In Indianapolis, there have been several significant business headlines recently. One major story is the cyberattack that forced over a dozen MGM Hotels and Casinos to shut down their operations. While the company’s casino gaming floors remained open, various MGM systems were shut down to protect data. MGM has launched an internal investigation and is working diligently to resolve the issue.
Another headline involves Senator Josh Hawley’s plans to introduce legislation that would set an 18% cap on credit card interest rates. This proposal comes as interest rates for credit cards have risen above 24% in recent months, and credit card debt levels have surpassed $1 trillion. Low- and middle-income Americans are particularly struggling with car and credit card loan defaults, as reported by credit agency Equifax.
When it comes to college seniors, a survey conducted by Handshake, a college job social media site, revealed that 75% of graduating seniors are unsure whether they plan to negotiate their starting salaries. Many students have concerns about employers rescinding their original offers and worry that negotiating wages may leave a negative impression. However, 25% of college seniors do plan to negotiate their salaries definitively.
In the automotive industry, Stellantis, a major company, has made progress in negotiations with the UAW (United Automobile Workers). The company passed a second economic proposal to the UAW, indicating significant progress in talks leading up to this week’s contract expiration. Despite this positive assessment from Stellantis, UAW President Shawn Fain urges caution and describes the pace of talks with the Detroit Three as moving, but slow. The contract is set to expire at midnight on Thursday.
Lastly, Apple is preparing to unveil its highly anticipated new iPhone 15 Series and other products. The iPhone 15 is expected to come in four different variants and will mark Apple’s transition to USB-C charging. Rumored features include 15% more battery life, faster charging, and potential advancements in Apple Watch technology such as new processors, colors, and even the ability to 3-D print the watch band.