Coffee beans pile up outside US ports as strike continues

Thursday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Jane King, who has the latest on student loans,a Bank of America outage, and a lawsuit filed by Michael Jordan’s NASCAR team.

Student loan borrowers feeling budget strain

The student loan payment pause has been gone for a year and borrowers say they are feeling the budget strain.

The National Endowment for Financial Education found 74% of borrowers with student loan balances say they have had to make budgetary adjustments to make their payments; 1 in 4 say they’ve had to cut $500 out of their budgets.

Bank of America outage leaves some customers seeing $0 balance

Bank of America was hit with an outage Wednesday and some customers saw balances of zero.

The issue began around 12:47 p.m., according to Downdetector, which monitors tech disruptions.

One user on X reported their account balances were showing $0, but a phone call to bofa’s automated phone lines were delivering the correct balances.

Bank of America says the problem is almost entirely fixed.

Coffee beans have started to pile up outside East Coast ports

The unloading of hundreds of containers with imported coffee beans at East Coast ports has stopped due to the strike of port workers.

The delays in delivery of imported coffee to U.S. roasters and coffee chains could further increase bean prices which hit multi-year highs last week due to limited supply, and raise costs for companies and consumers.

Traders say some coffee sellers have stopped offering spot deals as they wait to see how the strike develops.

Michael Jordan’s racing team sues NASCAR

Michael Jordan’s 23XI racing team has filed an antitrust lawsuit against NASCAR and CEO Jim France.

It alleges anticompetitive practices and monopolistic control of the sport. The suit also said teams are struggling to make reasonable profits.

NASCAR did not immediately respond to a request for comment on the suit.