Spring offensive

French President Emmanuel Macron has become the latest leader to warn that a major Russian assault on eastern Ukraine is imminent. If that’s indeed the plan, the Kremlin risks repeating at least some of the mistakes of the past seven weeks. If Russia throws units into the fight at the height of Ukraine’s spring mud season, when the ground is too soft and wet for trucks and mobile artillery to move off-road without getting stuck, it may leave convoys stranded and vulnerable to the kinds of attacks that killed thousands of Russians during Vladimir Putin’s failed attempt to take Kyiv.

While the eastern port city of Mariupol has been under siege for weeks and is at risk of falling completely under Russian control within days, Putin suffered a significant loss with news that his Black Sea flagship, the Moskva, sank following what may have been the first battle use of Ukraine’s Neptune missile. If true, any efforts by Russia to attempt amphibious landings may have to be reconsidered.

The Kremlin on Thursday responded to moves by Finland and Sweden toward NATO membership with a threat to deploy nuclear weapons in the Baltics. But the latest saber rattling by the Russian regime was dismissed by one official as an empty threat, since it’s assumed Moscow has had tactical nuclear weapons in the region for years. “I don’t know if one can deploy something anew that’s already been deployed,” said Lithuanian President Gitanas Nauseda. —David E. Rovella

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The European Union, as it plans an embargo on Russian energy, told member states that complying with Putin’s demand that Russian gas imports be paid for in rubles would violate sanctions. EU leaders plan to discuss common gas purchases at a summit next month as they seek to avoid competing for energy supplies as they move away from Russian fossil fuels. And when it comes to energy, Germany’s Faustian pact with Putin is haunting its industries. Moreover, Chancellor Olaf Scholz, already accused in some quarters of hesitating to isolate Putin, is facing intense pressure from his ruling coalition to step up deliveries of heavy weapons to Ukraine.

Traders at Wall Street’s biggest investment banks had a better-than-expected quarter as the war on Ukraine compounded volatility already simmering due to inflation and the Covid-19 pandemic. But as fears of recession creep in, questions are emerging about future earnings growth.

All those amateur traders out there are experiencing the downside of massive stock gains: big tax bills. As the April 18 filing deadline nears, retail investors who funneled cash into last year’s rally are about to discover that learning how to trade is one thing; figuring out how to pay taxes on those trades is another entirely.

The International Monetary Fund warned that Russia’s invasion of Ukraine risks eroding the world’s recovery from the pandemic and urged central banks to act decisively to curb inflation before it gets harder to control.

Elon Musk offered to take Twitter private in a deal valued at $43 billion, saying he’s the person who can unlock the “extraordinary potential” of a communication platform used daily by more than 200 million people. The world’s richest person said he’ll pay $54.20 per share in cash, 38% above the price on April 1, the last trading day before Musk went public with his stake. But the social media company’s shares sank on Thursday, a sign there’s skepticism Musk will succeed in his takeover attempt. The offer is “too low” for shareholders or the board to accept, said Vital Knowledge’s Adam Crisafulli, noting the company’s shares hit $70 less than a year ago. Twitter shareholder Saudi Prince Alwaleed bin Talal rejected Musk’s offer as not coming “close to the intrinsic value” of Twitter. Apparently, Musk isn’t so sure himself.

Chinese President Xi Jinping now has a bigger problem than stopping Covid-19 infections: Quelling escalating anger in Shanghai before it spreads across China, creating a wider crisis of confidence in the Communist Party during a year when he can least afford it. The lockdown in China’s main financial hub, now in its third week, has spawned some of the most anti-government criticism in years. The latest trending post to get censored featured an 82-year-old man pleading for medication with a local party official who said he could offer only traditional Chinese remedies.

Peloton is slashing prices for its three major hardware products while boosting the cost of its subscription, part of a comeback plan that centers on generating more recurring revenue.

On the surface of it, there’s very little in common between Broadway shows and airlines—unless you count the sheer amount of drama that comes with taking to the skies these days. But in reality, the two businesses rely on a shared economic premise: Getting as many people in seats as possible. Now Disney has a plan to make that happen a lot more smoothly.

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