Morning Business Report: Banks, tech deals, and market moves
JPMorgan Chase & Co. is warning that President Donald Trump’s proposal to cap credit card interest rates at 10% could significantly change the bank’s business and harm both lenders and customers.
(LILAMAX)- JPMorgan Chase & Co. is warning that President Donald Trump’s proposal to cap credit card interest rates at 10% could significantly change the bank’s business and harm both lenders and customers.
Bank executives say all options are on the table as they push back against the proposed rate cap. The Federal Reserve reports Americans now owe about $1.25 trillion in credit card debt, and last year, credit scores fell in every state as balances continued to rise.
Meanwhile, Netflix is working on revised terms for its potential acquisition of Warner Bros. Discovery. Bloomberg reports the company has discussed making an all-cash offer for the studio and streaming businesses. The changes are aimed at speeding up a deal that could take months to close and has faced opposition from politicians and rival bidder Paramount Skydance.
On Wall Street, stocks slipped from record highs, with JPMorgan shares leading the decline after its latest earnings report. Inflation remained relatively tame over the past year, with prices falling for items like gasoline, dairy products, and airfares.
Delta Air Lines says passengers are paying more for premium seating, and the airline expects higher-end travelers to help boost profits this year. Delta also announced orders for up to 60 Boeing 787 Dreamliners to expand and modernize its widebody fleet.
In the sports business world, Nike has signed its first pickleball partnership, teaming up with 18-year-old star Anna Leigh Waters. She will represent the company in apparel and footwear across competitions and serve as a global ambassador for the rapidly growing sport. Waters is currently ranked No. 1 in singles, doubles, and mixed doubles.
