COFFEE

Starbucks lets new CEO use company jet for commute

Starbucks is giving its incoming CEO, Brian Niccol, access to a company-owned jet to commute roughly 1,000 miles to its Seattle headquarters — a perk that drew criticism from activists and others concerned about the environmental impact of private jets. In its offer letter to Niccol, Starbucks said he was not required to relocate. Instead, Starbucks will set up a small remote office in Newport Beach, Calif. — but Niccol “will be permitted to use the company aircraft for … travel between your home and the company headquarters,” according to the Aug. 11 letter, which was disclosed in an SEC filing. Starbucks’ hybrid work policy requires employees at its Seattle headquarters who live within commuting distance to work from the office at least three days per week. A Starbucks spokesperson told CNBC that Niccol is also expected to work from the office at least three days per week when he is not traveling for work. — WASHINGTON POST

WORK

According to NLRB director, Amazon is a co-employer of the delivery workers

Amazon lost and now has to go to the bargaining table with the Teamsters union: A regional director for the National Labor Relations Board said Thursday that the company is a co-employer of some of the thousands of contract drivers who deliver its packages. The e-commerce giant had previously argued that it is not responsible for alleged union busting and has no obligation to negotiate with drivers’ unions because the drivers who deliver packages to consumers’ doorsteps in Amazon-branded vans work for third-party contractors known as Delivery Service Partners, or DSPs. Thursday’s decision suggests that Amazon is in the wrong and did not negotiate in good faith after delivery drivers in Palmdale, California, voted to unionize in 2023, a first for the company’s delivery drivers. — WASHINGTON POST

MEDIA

Paramount seems to be taking Bronfman’s offer seriously

Paramount decided Wednesday to extend its deadline to evaluate a takeover offer from media executive Edgar Bronfman Jr., the company said, a sign it is taking the bid seriously. The last-minute bid could upset the company’s existing deal to be acquired by Skydance, an up-and-coming Hollywood studio. The $8 billion deal with Skydance was reached after months of negotiations. That deal is backed by Larry Ellison, the Oracle founder whose son David runs Skydance. Bronfman and his backers now have until early September to convince a special committee of Paramount’s board of directors that their offer is better. Skydance also has the right to improve its offer to beat out other suitors, which could further lengthen the process. Bronfman has assembled a group of investors that includes deep-pocketed private equity firms such as Fortress Investment Group and a crypto boss who starred in a Mighty Ducks movie. Together, they have proposed paying $6 billion for a majority stake in National Amusements, Paramount’s parent company, as well as a minority stake in the media conglomerate. The bidding group also has ties to people associated with Shari Redstone, Paramount’s main majority shareholder. — NEW YORK TIMES

TRAINING EQUIPMENT

Peloton’s resurrection seems to be taking hold

Peloton reported fourth-quarter revenue and profit that beat analysts’ estimates, suggesting the struggling fitness company’s turnaround efforts are bearing fruit. New York-based Peloton posted revenue growth in the three months ended June 30, posting revenue of $644 million, according to a statement released Thursday. While that’s up less than 1 percent from a year earlier, it far exceeded Wall Street’s average estimate of $630.1 million. — BLOOMBERG NEWS

SCHOOL SUPPLIES

Do you remember the smell of new crayons?

Soon, you might be able to smell the scent of crayons on store shelves — if Crayola CEO Pete Ruggiero has his way. In July, the U.S. Patent and Trademark Office granted the arts and crafts giant a trademark for the smell of its crayons — the waxy scent of a childhood spent coloring inside the lines. Although it’s too early for back-to-school season, Ruggiero can imagine pumping the crayons through retailers’ shelves one day, sparking nostalgia as shoppers browse and hopefully buy more crayons. — BLOOMBERG NEWS

AUTOMOBILE

Danish company buys 300 electric trucks from Volvo

Logistics company DSV plans to buy 300 electric heavy-duty trucks from Volvo. It would be one of the largest commercial orders to date for the Swedish manufacturer’s battery-powered vehicles. The companies announced on Thursday that they had signed an agreement to deliver the electric trucks between 2024 and 2026. The order also included 500 trucks that run on diesel and gas. — BLOOMBERG NEWS

Mortgages

Prices are falling slightly

The average interest rate on a 30-year mortgage fell to its lowest level in 15 months this week, a welcome relief for homebuyers navigating a housing market that remains unaffordable for many Americans. The rate fell to 6.46 percent from 6.49 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the average rate was 7.23 percent. The average rate is now the lowest since mid-May last year, when it was 6.39 percent. — ASSOCIATED PRESS

International

Explosion and fire in Indian drug factory claim at least 18 lives

A large explosion sparked a fire at a pharmaceutical factory in southern India, killing at least 18 workers, police said on Thursday. The death toll rose to 15 from 11, as three of the 40 injured in the fire at the factory’s chemical reactor in Andhra Pradesh state on Wednesday died in hospital on Thursday, police official M. Deepika said, adding that some of the injured were in critical condition. According to media reports, authorities suspect the fire was caused by an electrical fault at the factory. State authorities have ordered an investigation. — ASSOCIATED PRESS

AUTOMOBILE

NTSB investigates Tesla truck accident

The National Transportation Safety Board has launched an investigation into the recent Tesla semi-truck crash and fire, believed to be the first involving the company’s electric semi-truck. The Tesla semi-truck went off the road on Interstate 80 near Emigrant Gap, California, around 3 a.m. Monday. No one was injured, but the vehicle caught fire and ignited nearby brush, closing the highway in both directions for several hours. — BLOOMBERG NEWS