In this Jan. 22, 2021, file photo, empty vials of the Pfizer-BioNTech COVID-19 vaccine are seen at a vaccination centre at the University of Nevada, Las Vegas, in Las Vegas. THE CANADIAN PRESS/AP-John Locher
The Ontario government said Monday it is developing a web portal for booking COVID-19 vaccine appointments, a sign of provinces preparing to ramp up vaccination efforts as manufacturer Pfizer-BioNTech increases deliveries.
In Quebec, Health Minister Christian Dube tweeted Monday the province expects more than 90,000 Pfizer vaccines this week, which will allow it to “increase the rhythm” of vaccination, particularly in private seniors homes.
The federal government said that after a month-long slowdown as Pfizer expanded its plant in Belgium, it expects to receive weekly shipments of more than 400,000 doses of the Pfizer vaccine beginning this week and lasting at least until early April.
That number represents a significant jump in shipments to Canada, which has received a total of about 928,200 Pfizer doses since December.
The new schedule, published on the Public Health Agency of Canada’s website, specifies that the numbers are based on the understanding that there are six shots per vial, rather than five as originally calculated.
Ontario’s proposed online booking system will be part of the province’s expanded vaccine rollout, which on Sunday was updated to identify adults aged 80 and older, seniors in congregate care and Indigenous adults among those next in line for a shot.
Infectious disease specialist Dr. Isaac Bogoch says a more predictable delivery schedule will make it easier for provinces to plan.
The University of Toronto expert, who sits on the province’s vaccine task force, said in an interview that while the shipment delays have given the provinces time to fine-tune their plans, it remains to be seen whether they will carry them out smoothly, especially when it comes to the more complex operation of vaccinating the general population.
“It all looks really, really good on paper, but it’s another thing to actually operationalize this,” he said.
The community phase of the rollout will include figuring out how to prioritize various groups, including different age cohorts, racialized and low-income communities, essential workers and those with underlying health conditions, he said.
The federal government on Monday updated its guidance to the provinces to specify that adults from racialized communities affected by the COVID-19 pandemic should be given priority for shots in the second stage of the vaccination campaign, which comes after staff and residents of long-term care homes, adults aged 70 and older, front-line health workers and adults in Indigenous communities have received their shots.
The advice would also see all essential workers who can’t work from home moved into the second stage, instead of focusing on health workers with lower-risk jobs.
The new vaccine deliveries will be welcomed by provinces and territories, which have administered the vast majority of the vaccines received to date. They will also likely ease some of the pressure on the federal Liberal government, which has been accused of mismanaging what amounts to the largest mass-vaccination effort in Canadian history.
Prime Minister Justin Trudeau last week acknowledged the struggle with deliveries, but said things will get better in the weeks ahead, and even better in April, when Canada is expecting as many as one million doses a week.
“We’re approaching something we’re calling the big lift,” he said Thursday in a virtual roundtable with nurses and doctors from around Canada.
The head of the world’s largest vaccine manufacturer assured Trudeau on Monday that Canada could also expect to receive AstraZeneca COVID-19 vaccines from India “in less than a month,” pending their approval by Health Canada.
Adar Poonawalla, CEO of the Serum Institute of India, delivered the news on Twitter after Indian Prime Minister Narendra Modi promised Trudeau last week that India would “do its best” to get COVID-19 vaccines to Canada.
Health Canada is in the final stages of approving the AstraZeneca vaccine. It also received an application Jan. 23 to review the production process at the Serum Institute of India, ahead of the possibility Canada will get its doses from there.
Yet the problems aren’t entirely over. Moderna — the other company whose vaccine has been approved for use in Canada so far — has confirmed its next shipment on Feb. 22 will be only 168,000 doses, two-thirds of what had been promised.
Moderna, which delivers once every three weeks, shipped 180,000 doses last week — 80 per cent of the promised amount.
In addition, Pfizer’s deliveries will only meet the promised number of doses if medical professionals can adjust to extracting six doses from every vial.
Getting that sixth dose requires the use of a low dead-volume syringe, which traps less vaccine in the needle and syringe after an injection. Canada has now ordered 72 million of those syringes, and two million were delivered last week.
Maj.-Gen. Dany Fortin, the military commander overseeing Canada’s vaccine distribution, has said those were being shipped to the provinces to be ready for Monday, though no provinces reported receiving any as of Thursday.
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.
