and has served as a staging post for Russian military activities in Ukraine.
- Ukrainian special forces may have been responsible for explosions at a Russian airbase in Crimea that destroyed at least eight military aircraft in August last year.
- In October, Russia accused Ukrainian forces of using drones to attack Russian warships in the Crimean port city of Sevastopol.
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GOOD NEWS: A Colorado man climbed up three stories on Saturday to rescue a neighbor who was suffering an asthma attack during a fire. The good samaritan, Dewey Parker, said seeing another person in danger was enough to prompt his heroic actions. More: - Smoke from a fire in an adjacent building triggered an asthma attack for Parker's neighbor.
- EMTs were unable to enter the victim's apartment after the fire spread because he could not unlock his door while suffering from the attack.
- “He needed a hand. I just decided to scale up to the third floor off the balconies," said Parker.
- Parker was able to reach his neighbor, who will reportedly make a full recovery thanks to his swift actions.
- “I’m glad I was here and was able to help,” said Parker, adding that "if that was me, I would hope someone would have done the same thing.”
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 The International Monetary Fund (IMF) has approved a $3B bail-out package for Sri Lanka. The deal is designed to help restructure the government's debt after a financial and social crisis triggered mass protests last year. More: - Sri Lanka began negotiating with the IMF after the country became unable to service its debt, triggering a sovereign default in May last year.
- IMF assistance was requested again after then-president Gotabaya Rajapaksa fled the country amid mass protests.
- The protests were triggered by a major economic crisis that resulted in shortages of energy, food, and medicine.
- Sri Lanka and the IMF agreed to the terms of the bailout package in September, but it was only able to proceed when China pledged its support earlier this month.
- China is Sri Lanka's third largest creditor after Japan and the Asian Development Bank.
- The package will consist of nine disbursements of about $333M over the next four years.
- In exchange for the assistance, Sri Lanka's government agreed to implement reforms that include recapitalizing the banking sector, rebuilding foreign currency reserves, and reducing corruption.
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 Virgin Orbit may file for bankruptcy as early as this week, reports CNBC. The small satellite launcher paused operations and furloughed staff last week as it focused its efforts on securing a funding lifeline. More: - Virgin Orbit's senior executives held talks over the weekend with parties who may be interested in buying out the company or providing new investment, reports CNBC, citing people familiar with the matter.
- A potential buyer reportedly rejected a proposal to acquire the rocket-building firm for almost $200M.
- The proposal valued Virgin Orbit just below the level at which it traded on Friday.
- Executives told Virgin Orbit staff to expect an update on the company's situation as early as Wednesday.
- Many of the company's furloughed staff have started seeking employment at other firms, reports CNBC.
Zoom Out: - In November, Virgin Orbit reported a loss of $42.9M in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
- In January, the company failed in its effort to launch the first satellite from the U.K. using its airplane-mounted LauncherOne system.
- The latest failure came after Virgin Orbit carried out five successful LauncherOne missions in the U.S.
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- Slovakia has agreed to provide Ukrainian forces with 13 MiG-29 fighter jets, in addition to the four donated by Poland.
- The Los Angeles Unified School District is set to close its school campuses for three days after failing to reach a wage agreement with labor unions. 400,000 students will be unable to attend classes due to the strike.
- Texas added HSBC Holdings to its list of sanctioned firms. Several GOP-led states are cracking down on firms pursuing environmental, social, and governance (ESG) policies for allegedly prioritizing "political goals."
- A parent in Vancouver, Canada, filed a lawsuit against the makers of the popular video game Fortnight. The suit claims that the game is designed to be addictive to minors and alleges that its developer breached British Columbia's Business Practices and Consumer Protection Act.
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 |  | Gregory Bridgman is a writer and researcher with an academic background in politics and the philosophy of science and technology. He holds a BA from the University of Cape Town, an MS from University College London, and a Ph.D. from the University of Cambridge. He is interested in climate issues, technological changes, and the implications of the fourth industrial revolution. Please feel free to contact me at gregory@inside.com! | | | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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