S&P 500, Nasdaq Slip as Oil Jumps on Iran Tensions 
Goldman Sachs Sees US Stock Buybacks Outpacing Equity Issuance as AI Funding Rises 
Dollar Steady as Markets Await U.S. Inflation Data 
Singapore Raises 2026 GDP Growth Forecast to 4.5%-5.5% as AI Boom Fuels Economy 
Hims & Hers Shares Fall as GLP-1 Costs Widen Q2 Loss 
Oil Prices Rise as US-Iran Talks Stall, Inflation Risks Grow 
Sanrio Shares Plunge as Q1 Profit Miss Overshadows Strong Sales 
Treasury Wine Estates Shares Jump as U.S. Overhaul Lifts FY2026 Outlook 
Delta Flight Makes Emergency Landing in Atlanta After Cockpit Fumes Reported 
S&P 500, Nasdaq Futures Rise as Iran Risks and CPI Loom 
Iran War Escalates as US, Houthis Target Ships Near Key Oil Routes 
OpenAI Restricts Astra AI Over Cyberattack Risks 
Asian Currencies Steady Ahead of US CPI as Oil Prices Rise 
Airbus Joins Air India A320 Altitude Drop Probe 
Nvidia to Invest Up to $3 Billion in Blackstone-Backed Lancium 
Canada, US Hold Fresh Trade Talks as August 19 Tariff Deadline Nears 
JPMorgan Plans More Asia-Pacific Hiring in 2027 as Corporate Banking Revenue Surges 
Starbucks Coffee Company is facing a lawsuit after the local government of New York City lodged a complaint against it. The officials said that the coffee chain illegally fired its barista without valid cause.
The fired barista has already been working for a long time at a Starbucks outlet in Queens, an NYC borough on Long Island. He is also a union organizer that has been leading his co-workers to unionize.
For the termination of the barista, NYC sued Starbucks citing “wrongful termination.” Fox Business reported that in the filing, the Department of Consumer and Worker Protection (DCWP) said that Austin Locke lost his job in July and alleged that the Seattle-headquartered coffee chain did it without any acceptable reason.
They also pointed out that Locke was fired less than a month after staff at the Astoria location voted to unionize. The department said that it would sue the company for breaching the territory’s "just cause" protections against wrongful termination which is covered under New York City Fair Workweek Law.
This particular law states that fast-food employers in New York are prohibited from terminating employees who have completed a 30-day probation period. They can only do so for “just cause or a bona fide economic reason."
Moreover, when staff is discharged or his/her working hours is cut down by 15% or more, the employer is duty-bound to advise the employee about the discharge. The employer must give notice within five days, and it should include a proper explanation of why he or she is being let go. Vilda Vera Mayuga, the DCWP Commissioner, said that because Starbucks failed to follow the said rule, it violated the Fair Workweek Law and its offenses were unacceptable.
"As we approach Labor Day, it’s important to remember that workers are the backbone of our city and deserve the right to organize to promote safer and fairer work practices," Mayuga said in a statement.
Finally, while the DCWP said it would continue to fight to have Locke rehired at Starbucks, the company announced it is prepared to fight the allegations.
