Friday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Friday’s business headlines with Jane King.
Bank earnings reports expected Friday
Fears of a looming recession and a tightening economy are pushing the country’s big banks to prepare for the worst.
According to a report from Bloomberg, six of the biggest banks in the U.S. — JPMorgan Chase & Co., Bank of America, Citigroup, Goldman Sachs, Wells Fargo, and Morgan Stanley — plan to set aside about $4.5 billion to protect against loan losses.
Banks typically build up their loan loss provisions when there are concerns borrowers won’t be able to make their payments.
California drought adding to inflation
California’s drought is adding to food inflation, hitting the prices of tomatoes, onions, and garlic.
About 94% of California had severe, extreme, or exceptional drought conditions last week, state officials say.
California grows more than one-third of the nation’s vegetables and three-quarters of its fruits and nuts.
Analysts: Some retail chains may not survive recession
Analysts say some retailers may not survive a recession.
Credit agencies say Bed Bath & Beyond, Rite Aid, and Party City are the most vulnerable if economic conditions deteriorate.
Majority of business owners say they can survive economic downturn
In America, 73% of owners believe their businesses can survive economic downturns.
Likewise, a high percentage of Asian businesses surveyed had a strong sense of economic resilience for their businesses.
Europe was a different story. Only 1 in 3 German and French business owners reported feeling confident they can weather a crisis.
Commissioned by goto and conducted by OnePoll, this news comes as 69% of respondents globally believe a recession is likely to occur within the next six months.
Balenciaga debuts lay’s potato chip bag purse
The leather clutch is Balenciaga creative director Demna Gvasalia’s take on the chip bag and has the graphic of the classic chip bag — just with a subtle “Balenciaga” branding.
It also features a metallic silver lining and zipper at the top. The creation was first seen during Paris Fashion Week.
Instead of spending $4 on a bag of chips, you can now spend $1,800 on a Lay’s chips handbag.