ENERGY
State representatives join senators in protesting natural gas rate hikes
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Nearly 60 state representatives have joined with 22 senators to complain to the state Department of Public Utilities about the increase in natural gas rates this winter, particularly among Eversource customers. The Globe reported on the Feb. 14 letter as signed by the senators. On Sunday, the DPU said it’s engaging in high-level talks with each of the state’s natural gas utilities to explore how to revise the delivery charge portion of their bills, to minimize further price volatility for their customers, and Governor Maura Healey followed up with similar concerns in a letter of her own to the DPU. Rate changes approved by the DPU that took effect on Nov. 1 drove up bills by 30 percent for January, compared with the same month a year ago, for typical homeowners in Eversource’s former Columbia Gas territory, and 23 percent for those in the former NStar Gas towns. Eversource attributed the increases to growth in the Mass Save home efficiency program, the rising commodity costs for natural gas, and infrastructure upgrades. Those increases were exacerbated by a 19 percent increase in typical gas consumption last month, because of the colder weather. The 80 lawmakers who signed the letter are from both political parties, and from regions across the state. Representative Hannah Kane, a Republican from Shrewsbury, said her Eversource gas bill in January was over $950, “ridiculous to say the least,” she wrote. Kane said she reached out to Eversource in January about the “astronomoical rates” and that she’s glad that the governor is now requesting rate relief from the DPU — something Kane hopes is “swiftly accomplished and retroactive.” — JON CHESTO
LABOR
Southwest Airlines plans to cut 15% of its workforce
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Southwest Airlines on Monday announced plans to cut 15 percent of its workforce, the first round of broad layoffs in the airline’s 53-year history. The company said it planned to cut about 1,750 jobs, with the cuts mostly focused on corporate positions. The layoffs will include 11 senior leaders with titles of vice president or higher, the airline said. Most of the cuts will be carried out by the end of June. In a statement, Southwest CEO Bob Jordan called the decision “unprecedented.” “We are at a pivotal moment as we transform Southwest Airlines into a leaner, faster and more agile organization,” he said. “I arrived at this decision thoughtfully and carefully, knowing how hard it will be to say goodbye to colleagues who have been a significant part of our Southwest culture and accomplishments.” Jordan’s own job was under threat last year after hedge fund Elliott Management amassed an approximately 10 percent stake in the airline and began to push for widespread change, including Jordan’s ouster. Elliott had accused Jordan and the airline’s board of complacency and failing to control costs, eroding profit margins that were once the envy of the industry. In response, Jordan laid out a three-year plan to make sweeping changes, including dropping the airline’s seat-yourself policy in favor of assigned seating, adding seats with extra legroom, and introducing red-eye flights — the first of which began last week — to make more use of its planes. — NEW YORK TIMES
LEGAL
Mexico threatens to sue Google over ‘Gulf of America’ name change
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Mexico is threatening to take Google to court over its “Gulf of America” name change on maps for users in the United States, pointing out that much of the body of water lies outside US maritime borders in regions controlled by Mexico and Cuba. Mexican President Claudia Sheinbaum said Monday at a news conference that President Trump’s executive order to rename the Gulf of Mexico applied only to the US continental shelf — the area of seabed to which the US lays claim to under the law of the sea and maritime agreements with other coastal states. It has asked Google to fully restore the name “Gulf of Mexico” to its Maps service for areas outside US territory. “What Google is doing here is changing the name of the continental shelf of Mexico and Cuba,” Sheinbaum told reporters. “Gulf of America” went into official use last week on a US government database of geographic names, as well as on Google Maps. Google said at the time that people in Mexico would still see the name “Gulf of Mexico,” while those outside the two countries would see both names. — WASHINGTON POST
INVESTMENT
Expected wave of IPOs hasn’t materialized
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For months, investors have eagerly anticipated a wave of initial public offerings, spurred by President Trump’s new administration. Since his election victory in November, which ended a tumultuous campaign season, Corporate America and Wall Street have heralded the start of a pro-business, anti-regulation period. The stock market soared ahead of an expected bonanza of deal making. But the administration’s tariff announcements and rapid-fire regulatory changes have created uncertainty and volatility. Worsening inflation has set off market jitters. And the emergence of the Chinese artificial intelligence app DeepSeek last month caused investors to question their optimistic bets on US tech, leading to a drastic sell-off among AI-related stocks. All that has affected initial public offerings. “The calendar just went from fully booked to being wide open in a span of like three weeks,” said Phil Haslett, a founder of EquityZen, a site that helps private companies and their employees sell their stock. — NEW YORK TIMES
CRYPTO
FTX estate begins to repay bankrupt exchange creditors in cash
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The estate of bankrupt crypto exchange FTX has begun distributing cash to creditors more than two years after Sam Bankman-Fried’s trading platform imploded. Customers should start to see the funds within one to three business days, the estate said in a statement Tuesday. The next distribution to creditors is expected to take place on April 11, and the following one — on May 30. The initial distributions are being made through crypto companies BitGo and Kraken. In October, FTX won court approval to fully repay customers whose digital assets were locked on the platform when it imploded two years ago. Customers’ crypto recoveries have been given a massive jolt by the rally in crypto prices that kicked off last year. FTX filed for bankruptcy in November 2022 after its cofounder, Sam Bankman-Fried, shut down the company’s platform and handed control to insolvency experts. Bankman-Fried was later convicted of fraud. An FTX spokesperson didn’t immediately respond to a request for comment on Tuesday. — BLOOMBERG NEWS