RETAIL
Starbucks bets on mugs, macchiato art in test of CEO’s plan
When customers walk into Starbucks, the vibes will be different. At least, that’s the goal. Workers will ask guests if they want drinks for here or to go, offering ceramic mugs to those who want to stay. Baristas will be more vigilant about topping macchiatos with a caramel crosshatch pattern made up exactly of seven vertical lines and seven horizontal lines, finished with a spiral. Bathrooms and free water cups will be available to paying customers only, a policy reversal that has divided store workers. The condiment bar is coming back, and diners will get unlimited free refills of iced or hot coffee whether they’re rewards members or not, with some conditions. The new procedures apply to company-operated stores in the United States and Canada. The changes mark the first major test of whether chief executive Brian Niccol can dig the company out of its first annual sales decline since the pandemic hit in 2020. Part of his plan involves persuading Americans to once again view Starbucks as the go-to place to hang out. Creating a more premium experience in cafes, the thinking goes, will invite more customers to linger — and open up their wallets. — BLOOMBERG NEWS
DEALS
Emerson buys rest of AspenTech at $17 billion valuation
Emerson Electric Co. agreed to buy the rest of Aspen Technology that it doesn’t already own in a deal that values the industrial software company at a fully diluted market value of $17 billion. Emerson is paying $265 per share in cash for the 43 percent stake, valuing it at $7.2 billion, according to a statement Monday. That’s up from the $240 per share it offered in November. The St. Louis-based firm already owns 57 percent of company after taking a majority stake in 2022 as part of an effort to accelerate its software strategy. AspenTech rose 3.3 percent to $263.59 at 12:19 p.m. in New York trading Monday, giving the Bedford-based company a market value of about $17.3 billion. Emerson fell 1.6 percent to $128.52, for a market value of $73 billion. AspenTech offers software and artificial intelligence that optimizes asset design, operations, and maintenance in industrial environments, according to its website. Emerson designs and manufactures electronic and electrical equipment, software, and services. It has been seeking to transform itself in recent years to become a leader in automation-focused industrial technology. The deal is expected to close in the first half of 2025. Emerson plans to finance the purchase with cash on hand and debt, according to the statement. — BLOOMBERG NEWS
GOVERNMENT
Now hiring: Elon Musk’s DOGE sets up job site
Elon Musk’s Department of Government Efficiency has set up a new job site to recruit full-time, salaried positions for software engineers and other tech staffers. To submit an application, job seekers must click a box acknowledging that “this role is an in-office, full-time opportunity located in Washington, DC. US Citizens only.” Applicants are asked to provide their contact information, upload a resume, and list as many as three bullet-point items “showing exceptional ability.” The site appeared to go live on Sunday afternoon, days after President Trump took office and signed an executive order officially creating the organization. In the order, Trump renamed the US Digital Service — which currently exists as an in-house technology think tank within the Executive Office of the President — as the US DOGE Service. The refashioned group will have an office in the Eisenhower Executive Office Building, within the White House complex. It will be “for about 20 people we’re hiring to make sure these get implemented,” Trump said. The order also set up DOGE teams of at least four people at each federal agency to implement the program. — BLOOMBERG NEWS
WEALTH
World’s richest people lose $108 billion after DeepSeek selloff
The world’s 500 richest people, led by Nvidia Corp. cofounder Jensen Huang, lost a combined $108 billion on Monday as a tech-led selloff tied to Chinese AI developer DeepSeek sent major indices plunging. Billionaires whose fortunes are linked to artificial intelligence were the biggest losers: Huang saw his fortune fall $20.1 billion, a 20 percent drop, while Oracle Corp. cofounder Larry Ellison’s $22.6 billion loss was larger in absolute terms, but represented just 12 percent of his fortune, according to the Bloomberg Billionaires Index. Dell Inc.’s Michael Dell lost $13 billion, and Binance Holdings Ltd. cofounder Changpeng “CZ” Zhao shaved $12.1 billion. Tech-sector titans as a group saw $94 billion of wealth evaporate — roughly 85 percent of the Bloomberg index’s total decline. The Nasdaq Composite Index fell 3.1 percent, and the S&P 500 dropped 1.5 percent. — BLOOMBERG NEWS
CLIMATE
California considers letting wildfire victims sue oil companies for damages
Oil and gas companies would be liable for damages caused by climate change-related disasters in California under legislation introduced Monday by two Democratic lawmakers. The proposal, introduced by two Democratic lawmakers, claims that the oil industry intentionally deceived the public about the risks of fossil fuels on climate change that now have intensified storms and wildfires and caused billions of dollars in damage in California. Such disasters have also driven the state insurance market to a crisis where companies are raising rates, limiting coverage, or pulling out completely from regions susceptible to wildfires and other natural disasters, supporters of the bill said. Under state law, utility companies are liable for damages if their equipment starts a wildfire. The same idea should apply to oil and gas companies, said Robert Herrell, executive director of the Consumer Federation of California, “for their massive contribution to these fires driven by climate change.” The bill aims to alleviate the financial burdens on victims of such disasters and insurance companies by allowing them to sue the oil industry to recoup their losses. It would also allow the Fair Access to Insurance Requirements Plan, created by the state as a last resort for homeowners who couldn’t find insurance, to do the same so it doesn’t become insolvent. If approved, California would be the first state in the United States to allow for such lawsuits, according to the author. — ASSOCIATED PRESS
WORKPLACE
Trump administration demands return-to-office plans for federal workers in two weeks
The White House will give agencies two weeks to plan for the return of federal workers to the office, implementing an order President Trump signed on the first day of his term to end COVID-era work-from-home accommodations. The return-to-office mandate applies to federal workers “unless excused due to a disability, qualifying medical condition, or other compelling reason certified by the agency head.” Military spouses working civilian jobs are also exempt. The new memo implementing Trump’s order acknowledges a number of practical obstacles to getting employees back in the office. Many are covered by collective bargaining agreements, including one that Social Security Administration workers secured in the final days of the Biden administration, that allow more flexible work arrangements. Agencies will need to find office space for a far-flung workforce, with some workers posted to areas that are more than 50 miles from the nearest federal building. Bringing back those workers “may present unique challenges” and would be phased in, the memo says. And some federal workers could be eligible for relocation expenses, further adding to the costs. — BLOOMBERG NEWS
INTERNATIONAL
New Zealand loosens visitor visas to court remote workers
New Zealand relaxed its visa requirements for remote workers Monday, as the country looked to spur economic growth by courting “digital nomads,” the skilled professionals who can work from anywhere in the world that has an internet connection. With the new policy, a New Zealand visitor visa, which allows foreigners to remain for up to nine months, now also permits them to work for overseas employers during that time, which had been forbidden. The visitor visa still does not allow people to work for New Zealand employers, so “they won’t be competing for Kiwi jobs,” said Nicola Willis, finance minister. “The visa will open the doors to a whole new category of visitors,” she told reporters. “The government’s ambition is that new visa rules will put New Zealand boldly on the map as a welcoming haven for the world’s talent,” she added. The visa change follows a difficult economic period for New Zealand, whose economy sank into recession in the third quarter of 2024. — NEW YORK TIMES
