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US allies to impose sanctions amid emergency talks 

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Russian President Vladimir Putin has ordered troops into eastern Ukraine’s two breakaway regions, with fears a full-scale war could begin at any time

Under decrees, Putin says troops will perform so-called “peacekeeping functions” in the rebel areas.

It’s unclear exactly what this will involve at this stage.

The UN Security Council is set to hold an emergency meeting on the Russia-Ukraine crisis

US President Biden has just wrapped up a phone call with his Ukrainian counterpart, Zelenskyy.

During the call, Biden reaffirmed the United States’ commitment to Ukraine’s sovereignty and territorial integrity.

Biden has condemned Putin’s decision to recognise the independence of two breakaway regions in the east.

Journalist Ben Arvis, says that the crisis is beginning to dangerously escalate.

“This crisis is now starting to reach the scale of the Cuban Missile Crisis,” he says.

The United States is standing ready to enact sanctions and respond decisively to Russia’s actions if required in lockstep with its Allies.

The White House says it is ready to order fresh sanctions against two separatist Ukraine regions, following Putin’s decision to formally recognise the areas.

This comes as the United Nations addresses the crisis, noting Russia is violating Ukraine’s sovereignty.

US, EU and UK to impose sanction

It’s also been confirmed the European Union and the United Kingdom will move to impose coordinated sanctions against Russia following Moscow’s deployment of troops to eastern Ukraine’s breakaway regions.

It’s expected these sanctions will be economic and financial in nature, essentially cutting Russia off from international financial markets.

The Donetsk and Luhansk have long been contested by Ukraine and Russian-backed Rebels.

World leaders react

Biden, Macron and Scholz say Putin’s recognition of the independence of breakaway regions ‘will not go unanswered’.

US Pentagon Press Secretary John Kirby warns if a war does occur, the result will be nothing short of devastating.

The West has been preparing for a Russian invasion of Ukraine for days and while war does seem imminent, the US says it will continue to push for diplomacy.

Concerns with Nord Stream 2

While the diplomatic path is narrowing, a lot of focus is now turning to the $11 billion gas pipeline that is set to run between Russia and Germany.

The Nord Stream 2 is of huge significance because it would make Europe heavily reliant on Russia’s energy supplies.

However, threatening the future of the pipeline could be an important political bargaining chip to deter Putin from invading Ukraine.

Also contributed by Savannah Pocock

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Streaming service shift and the award season snubs

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Netflix Introduces Changes to Subscription Model, Academy Award Nominations Spark Cinematic Buzz, and the Doomsday Clock Continues its Ominous Ticking.

Netflix is set to discontinue its ad-free Basic subscription in select countries, commencing with Canada and the UK in Q2 2024.

This strategic shift introduces a significant price increase for the baseline entry, signalling potential adjustments to Netflix’s global pricing structure.

Simultaneously, the 96th edition of the Academy Award nominations has stirred cinematic debates, with the prevailing question being whether the upcoming season will be dominated by “Barbie” or “Oppenheimer.” These contrasting narratives set the stage for a fierce competition, highlighting the diverse and compelling offerings in this year’s film industry.

Beyond the realm of entertainment, the Doomsday Clock, a symbolic representation of the likelihood of a human-made global catastrophe, continues its ominous countdown.

Maintained since 1947 by the Bulletin of the Atomic Scientists, the clock serves as a metaphor for threats arising from unchecked scientific and technological advances. As global tensions, environmental challenges, and technological risks persist, the ticking of the Doomsday Clock serves as a poignant reminder of the urgent need to address multifaceted threats to humanity.

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Adidas faces potential $320M Yeezy shoe write-off post-Kanye split

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Adidas is contemplating a significant financial blow as it considers writing off $320 million worth of Yeezy shoes following its separation from music and fashion icon Kanye West.

The sportswear giant’s decision to sever ties with West’s Yeezy brand has left a mountain of unsold merchandise, threatening to dent the company’s balance sheet.

The partnership between Adidas and Kanye West, which began in 2013, had been immensely successful, with Yeezy shoes becoming a highly sought-after fashion statement.

However, recent controversies and disagreements between West and Adidas prompted the sportswear company to distance itself from the celebrity designer.

The massive inventory of Yeezy shoes now presents a dilemma for Adidas, as it grapples with finding a solution to deal with the surplus stock. A $320 million write-off could significantly impact the company’s financial performance in the short term.

Adidas is currently exploring various options, including discounting, donating, or repurposing the unsold inventory to mitigate the financial hit.

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Warner Bros discovery warns of Hollywood’s ‘real risk’ post-strikes’

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Warner Bros Discovery, has issued a stark warning regarding the ‘real risk’ that Hollywood faces in the aftermath of the recent strikes that have taken a considerable toll on the industry’s financial health.

The strikes, which disrupted film and television production for several weeks, resulted in substantial financial losses for studios, production companies, and countless industry professionals.

Warner Bros Discovery emphasised the necessity for a resilient and adaptable approach to navigate the ongoing challenges and uncertainties facing the film and television sector.

The conglomerate stressed the importance of implementing measures to mitigate such risks in the future, which include fostering better labour relations and contingency planning to safeguard against potential disruptions.

The message underlined the need for the industry to adapt to the evolving landscape of content creation and distribution, particularly in the digital era.

This warning from Warner Bros Discovery highlights the need for the entertainment industry to recognise the ever-changing dynamics and economic challenges, and the importance of preparedness to maintain its prominent position in the global market.

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