*By Michael Teich*
Amazon inked a new partnership with American Express, but don't expect the financial industry to be the next area the tech giant jumps into.
"The thing that people misunderstand is that tech companies don't want to manufacture financial products," said Lex Sokolin, Global Director of Fintech Strategy at Autonomous Research. "It's about making the ecosystem and the platform more powerful, and finance is just a feature inside of that."
American Express announced Tuesday it will launch a co-branded Amazon credit card for small businesses. The move accelerates Amazon's foray into financial products and strengthens its position as a lender. The goal, Sokolin said, is to enable small businesses to finance their activities, getting more products on Amazon's platform, and ultimately driving more commerce.
Plus, the opportunity costs of devoting itself to the financial industry are too high.
"Amazon has tremendous high-growth, super interesting, blue oceans to explore,” he said. "They could be investing in building a mortgage business, or they can build artificial intelligence business."
For the full segment, [click here.](https://cheddar.com/videos/amazon-bolsters-financial-prowess-with-new-credit-card)
Fast food chain Arby's is collaborating with rapper Pusha T to market the restaurant's new Spicy Fish Sandwich with a diss track aimed at rival McDonald's Filet-O-Fish — an insult to injury considering Pusha T also wrote the "I'm Lovin' It Jingle" for the Golden Arches. Arby's Chief Marketing Officer and President Patrick Schwing joined Cheddar News to discuss the new song and the new sandwich. "We figured out what is the ultimate expression of confidence and that's a diss track," he said. "You've got to really believe in yourself and your product, and when we realize that there's no better person to partner with than Pusha."
Actress, model, author, and entrepreneur Brooke Shields has joined organic CBD company Prospect Farms as its chief brand officer. She joined CEO Brad Tipper to talk to Cheddar News about her coming aboard. Shield’s explained how her involvement with Prospect Farms stemmed from a discussion about her lack of sleep. “I started learning about the positive effects and the different ways that CBD can be introduced to a person's life, and I was just sort of fascinated because it all feels so new to me," she said.
Andrew Chanin, CEO of investment management firm ProcureAM, joined Cheddar to break down the many industries in the space economy and discuss what trends are driving the most growth. "Right now there's been so much media focus on space tourism. Why? Because last year it really debuted itself to the world," he said. "However it's less than 1 percent of the overall space economy, and there are many other parts of space which are actually driving this area."
Catching you up on what you Need to Know on Mar 29, 2022, with updates on the snow squall in Pennsylvania that caused a pileup killing three, the teacher's strike in Sacramento heading into week two, Walmart no longer selling tobacco products in select stores, and what meme stocks are up to this week.
