Must Read Money Stories For Thursday, July 23

by July 23, 2015

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A big raise. Fast food workers in New York City are going to see their wages rise to $15 an hour over the next few years, the New York Times reports. Policy analysts think the raise will put pressure on other industries — especially retail — to hike their minimum wages as well, in order to remain competitive.

Another win for Obama? One of President Barack Obama’s first goals when he took office in 2008 was to close the U.S. military prison Guantanamo Bay. Now he’s drafting up a final plan to achieve that goal, as only 122 inmates remain. The U.S. government spends $2.8 million per prisoner a year at Guantanamo, making it the most expensive prison in the world, according to the New Republic.

Scrambling for a replacement. As the cost of eggs skyrocket due to Avian Flu, professional bakers are looking for viable substitutes that replicate what they do best, NPR writes. It’s a tall order: eggs add moisture, structure, flavor and protein to baked goods. Most replacements aren’t as versatile, so bakers are turning to multiple ingredients to mimic them.

Uber 1, New York City 0. New York City mayor Bill de Blasio wanted to study the ride-hailing app’s effect on congestion by capping the number of new Uber drivers. In response, the service shifted its public relations arm into high alert and created a number of campaigns to discredit de Blasio’s proposal as bad for New York and motivated by Taxi interests. (Who, by the way, contributed more than half a million to the mayor’s 2013 campaign.) On Wednesday, the de Blasio administration caved and removed the cap from its study, the New York Times reports. This is a huge win for Uber as it faces a number of lawsuits in big cities across the world.