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Situational awareness:

  • The U.K. economy shrank 0.2% in the second quarter, the first contraction in 7 years. (Bloomberg)
  • Over 20 senior executives close to former WeWork CEO Adam Neumann have been fired and there are expectations of widespread layoffs in upcoming weeks. (Axios)
  • Volkswagen is gearing up to fight more than 400,000 German car owners in a landmark collective lawsuit over emissions test cheating, the largest legal claim of its kind in modern German history. (FT)
  • Forever 21 filed for bankruptcy and plans to close a number of stores in the U.S. and around the world. (Axios)

Editor's note: The byline in story no. 4 was corrected to show it was written by Courtenay Brown. The image credit on the top image was corrected to show it was designed by Aïda Amer.