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Toast raises price range for offfering

An image of a restaurant using Toast Inc. technology for orders.Courtesy of Toast


Toast raises price range for offfering

Toast Inc., which helps restaurants handle payments, raised the price range for its pending initial public offering. The Boston-based company now plans to sell 21.7 million shares at $34 to $36, according to to an updated filing with the US Securities and Exchange Commission. That’s up from the $30 to $33 apiece it had initially targeted. The deal could value Toast at as much as $18 billion based on the number of outstanding shares listed in the prospectus. The company has said its software allows for diners to order online, in-person or over their phones. Restaurants can also use the guest data it captures to craft loyalty and marketing programs. Incorporated in 2011, the company’s platform was used by about 48,000 restaurants as of June 30 and had processed more than $38 billion in gross payments over the previous 12 months. Toast plans to list on the New York Stock Exchange under the symbol TOST. — BLOOMBERG NEWS



Looks to be an expensive heating season in New England

Natural gas futures have been soaring, and they’re set to get especially high in New England and California in the coming months. US inventories are tight, to the point where a harsh winter could mean a supply crunch. Any shortages would have an outsized impact on New England, where limited pipeline capacity makes it harder to bring gas from Appalachia. The region also relies on imports of liquefied natural gas cargoes during the cold season, making it more exposed to international prices at a time when Europe and Asia are scrambling for supplies. — BLOOMBERG NEWS


CVS wants to hire 25,000

CVS Health aims to fill 25,000 openings at its drugstores nationally, as the chain gears up to deliver more COVID-19 vaccines as well as preventive shots for the flu this fall and winter. The company said Monday that it is looking for full- and part-time pharmacists, pharmacy technicians, and nurses for its stores. It also wants to fill temporary positions. The Woonsocket, R.I., company runs around 9,900 retail locations, including some pharmacies inside Target stores. It employs about 300,000 people. CVS Health said the hiring campaign will help its stores deliver COVID-19 booster shots and continue to offer shots to those who have not been vaccinated. The company’s stores have administered more than 34 million COVID-19 vaccines so far.



GM says production starts on replacements for Bolt battery parts

General Motors said Monday that production has resumed for battery modules used in recalled Chevrolet Bolt electric vehicles, and customers could start getting replacement parts by mid-October. GM said supplier LG has restarted production at plants in Holland and Hazel Park, Mich., and is adding capacity to makemore battery cells. The recall follows reports of 13 battery fires, GM said, which can occur when two separate defects are present in the battery modules. More than 140,000 Bolts are covered by the recall, which is expect to cost $1.8 billion. GM said it continues to negotiate with LG over who will pay. — ASSOCIATED PRESS


FedEx to spend more than $100 million on delivery van safety

FedEx plans to spend more than $100 million to improve delivery-van safety and reduce costs from accidents, potentially dragging on short-term earnings as the courier faces pressure from rising wages and other expenses. The company’s Ground unit is offering $1,500 per vehicle to reimburse its contractors for installing cameras and sensors that warn drivers of obstacles or other vehicles, according to documents viewed by Bloomberg News. The unit’s contractors operate about 72,000 vehicles, FedEx said. — BLOOMBERG NEWS



Twitter to settle class-action shareholder suit

Twitter agreed to pay $809.5 million to settle a shareholder class-action lawsuit that accused the social media company of painting an overly rosy picture of its future. The suit, originally filed by Twitter shareholder Doris Shenwick, claimed executives misled investors over the company’s growth prospects in November 2014, promising an increase in monthly active users to 550 million in the “intermediate” term and more than a billion in the “longer term.” The company failed to deliver on either estimate and concealed that it had no basis for those projections, according to the complaint. — BLOOMBERG NEWS


London Tube adds first new stations in 30 years

London’s subway opened two new stations Monday in the network’s first expansion since the 1990s, an expansion that Mayor Sadiq Khan said will play a key role in the capital’s recovery from the pandemic. The two new Northern Line stations are at the Battersea Power Station and Nine Elms, both south of the River Thames and in areas of southwest London that have seen massive building and regeneration work in recent years. The Battersea Power Station, which was decommissioned in the 1980s, has been redeveloped into a swank residential and business complex now housing corporations including tech giant Apple. Neighboring Nine Elms, once an industrial area, is home to the new US embassy building and scores of new apartment blocks. — ASSOCIATED PRESS


HP, Procter & Gamble pledge to cut greenhouse gas emissions

Computer maker HP, consumer goods business Procter & Gamble, and coffee capsule company Nespresso have joined a corporate pledge to sharply cut their greenhouse gas emissions over nearly two decades. The Climate Pledge, a grouping of companies and organizations spearheaded by Amazon, said Monday that it has signed up 86 new members for its voluntary measures. In total, the group now has 201 members with global annual revenues of more than $1.8 trillion, it said. — ASSOCIATED PRESS



Drake invests in fried-chicken chain backed by Tom Werner

Drake, the Canadian hip-hop star, is taking a minority stake in Dave’s Hot Chicken, the fried-chicken chain that’s backed by investors such as Boston Red Sox chairman Tom Werner and actor Samuel L. Jackson. Dave’s Hot Chicken is following a celebrity-driven playbook that’s similar to that of Blaze Pizza, which shares a leadership team with Dave’s and counts NBA superstar LeBron James as an investor. Launched in 2017, the chicken chain now has 22 locations mostly in California and is planning 25 more by the end of the year, with expansion to cities including Chicago and Houston. — BLOOMBERG NEWS


Britain running out of CO2 to make soda

The British Soft Drinks Association said manufacturers have “only a few days” of carbon dioxide left in reserve to produce beverages and can’t import supplies from the European Union due to Brexit. In the latest sign of how a widespread shortage of CO2 is causing shock waves in Britain’s food and drink sector, most carbon dioxide suppliers aren’t scheduling deliveries earlier than 24 hours in advance, which means manufacturers have no visibility on stock levels or when they will receive their next batch, the trade group said in a statement Monday. The UK also can’t rely on imports from Europe as a Dutch plant it sources CO2 from is prioritizing EU clients and the Norwegian plant is shortly due to close for maintenance for up to two weeks, the group said. — BLOOMBERG NEWS