The daily business briefing: October 1, 2018

1. Canada joins the U.S.-Mexico trade deal just before deadline

Canada agreed late Sunday to join the trade agreement reached last month by the U.S. and Mexico, potentially salvaging a revised North American Free Trade Agreement. The deal came after a frantic weekend of talks aiming to beat a midnight deadline set by the White House. In a joint statement, President Trump's trade representative, Robert Lighthizer, and Canada's foreign affairs minister, Chrystia Freeland, said the new deal would "give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade, and robust economic growth in our region." The new treaty will be named the "United States-Mexico-Canada Agreement" rather than NAFTA, which Trump long vowed to replace and derided as a terrible deal. Administration officials expect a tough fight for congressional approval.

The New York Times The Washington Post

2. California governor signs law requiring spots for women on corporate boards

California Gov. Jerry Brown (D) on Sunday signed a law requiring publicly traded companies to include women on their boards of directors. California is the first state to take such a step to boost women's rights in the private sector. The law gives California-based public companies until the end of next year to make sure they have at least one woman serving on their boards. The California Chamber of Commerce has warned that the policy will be difficult to put into effect and said it violates constitutional protections against discrimination. Brown also signed legislation making smaller employers provide sexual harassment training and banning secret sexual misconduct settlements.

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The Associated Press

3. Stock futures rise as U.S.-Canada deal signals easing of trade tensions

U.S. stock futures rose early Monday after Canada agreed to join a trade deal struck last month by the U.S. and Canada to replace the 1994 North American Trade Agreement. The pact, which still has to be approved by lawmakers in the U.S., Canada, and Mexico, would enhance U.S. access to the Canadian dairy market and protect Canada from the threat of new U.S. auto tariffs. With the sign of easing regional trade tensions, futures for the Dow Jones Industrial Average and the Nasdaq gained nearly 0.8 percent. Futures for the S&P 500 were up by 0.6 percent, putting the blue-chip index in position to rise to a record high on Monday.

Fox Business MarketWatch

4. DOJ sues California over state net neutrality law

The Justice Department announced Sunday that it is suing the state of California over new internet protections signed into law by Gov. Jerry Brown (D). The state's new net neutrality law would bar broadband and wireless providers from slowing down access for some customers or charging more for faster access. The law essentially restores Obama-era rules that the Trump administration scrapped earlier this year. The Justice Department said the federal government, not the states, is the one with the authority to regulate the internet. "Once again the California legislature has enacted an extreme and illegal state law attempting to frustrate federal policy," Attorney General Jeff Sessions said in the statement.

BuzzFeed News

5. GE unexpectedly replaces CEO John Flannery, shares soar

General Electric shares jumped by 15 percent in premarket trading on Monday after the company removed John Flannery as CEO. GE replaced Flannery with Lawrence Culp, former CEO of industrail company Danaher. The unexpected move came after barely a year on the job for Flannery. GE has struggled for years with fallout from poorly timed deals and its own complexity. It has sought to pay down debt and simplify its operations by selling off businesses, including its century-old railroad division and Thomas Edison's light-bulb unit. The company also said Monday that it would take a $23 billion non-cash charge for its power business.

CNN CNBC