Consumer borrowing surges in April driven by autos and cards
The Fed reports April borrowing rose by 26.8 billion led by $18 billion in auto loans and student loans and $8.8 billion in credit card debt. Card balances jumped 12.3 percent the fastest since 2001 while total credit rose to a record $3.18 trillion.
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The
Associated Press
Colorado pot banking bill seeks uninsured cooperatives
Governor Hickenlooper signed a measure to create a network of uninsured cooperatives that would give marijuana businesses access to basic banking services despite federal banking law. The plan hinges on Fed approval, with critics calling it symbolic and advocates calling it leverage to spur federal action. Senator Pat Steadman of Denver calls it an important step to move cash out of the industry.
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UPS names longtime executive David Abney as next CEO
UPS named Chief Operating Officer David Abney the next chief executive, taking the top role September 1 as current Chairman and CEO Scott Davis becomes nonexecutive chair. Abney, 58, has spent 40 years at UPS, including leading international operations before becoming COO. The report also notes Walmart CEO Doug McMillon's remarks on e commerce integration and costumer pickup services at a shareholder meeting.
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Abney
Coca Cola Ads Embrace Calorie Cost of a Coke
Coca-Cola releases an online video showing a group cycling to burn the 140 calories in a Coke. The ad notes 23 minutes of cycling to offset one can and explores energy balance with a lighthearted tone while avoiding TV airings. Critics warn the gimmick may backfire.
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