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13 more die of COVID-19 in B.C. as 667 new cases confirmed – CBC.ca

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British Columbia announced 667 new cases of COVID-19 and 13 more deaths on Friday, the most deaths in one day since Feb. 3.

In a written statement, the provincial government said there are currently 5,128 active cases of people infected with the novel coronavirus in B.C.

A total of 367 people are in hospital, with 152 in intensive care.

Overall hospitalizations, which typically lag behind spikes and dips in new cases, are up by 1.9 per cent from last Friday, when 360 people were in hospital with the disease and about 27 per cent from a month ago when 288 people were in hospital.

The number of patients in intensive care is up by about 11 per cent from 137 a week ago and by the same percentage from a month ago when 137 people were also in the ICU.

The provincial death toll from COVID-19 is now 2,055 lives lost out of 196,433 confirmed cases to date.

As of Friday, 89 per cent of those 12 and older in B.C. have received their first dose of a COVID-19 vaccine and 83 per cent a second dose.

So far, eight million doses of COVID-19 vaccine have been administered, including 3.8 million second doses.

There are a total of 19 active outbreaks in assisted living, long-term and acute care. There has been one new outbreak at GR Baker Memorial Hospital in Quesnel. The outbreak at Good Samaritan Delta View Care Centre has been declared over.

The acute care hospitals currently affected by COVID outbreaks are Mission Memorial Hospital, University Hospital of Northern B.C., GR Baker Memorial Hospital, and Tofino General Hospital. 

More than 90 people have been diagnosed with COVID-19 and three people have died as a result of an outbreak at a care home in Burnaby, and officials say the death toll is expected to grow. 

The majority of cases at the Willingdon Care Centre are among residents, according to the B.C. Centre for Disease Control. Health Minister Adrian Dix said Thursday he expects the number of deaths will rise to 10 over the next several days due to a delay in data reporting.

New northern restrictions

More restrictions for the northern part of the province came into effect Thursday at midnight and will last until at least Nov. 19 in an attempt to reduce the spread of COVID-19 in the region.

Restrictions in the region now include limiting indoor and outdoor gatherings to fully vaccinated people only, capping the number of people who can gather in any setting, moving worship services online, cutting off alcohol sales earlier at night and mandating masks and safety plans at organized events.

Health officials are strongly recommending people stay in their community unless it is essential for work or medical reasons. 

Restrictions are also in place in the Interior Health region and communities in the eastern Fraser Valley.

Provincial Health Officer Bonnie Henry continues to reiterate the importance of immunization to reduce the risk of illness and death due to COVID-19.

From Oct. 7 to 13, people who were not fully vaccinated accounted for 68.3 per cent of cases and from Sept. 30 to Oct. 13, they accounted for 76.3 per cent of hospitalizations, according to the province. 

Anyone who has not yet received a shot is encouraged to do so immediately. Appointments can be made online through the Get Vaccinated portal, by calling 1-833-838-2323, or in-person at any Service B.C. location. 

People can also be immunized at walk-in clinics throughout the province.

B.C. health officials are awaiting a federal review of COVID-19 vaccines for five- to 11-year-olds and are encouraging families to register their children now as they anticipate doses being available for this group by early November.

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Trans Mountain Pipeline restarts after three-week pause due to B.C. floods – Globalnews.ca

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The Trans Mountain Pipeline has restarted “safely,” said the company, after a three-week pause due to safety risks posed by widespread flooding in B.C.

On Sunday, Trans Mountain confirmed it has completed “all necessary assessments, repairs, and construction of protective earthworks” needed to turn the taps back on.

“As part of this process Trans Mountain will monitor the line on the ground, by air and through our technology systems operated by our control centre,” it said on its website.

Read more:

B.C. gas supply: Trans Mountain Pipeline plans to restart Sunday

The pipeline was shut down as a precaution on Nov. 14, amid record-breaking rainfall that caused catastrophic flooding and mudslides across southern B.C.

It was the first of four major storms to strike the province last month.

Trans Mountain said Saturday there’s no evidence of “serious damage” to the pipeline, or the release of any product in the aftermath of the extreme weather.


Click to play video: 'B.C.’s fight for fuel: Trans Mountain hopes to restart pipeline at reduced capacity in days'



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B.C.’s fight for fuel: Trans Mountain hopes to restart pipeline at reduced capacity in days


B.C.’s fight for fuel: Trans Mountain hopes to restart pipeline at reduced capacity in days – Nov 26, 2021

The 1,150-kilometre Trans Mountain Pipeline ships roughly 300,000 barrels of oil per day to terminals in B.C. from Edmonton. It also supplies fuel to Washington.

With the pipeline shut down, the B.C. government issued an emergency order on Nov. 19 limiting consumers in storm-stricken parts of the province to 30 litres of gasoline in a single fill-up.

On Nov. 29, it extended gas-rationing to Dec. 14. The fuel conservation measures apply to residents of the Lower Mainland to Hope, Sea to Sky, Sunshine Coast, Gulf Islands and Vancouver Island.

Essential vehicles remain exempt.

© 2021 Global News, a division of Corus Entertainment Inc.

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China Evergrande shares plunge as it teeters on brink of default – CNBC

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China Evergrande Group started returning a small portion of the money owed to buyers of its investment products, weeks after people protested against missed payments at its Shenzhen headquarters, pictured here on Sept. 30, 2021.
Gilles Sabrie | Bloomberg | Getty Images

After lurching from deadline to deadline, China Evergrande Group is again on the brink of default, with its pessimistic comments condemning its stock to a record low just as direct state involvement raises hope of a managed debt restructuring.

Having made three 11th-hour coupon payments in the past two months, Evergrande again faces the end of a 30-day grace period on Monday, with dues totaling $82.5 million.

But a statement on Friday saying creditors had demanded $260 million and that it could not guarantee funds for coupon repayment prompted authorities to summon its chairman — and wiped a fifth off its stock’s value on Monday.

Evergrande, once China’s top-selling developer, is grappling with over $300 billion in liabilities, meaning a disorderly collapse could ripple through the property sector and beyond.

Its Friday statement was followed by one from authorities in its home province of Guangdong, saying they would send a team at Evergrande’s request to oversee risk management, strengthen internal control and maintain operations — the state’s first public move to intervene directly to manage any fallout.

The central bank, banking and insurance regulator and securities regulator also released statements, saying risk to the property sector could be contained.

Analysts said authorities’ concerted effort signaled Evergrande has likely already entered a managed debt-asset restructuring process.

Morgan Stanley said such a process would involve coordination between authorities to maintain operations of property projects, and negotiation with onshore creditors to ensure financing for project completion.

Regulators would also likely facilitate debt restructuring discussion with offshore creditors after operations stabilize, the U.S. investment bank said in a report.

After the flurry of statements, Evergrande’s stock nose-dived 20% on Monday to close at an all-time low of HK$1.82.

Its November 2022 bond — one of two bonds that could go into default upon Monday non-payment — was trading at the distressed price of 18.560 U.S. cents on the dollar, compared with 20.083 cents at Friday’s close.

Liquidity squeeze

Evergrande has been struggling to raise capital through asset disposal, and the government has asked Chairman Hui Ka Yan to use his wealth to repay company debt. 

The firm is just one of a number of developers starved of liquidity due to regulatory curbs on borrowing, prompting offshore debt defaults, credit-rating downgrades and sell-offs in developers’ shares and bonds.

To stem turmoil, regulators since October have urged banks to relax lending for developers’ normal financing needs and allowed more real estate firms to sell domestic bonds.

To free up funds, Premier Li Keqiang on Friday said China will cut the bank reserve requirement ratio “in a timely way.”

Still, the government may have to significantly step up policy-easing measures in the spring to prevent a sharp downturn in the property sector as repayment pressure intensifies, Japanese investment bank Nomura said in a report on Sunday.

Quarterly dollar bond repayments will almost double to $19.8 billion in the first quarter and $18.5 billion in the second.

Yet easing measures such as the ability to sell domestic bonds are unlikely to help Evergrande refinance as there would be no demand for its notes, CGS-CIMB Securities said on Monday.

Evergrande’s inability to sell projects — with almost zero November sales — also makes short-term debt payments “highly unlikely,” the brokerage said.

Contagion

On Monday, smaller developer Sunshine 100 China Holdings Ltd said it had defaulted on a $170 million dollar bond due Dec. 5 “owing to liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment and the real estate industry.”

The delinquency will trigger cross-default provisions under certain other debt instruments, it said.

Last week, Kaisa Group Holdings Ltd — China’s largest offshore debtor among developers after Evergrande — said bondholders had rejected an offer to exchange its 6.5% offshore bonds due Dec. 7 , leaving it at risk of default.

The developer has begun talks with some of the bondholders to extend the deadline for the $400 million debt repayment, sources have told Reuters.

Smaller rival China Aoyuan Property Group Ltd last week also said creditors have demanded repayment of $651.2 million due to a slew of credit-rating downgrades, and that it may be unable to pay due to a lack of liquidity.

Aoyuan Chairman Guo Zi Wen on Friday told executives at an internal meeting to have a “wartime mindset” to ensure operation and project delivery and to fund repayment, a person with direct knowledge of the matter told Reuters.

Such tasks will be priorities for the developer, which will leave bond repayment negotiation to professional institutions in Hong Kong, said the person, declining to be identified as the matter is private.

Aoyuan did not respond to a request for comment.

The developer’s share price fell nearly 8% on Monday. Kaisa lost 3.8% whereas Sunshine 100 plunged 14%.

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China Evergrande Debt Restructuring Looms – Bloomberg Markets and Finance

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