Raphael Stevens

Moderna said a smaller dosage of its Covid-19 vaccine is safe and generates a strong immune response in a study of more than 4,700 children ages 6 to 11.
Two 50-microgram doses of the vaccine, half the dosage given to adults, produced antibody levels that were 1.5 times higher than those seen in young adults, the company said, citing early data from a phase 2/3 trial.
The shots were generally well-tolerated, with the most common side effects being fatigue, headache, fever, and injection-site pain, the company said.
Moderna said it plans to submit the data to the Food and Drug Administration, European Medicines Agency and other health regulators in the “near term.”

With her husband Stephen by her side Erin Shih hugs her children Avery 6, and Aidan, 11, after they got their second Moderna COVID-19 vaccines at Kaiser Permanente Los Angeles Medical Center on Friday, June 25, 2021.
Sarah Reingewirtz | MediaNews Group | Getty Images

Moderna said Monday a smaller dosage of its Covid-19 vaccine is safe and generates a strong immune response in a study of children ages 6 to 11.
Two 50-microgram doses of the vaccine, half the dosage given to adults, produced antibody levels that were 1.5 times higher than those seen in young adults, the company said in a press release, citing early data from a phase 2/3 trial.

The shots were also generally well-tolerated in young kids, according to the company, with the most common side effects being fatigue, headache, fever, and injection-site pain. The vaccine was tested on more than 4,700 children.
Moderna said it plans to submit the data to the Food and Drug Administration, European Medicines Agency and other health regulators in the “near term.”
“We look forward to filing with regulators globally and remain committed to doing our part to help end the COVID-19 pandemic with a vaccine for adults and children of all ages,” Moderna CEO Stephane Bancel said in a statement.

The new data comes a day before a key FDA advisory committee meets to discuss whether to recommend Pfizer and BioNTech’s vaccine for kids ages 5 to 11. The FDA could authorize the shots within days of the meeting, and the Centers for Disease Control and Prevention could authorize it as early as next week.
FDA staff said late Friday that Pfizer’s vaccine appears highly effective at preventing symptomatic infections in elementary school-age children.
Many parents say they are anxious to get their children vaccinated as kids started the new school year with the delta variant still surging across America. The number of new Covid cases in kids remains exceptionally high, with more than 1.1 million child cases added over the past six weeks, according to the American Academy of Pediatrics.

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White House officials at the OMB are meeting with industry lobbyists as it conducts the final review of President Joe Biden’s Covid vaccine mandate.
Business groups are asking the administration to wait until after the holiday shopping season to implement the rule.
They say the mandate could exacerbate labor shortages and supply chain problems.

US President Joe Biden gives an update on the Covid-19 response and vaccination program, in the Roosevelt Room of the White House in Washington, DC, on October 14, 2021.
Nicholas Kamm | AFP | Getty Images

Worried that President Joe Biden’s Covid vaccine mandate for private companies could cause a mass exodus of employees, business groups are pleading with the White House to delay the rule until after the holiday season.
White House officials at the Office of Management and Budget held dozens of meetings with labor unions, industry lobbyists and private individuals last week as the administration conducts its final review of the mandate, which will require businesses with 100 or more employees to ensure they are vaccinated against Covid or tested weekly for the virus. It is estimated to cover roughly two-thirds of the private-sector workforce.

OMB officials have several meetings lined up Monday and Tuesday with groups representing dentists, trucking companies, staffing companies and realtors, among others.
Retailers are particularly concerned the mandate could trigger a spike in resignations that would exacerbate staffing problems at businesses already short on people, said Evan Armstrong, a lobbyist at the Retail Industry Leaders Association.
“It has been a hectic holiday season already, as you know, with supply chain struggles,” Armstrong told CNBC after meeting the White House last Monday. “This is a difficult policy to implement. It would be even more difficult during the holiday season.”
Thirty percent of workers said they would leave their jobs rather than comply with a vaccine or testing mandate, according to a KFF poll published last month. Goldman Sachs, in an analysis published in September, said the mandate could hurt the already tight labor market. However, it said survey responses are often exaggerated and not as many people will actually quit.
The Occupation Safety and Health Administration delivered its final rule to OMB on Oct. 12, and the mandate is expected to take effect soon after the agency completes its review.The National Retail Federation and the retail leaders group asked White House officials in meetings last week to give businesses 90 days to comply with the mandate — delaying the effective date to late January at the earliest, lobbyists said.

The Business Roundtable told CNBC it supports the White House’s vaccination efforts, but the administration “should allow the time necessary for employers to comply, and that includes taking into account employee retention issues, supply chain challenges and the upcoming holiday season.”
The U.S. Chamber of Commerce, which met with OMB on Oct. 15, also asked the administration to delay implementing the rule until after the holiday season. Officials at OMB declined to comment.
However, former officials at OSHA, which will enforce the mandate, told CNBC that businesses will likely have some time to implement the rules.
Jordan Barab, deputy assistant secretary of OSHA during the Obama administration, said the administration will probably give businesses about 10 weeks, as they did for federal contractors, until employees have to be fully vaccinated.
However, the compliance date could come sooner for weekly testing, he said.
“OSHA has always had provisions where its required equipment, for example, that may be in short supply to suspend enforcement if an employer can show its made a good faith effort to procure that equipment,” Barab said. “They may make a relatively early date for weekly testing but also provide some additional time in case supplies are not adequate.”
The National Association of Manufacturers, in a letter to OMB and OSHA head James Frederick last Monday, asked the administration to exempt businesses from the requirements if they have already implemented company-wide mandates, or achieved a certain level of vaccination among employees through voluntary programs if certified by a local public health agency.

Robyn Boerstling, a top lobbyist for the manufacturers’ group, called the federal requirements “redundant and costly” for companies that already support vaccination among their staff. Boerstling also expressed concern that businesses with barely more than 100 employees could lose valuable people to competitors who are not covered by the mandate.
“A realistic implementation period can allow for workforce planning that is necessary given the acute skilled worker shortage and ongoing supply chain challenges by supporting the need to keep manufacturing open and operational,” Boerstling wrote in the letter to the administration last Monday.
Industry lobbyists have also raised concerns about the cost of testing, and who will cover those costs. The Retail Industry Leaders Association believes employees who choose not to get vaccinated should pay for their weekly testing.
“If folks are allowed to refuse vaccination, and the employer takes testing obligations from a cost standpoint, then there’s no real motivation for those employees to get the vaccine,” Armstrong said. With an estimated 4 million unvaccinated retail workers, testing costs will also add up quickly, he said.
However, Barab said OSHA generally requires employers to cover the cost of equipment and procedures called for under its rules throughout the agency’s 50-year history.
Industry concerns about the impact of Biden’s vaccine mandate on employment come after a record 4.3 million workers quit their jobs in August, the highest level of turnover in 20 years. The retail industry was particularly hard hit, with 721,000 workers leaving their positions.
Goldman Sachs says the mandate would actually boost employment by reducing Covid transmission and mitigating health risks that have been a drag on labor force participation, encouraging many of the 5 million workers who have left the job market since the pandemic to return.
Global supply chains are also strained amid a surge in pandemic-related demand for durable goods, factory shutdowns in places like China and Vietnam, and a shortage of truck drivers and skilled longshoremen on the West Coast.
The White House admits there is little it can do to tackle the macro issues like increased demand and foreign factory operations. But it has recently taken some steps to help, like brokering a deal to keep major West Coast ports open 24 hours a day, seven days a week. 

“We’re already having supply chain issues; we’re already having workforce shortage issues,” Ed Egee, a top lobbyist at the National Retail Federation, told CNBC after the group’s meeting with OMB last Tuesday. “This mandate cannot be implemented in 2021 without having serious repercussions on the American economy.”
— CNBC’s Nate Rattner and Christina Wilkie contributed to this report.

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Allbirds is targeting a valuation of as much as $2.2 billion in its initial public offering, the company said Monday in a securities filing.
The sustainable shoe brand said it is offering 19.2 million shares priced between $12 and $14 each.
At the high end of that range, Allbirds would bring in roughly $269 million in its public debut.

Allbirds shoes consist of wool, and the laces consist of recycled plastic bottles.
Source: Allbirds

Allbirds is targeting a valuation of as much as $2.2 billion in its initial public offering, the company said Monday in a securities filing.
Its debut will add to the wave of retail brands that began their businesses by selling directly to consumers online that are testing investors’ appetites on Wall Street.

The sustainable shoe brand said it is offering 19.2 million shares priced between $12 and $14 apiece. At the high end of that range, Allbirds would bring in roughly $269 million in its market debut.
Allbirds has yet to give a date for its IPO. The company is expected to list on the Nasdaq exchange under the ticker symbol BIRD.
Allbirds also divulged on Monday that its losses mounted in the latest quarter due to higher expenses. It said it expects to book a net loss of between $15 million and $18 million for the three-month period ended Sept. 30, compared with a loss of $7 million a year earlier.
When it first filed its IPO prospectus in late August, Allbirds said it had yet to turn a profit.
Allbirds sees its revenue for the quarter ended Sept. 30 ranging between $61 million and $62.5 million, compared with $47.2 million a year earlier. More people are returning to its brick-and-mortar retail stores, and average order values are growing, the company said.

Founded in 2015, Allbirds has primarily relied on the web to sell its wool sneakers and other eco-friendly wares. As of June 30, it operated just 27 stores. But the company has said it plans to make a bigger push into shopping malls and street fronts in the future, calling this an “early phase of a ramp towards hundreds of potential locations.”
Later this week, Rent the Runway is expected to make its public debut, as it seeks a valuation of as much as $1.5 billion. An IPO also is expected from outdoor lifestyle company Solo Brands.
They follow eyeglasses retailer Warby Parker, which completed a direct listing last month. Its share price has risen just about 3% since it began trading on the NYSE, and its valuation is hovering above $6.3 billion.
Earlier in the year, Figs, which sells scrubs for medical staff, and The Honest Co., a consumer goods company founded by actress Jessica Alba, debuted. Figs’ stock is up about 27% since its opening trade in late May. Shares of The Honest Co. are down more than 50% since they debuted on the Nasdaq earlier that month.
Read the latest SEC filing from Allbirds here.

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Restaurant Brands International topped Wall Street’s estimates for earnings but fell short on revenue.
The company said that labor challenges in some markets caused shortened hours and reduced service modes.
All three of its chains missed StreetAccount estimates for same-store sales growth.

A Burger King restaurant seen in Milton, Pennsylvania.
Paul Weaver | SOPA Images | LightRocket | Getty Images

Restaurant Brands International on Monday reported quarterly earnings that topped Wall Street’s expectations, but its revenue fell short as labor challenges weighed on sales.
Shares of the company rose less than 1% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: 76 cents adjusted vs. 74 cents expected
Revenue: $1.5 billion vs. $1.52 billion expected

The Burger King parent reported fiscal third-quarter net income attributable to common shareholders of $221 million, or 70 cents per share, up from $145 million, or 47 cents per share, a year earlier.
Excluding items, Restaurant Brands earned 76 cents per share, beating the 74 cents per share expected by analysts surveyed by Refinitiv.
Net sales rose 11.8% to $1.5 billion, falling short of expectations of $1.52 billion. Restaurant Brands said Covid-19 contributed to labor challenges that led restaurants in some regions to shorten their hours or reduce service modes. Staffing shortages have been an industrywide problem, leading some restaurant companies to close their dining rooms temporarily again or turn off digital ordering for certain locations.
Tim Hortons reported same-store sales growth of 8.9%, below StreetAccount estimates of 10.3%. Even before the pandemic, the chain was struggling to attract customers, pushing the company to invest more in its coffee and restaurant equipment. Canada’s slower recovery from Covid-19 has weighed on Tims’ same-store sales growth this year.

Burger King’s same-store sales climbed 7.9% after dropping 7% a year ago. The burger chain missed StreetAccount’s estimates of 8.6%. U.S. same-store sales shrank by 1.6%. Sales in the company’s home market have been trailing those of other burger chains, including rival McDonald’s, which is expected to report its results later this week.
Popeyes Louisiana Kitchen saw its same-store sales fall by 2.4% in the quarter. StreetAccount’s estimates predicted the metric would rise by that amount. The fried chicken chain was facing tough comparisons with its performance a year ago, when same-store sales climbed 17.4%.
Read the full earnings release here.

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The new ULEZ is in operation 24-hours a day, seven days a week aside from Christmas Day.
Expansion comes at a time when major economies are attempting to reduce the environmental footprint of road-based transportation.

A runner passes a sign advertising the expansion of London’s Ultra Low Emission Zone, or ULEZ.
Mike Kemp | In Pictures | Getty Images

London’s Ultra Low Emission Zone expanded on Monday, with the U.K. capital’s mayor describing the move as “a landmark day for our city.”
The new ULEZ — covering a quarter of London and 3.8 million people — is in operation 24-hours a day, seven days a week aside from Christmas Day.

Under the ULEZ, most vehicles which don’t meet a specific set of emissions standards have to pay a daily charge of £12.50 ($17.20). The charge for non-compliance is £160, although this is cut to £80 if paid in 14 days.
The ULEZ runs alongside the Congestion Charge zone, which is in central London and costs £15 a day. This zone is not being expanded.
The original ULEZ was launched in April 2019. According to Transport for London, it has contributed to a 44% drop “in roadside nitrogen dioxide within its boundaries.”
The city also has a Low Emission Zone which applies to the majority of heavy vehicles. Authorities have described the LEZ as covering “most of Greater London.”

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Commenting on the expansion of the ULEZ, Mayor of London Sadiq Khan said: “In central London, the ULEZ has already helped cut toxic roadside nitrogen dioxide pollution by nearly half and led to reductions that are five times greater than the national average.”

“But pollution isn’t just a central London problem,” Khan said, “which is why expanding the ULEZ today will benefit Londoners across the whole of the city and is a crucial step in London’s green recovery from this pandemic.”
Others commenting on Monday’s news included Sarah Woolnough, chief executive of Asthma UK and the British Lung Foundation.
In a statement issued alongside Khan’s, she said: “Whilst this is a huge step in the right direction, we mustn’t be complacent against this invisible threat.”
The majority of people who lived in London were “still living in areas where pollution levels are dangerously high,” she added.
“We therefore look forward to working with the Mayor to ensure ULEZ and other pollution reduction schemes go further and are delivered faster in order to improve the quality of air across the entire capital.”
Globally, air pollution is a serious problem. The World Health Organization states that 4.2 million deaths happen each year “as a result of exposure to ambient (outdoor) air pollution.”

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London is one of many major conurbations attempting to reduce air pollution on its roads. Other examples include Berlin, where vehicles that don’t comply with its low emissions zone are fined 80 euros (around $93).
Elsewhere, the City of Amsterdam says violating the rules around its low emission zone results in a fine of “€70 for mopeds/motorised bikes, €100 for cars, taxis, delivery vans and coaches and €250 for lorries.”
The introduction of low emission zones comes at a time when major economies are attempting to reduce the environmental footprint of road-based transportation.
The U.K., for example, wants to stop the sale of new diesel and petrol cars and vans by 2030. It will require, from 2035, all new cars and vans to have zero tailpipe emissions.
Elsewhere, the European Commission, the EU’s executive arm, is targeting a 100% reduction in CO2 emissions from cars and vans by 2035. More