*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)
Wall Street rallied to more record highs Friday after the head of the Federal Reserve said it’s still far from pulling interest rates off the record low that has helped the market soar.
Michael Chernow is known as a chef, TV host, and entrepreneur, but now he's taking a break from restaurants and stepping into the world of healthy breakfast. 'Kreatures of Habit' is a new lifestyle and wellness brand with the goal of helping people establish healthy habits. Michael was able to raise 2.2 million dollars to launch the company, which was originally set out to be a café concept, but transformed during the pandemic. Michael Chernow, celebrity chef, entrepreneur, and fitness expert joins us to talk about his new venture.
Crypto-enthusiasts are taking to social media to urge regular Afghans to adopt bitcoin in the face of considerable economic uncertainty.
The U.S. economy grew at a 6.6% annual rate last quarter, slightly faster than previously estimated, the government said Thursday in a report that pointed to a sustained consumer-led rebound from the pandemic recession.
The number of Americans applying for unemployment benefits rose for the first time in five weeks even though the economy and job market have been recovering briskly from the coronavirus pandemic.
Stocks closed lower Thursday following deadly suicide attacks at the Kabul airport in Afghanistan that killed at least 12 U.S. service members and wounded several others.
Delta Air Lines won't force employees to get vaccinated, but it's going to make unvaccinated workers pay a $200 monthly charge.
OnlyFans says it has suspended a plan to ban sexually explicit content following an outcry from its creators and advocates for sex workers.
Stocks pushed higher again on Wall Street Wednesday, marking more milestones for the S&P 500 and the Nasdaq.
Sales of new homes rose a modest 1% in July after a string of declines while new home prices set records.
