U.S. President Joe Biden said on Wednesday decisions to end the required wearing of masks — such as those by the governors of Texas and Mississippi — amounted to “Neanderthal thinking,” given the rising death toll from the coronavirus pandemic.
Asked if he had a message for Texas and Mississippi, Biden told reporters, “I think it’s a big mistake. Look, I hope everybody’s realized by now, these masks make a difference.”
Cases in the U.S. have declined from peaks seen earlier this year, but remain above 50,000 a day — even after the government has distributed more than 100 million doses of vaccine, putting shots into more than 50 million arms, according to federal data.
The U.S. alone has seen more than 28.7 million reported cases of COVID-19 and more than 518,000 recorded deaths, according to a tracking tool maintained by Johns Hopkins University.
Biden’s comments about masks came as the Senate delayed the start of debate on the president’s $1.9-trillion US COVID-19 relief bill until at least Thursday after reaching a deal to phase out $1,400 payments to higher-income Americans in a compromise with moderate Democratic senators.
The Democratic-controlled Senate is hoping for a final vote later in the week on passage of Biden’s top legislative priority. Before the bill hits the chamber floor, Democrats are negotiating limits to a measure Republicans have attacked as wasteful.
The bill would pay for vaccines and medical supplies, boost jobless assistance and send a new round of emergency financial aid to households, small businesses, and state and local governments. Democrats aim to get it to Biden to sign into law before March 14, when some current benefits expire.
“The plan that we are going to vote on this week is going to provide real, robust relief for all of us,” Senate Majority Leader Chuck Schumer said.
Republicans, led by Senate Minority Leader Mitch McConnell, have denounced the bill.
On Wednesday, McConnell called it a “vast catalogue of liberal spending” and a partisan “smorgasbord of borrowed money” packed with “crazy provisions” unrelated to the pandemic, which has killed more than 517,000 Americans and left millions more jobless.
-From Reuters, last updated at 7 a.m. ET
What’s happening across Canada
WATCH | The science behind delaying the 2nd dose of COVID-19 vaccines:
Federal government scientists have put their support behind delayed second doses of COVID-19 vaccines — which several provinces were already doing — and ongoing research shows some of the benefits of the adapted strategy. 2:04
As of early Thursday morning, Canada had reported 875,564 cases of COVID-19, with 29,930 cases considered active. A CBC News tally of deaths stood at 22,105.
In Atlantic Canada, Newfoundland and Labrador reported three new cases of COVID-19 on Wednesday — but health officials also reported the most recoveries ever recorded in a single day in the province, bringing the number of active cases to 149.
In Quebec, officials announced next steps around easing restrictions on Wednesday, saying the province will be moving more regions into the lower “orange” pandemic-alert level, including Quebec City and the Eastern Townships, starting on March 8.
Premier François Legault said the greater Montreal area will remain in the highest “red” level, because of fear of novel coronavirus variants.
The province reported 729 new cases of COVID-19 Wednesday and 19 additional deaths. Health officials said hospitalizations dropped to 618 and the number of people in intensive care dropped to 120.
WATCH | How businesses and schools use rapid COVID-19 tests:
Many businesses and schools across Canada are utilizing rapid COVID-19 tests and onsite testing technology to help catch asymptomatic cases and prevent spread of the virus. 7:41
In Ontario, health officials reported 958 new COVID-19 cases on Wednesday, with 17 more deaths. COVID-19 hospitalizations stood at 668, with 274 patients in the province’s intensive care units.
In the Prairie provinces, Manitoba reported 51 new cases of COVID-19 and three additional deaths on Wednesday. In neighbouring Saskatchewan, health officials reported 121 new cases and two additional deaths.
In Alberta, meanwhile, health officials reported 402 new cases of COVID-19 and 12 additional deaths. The province said there were 251 people in hospital with the illness, with 48 in intensive care units.
British Columbia on Wednesday reported 542 new cases of the illness, along with seven more deaths. Hospitalizations in the province stood at 246, with 64 COVID-19 patients in intensive care.
The update came as health officials in the province said it was pleased with a national vaccine panel’s endorsement of its approach to wait up to four months before a second dose of COVID-19 vaccine is offered.The Council of Chief Medical Officers of Health has also given its nod to the province’s four-month interval between shots, up from 42 days.
Across the North, there were no new cases reported in Yukon, the Northwest Territories or Nunavut on Wednesday.
-From CBC News and The Canadian Press, last updated at 7 a.m. ET
What’s happening around the world
A French Urgent Medical Aid Service member walks past stretchers in an Air Austral company’s plane in Sainte-Marie on the French Indian Ocean island of La Reunion on Thursday before evacuating four COVID-19 patients to Paris. (Richard Bouhet/AFP/Getty Images)
As of early Thursday morning, more than 115.2 million cases of COVID-19 had been reported around the world, with more than 65.1 million listed on the Johns Hopkins University tracking site as recovered. The global death toll stood at more than 2.5 million.
In the Americas, Brazil’s second-biggest city of Rio de Janeiro will be the latest to adopt new COVID-related restrictions on Friday, including a night curfew, in a bid to slow a deadly second wave that is ravaging the South American country.
The city of 6.7 million people will impose a curfew from 11 p.m. to 5 a.m. and order restaurants to close at 5 p.m., while certain businesses, such as clubs, will be shut altogether, according to information published in the city’s official bulletin on Thursday.
While COVID-19 deaths and infections are falling globally, that is not the case in Brazil, where a record 1,910 people died from the virus on Wednesday. In response, various states and cities have adopted new restrictions on commerce in recent days, including the Federal District, home of capital Brasilia, and Sao Paulo state, Brazil’s most populous.
The new restrictions in Rio are due to last through March 11.
In Europe, the medicines regulator said on Thursday it has started a real-time review of the Sputnik V COVID-19 vaccine developed by Russia’s Gamaleya Institute for possible approval in the region.
Germany’s health minister says the country’s independent vaccine committee has formally approved giving the AstraZeneca shot to people age 65 and over.
Minister Jens Spahn said the decision was, “good news for older people who are waiting for a vaccination. They will get vaccinated faster.”
The vaccine made by British-Swedish company AstraZeneca is one of three authorized for use in the 27-nation European Union. But several countries, including Germany, initially restricted it to people under 65, or in some cases under 55, citing a lack of data on its effectiveness in older people.
The World Health Organization (WHO) is seeing a resurgence of cases in central and eastern Europe as well as a rise of new cases in several western European countries, the head of its European office said.
Caretaker Paul Bascombe marks safety signs for physical distancing at The Prince of Wales School on Thursday in Dorchester, England. England’s schools will reopen to pupils from March 8. (Finnbarr Webster/Getty Images)
Chancellor Angela Merkel and German state leaders have agreed to a phased easing of coronavirus curbs along with an “emergency brake” to let authorities reimpose restrictions if case numbers spike again, while France is preparing for a possible easing of restrictions from mid-April.
Italy will administer a single vaccine dose to those who have already been infected with COVID-19, the health ministry said.
In Africa, Kenya received over a million doses of the AstraZeneca vaccine this week, while Rwanda said it was the first in Africa to secure shots from Pfizer.
Egypt, meanwhile, expanded its vaccination rollout to include the elderly and people with chronic diseases after several weeks of vaccinating medical staff.
An Egyptian medical worker checks people’s temperatures on the first day of vaccination against COVID-19 in Cairo on Thursday. (Khaled Desouki/AFP/Getty Images)
In the Middle East, Iran remained the hardest-hit country in the region, with more than 1.6 million cases COVID-19 and more than 60,000 reported deaths.
In the Asia-Pacific region, Sri Lanka’s drug regulatory body has approved the Russian Sputnik V vaccine as the second available for use in the Indian Ocean island nation.
South Korea’s central bank says the country’s economy shrank for the first time in 22 years in 2020 as the coronavirus pandemic destroyed service industry jobs and depressed consumer spending.
Preliminary data released by the Bank of Korea on Thursday showed that the country’s gross domestic product last year contracted 1 per cent from 2019. It marked the first annual contraction for the country’s economy since 1998, when it was in the midst of a crippling financial crisis.
The economy would have been even worse if not for the country’s technology exports, which saw increased demand driven by personal computers and servers as the pandemic forced millions around the world to work at home.
-From The Associated Press and Reuters, last updated at 8:20 a.m. ET
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
