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The European Central Bank hiked interest rates. Rates were lifted to 1.5%, their highest point since 2009 and at the fastest pace on record, as the euro zone seeks to temper inflation.
Samsung appointed Lee Jae-yong as chairman. The convicted heir to South Korea’s tech conglomerate received a presidential pardon, allowing him to succeed his late father. The announcement came the same day Samsung reported disappointing earnings.
Global tuberculosis cases increased in 2021. The WHO said it’s the first time drug-resistant TB infections have seen a rise in almost two decades, climbing 3% year on year.
Egypt and the IMF reached a loan agreement. The deal secures $3 billion for the North African country whose economy has struggled since Russia invaded Ukraine.
Meta’s stocks plunged. The Facebook parent company lost nearly 25% of its value after it reported weak quarterly earnings, erasing $11 billion in CEO Mark Zuckerberg’s wealth.
Amazon’s earnings were meh. The global e-commerce giant posted $127.1 billion in revenue in the third quarter, wrapping up a week of missed targets for Big Tech.
Credit Suisse will slash 9,000 jobs. The Swiss bank also aims to raise billions in investments in a new funding round as it seeks to recover from a $4.05 billion loss in the third quarter.
What to watch for
It’s high tide for oil and gas company profits. Yesterday, Shell reported third-quarter earnings of $9.45 billion while French major TotalEnergies posted $9.9 billion, both bringing in over twice as much as the same period last year. Exxon and Chevron are expected to report record profits today.
But these halcyon days may soon pass. For the first time, the International Energy Agency said fossil fuel demand should peak within the next decade or so. It’s a remarkably negative outlook for natural gas, the long-lived cash cow of energy firms, which is feeling the effects of Russia’s war in Ukraine and pro-renewable policies like the US’s Inflation Reduction Act.
The IEA’s findings will no doubt come up at the UN climate summit in Egypt next month. Get updates from the event sent directly to your inbox with our Need to Know: COP27 pop up newsletter. Sign up today.
No “free-for-all hellscape” for you
Elon Musk has a disdain for content moderation and advertising, but on the cusp of becoming the owner of Twitter, he’s starting to realize he’ll actually need both.
Musk has promised to restore “free speech” to Twitter, paring down its current approach to content moderation. But while the specifics of his policies haven’t been hammered out, he’s promising it won’t be a “free-for-all hellscape.”
It’s the closest approximation to a real content moderation stance Musk has taken since first flirting with the idea of buying Twitter. But more so, it’s a realization that he needs some degree of supervision on the platform to keep advertisers happy. No one wants their ads next to unsavory content, and he needs advertisers to make money. And even if he didn’t buy Twitter to “make money,” there’s a limit to how much even Musk can lose.
What would you do with a four day work week?
If Musk had an extra day off of work each week, would he find another social media company to make his pet project, or fill it with pottery classes he’s been meaning to take? It’s anyone’s guess.
But for those who aren’t billionaire CEOs of several companies, the idea of a four day work week could mean running those errands a day early so you can make dinner plans with your friends, or just simply relaxing and recharging. Supporters of cutting back on traditional working hours know the upsides of this setup, but what are the downsides?
🎧 Find out in this week’s episode of Work Reconsidered: Apple Podcasts | Spotify | Google | Stitcher
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Our best wishes for a productive day. Send any news, comments, lizard love, and UFO sightings to email@example.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Tim McDonnell, Scott Nover, Sofia Lotto Persio, Julia Malleck, and Morgan Haefner.