Live-video streaming site Twitch, an Amazon company, revealed on Wednesday that it “had endured a data breach that security researchers believe may have provided sweeping insight into the platform’s computer code, security vulnerabilities and payments to its content creators” - NYTimes and WSJ and Bloomberg and MarketWatch
Facing pressure from their intransigence, Senate Republicans have offered to green light a process that would lead to a short-term debt ceiling relief as the threat of a “first-ever default on federal debt looms” large - NYTimes and WSJ and Bloomberg and MarketWatch
Finance execs are warning that the uncertainty over the possible default is already harming the economy – NYTimes
Weeks after Nabisco bakers resolved demands that led to their walkout, the workers behind Kellogg cereal brands called their own strike at factories in four states over dissatisfaction with “job protections, vacation and holiday pay, and health care” - NYTimes
This week’s Senate hearing with Facebook whistleblower Frances Haugen has rippled beyond U.S. borders and is prompting lawmakers in Europe to call for “new regulations aimed at the social media company and other Silicon Valley giants, proposals considered by many to be among the most stringent and far-reaching in the world” - NYTimes
In response to this recent scrutiny, Facebook is reportedly delaying “the rollout of new products in recent days” in order to conduct “’reputational reviews’ to examine how Facebook may be criticized and to ensure products to adversely impact children” - WSJ
Robinhood CLO Dan Gallagher not exactly endearing himself to SEC regulators already keenly interested in his company in his comments to the Security Traders Association this week, accusing the feds of encouraging a “nanny state” rather than adapting to a changing online brokerage industry - Bloomberg
Former Safeway CEO Steven Burd took the stand mid-week in the Holmes criminal fraud trial to discuss the Theranos founder’s promises to him when the grocery-store chain “decided to invest $350 million in a partnership with the blood-testing company” - WSJ and Law360 and NYTimes
Bloomberg CityLab on the pre-interstate United States and the electrified interurban railways that “connected small towns and large cities throughout the U.S. at the turn of the 20th century” - Bloomberg
Stay safe, and get vaxxed,
MDR
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