Monday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Monday’s business headlines with Jane King.
Bank earnings out this week
Bank earnings are out this week and they could be ugly.
JPMorgan Chase will put out their report on Thursday, while Citigroup and Wells Fargo will open their books on Friday.
Investors, worried about a recession, will be scrutinizing the results over concerns about rising interest rates, loan payments, and consumer credit card use.
Airlines warned against charging extra for family seating
The U.S. Department of Transportation is warning airlines to stop charging extra for seating kids with families.
The warning comes at a time when consumer complaints against airlines are up more than 300% above pre-pandemic levels.
Twitter lawyers up for legal battle with Elon Musk
Twitter has retained the services of a heavyweight merger law firm to sue Tesla CEO Elon Musk for moving to drop his $44 billion takeover of the company.
Bloomberg reported Sunday that Twitter will file a lawsuit this week.
Musk’s team has raised concerns about “spam bots” on the platform and the Tesla CEO has threatened to walk away from the deal if the company fails to show that less than 5% of its daily active users are automated spam accounts.
Four largest U.S. meat processors sued for alleged price-fixing
Wholesale restaurant food distributor Sysco Corporation has filed a lawsuit against the four largest meat processors in the country for fixing prices.
Business Insider reports the suit alleges the companies conspired to limit the number of cattle being slaughtered.
The companies have previously defended their business practices against similar price-fixing accusations and legal challenges claiming that supply and demand, and not competition, drive the price of both beef and cattle.
John Deere lawn tractors recalled
After reports of minor injuries, the U.S. Consumer Product Safety Commission issued a recall for John Deere X380 and X390 lawn tractors.
John Deere says the wheel hubs on the lawn tractors were not manufactured correctly and they can fail.