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Futures News, August 14th: Change Rate: According to JLC Network Technologys calculations, as of the tenth working day on August 14th, the average price of benchmark crude oil was $82.64/barrel, with a change rate of -6.15%. Domestic retail prices of gasoline and diesel were reduced by 230 and 220 yuan/ton respectively. 1. Shandong Local Refineries: Market purchases increased yesterday, but local refineries have not yet achieved a balance between production and sales of gasoline and diesel. Coupled with the halt in the rise and subsequent fall of international crude oil prices, this created downward pressure, and it is expected that the price of refined oil products from Shandong local refineries will be under pressure and fall by 50-100 yuan/ton today. 2. East China: On Friday, crude oil prices stopped rising and fell back, and the window for price reductions opened. There was little support from news. It is expected that the prices of gasoline and diesel from major oil companies in East China will be under pressure today, with weak end-user demand. Industry players are waiting for the price reductions to be implemented, resulting in sluggish buying and selling. 3. South China: On Friday, crude oil closing prices fell, and the window for retail price reductions opened. With the negative impact of news, it is expected that the price of gasoline and diesel from major oil companies in South China will maintain a stable to slightly downward trend today. The market is observing and waiting for further developments, and new orders are decreasing. 4. North China: On Friday, crude oil prices fell and the window for retail price reductions opened. It is expected that gasoline and diesel prices in North China will face downward pressure. While the impact of the typhoon is gradually subsiding, the current weak demand is unlikely to improve. Traders are cautious about entering the market for immediate needs, resulting in a subdued trading atmosphere. 5. Central China: On Friday, crude oil prices stopped rising and fell back, and the window for retail price reductions opened. News points to a bearish outlook. It is expected that gasoline and diesel prices in Central China will be under pressure and consolidate today. Traders are observing the market to reduce inventory, and the market awaits the implementation of price adjustments.The main platinum contract fell by 2.00% during the day, currently trading at 423.50 yuan/gram.At the opening of the morning session, domestic futures contracts showed mixed performance. Coking coal, soybean meal, pulp, live hogs, glass, and soda ash rose by more than 1%. On the downside, palladium fell by nearly 4%, silver fell by more than 2%, and container shipping to Europe, gold, TSR20 rubber, low-sulfur fuel oil (LU), and PTA fell by more than 1%.On August 14, the White House announced that US President Trump had authorized the US Navy to build ships overseas and ordered the Navy to abandon electromagnetic catapult systems and revert to steam catapult technology when building new ships. A national security memorandum signed by Trump requires design changes to the fourth ship of the Ford-class aircraft carriers, abandoning the electromagnetic catapult system used on the first three ships. This design change is estimated to cost hundreds of millions of dollars.Australian Treasurer Chalmers: Ian will step down from the Reserve Bank of Australias Monetary Policy Committee, and Melinda Cirento has been appointed as a member of the committee for a five-year term, beginning on September 1 this year.

Starbucks Requests Equal Time With The White House After Biden Meets With Union Leaders

Haiden Holmes

May 07, 2022 10:14

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Starbucks Corp has requested a meeting with U.S. President Joe Biden's administration after unionized staff met with White House officials on Thursday, stating in a statement that the majority of its workers do not wish to join a union.


Separately, an officer with the National Labor Relations Board (NLRB) filed a complaint on Friday alleging alleged violations of U.S. labor law by Starbucks (NASDAQ:SBUX) against union members. Starbucks stated that the charges contained in the complaint are untrue and meritless.


Starbucks expressed "great concern" in a letter to the White House, dated Thursday and revealed on Friday, that Workers United, which is organizing hundreds of U.S. Starbucks outlets, was invited to a meeting without Starbucks officials. White House officials declined to respond.


On Thursday, Vice President Joe Biden met with workers and labor organizers aiming to represent Amazon.com Inc. (NASDAQ:AMZN), Starbucks, and other firms' employees.


Christian Smalls, leader of the Amazon Labor Union, and Laura Garza, a Starbucks employee working with Workers United, were among the attendees.


During the discussion, Biden reportedly stated, "When I ran for president, I pledged to be the most pro-labor, pro-union president in American history," according to video extracts released by the White House on Friday.


Starbucks stated in the letter that its lack of representation "disregards the fact that the majority of our partners oppose union membership and Workers United's unionization techniques." The coffee chain's baristas and other employees are referred to as partners.


Workers at more than 50 U.S. Starbucks cafés have chosen to join Workers United, while five outlets have voted against the union, out of over 240 that have held elections since August. Workers United is a Service Employees International Union affiliate.


Starbucks said, "We have a significantly more optimistic outlook for our partners and our organization than Workers United."


Workers United tweeted a message from Garza, who stated that Starbucks' reaction was "heartbreaking to read." She stated that she was honored to represent all Starbucks partners, union or not, at the conference.


In a complaint accessed by Reuters, the regional director for Buffalo, New York, of the National Labor Relations Board cited allegations presented to the agency by Workers United, including assertions that Starbucks threatened, dismissed, and conducted surveillance on union members in the state.


Regional Director Linda M. Leslie's lawsuit asserts that Starbucks' conduct, as alleged in the claims, violates the National Labor Relations Act. On July 11, a judge from the NLRB will hold a hearing regarding the claims, according to the lawsuit.


Starbucks stated in a statement that the complaint raises significant concerns but "does not establish an NLRB conclusion."


They added: "It is the start of a legal proceeding that allows both parties to be heard and present evidence. We think that the allegations in the complaint are untrue, and we look forward to presenting our evidence when the charges are adjudicated."

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