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Air Canada CEO Calin Rovinescu to retire next year, Michael Rousseau named successor – Yahoo Canada Finance

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The Canadian Press

French leader decries Islamist terror attack against teacher

PARIS — French President Emmanuel Macron denounced what he called an “Islamist terrorist attack” against a history teacher decapitated in a Paris suburb Friday, urging the nation to stand united against extremism.
Macron visited the school where the teacher worked in the town of Conflans-Saint-Honorine and met with staff after the slaying.
“One of our compatriots was murdered today because he taught … the freedom to believe or not believe,” Macron said.
He said the attack shouldn’t divide France because that’s what the extremists want. “We must stand all together as citizens,” he said.
THIS IS A BREAKING NEWS UPDATE. Below is the previous story
French police searched the homes of the health minister, the former prime minister and other top officials Thursday in an investigation into the government’s response to the global coronavirus pandemic.
The dawn searches, confirmed by the Health Ministry, come as France is fighting against a resurgent epidemic that has now filled a third of the country’s intensive care units with COVID-19 patients and is again putting Europe to the test. President Emmanuel Macron announced curfews on around 20 million people in the Paris region and eight other French metropolitan areas starting Friday night to try to slow the tide.
The investigation threatens to rekindle public frustration with a government that’s been accused of lying to the public about mask stocks, underestimating testing needs and overestimating France’s ability to vanquish the pandemic — not once, but now twice.
About 1,000 protesting nurses, doctors and other public hospital staff marched through Paris on Thursday to demand more investment, staff and higher salaries after years of cost cuts.
“We are tired!” read multiple banners.
The searches “will make the people’s mistrust grow,” said Dr. Ludovic Toro, who was among the doctors, COVID-19 patients, prison personnel, police officers and others who filed more than 90 legal complaints in the spring over the government’s management of the pandemic.
A special French court for prosecuting government ministers ordered an investigation as a result of their complaints.
Among those whose homes were searched Thursday include Health Minister Olivier Veran, his predecessor Agnes Buzyn, former Prime Minister Edouard Philippe, the current head of the country’s national health service Jerome Salomon, and Sibeth Ndiaye, a former government spokeswoman. Veran’s office was searched as well.
Dr. Toro still has no high-protection masks for his practice, nine months after the first virus case was confirmed in France. And he says he is seeing more patients with COVID-19 symptoms now than he did in the spring.
He and other doctors accuse the government of lying to the public earlier in the year, when top officials told the public masks weren’t necessary even as they struggled to secure enough supplies for French hospitals amid surging global demand.
“They should have said that there were no masks. That was the real problem,” he said. “They refused to tell the truth.”
The government has said that its early guidance on not wearing masks was based on limited understanding of the new coronavirus at the time.
Asked about Thursday’s searches, current Prime Minister Jean Castex wouldn’t comment on the investigation but said he had “total” confidence in the health minister to do his job.
The government continues to send mixed messages about the virus. In addition to the curfew in several cities, the prime minister announced a nationwide ban on public weddings Thursday, even as the president encouraged French people to travel as usual for upcoming autumn school vacations.
The government announced it will deploy 12,000 police to enforce the new curfew, and will spend another 1 billion euros to help businesses hit hardest by the latest virus restrictions.
“Our compatriots thought this health crisis was behind us,” Castex said. “But we can’t live normally again as long as the virus is here.”
France is registering nearly 180 virus cases per 100,000 people every week, with 22,591 total new cases Wednesday. It has reported one of the world’s highest virus-related death tolls, at more than 33,000 lives lost.
___
Michel Euler and Catherine Gaschka contributed to this report.

Lori Hinnant And Angela Charlton, The Associated Press

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Weak Oil Demand Set To Keep Crude Tanker Rates Low – OilPrice.com

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Weak Oil Demand Set To Keep Crude Tanker Rates Low | OilPrice.com

Charles Kennedy

Charles Kennedy

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Crude oil tanker rates—which fell in September to their lowest since 2003 on the key route from the Arabian Gulf to Asia—are expected to remain low until global oil demand increases, the U.S. Energy Information Administration (EIA) said on Wednesday.  

Earlier this year, between March and May, crude oil tanker rates spiked as refiners rushed to snap up cheap oil cargoes when prices were in the teens, while demand for floating storage soared amid crashing demand for fuels in the pandemic. 

In the brief Saudi-Russian price war in March and early April, supertanker owners were the winners, as the spat coincided with the start of the lockdowns in major economies and increased the global oil glut. Shipping companies had a field day with Saudi Aramco booking tankers en masse to flood the market with oil, while traders scrambled to charter tankers for floating storage to sell at higher prices later.

According to EIA estimates based on Bloomberg data, tanker rates for one of the key global tanker routes—the Arabian Gulf to Japan—were the highest in mid-March since at least 2000, except for a brief spike in tanker rates in October 2019 as a result of U.S. sanctions on Chinese shipping firm COSCO.

The tanker industry faces several challenging months, the world’s biggest international shipping association BIMCO said in an analysis in early September.  

“The lower aviation and transport demand, and fundamentally lower oil consumption, will hurt the industry for at least 15 months,” Peter Sand, Chief Shipping Analyst at BIMCO, wrote.

“For the remainder of this year, the tanker shipping industry will find itself paying for the highs it reached in the second quarter. The higher demand for shipping at the time was not because of higher immediate consumption, but because of future demand being brought forward as importing refiners sought to benefit from the lower price,” Sand said.

By Charles Kennedy for Oilprice.com

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Crude Inventory Build Forces Oil Prices Lower – OilPrice.com

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Crude Inventory Build Forces Oil Prices Lower | OilPrice.com

Irina Slav

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Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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    Crude oil price fell further after the Energy Information Administration reported an inventory increase of 4.3 million barrels for the week to October 23.

    This compares with a decline of 1 million barrels for the previous week, which helped prop up prices for a short while before concerns about demand prevailed once again amid surging Covid-19 cases in Europe and the United States.

    At 492.4 million barrels, crude oil inventories are 9 percent above the five-year average for this time of the year, when demand declines for seasonal reasons, so more builds are to be expected.

    Yet the biggest factor contributing to inventory movements right now remains the coronavirus, which is again infecting record numbers of people in the United States: the seven-day average of newly diagnosed cases for last week hit 70,000.

    Against this worrying background, the EIA also reported a surprising inventory decline in gasoline inventories for the reporting period. At 900,000 barrels, the decline compared with an increase of 1.9 million barrels for the prior week.

    Gasoline production last week averaged 9.1 million bpd, which compared with 8.9 million bpd a week earlier.

    Distillate fuel inventories shed 4.5 million barrels in the week to October 23. This compares with a draw of 3.8 million barrels for the previous week. That draw followed an even heftier one for the first week of October in a rare good sign about distillate fuels.

    Distillate fuel production last week averaged 4.1 million bpd, which was almost unchanged on the previous week.

    Prices have been on the decline this week, pressured by the combined weight of a grim demand outlook and, yesterday, by the unexpectedly large oil inventory build reported by the American Petroleum Institute.

    Some good news came from OPEC+, which is reportedly mulling over a delay in the next relaxation of production cuts, but at the same time, Libya said it plans to boost production to 1 million bpd, which largely offset the positive effect of the OPEC+ news.

    At the time of writing, Brent crude traded at $39.11 a barrel, with West Texas Intermediate at $37.28 a barrel, both down by over 5 percent from opening.

    By Irina Slav for Oilprice.com

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      When it comes to COVID-19 vaccines, how good will be good enough? – National Post

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      The difficulty is, hospital admissions and deaths from COVID-19 are uncommon, and it would require a large population over a longer period to accumulate enough deaths to see a difference between the vaccine and placebo group, Kimmelman said.

      The U.S. Food and Drug Administration has set a minimum target of 50 per cent efficacy for a COVID-19 vaccine, meaning a vaccine would have to be 50 per cent better than a placebo at preventing disease.

      In an early-stage study, Moderna’s COVID-19 vaccine produced neutralizing antibodies in 45 healthy, 18- to 55-year-olds who received two vaccinations, 28 days apart, the company reported in the New England Journal of Medicine. Side effects — fatigue, chills, headache or muscle aches — occurred in more than half the participants.

      Dr. Jacqueline Miller, head of Moderna’s infectious diseases development, told last week’s FDA advisory panel meeting that more than 25,000 people have received both doses of its study vaccine, or a placebo, and that the vaccine was designed to evaluate Americans “at the highest risk of severe COVID disease.” Forty-two per cent of study participants are older adults or people with heart disease, diabetes or other underlying conditions, Miller added.

      A technician works in a lab at Sinovac Biotech where the company is producing their potential COVID-19 vaccine CoronaVac during a media tour on Sept. 24, 2020 in Beijing, China. Photo by Kevin Frayer/Getty Images

      AstraZeneca’s vaccine, developed with Oxford University, has produced an immune response in both the young and old, Reuters reported this week. Less clear is how well an antibody response translates into how well any vaccine can actually fend off COVID.

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