Scoops
Posts
Daily Scoop 22-2-28

Daily Scoop 22-2-28

👋 Your Monday Scoops - BP dumps Russian arm & Toyota under attack

February 28, 2022

View this email in your browser

Today's Scoop:Nervous

Big Picture

Russia's currency is crumbling.
US & Allies are blocking Russia from international transactions.
The US is freezing Russia's central bank.

The Market:

⬇️

-0.2%

S&P 500: 4,373.94

1Mo:

-4%

| 1Yr:

+12%

| 5Yr:

+84%

Markets stayed frantic today over the uncertain impact of

major economic retaliation against Russia

Russia's currency is crumbling.

The ruble lost nearly a third of its value at one point, declining -22% against the dollar as major nations imposed economic restrictions. The Russian central bank more than doubled interest rates to try and hang on to savers and limit the devaluation.

In response to Russia's invasion of Ukraine, the US, European allies, Japan, and Canada all

cut Russia off from the international banking

messaging platform SWIFT, limiting its ability to transact.

Today, the US sanctioned Russia's central bank, which essentially blocks American businesses from doing any business with the central bank and freezes its assets held in the US, further

squeezing the country's ability to move money or transact internationally.

Company Scoops ❤🌎💰

(Click to dig in & vote your reaction, see how others feel)

dumps Russian business after government pressure

Toyota

forced to shut down over cyber attack

Starbucks

has another union

Coinbase

warns of more volatility

Berkshire Hathaway

sees huge profits

(These links only work for 24 hours while the story is live)

🤓 Inside Scoop...

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is an organization that safeguards communication and coordination between major nation banks. SWIFT is vital for international money transfers. It doesn't actually move the money, but it's essentially the encrypted messenger that allows banks to coordinate money transfers across different financial institutions. Without access to the communication network, sending money anywhere internationally is extremely difficult.