Crypto News: You have another chance

Good morning. Have you replied to the DOGE email? You have another chance. Donald Trump's political and trade disputes get bigger. And don't expect your breakfast eggs to get any cheaper any time soon. Listen to the day's top stories.

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Elon Musk offered a second chance for US federal workers to respond to an email detailing what they did last week, or face termination. But the federal agency that sent that email said it's not actually up to Musk what happens to those who ignore the message. The Department of Education's Federal Student Aid office is bracing for more job cuts whatever happens and the Labor Department is said to have terminated employees across at least six departments in recent weeks. Meanwhile the man who dodged DOGE, Vivek Ramaswamy, is after a new role himself. He's running for Ohio governor.

The Big Take

The Bond Market Isn't Fully Buying What Musk's DOGE Is Selling

US Treasury yields offer a scorecard for the White House's cost-cutting vows.

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Speaking of new gigs, Musk's SpaceX wants to deploy Starlink satellite internet terminals to help accelerate an IT upgrade supporting the FAA's national airspace system, people familiar said. The aging network is under scrutiny after last month's deadly midair collision between a jet and a military helicopter. But this latest effort by SpaceX raises questions about conflicts of interest as it extends Musk's reach into the FAA, the aviation safety watchdog that regulates his company's rocket launches. Here's our guide to DOGE, including the ethical implications of Musk's leadership.

Donald Trump deepened Washington's split with allies over Ukraine, withdrawing US condemnation of Russia's 2022 invasion at the UN as he aims to end the war on terms agreeable to Moscow. Meeting with France's president Emmanuel Macron, Trump signaled support for European peacekeeping troops in Ukraine as part of an agreement and said he wanted to discuss a separate resource deal with Russia in addition to the one under discussion with Kyiv.

Escalating trade scuffles are also on the agenda. The US is sketching out even tougher versions of the US's chip restrictions against China and pressuring the Netherlands and Japan to escalate curbs too, people familiar said. Trump appears to be picking up where Joe Biden left off in his attempts to prevent China from further developing a domestic semiconductor industry that could boost its AI and military capabilities. But it may be having limited success—the FT reported today that Chinese telecom giant Huawei has improved its AI chip production. And who can forget the shock success of DeepSeek?

Across the border, the contenders for leadership of Canada's Liberal Party sparred in a French-language debate last night in Montreal. The main topic: how to handle Trump, of course. He confirmed his plan to impose 25% tariffs on most Canadian goods imported by the US from March 4 and, even more controversially, has threatened to coerce the country into becoming the 51st state, making US relations the key concern for whoever becomes Canada's next prime minister.

In Other News

Bitcoin Slides Below $90,000 as Crypto Selloff Gathers Steam

Indonesia and Apple Said to Agree on Terms to Lift iPhone 16 Ban

Nippon Steel Sticks With US Steel Takeover After Investment Call

Deep Dive: Bird Flu

Novogen Brown chickens at an egg farm in Briones, California. Photographer: David Paul Morris/Bloomberg

How do you like your eggs in the morning? Probably cheaper than $7.34 per dozen wholesale, for a start. But that may be a ways off as avian influenza is set to kill millions of birds.

America's flock of egg-laying hens and egg production both dropped last month to the lowest since 2016, when there was a previous major outbreak of bird flu, according to US Department of Agriculture data.
You've probably seen the impact via empty shelves at your local grocery store, changes to the way restaurants prepare their dishes and even surcharges on their menus. Weight loss drugs like Ozempic, which are boosting demand for protein, are exacerbating the problem. (Perhaps it's time to go vegan?)
It even showed up in last month's inflation data, which showed prices jumping an eye-popping 55% from a year earlier. Check out our guide to everything you need to know about the virus.

The Big Take Podcast

CEO McMillon Aims to Re-Invent Walmart Again

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Opinion

The Federal Deposit Insurance Corp. headquarters in Washington, DC. Photographer: Al Drago/Bloomberg

Don't mess with deposit insurance, Paul J. Davies writes. The White House's plan to consolidate regulators raises concerns about maintaining trust in the banking system. It's essential to approach reforms carefully, or risk destabilizing thousands of smaller US banks.

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Before You Go

The Oscars red carpet, 2020. Photographer: Eric Baradat/AFP/Getty Images

Styling celebrities is big business, but it's not all glamor: From soothing stressed out nominees, to the labyrinthine logistics of returning all those heavy gowns afterward, we get an inside look at all the effort that goes on before (and after) the stars hit the red carpet.

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