Forbes Daily: Russia’s Cash Dilemma

Good morning,

The battle for widespread student loan forgiveness reached the Supreme Court this week, and the fate of President Joe Biden’s initiative to cancel up to $20,000 in federal student debt per borrower hangs in the balance.

We likely won’t know the Supreme Court’s ruling until June, so while you kick back and wait for the outcome, we bring you six big takeaways from this week’s hearing on the matter.

Sign up here to get the Forbes Daily morning newsletter straight to your inbox.

BREAKING NEWS

President Joe Biden will ask Congress for $1.6 billion to tackle “historic” levels of fraud linked to the government’s Covid relief programs. The request earmarks $600 million to outfit federal watchdogs and law enforcement agencies with requisite resources to prosecute ”the most serious and sophisticated” cases.

Former South Carolina attorney Alex Murdaugh was found guilty Thursday of killing his wife and adult son in a 2021 double-murder, concluding a more than five-week trial that gripped the nation’s attention.

BUSINESS + FINANCE

Actress and wellness mogul Gwyneth Paltrow’s venture capital firm Kinship Ventures reportedly looks to raise $75 million for its debut fund. It plans to invest in early-stage consumer goods firms, technology companies and Web3 startups rooted in the education tech, health-tech, beauty, essentials and wellness industries.

Major social media companies are raking in millions of dollars from in-app purchases, a revenue shift in the aftermath of Apple’s user privacy feature updates that rolled out in 2021. TikTok leads the pack in the segment, drawing in $205 million more than Facebook, Instagram, Snapchat and Twitter combined so far in 2023, one expert says.

WEALTH + ENTREPRENEURSHIP

Russian oligarch Oleg Deripaska threw up a red flag Thursday about the state of his country’s business climate as its ongoing war in Ukraine exhausts spending, criticizing Moscow officials for pushing away foreign investors and warning Russia stands to potentially run out of cash as soon as 2024.

TECH + INNOVATION

In a Forbes exclusive, Meta Networks CEO Mark Zuckerberg agreed to a rare interview, speaking with us alongside his wife, pediatrician Priscilla Chan. The co-CEOS of the Chan Zuckerberg Initiative discuss their new “biohub” in Chicago and plans to use technology to deepen understanding of human cells and tissues, plus the impact they want it to have on human health.

Tesla is focusing on “expanding total global output” with a forthcoming assembly plant in Mexico, near Monterrey, CEO Elon Musk confirmed this week at a conference with analysts and investors. The electric vehicle manufacturer’s stock slumped 7% in the aftermath of the announcement, however, as the conference largely skimped on concrete details about a cheaper electric vehicle model that could be a boon for future sales.

MONEY + POLITICS

The House Office of Congressional Ethics says it found “substantial reason to believe” Rep. Alexandria Ocasio-Cortez (D-N.Y.) “may have accepted impermissible gifts associated with her attendance at the Met Gala in 2021,” referencing the congresswoman’s appearance at the event where tickets reportedly go for $35,000.

The House Ethics Committee has formed a panel to investigate the alleged wrongdoings of freshman Rep. George Santos (R-N.Y.), which include possible unlawful activity during his 2022 campaign, conflict of interest violations, missing information on House financial statements and a sexual misconduct allegation.

LIFESTYLE

The vast majority (78%) of Delta Air Lines’s roughly 15,000 pilots have agreed to a new contract that gives them a hefty 34% pay increase over three years, including more than $7 billion in cumulative increases through December 2026. It reflects the leverage pilots yield during an industry-wide pilot shortage.

Daily Cover Story

With Labor And Climate Challenges, Farmers Turn To Robot Beehives, Tractors And Fruit Pickers

TOPLINE Self-driving tractors outfitted with sensors to monitor crop health. Robotic bee hives designed to monitor the needs of their resident bee colonies. Flying, autonomous robots outfitted with camera vision and algorithms to identify ripe fruit, pick it round the clock during day and night with high-suction arms, and deposit it into a conveyor.

These aren’t examples of futuristic-sounding technologies for decades down the road. They’re examples of artificial intelligence-backed advances being deployed in fields right now. The machines coincide with the urgency to solve long-term challenges for food production, and illustrate other uses for AI-powered devices aside from products like ChatGPT and Tesla that constantly make headlines.

Forbes looks at how startups are aiming to solve big problems for agriculture, including labor and water shortages, climate-driven headaches and declining bee populations, by deploying such artificial intelligence, autonomous driving technology and robotics.

WHY IT MATTERS “Climate change, drought and a persistent labor shortage are a threat to California's role as the main grower of fresh fruits and vegetables,” says Forbes Senior Editor Alan Ohnsman. “Farmers there, and across the U.S., are turning to high-tech solutions to help ensure the supply and affordability of produce doesn't decline.”

MORE Car Tire Dust Is Killing Salmon Every Time It Rains

FACTS AND COMMENTS

Nearly half of California has emerged from drought conditions, per a new report, after a series of severe rain and snow storms.

40%: Portion of California that had been in an “extreme” or “exceptional” drought before heavy storms, flooding and other extreme conditions.

200%: How much more snowfall the Sierra Nevada mountains have received this winter than normal.

7: Feet of snow some areas of California received in just three days this season.

STRATEGY AND SUCCESS

In the ever-changing job market, workers are shaping their professional trajectories in new ways with non-linear career paths. It’s not job hopping, which implies shifting from role to role indiscriminately, non-linear career paths are actually quite intentional, even if they don’t follow a straight line. From changing values and priorities to more years spent in the workforce, here’s a look at some factors driving the trend.

VIDEO

Caution All Students And Patients—Thousands Of Nurses Are Licensed With Fake Degrees

QUIZ

Which banking giant is among the latest U.S. companies to cut hundreds of employees, marking its latest round of layoffs in recent months?

A. Citigroup

B. JPMorgan Chase

C. Bank of America

D. Wells Fargo

Check if you got it right here.

ACROSS THE NEWSROOM

Sign up for Forbes Edge, our one-stop-shop for tips for career and entrepreneurial success that’s available exclusively on LinkedIn. The newsletter publishes every Tuesday morning.

BEYOND THE NEWSROOM

• Register for the 2023 Forbes Equal Pay Day Forum, an in-person event where business leaders will explore how to close systemic gaps. The event takes place on March 15 from 5 p.m. to 7:30 p.m. ET in New York City.
• Join us virtually for the 2023 Forbes CIO Summit on April 12, 2023 from 9 a.m. to 10:30 a.m. ET as we gather some of the world’s top CIOs, CTOs, CDIOs and futurists for an amazing mind share focused on leadership, innovation and transformation. The summit is designed to inform, challenge and delight as we examine several key issues of importance to technology leaders.
• Coming up: The Forbes Under 30 Summit Africa is coming back for a second time to the world’s greatest growth market. From April 23-26, join some of the greatest minds from around the world in Gaborone, Botswana for this can’t-miss event. Register now.

Thanks for reading! Follow along with us on Twitter for by-the-minute updates on the latest business and financial news throughout the day.