1. Biden and Putin conduct virtual meeting amid growing Ukraine tensions
The highly anticipated call between the two leaders came amid growing concerns from the US and western allies of a Russian invasion of neighbouring Ukraine. Putin came into the meeting seeking guarantees from Biden that the NATO military alliance will never expand to include Ukraine, which has long sought membership. The Americans and their NATO allies said in advance that Putin’s request was a non-starter. “Just hours before the start of the Biden-Putin video call, Ukrainian officials charged Russia had further escalated the smoldering crisis by sending tanks and snipers to war-torn eastern Ukraine to ‘provoke return fire’ and lay a pretext for the potential invasion,” CNBC reports.

2. Frydenberg takes on crypto and big tech
In a move to retain as much control as possible between the Australian government and the RBA, Treasurer Josh Frydenberg has targeted tech giants such as Apple and its ApplePay infrastructure as he plans to introduce legislation for a broader definition of what a payment service is. “The Treasurer will gain powers to designate new and emerging platforms, such as Apple Pay, as payments systems, which Commonwealth Bank chief executive Matt Comyn has said was required to ensure the US tech giant is held to the same rules as Australian banks,” the AFR reports. The reform extends to the crypto space as, throughout 2022, the federal government will consult on potential reforms including a central bank digital currency and a licensing framework for crypto exchanges, affording Canberra better oversight.

3. Magellan shares tank after chief executive’s undisclosed departure
By the closing bell on Tuesday, one of Australia’s largest global equities fund managing firms, Magellan lost a whopping $364 million in market cap, with its shares down 6.4% at $29.10. The drop came in response to the mysterious exit of the firm’s chief executive Brett Cairns earlier this week for “personal reasons”.  

4. Alleged killer of Saudi journalist arrested in France
A man suspected of being linked to the killing of Saudi journalist Jamal Khashoggi in 2018 was arrested at Charles de Gaulle Airport in Paris on Tuesday, according to two officials close to the investigation. The arrest warrant has been issued by Turkish authorities.

5. ASX to rise amid global market push
ASX futures were up 54 points or 0.7% to 7385 near 7.05am AEDT. The local currency rebounded 0.9 per%, reclaiming 71 US cents. On Wall St: Dow 1.5%, S&P 500 2.1%, Nasdaq 2.9%.