Thinking about going for a ride this weekend? Exercise equipment manufacturer Peloton said it had identified a defect involving the seat post on one of its stationary bikes. There were 35 reports of the seat post breaking during use with 12 of these resulting in injuries (one person who broke their wrist). Presumably there were many more injured people that did not come forward due to the embarrassment of falling from a bike that is not moving.

The lowdown

• 📈 ECB raises rates by 25 basis points, following the Fed’s lead.

• 📉 Apple’s revenue fell 3% in the first quarter, the second quarterly decline in a row.

• 🇨🇭 UBS considers options for the sale of Credit Suisse’s Swiss unit, including an IPO.

Featured stories

Paramount’s weak earnings and writers on strike

Paramount has reported weak earnings leading to a plunge in the company’s share price of more than a quarter. Its streaming service Paramount+ reached 60 million global subscribers and revenue grew 65% year over year but losses of this unit grew to $511 million.

Also in Hollywood, writers are striking, arguing that they are being treated like gig workers and are not receiving the benefits and compensation they deserve. They contend that studios are using short-term contracts and avoiding long-term commitments, which creates job instability.

According to the studios, the writers are not part of a gig workforce, but rather are on short-term contracts due to the project-based nature of the entertainment industry.

Paramount’s losses may influence negotiations between the striking writers and Hollywood studios. If Paramount’s performance is in line with the wider industry, it could encourage both sides to find a resolution. I’m on the writers' side, at least until we get a satisfying end to Succession.

The content we're consuming today

• WSJ: Chipotle’s CFO on Avocado Prices, Inflation and TikTok-Inspired Menu Items.

• The Economist: The business trend that unites Walmart and Tiffany & Co ($).

• Bloomberg: How a Dishwasher Engineer Challenged Elon Musk’s Grip on Commercial Space ($).

Off-balance sheet items

• Ed Sheeran has won his Thinking Out Loud copyright lawsuit remarking "I am not and will never allow myself to be a piggy bank for anyone to shake.” Even if he is the right color.

The bottom line