TORONTO —
The Ontario government has released its funding plan to meet an average four-hour care standard commitment in long-term care homes across the province.
Speaking at a news conference on Thursday, Premier Doug Ford said the province would be committing to $1.9 billion in funding annually by 2024-25 to create more than 27,000 new positions in the industry, including personal support workers, registered nurses and registered practical nurses.
Ford also said the government would be providing a 20 per cent increase in direct care time administered by other health-care professionals.
“Four hours a day is a trailblazer,” he said. “This could be a nation-leading level of care for our seniors, because they deserve nothing less.”
Long-term care residents currently receive an average of 2.75 hours of direct care per day, the government previously said.
The announcement comes nearly two weeks after the province’s commission on COVID-19 in long-term care issued its second interim report recommending that the province conduct more proactive inspections of its facilities and follow up with harsher enforcement measures when homes fail to address concerns.
The same commission also said that Ontario must spend more money on the hiring of personal support workers and nurses.
The Ontario government called Thursday’s investment “historic” and said they will be launching consultations in January with sector partners on what regulatory changes need to be made to support the plan.
However, the official opposition is claiming the Progressive Conservatives should be shortening the timeline for the investment.
“Our parents and grandparents are in crisis. More are becoming infected every day and more are dying every day. Heartbreaking stories of neglect are still rampant, and 2,526 have tragically lost their lives,” New Democratic Party leader Andrea Horwath said in a statement.
“We need an emergency mobilization to add thousands of (personal support workers) to nursing homes right now. They cannot wait for 2025. This timeline is a disgusting example of Doug Ford doing nothing today in order to save money today — and our loved ones are paying the price for that choice.”
Donna Duncan, CEO of the Ontario Long Term Care Association, says she welcomes the government’s plan.
“The staffing crisis in long-term care has long plagued the sector,” Duncan said in a statement. “This new strategy recognizes it will take an expanded workforce and enhanced supports for staff to improve care for our long-term care residents – today and in the future.”
Duncan went on to say that she looks forward to seeing further strategies, including the use of on-site rapid testing, enhanced infection prevention and control measures, and ensuring adequate personal protective equipment.
The news also comes a few days after a paper published by the province’s COVID-19 science table called for the reduction of temporary staffing, saying that improving working conditions could help mitigate outbreaks at long-term care homes.
“The most important risk factors for the magnitude of an outbreak, and the number of resulting resident deaths are older design, chain ownership, and crowding,” the report said.
The paper said other measures that could be effective include is a community-tailored approach to prevent worker infections, de-crowding of homes, prioritizing workers for testing, and guaranteeing sick leave.
Since the beginning of the pandemic, 2,526 long-term care residents in Ontario have died of COVID-19 representing more than 60 per cent of all deaths logged in the province.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
