Inside Biden’s Budget | Abramovich’s Mediation Mystery | Where Women Under 30 Earn Best

Plus: Cargill Dodges Russian Missiles But Vows To Keep Feeding Both Sides Of The Ukraine War

Good morning.

A tax on the wealthiest Americans is the headline-grabbing item in President Joe Biden’s 2023 budget proposal, but the $5.8 trillion package also includes a range of measures targeting healthcare, affordable housing and education. We’re also covering billionaire Roman Abramovich’s involvement in the Russia-Ukraine peace negotiations—and his rumored poisoning—as well as the cities where women under 30 earn the same, or even more, than their male colleagues. Finally, we look at how Cargill, one of the world's largest grain traders, plans to straddle both sides of the Russia-Ukraine war.

In The News Today

Lawyers for the victims of last year’s deadly Astroworld festival crowd surge alleged in court that rapper Travis Scott had violated a gag order that is supposed to prevent him from influencing public opinion.

Russia is expected to deploy more than 1,000 mercenaries from the private military company known as the Wagner Group to fight in eastern Ukraine, according to British and U.S. officials.

Top Take-Aways

President Biden’s $5.8 trillion budget proposal for the upcoming fiscal year is packed with Democratic legislative priorities such as affordable housing and healthcare, in addition to what could be the nation’s first tax targeting the richest Americans—0.01% of the population, according to the White House. It does not include any major student loan relief, although it features substantial investments in existing and new education programs.

A U.S. official cast doubts on reports alleging that Russian oligarch Roman Abramovich—along with at least two Ukrainian negotiators—were poisoned during Russia-Ukraine peace talks earlier this month. Abramovich is currently in Turkey attending a new round of talks.

The Federal Reserve’s first interest rate hike in the U.S. since 2018 could be bad news for some investors who indulged in a yearlong private equity party last year. If interest rates rise as expected, the hangover could include an increase in bankruptcies and other signs of distress.

As Russia’s war in Ukraine proceeds for a second month, American and Ukrainian companies, law enforcement agencies and nonprofits have stepped up their efforts to get defense-related supplies, particularly body armor, into the hands and onto the torsos of Ukrainian soldiers.

Ukraine’s biggest fixed line telecommunications company, Ukrtelecom, was hit by a cyberattack that has been described as the most severe since the start of the Russian invasion last month, debilitating the company’s services across the country.

In 22 of 250 U.S. metropolitan areas, women under 30 now make between 100% and 120% of what their male counterparts earn. It’s a small but positive sign the gender pay gap is slowly narrowing, likely resulting from a combination of factors.

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