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By MICHELLE CHAPMAN (AP Business Writer)

Peloton is recalling more than 2 million of its exercise bikes in the U.S. because the bike’s seat post assembly can break during use, posing fall and injury hazards.

The recall includes approximately 2.2 million of the Peloton Bikes Model PL01. The bikes were sold in the U.S. from January 2018 through May 2023 for about $1,400. They were sold at Peloton and Dick’s Sporting Goods stores nationwide and online at Amazon, Peloton and Dick’s websites.

Peloton has received 35 reports of the seat post breaking and detaching from the bike during use, including 13 reports of injuries including a fractured wrist, lacerations and bruises due to falling from the bike.

The Peloton original Bike in the U.K., Germany and Australia and the Peloton Bike+ are not included in the recall.

Consumers in the U.S. are advised to immediately stop using the recalled exercise bikes and to contact Peloton for a free repair. Peloton is offering a free seat post that can be self-installed. read more

By ZEKE MILLER and JOSH BOAK (Associated Press)

WASHINGTON (AP) — If the fight with Congress over raising the government’s debt limit is such a dire threat, why doesn’t President Joe Biden just raise the borrowing ceiling himself? It’s theoretically possible, but he’s skeptical.

The administration has been searching for possible ways to allow the U.S. to keep borrowing if Congress can’t come to an agreemen t. One potential option Biden and his advisers have been looking at: Would he have the power to go around lawmakers by relying on the Constitution’s 14th Amendment in a last-ditch move to avert default?

Maybe. Biden hasn’t ruled it out, but he sees it as a problematic, untested legal theory to ensure the country can meet its financial obligations. Meanwhile, the Treasury Department says the U.S. may not be able to borrow the money it needs to pay its bills and bondholders as soon as June 1 without congressional action — and that failure could kick the country into a painful recession. read more

By MATT OTT (AP Business Writer)

The number of Americans filing for unemployment benefits last week rose to its highest level in a year-and-a-half, though jobs remain plentiful by historical standards even as companies cut costs as the economy slows.

Applications for jobless aid for the week ending May 6 rose by 22,000 to 264,000, the Labor Department said Thursday. That’s up from the previous week’s 242,000 and is the most since November of 2021. The weekly number of applications is seen as roughly representative of the number of U.S. layoffs.

Many employers appear to have put a premium on retaining workers after some of them were caught short-handed by the rapid post-COVID-19 economic recovery. As a result, most economists don’t envision waves of layoffs even if a recession were to strike later this year as many expect.

The four-week moving average of claims, which evens out some of the weekly volatility, rose by 6,000 to 245,250. Analysts have pointed to a sustained increase in the four-week averages as a sign that layoffs are accelerating, but are hedging their bets on whether any spike in layoffs is imminent. read more

Oceania Vista, the first new ship in more than a decade for Oceania Cruises, and one set to make its way to Florida this fall, got smacked with a bottle of champagne this week during a christening ceremony that featured celebrity chef and ship godmother Giada De Laurentiis and entertainer Harry Connick Jr.

The two celebrities were on hand along with executives from Oceania Cruises and its parent company Norwegian Cruise Line Holdings Ltd. in Valletta, Malta on Tuesday to welcome what is planned to be the first of two vessels in the line’s new Allura class, and the first since ship since 2012’s Oceania Riviera.

“I am so honored to have been chosen as godmother of this incredible new ship and be a part of this glorious night in Malta,” said De Laurentiis. “From amazing culinary experiences to thoughtful details at every turn, Vista is truly a dream ship. Cheers to this inaugural season and to everyone who sails aboard her.”

It now joins what has grown to a seven-ship fleet for the brand that is a premium step up from sister line Norwegian and focuses on culinary offerings on board as well as an array of unique itineraries. read more