Mass. business owners feeling more upbeat – The Boston Globe

PAYMENTS

PayPal to accept digital currency

PayPal is rolling out a stablecoin, the first by a large financial company and a potentially significant boost to the sluggish adoption of digital tokens for payments. PayPal USD (PYUSD) is issued by Paxos Trust Co. and fully backed by US dollar deposits, short-term Treasuries, and similar cash equivalents, the San Jose, Calif.-based payments company said on Monday. It’s pegged to the dollar and will be gradually available to PayPal’s customers in the United States. — BLOOMBERG NEWS

HOUSEWARES

Owner of Rubbermaid to close eight distribution centers

Rubbermaid-owner Newell Brands Inc. is planning to close eight of its North American distribution centers by the end of 2024, which will result in roughly 500 job cuts. The layoffs represent about 2 percent of the company’s total workforce, according to chief executive Chris Peterson, who took the helm in May. Newell, which also owns the Graco baby gear and Sharpie marker brands, will continue investing in training and automation at its roughly 20 remaining warehouses. Newell saw a pandemic-driven demand boom in 2021, but that’s abated as consumers pull back spending amid high levels of inflation. — BLOOMBERG NEWS

BIOTECH

BioNTech shares plummet after reporting first loss in three years

BioNTech stock plunged more than 7.5 percent in US trading after the German biotech reported its first loss since 2020 due to lower demand for the COVID-19 shots it makes with Pfizer. Pfizer’s write-offs of unused vaccine inventory cut into BioNTech’s share of the profit in the second quarter. BioNTech is pumping its pandemic-era profit into a broad pipeline of experimental drugs for other infectious diseases and hard-to-treat cancers. Until those projects reach fruition, however, the COVID vaccine remains its only marketed product. — BLOOMBERG NEWS

POULTRY

Tyson to close four chicken processing plants

Tyson Foods Inc. is closing four chicken processing plants as it looks to lower costs. The company said Monday that the plants being closed are located in North Little Rock, Ark.; Corydon, Ind.; Dexter, Mo., and Noel, Mo. Tyson said that it will shift production to other facilities and halt operations at the four plants in the first two quarters of fiscal 2024. The company currently estimates having $300 million to $400 million in total charges, based on a preliminary analysis. Tyson launched a plan in fiscal 2022 where it targeted $1 billion in productivity savings by the end of fiscal 2024. In May, Tyson posted a surprise loss in its second quarter and cut its sales forecast due to the cost of plant closures and layoffs. — ASSOCIATED PRESS

REMOTE WORK

Even Zoom wants workers back in the office

Zoom Video Communications Inc., a one-time darling of the work-from-home era, is calling workers back to the office. Employees who live near a Zoom location must be on-site two days a week, a company spokesperson said. A “hybrid approach” is most effective for Zoom, she said, because it will be in “a better position to use our own technologies, continue to innovate and support our global customers.” The company’s eponymous video-conferencing software was a breakout hit of the pandemic as entire industries were forced to communicate virtually. Even now, many offices remain lightly used, and there are signs that some roles may remain remote. Offices in the Northeast were only at peak capacity 24 percent of the time in the first half of the year, according to data from Basking.io, a workplace-occupancy analytics company. — BLOOMBERG NEWS

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FOOD

Campbell’s to buy owner of Rao pasta sauce

Campbell Soup Co. agreed to buy Sovos Brands Inc. in a deal valued at $2.7 billion, expanding the soupmaker’s presence in frozen meals and giving it a foothold in the pasta sauce market. The acquisition of Sovos, best known for the Rao’s pasta sauce brand, extends Campbell’s presence in key food categories. Rao’s accounted for 69 percent of adjusted net sales last year for Sovos, which went public in 2021. The transaction is expected to close by the end of December. It’s Campbell’s biggest deal since 2017 when it acquired snackmaker Snyder’s Lance for about $6 billion, according to data compiled by Bloomberg. — BLOOMBERG NEWS

ELECTRONICS

Toshiba takes steps to go private

Toshiba announced a 2 trillion yen ($14 billion) tender offer on Monday in a move that would take it private, as the scandal-tarnished Japanese electronics and energy giant seeks to turn itself around. The tender offer led by a buyout fund of major Japanese banks and companies called Japan Industrial Partners starts Tuesday and is priced at 4,620 yen ($32) a share. Chairperson Akihiro Watanabe asked shareholders to back the proposal, saying it is the only option for Toshiba Corp. to return to its former strength. Tokyo-based Toshiba also reported a 25 billion yen ($176 million) loss for the April-June quarter on 704 billion yen ($5 billion) in sales, down nearly 5 percent from the previous year. — ASSOCIATED PRESS

CYBERSECURITY

Amazon to offer schools grants to fight cyberattacks

Amazon’s web services division is offering $20 million in cybersecurity grants to K-12 schools as part of a new White House initiative designed to help shield the nation’s elementary, middle, and high schools from attacks targeting school records and operations. Amazon will also provide free security training and assistance for school districts experiencing cyber attacks, while Cloudflare Inc. will provide smaller school districts with internet browsing and email security software. — BLOOMBERG NEWS

BILLIONAIRES

Is the cage match of the century in jeopardy?

Elon Musk was to receive an MRI of his neck and upper back on Monday and may require surgery, the 52-year-old said in a post on his X platform, formerly known as Twitter. The world’s richest person said he will know this week whether surgery will be required, ahead of his proposed cage fight with Meta Platforms Inc. cofounder Mark Zuckerberg. He previously said he “might need an operation to strengthen the titanium plate holding my C5/C6 vertebrae together.” Zuckerberg posted Sunday on Threads that he suggested Aug. 26 for the match and he’s still awaiting confirmation. “I’m ready today,” he said. “Not holding my breath.” — BLOOMBERG NEWS