*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)
The International Energy Agency’s 31 member countries have agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that supplies won’t fall short after the Russian invasion of Ukraine.
As companies struggle to recruit and retain employees, major retailers are raising wages. According to Atlanta Federal Reserve Bank data, the country's youngest workers are seeing the fastest wage growth of any group, even outpacing inflation. Daniel Altman, chief economist at staffing firm Instawork, breaks down the impact of inflation on the labor market, the power shift from employer to employee, and how the Russia-Ukraine crisis might impact jobs and salaries moving forward. "There's a feeling that the wage increases have been postponed for quite a long time and with prices going up, there's just a little more urgency right now," he said.
TikTok is extending the maximum length of its platform's clips to 10 minutes in length, a big leap from its three-minute cap, in order to keep up with competitors such as YouTube and Instagram Reels.
JPMorgan Chase celebrates black culture and our communities every day as we continue to celebrate Black History Month. Cheddar News is highlighting prominent Black Americans who are carving their own historic paths and trailblazing in their industries. Today we turn our focus to one leader helping shift the culture of amateur sports across the U.S through esports. CEO and Founder of PlayVS, Delane parnell, joined Cheddar to discuss more.
