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California governor signs landmark law for fast food workers

SACRAMENTO, Calif. -- California Gov. Gavin Newsom on Monday signed a nation-leading measure giving more than a half-million fast food workers more power and protections, despite the objections of restaurant owners who warned it would drive up consumers’ costs.

The landmark law creates a 10-member Fast Food Council with equal numbers of workers’ delegates and employers’ representatives, along with two state officials, empowered to set minimum standards for wages, hours and working conditions in California.

Newsom said he was proud to sign the measure into law on Labor Day.

“California is committed to ensuring that the men and women who have helped build our world-class economy are able to share in the state’s prosperity,” he said in a statement. “Today’s action gives hardworking fast food workers a stronger voice and seat at the table to set fair wages and critical health and safety standards across the industry."

The law caps minimum wage increases for fast food workers at chains with more than 100 restaurants at $22 an hour next year, compared to the statewide minimum of $15.50 an hour, with cost of living increases thereafter.



https://abcnews.go.com/Business/wireStory/california-governor-signs-landmark-law-fast-food-workers-89370955?cid=social_twitter_abcn

Stock futures rise after major averages post third straight week of losses

Stock futures rose in overnight trading Monday after the major averages capped their third straight week of losses.

Futures tied to the Dow Jones Industrial Average gained 158 points, or 0.5%. Nasdaq 100 futures rose 0.53% and S&P 500 futures added 0.47%.

CVS Health said Monday it's buying Signify Health for roughly $8 billion, while Volkswagen shared its plan to float Porsche for an initial public offering.



https://www.cnbc.com/amp/2022/09/05/stock-futures-rise-after-major-averages-post-third-week-of-losses.html

Gasoline prices are expected to continue to fall after Labor Day and some states could see below $3

Labor Day marks the end of the summer driving season. While gas prices are elevated, the U.S. avoided the stretch of super high prices that some had feared.

Gasoline prices are expected to continue their more than two-month decline over the three-day holiday weekend, as Americans drive less and continue to conserve fuel.

Prices have been falling since the national average for unleaded gasoline peaked at just under $5.02 per gallon on June 14. The price at the pump Monday was $3.79 per gallon nationally, according to AAA.

“I think the good news is going to keep going for now,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. Gasoline prices should continue to decline into the fall, barring a refining disruption, he noted.



https://www.cnbc.com/2022/09/05/gasoline-prices-are-expected-to-continue-to-fall-after-labor-day-and-some-states-could-see-below-3.html

Britain's Truss expected to be named Conservative leader, new PM

LONDON, Sept 5 (Reuters) - Liz Truss is expected to be named leader of the governing Conservative Party and Britain's next prime minister on Monday, poised to take power at a time when the country faces a cost of living crisis, industrial unrest and a recession.

After weeks of an often bad-tempered and divisive party leadership contest that pitted Truss against Rishi Sunak, a former finance minister, Monday's announcement at 1130 GMT will trigger the beginning of a handover from Boris Johnson.

Johnson was forced to announce his resignation in July after months of scandal and he will travel to Scotland to meet Queen Elizabeth on Tuesday to officially tender his resignation. His successor will follow him and be asked to form a government.

Long the front-runner in the race to replace Johnson, Truss, if appointed, will become the Conservatives' fourth prime minister since a 2015 election. Over that period the country has been buffeted from crisis to crisis, and now faces what is forecast to be a long recession triggered by sky-rocketing inflation which hit 10.1% in July.


https://www.reuters.com/world/uk/britains-truss-expected-be-named-conservative-leader-new-pm-2022-09-05/

CNN's parent company CEO: Trump's business policies could be helpful

Euro Slides To 20-Year Low After Putin Halts Gas Flows To Europe

TOPLINE The Euro dropped to a two-decade low against the U.S. dollar on Monday morning, gas prices soared and major European stock indexes dipped after news Russia had halted gas flows through a critical pipeline for the foreseeable future, deepening fears of an impending energy crisis this winter.

European gas prices jumped as high as 282 euros per megawatt hour on Monday morning, shy of August’s record high following Russia announcing another round of maintenance on the Nord Stream 1 pipeline. After the latest turmoil and indefinite shutdown, analysts expect gas prices to reach new record highs this week.

Russia’s state-controlled energy firm Gazprom announced on Friday that the Nord Stream 1 pipeline, which had been closed for maintenance work, would remain closed indefinitely following the purported discovery of an oil leak. The conduit is the single biggest gas pipeline from Russia to Europe and officials throughout the bloc have accused Moscow of weaponizing energy supplies to retaliate against Western sanctions for invading Ukraine. Before the war, Europe relied on Russia for around 40% of its natural gas. Cuts to the flow of gas, as well as repeated shutdowns have worsened the already-turbulent market. Soaring prices and dwindling supplies have triggered an energy crisis in Europe and countries fear a tough winter lies ahead marked by energy rationing and shortages. The Kremlin strongly denies it is playing politics with its resources—the indefinite shutdown was announced shortly after nations agreed to cap the prices of Russian oil exports—and blames sanctions for being unable to properly service equipment. European officials dispute this interpretation of sanctions and Siemens, which maintains the equipment Russia claims is faulty, says the issue as described should not halt gas deliveries.





https://www.forbes.com/sites/nicholasreimann/2022/09/03/in-photos-gorbachev-laid-to-rest-after-moscow-funeral-that-putin-didnt-attend/?utm_campaign=forbes&utm_source=twitter&utm_medium=social&utm_term=Gordie&sh=4fa9937b2167

Oil prices will surge to $125 a barrel next year despite the G7's cap on Russian crude, Goldman Sach

Oil prices are likely to soar to $125 a barrel in 2023, despite the G7's latest agreement to set a price cap on Russian crude, Goldman Sachs said.

Any price cap will be "bearish in theory, bullish in practice" for oil prices, due to Moscow potentially responding by slashing exports to G7 countries, the bank warned on Friday.

"Consistent with actions taken in the natural gas market, Russia could opt to retaliate, cutting G7 buyers off and shutting in production, thereby elevating global prices and its own revenues even higher," a team of strategists led by Goldman Sachs's head of energy research, Damien Courvalin, said. "Today's announcement does not change our bullish forecast for oil prices."

The G7 - which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States - announced Friday that it would implement a price cap on Russian oil by December 5.


https://markets.businessinsider.com/news/commodities/oil-price-outlook-russia-crude-g7-price-cap-goldman-sachs-2022-9

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