Allied Irish Banks on Wednesday said it would form a joint venture with Canada life as it seeks to plug gaps in its life, savings and wealth products.
The joint venture will be equally owned by Canada Life, a subsidiary of Great-West Lifeco Inc.
“The move to create this joint venture is aligned with AIB’s stated ambition to complete its customerproduct suite and diversify income,” AIB said in a statement.
“Through this strategic initiative AIB intends to offer customers a range of life protection, pensions, savings and investment options enhanced by integrated digital solutions withcontinued access to our qualified financial advisors.”
The Irish lender highlighted Canada Life’s “deep experience” of the Irish bancassurance market through Irish Life Assurance, which is also a subsidiary of Great-West Lifeco.
AIB currently operates under a tied agency distribution agreement with Irish Life, and will enter into a new distribution agreement with the new joint venture company.
Chief Executive Colin Hunt highlighted the need to plug gaps in AIB’s life, savings and wealth products when he set out the bank’s medium-term targets last December.
AIB expects its equity investment in the joint venture will be around 90 million euros ($107.51 million), equating to around 10bps of CET1.($1 = 0.8372 euros)
(Reporting by Graham Fahy;Editing by Elaine Hardcastle)
Run, don't walk, to the nearest clinic to get vaccinated before September, families told – CBC.ca
Kids who are going back to local elementary and high schools in September must get their first COVID-19 shot by Saturday to ensure they’re eligible for their second dose and be fully vaccinated by Labour Day, according to the health unit.
The Middlesex-London Health Unit (MLHU) says 73 per cent of those aged 12 to 17 in Middlesex-London already have their first shot, and just over a quarter have two doses.
“The uptake among this age group has been tremendous, right on board with some of our older population who was really eager to get vaccinated,” said Dr. Alex Summers, the associate medical officer of health for the MLHU.
“We see eagerness for people to get vaccinated and we’re just delighted by that. 12 to 17-year-olds will be back in in-person activities, and that’s where they flourish, that’s where they want to be, and we want to be able to support them to do so in a way that COVID isn’t transmitting.”
Vaccination is the “key ingredient” to maximizing the coming school year and making sure there are few disruptions.
COVID-19 vaccines have yet to be approved for those under 12.
“That’s why it’s really important to be gathering outdoors and making sure that everybody who is older than the age of 12 who is interacting with kids is vaccinated,” Summers said. “We can limit transmission among those who just can’t get the vaccine because they’re not old enough as we approach the school year.”
What exactly school will look like in September isn’t quite clear, but screening for symptoms, staying home when exhibiting symptoms, and wearing masks in classrooms are likely.
No appointments are required for COVID-19 vaccinations for anyone 12 or older for first or second doses at walk-in and mass vaccination sites. For more information on vaccinations and locations, visit the health unit’s website here.
Air Canada anticipating recovery in demand as travel restrictions are eased – Yahoo Canada Finance
Air Canada is anticipating a recovery in demand in the coming months as travel restrictions are eased and leisure passengers look to get away after being grounded by COVID-19.
Although overall bookings remain below pre-pandemic levels, customer interest began to increase in June with the elimination of quarantines for fully vaccinated returning Canadians and the removal of other travel restrictions.
“We can now optimistically say that we are turning a corner, and we expect to soon see correlated financial improvements,” CEO Michael Rousseau said Friday during a conference call.
“Indications are that the worst effects of the COVID-19 pandemic may now be behind us. Based on what we are seeing in other markets that are further along in reopening in Canada, we anticipate travel will resume at a quickening pace.”
Rousseau said bookings are steadily increasing for domestic, transborder and Atlantic markets as well as to sun destinations for the coming winter. Future bookings In some weeks of June were ahead of the same period in 2019.
“We expect the most recent announcements of the Government of Canada relaxing existing measures will further help strengthen the interest of our customers in flying again.”
Current demand is largely for leisure and visiting friends and family, but Air Canada expects to see a progressive return of corporate demand in September and October, added chief commercial officer Lucie Guillemette.
That could be aided by the ability of Canadian passengers to rely on COVID tests taken in Canada for trips of less than 72 hours.
“We are encouraged by some of the commentary from our peers in the United States with regards to overall business travel recovery,” she told analysts.
Guillemette said that rebuilding its U.S. operations as the largest foreign carrier is key to its recovery. That will also expedite the recovery of international long-haul operations as it seeks to achieve or exceed its share of the U.S. long-haul global market.
The Atlantic business will recover quicker than the Pacific or Latin America because of high vaccination rates, strong cultural and business connections with Europe and strong leisure interest from Canadians.
“We are already observing healthy demand signals for Europe into 2022,” she added.
The Montreal-based company says it lost $1.17 billion or $3.31 per diluted share, compared with a loss of $1.75 billion or $6.44 per share a year earlier.
Adjusted profits were $1.08 billion or $3.03 per share.
Revenues during the three months ended June 30 surged 58.8 per cent to $837 million from $527 million in the second quarter of 2020. Passenger revenues more than doubled to $426 million from a year ago which marked the first full quarter to be impacted by the pandemic. Cargo revenues increased 33 per cent to a record $358 million.
Air Canada was expected to post $2.76 per share in adjusted profits on $848.2 million of revenues, according to financial data firm Refitinitv.
The country’s largest airline increased its seat capacity by 78 per cent compared to the same time last year, and was down 86 per cent from the second quarter of 2019. It plans to increase available seat miles in the third quarter so capacity will be 65 per cent below the same period in 2019.
In August, its domestic capacity is expected to be about two-thirds of what it was in 2019.
“The third-quarter outlook pointed to healthy demand recovery and a significant improvement in daily cash burn,” Walter Spracklin of RBC Dominion Securities wrote in a report.
Air Canada says it has refunded about $1 billion for non-refundable tickets and expects to pay an additional $200 million in the third quarter, which will be covered by the federal government’s $1.4 billion refund credit facility.
The airline says it has recalled about 2,900 employees in June and July as it restores service this summer to destinations, particularly in Canada and the U.S. More workers will be called back for the fall season.
Air Canada has retained about half of its workforce, including the vast majority of pilots who have remained current and ready to fly when conditions warrant.
While it works to rebuild operations, the airline said it is also preparing to meet the challenges from increased competition stemming from expansion plans for Porter Airlines and Flair Airlines. Porter plans to add jet service from several gateways, including Toronto’s Pearson airport, in the second half of next year, while Flair is adding aircraft and routes.
“We certainly welcome healthy competition. but suffice to say, we will be ready to deal with that situation,” Rousseau said of Porter.
He also said the failed purchased of Transat may have been beneficial long-term, but it would have been very difficult to integrate while also focusing on the post-COVID recovery.
This report by The Canadian Press was first published July 23, 2021.
Companies in this story: (TSX:AC)
Ross Marowits, The Canadian Press
Active COVID-19 cases in Ottawa rise as vaccinations slow – CTV Edmonton
The number of active COVID-19 cases in Ottawa is back above 40 for the first time in two weeks, as the city’s vaccine administration pace slows down.
Ottawa Public Health reported seven new cases of the virus in Ottawa on Friday. There were no new resolved cases for the second straight day, so the number of active cases has climbed to 41.
It’s the most since July 9, when there were 43 active cases in the city.
There are still no COVID-19 patients in hospital in the city, which has been the case for nine days now.
Earlier provincial officials had reported 10 new cases in Ottawa on Friday. Their numbers sometimes differ from Ottawa Public Health’s data due to different reporting times.
The city administered an average of about 5,500 second shots on Wednesday and Thursday, down from more than 13,000 second doses per day last week.
Eighty-three per cent of eligible residents have received at least one shot. Sixty-nine per cent are now fully vaccinated.
Earlier this week, the city closed several vaccination clinics due to decreasing demand.
OTTAWA’S KEY COVID-19 STATISTICS
Ottawa is now in Step 3 of Ontario’s Roadmap to Reopen plan.
Ottawa Public Health data:
- COVID-19 cases per 100,000 (July 15 to July 21): 3.9 (up from 2.7)
- Positivity rate in Ottawa (July 16 to July 22): 0.5 per cent (up from 0.2 per cent July 14-20)
- Reproduction number (seven day average): 1.28 (up from 1.18)
Reproduction values greater than 1 indicate the virus is spreading and each case infects more than one contact. If it is less than 1, it means spread is slowing.
ACTIVE CASES OF COVID-19 IN OTTAWA
There are 41 active cases of COVID-19 in Ottawa on Friday, up from 24 on Wednesday. It’s the most active cases in the city in nearly two weeks.
For the second straight day, no more people have recovered after testing positive for COVID-19. The total number of resolved cases of coronavirus in Ottawa is 27,134.
The number of active cases is the number of total laboratory-confirmed cases of COVID-19 minus the numbers of resolved cases and deaths. A case is considered resolved 14 days after known symptom onset or positive test result.
HOSPITALIZATIONS IN OTTAWA
Ottawa Public Health is reporting zero people in Ottawa hospitals with COVID-19 related illnesses for a ninth straight day.
There are no patients in the intensive care unit.
These data are based on figures from Ottawa Public Health’s COVID-19 dashboard, which refer to residents of Ottawa and do not include patient transfers from other regions.
COVID-19 VACCINES IN OTTAWA
Ottawa Public Health updates vaccine numbers on Mondays, Wednesdays and Fridays. As of Friday:
- Ottawa residents with 1 dose (12+): 765,350 (+2,089)
- Ottawa residents with 2 doses (12+): 624,143 (+10,919)
- Share of population 12 and older with at least one dose: 83 per cent
- Share of population 12 and older fully vaccinated: 69 per cent
- Total doses received in Ottawa: 1,237,860 (+8,008)
*Total doses received does not include doses shipped to pharmacies and primary care clinics, but statistics on Ottawa residents with one or two doses includes anyone with an Ottawa postal code who was vaccinated anywhere in Ontario.
VARIANTS OF CONCERN
Ottawa Public Health data*:
- Total Alpha (B.1.1.7) cases: 6,830 (+7)
- Total Beta (B.1.351) cases: 405
- Total Gamma (P.1) cases: 35 (+1)
- Total Delta (B.1.617.2) cases: 43 (+5)
- Percent of new cases with variant/mutation in last 30 days: 45 per cent
- Total variants of concern/mutation cases: 9,117 (+8)
- Deaths linked to variants/mutations: 101
*OPH notes that that VOC and mutation trends must be treated with caution due to the varying time required to complete VOC testing and/or genomic analysis following the initial positive test for SARS-CoV-2. Test results may be completed in batches and data corrections or updates can result in changes to case counts that may differ from past reports.
COVID-19 CASES IN OTTAWA BY AGE CATEGORY
- 0-9 years old: Zero new cases (2,299 total cases)
- 10-19 years-old: One new case (3,572 total cases)
- 20-29 years-old: One new case (6,234 total cases)
- 30-39 years-old: Three new cases (4,246 total cases)
- 40-49 years-old: Zero new cases (3,649 total cases)
- 50-59 years-old: One new case (3,332 total cases)
- 60-69-years-old: One new case (1,962 total cases)
- 70-79 years-old: Zero new cases (1,095 total cases)
- 80-89 years-old: Zero new cases (856 total cases)
- 90+ years old: Zero new cases (520 total cases)
- Unknown: Zero new cases (3 cases total)
CASES OF COVID-19 AROUND THE REGION
- Eastern Ontario Health Unit: Zero new cases
- Hastings Prince Edward Public Health: Two new cases
- Kingston, Frontenac, Lennox & Addington Public Health: Zero new cases
- Leeds, Grenville & Lanark District Health Unit: Zero new cases
- Renfrew County and District Health Unit: Three new cases
Investing inside a corporation: what you need to know – MoneySense
Calgary real estate predicted to moderate this year, with hot spring demand – Calgary Herald
Art exhibits return to Callander’s Alex Dufresne gallery – BayToday.ca
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Business17 hours ago
Global outage affecting websites of airlines, banks, tech firms now fixed – Globalnews.ca
News24 hours ago
Global Affairs Canada 'engaging' with staff in Austria following reports of 'Havana syndrome' symptoms – CTV News
Politics23 hours ago
Jason Kenney's longing for Alberta's pre-COVID politics – iPolitics.ca
Media22 hours ago
Current's 2021 Public Media Salary Survey – Current
Tech15 hours ago
OnePlus Nord 2: An impressive 5G phone at an affordable price – CNET
News23 hours ago
Unmarked grave findings in Canada prompt reckoning among U.S. churches – CBC.ca
Science22 hours ago
DeepMind puts the entire human proteome online, as folded by AlphaFold – Yahoo Movies Canada
Business20 hours ago
Nova Scotia reports 93rd COVID-19 related death; no new cases Thursday – CTV News Atlantic