AP Business SummaryBrief at 4:11 p.m. EDT

California governor signs landmark law for fast food workers

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom has signed a landmark measure giving more than a half-million fast food workers more power and protections. Signed on Labor Day, the nation-leading bill creates a Fast Food Council with worker and employer representatives that can set minimum wage, hour and working conditions for fast food employees. Restaurant owners opposed the measure, warning it would drive up consumer...

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California governor signs landmark law for fast food workers

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom has signed a landmark measure giving more than a half-million fast food workers more power and protections. Signed on Labor Day, the nation-leading bill creates a Fast Food Council with worker and employer representatives that can set minimum wage, hour and working conditions for fast food employees. Restaurant owners opposed the measure, warning it would drive up consumer costs. Newsom says the law gives fast food workers “a stronger voice and seat at the table to set fair wages and critical health and safety standards.”

China accuses Washington of cyberspying on university

BEIJING (AP) — China is accusing Washington of breaking into computers at a university that U.S. officials say does military research, adding to complaints by both governments of rampant online spying against each other. The National Computer Virus Emergency Response Center said Northwestern Polytechnical University reported break-ins in June. The center said they were traced to the National Security Agency but gave no details of how that was done. China and the United States are, along with Russia, regarded as leaders in cyberwarfare research. Washington accuses Beijing of misusing its capabilities to steal commercial secrets. China complains the United States improperly spies on universities and other targets. The American Embassy in Beijing didn’t respond to a request for comment.

OPEC+ makes small trim to world oil supplies as prices fall

FRANKFURT, Germany (AP) — OPEC and allied oil-producing countries, including Russia, have made a small trim in their supplies to the global economy. The move Monday underlines their unhappiness as recession fears help drive down crude prices — and the cost of gasoline, to the delight of drivers. The decision for October rolls back a mostly symbolic increase of 100,000 barrels per day in September. Growing worries about slumping future demand have helped send oil prices down from June peaks of over $120 per barrel. That has cut into the windfall for OPEC+ countries’ coffers but proved a blessing for U.S. drivers as pump prices have eased.

Ukraine says nuclear plant offline after Russian shelling

KYIV, Ukraine (AP) — Europe’s largest nuclear plant has been knocked off Ukraine’s electricity grid after its last transmission line was disconnected as a result of a fire caused by Russian shelling. The International Atomic Energy Agency said it was informed Monday by Ukrainian authorities that the reserve line was deliberately disconnected in order to extinguish a fire. The line is to be reconnected once the fire is extinguished. The incident fueled fears of a potential nuclear disaster at Zaporizhzhia, which is one of the 10 biggest nuclear plants in the world. The developments came on the eve of a report to the U.N. Security Council by IAEA inspectors.

Germany sticks to nuclear power deadline but leaves loophole

BERLIN (AP) — The German government says it’s sticking to its long-held plan of shutting down the country’s three remaining nuclear power plants this year. But it says it’s keeping the option of reactivating two of them in case of an energy shortage in the coming months. The announcement Monday follows the publication of a much-anticipated stress test that examined how Germany’s power grid will cope with a possible electricity squeeze. Germany is scrambling to ensure the lights stay on this winter despite the reduction in natural gas flows from Russia amid the war in Ukraine. The government has already announced measures to import gas from other sources and reactivate coal- and oil-fueled power plants, plus urging conservation.

Global stocks sink as Europe faces new squeeze on gas supply

BEIJING (AP) — Global stock markets are lower after Europe faced a new squeeze on gas supplies. London and Frankfurt opened lower Monday. Tokyo, Hong Kong and South Korea also fell while Shanghai gained. Oil prices rose more than $2 per barrel while the euro edged lower. European markets were roiled by Russian energy giant Gazprom’s announcement that a suspension of gas supplies through the Nord Stream 1 pipeline would be extended indefinitely. That adds to shortages in Germany and other economies. Traders also worry U.S. government data that showed wages rose sharply in August might be seen by the Federal Reserve might see that as evidence more interest rate hikes are needed to bring down inflation.

Turkey’s annual inflation passes 80% after interest rate cut

ISTANBUL (AP) — The Turkish Statistical Institute says the country’s annual inflation passed 80% in August, further hitting consumers facing high energy, food and housing costs. Consumer prices rose by 80.21% from a year earlier, up 0.6 percentage points from the previous month, the agency said Monday. Independent experts say inflation is much higher than official statistics. The Inflation Research Group put the annual rate at 181%. The rise came after the central bank unexpectedly cut interest rates to 13% in August despite rising prices, a plunging lira and an unbalanced current account. Russia’s invasion of Ukraine and the lira’s decline have stoked inflation.

Irish watchdog fines Instagram 405M euros in teen data case

LONDON (AP) — Irish regulators are slapping Instagram with a big fine after an investigation found the social media platform mishandled teenagers’ personal data. Ireland’s Data Protection Commission said Monday that it made a final decision last week to fine the company 405 million euros, or about $402 million. The full details won’t be released until next week. The penalty is the second-biggest issued under the European Union’s stringent privacy rules. Instagram’s parent Meta also owns Facebook and can appeal the decision. The company didn’t respond to a request for comment. The Irish watchdog’s investigation centered on how Instagram displayed the personal details of users ages 13 to 17, including email addresses and phone numbers.

Bed Bath & Beyond chief financial officer Gustavo Arnal dies

UNION, N.J. (AP) — The chief financial officer of retail chain Bed Bath & Beyond has died. The company confirmed Sunday that Gustavo Arnal died Friday. Arnal joined the company in May 2020 after previous stints at Avon, Walgreens Boots Alliance and Procter & Gamble. According to the New York City Police Department, police found the 52-year-old unconscious with injuries showing he fell from a building in Manhattan. He was pronounced dead in the scene and the New York City Medical Examiner’s Office will determine the cause of death. Police said an investigation was ongoing.

Macron urges French to save energy, seeks 10% drop in use

PARIS (AP) — French President Emmanuel Macron is calling for a sharp 10% reduction in the country’s energy use in coming weeks and months to avoid the risk of rationing and cuts this winter. Macron’s remarks on Monday came amid tensions with supplier Russia over the war in Ukraine. Macron said a news conference that “the best energy is that which we don’t consume.” He urged French businesses and households to save energy. That includes turning down heating and air conditioning. Macron warned that forced energy savings might have to be considered in coming months if voluntary energy-saving isn’t sufficient. He said energy rationing plans are being prepared “in case” and that “cuts will happen as a last resort.”

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