how are you? (August 28th to September 3rd)
Cold labor market
After July’s alarming jobs report that showed employers were adding jobs at a breakneck pace, August’s figures fell further in line with expectations. Last month the economy added 315,000 jobs. This is within the range of about 300,000 predicted by forecasters. This is a significant slowdown in the labor market and exactly what the Federal Reserve was looking for. Central bank policymakers have tried to slow job growth as part of a campaign to keep inflation in check and cool the economy. The Federal Reserve will likely take this latest jobs report as an indication that policy is working, but it knows all too well that the job is far from done. Fed Chairman Jerome H. Powell has suggested that little, including the Sept. 20-21 meeting, will keep the Fed off course to hike rates.
subpoena fly
While many in Silicon Valley want to avoid a legal battle over Elon Musk’s attempt to pull out of the deal to buy Twitter, others are eager to get in on the action. The former group is made up of the tech industry’s elite, many of whom Musk and Twitter’s lawyers have summoned to share what they know about the $44 billion deal. I have a lawyer who wants to represent them. His October whirlwind of pre-dated subpoenas in Delaware’s Chancery Court has sparked feverish excitement at top law firms. So far, Twitter’s lawyers have been more aggressive, preparing to argue that Musk’s reasons for wanting to withdraw from the deal are baseless. They have issued more than 84 subpoenas, some directed at Musk’s inner circle of friends and associates, as well as investors who agreed to help finance his acquisition. Musk’s lawyers escalated the dispute on his side last week, issuing a subpoena to whistleblower and former Twitter security chief Peiter Zatko. Twitter to strengthen his case.
Struggling retailers get a lifeline
In an attempt to turn around a notable sales slump, Bed Bath & Beyond confirmed Wednesday that it has raised more than $500 million in new funding, including $375 million from investment firm Sixth Street. The desperately needed cash injection is aimed at helping retailers recover from the steady decline in sales and profits over the past few years. The new funding is kind of a stopgap as the company focuses on a new “back to basics” approach. He said he planned to
what’s next? (September 4-10)
Another Silicon Valley Trial
This week, Uber’s former security chief appears in court, possibly for the first time in Silicon Valley. The indictment of Joe Sullivan, who worked for the ride-hailing company for two years, is believed to be the first indictment against the company’s security executive stemming from his handling of the incident, along with other chief security officers. is following this incident closely. According to the criminal complaint, Sullivan learned that hackers accessed the personal data of more than 500,000 of his Uber drivers, as well as some personal information related to 57 million passengers and drivers. . When the hackers demanded money, Sullivan and his other Uber employees negotiated his $100,000 bitcoin payment and persuaded him to sign a non-disclosure agreement. He was fired in his 2017 and was later charged with trying to cover up the hack from federal investigators. he pleaded not guilty.
New iPhone?
At Wednesday’s product launch event, Apple is poised to build on the many security protections announced in June. This includes services that hide users’ internet traffic from internet providers and changes to email apps to better protect users’ identities. the person sending the email. At the time, Apple said iOS 15, scheduled to roll out in the fall, would provide users with so-called App Privacy Reports, letting users know what data apps are collecting about them. As a gatekeeper between consumers and the larger tech world. But more flashy for many would be Apple’s expected announcement of the iPhone 14 and new Apple Watch.
Rate increase in Europe
Eurozone central banks are likely to announce another big rate hike at their meeting this week as they are forced to deal with high prices. Fresh inflation data showed Eurozone consumer prices rose 9.1% in August. Percent YoY. The figure gives European Central Bank policymakers more reason to keep raising interest rates, and in July he raised the ECB’s benchmark rate by 0.5 percentage points for the first time in over a decade. Some analysts expect even bigger gains this time around, with Goldman Sachs, for example, predicting a 3-point gain in his quarter.
what else?
Snap, the parent company of Snapchat, has announced it will lay off 20% of its workforce. The firm’s architects in New York formed the nation’s first formal union of private architecture firms. Twitter announced an edit button for Tweets last week.
Comments
Post a Comment