“I feel that there is nothing more truly artistic than to love people.” - Vincent van Gogh
1) ECB raises interest rates again: The European Central Bank raised interest rates by 75 basis points following its 50-point increase in July. The three-quarters of a point increase matched the largest increase in the ECB's history. The central bank continues to remain hawkish in its monetary policy despite an energy crunch that places Europe on the threshold of a deep recession.
Titan's Takeaway: With the genuine possibility of gas rationing in Europe this winter, policymakers face the dual challenges of taming inflation without plunging the continent into a recession. Growth in Europe will likely slow to a standstill, already forecasted to fall from its current rate of 3.1% to 0.9% in 2023.
2) Amazon acquires warehouse-tech firm: Amazon acquired Cloostermans, a Belgian-based warehouse-technology company. The new firm will join Amazon's robotics unit and is expected to focus on upgrading and automating Amazon's massive portfolio of warehouses. Amazon has used Cloostermans technology since 2019.
Titan's Takeaway: Not only will automated logistics facilities make Amazon even more efficient, but it could also lead to better conditions for warehouse workers that prioritize employee health and safety.
3) Report shows Twitter settled with whistleblower in June: Twitter paid Peiter Zatko, the whistleblower at the heart of the Elon Musk case, an estimated $7 million in June over lost compensation, according to a report by the WSJ. Zatko has accused the social media company of not protecting user data and falsifying its security. As part of the settlement, Zatko had agreed to a nondisclosure agreement which he broke only a few days later in his complaint.
Titan's Takeaway: The Musk vs. Twitter saga has led to yet another bizarre revelation about the company. In our eyes, two things can be true: Musk may have a legal liability for buying Twitter and Twitter has significant user security flaws.
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