Klarna, the buy now, pay later (BNPL) giant, has reported a sharp increase in losses as more customers struggle to repay loans. The company’s first quarter net loss surged to $99 million—double last year’s $47 million loss—driven by a 17 percent spike in consumer credit defaults, which hit $136 million. Klarna’s BNPL model allows shoppers to split payments into installments, but it profits from fees charged to merchants and customers who miss payments.
House Oversight and Accountability Chairman James Comer, R-Ky., has highlighted the collaborative efforts of the Department of Government Efficiency (DOGE) and the Government Accountability Office (GAO) in identifying trillions of dollars lost to improper payments within federal programs. In his prepared remarks for an upcoming hearing, Comer emphasized the critical role of DOGE in addressing these financial discrepancies, stating, "DOGE has taken note of GAO's critical work in identifying trillions of dollars lost to improper payments made by programs like Medicaid and unemployment insurance."
A Georgia bill that ties property assessments to the rate of inflation is facing pushback from local government entities opting out of the measure. Approved by 63% of voters in November 2024, the bill aims to cap property tax increases, but some officials argue the restrictions could hinder their ability to fund essential services.
The Pharmacy Benefit Managers (PBMs) marked up the cost of some prescription drugs by 1,000%, according to a report from the Federal Trade Commission (FTC). Some of the drugs with significant price jumps included those for HIV and cancer.
JPMorgan Chase is extending mortgage relief to customers impacted by the devastating Los Angeles wildfires, providing a financial lifeline to residents rebuilding their lives.
President-elect Donald Trump filed an emergency request with the U.S. Supreme Court on Wednesday to halt a sentencing hearing in New York, arguing it would disrupt the presidential transition and harm national security. Trump’s defense team contends the sentencing, scheduled for Friday, undermines the institution of the presidency just days before his January 20 inauguration.
Former Illinois House Speaker Michael Madigan is seeking to block prosecutors from questioning his long-time law partner about the profits generated by their private law firm. Prosecutors argue the firm's lucrative earnings, reportedly more than $1 million annually for Madigan as a 50% partner, are central to understanding his motives in the corruption case.
A New York judge on Monday denied President-elect Donald Trump’s last-minute request to delay sentencing in his business records case. Trump’s legal team had filed the petition earlier in the day, seeking more time to pursue an appeal, but Judge Juan M. Merchan rejected the motion, keeping sentencing scheduled for January 10.
President Joe Biden signed the Social Security Fairness Act on Sunday, introducing significant changes to Social Security benefits for nearly three million Americans.
