adplus-dvertising
Connect with us

Business

Airlines, travellers slam ‘confusion’ created by new COVID-19 testing rules

Published

 on

Christopher Reynolds, The Canadian Press


Published Monday, January 4, 2021 5:44PM EST


Last Updated Monday, January 4, 2021 9:22PM EST

OTTAWA – Airlines and travellers say a slew of questions remain about the federal government’s decision to require passengers returning to Canada to show negative results on COVID-19 tests taken abroad.

300x250x1

Transport Minister Marc Garneau announced last Thursday that air travellers overseas will have to present proof of a negative molecular test – known as a PCR test, conducted with nose and throat swabs – that was taken no more than 72 hours prior to departure, unless such testing is unavailable.

The Transport Department has yet to provide a list of foreign agencies whose tests are considered acceptable or to establish how airline employees should determine whether a test certificate is valid, said National Airlines Council of Canada chief executive Mike McNaney.

“With less than a week to implement, we do not have the interim orders in writing – it’s from the interim orders that you base your operations and obligations,” he said.

McNaney said the new rule, which mandates a 14-day quarantine in Canada regardless of the test result, will cause uncertainty and “frustration” for carriers and passengers alike.

“We’re very concerned about the confusion that’s going to occur and the disjointedness of implementation that’s going occur. And it all could have been avoided,” he said.

Air Transat vice-president Christophe Hennebelle says Ottawa announced the requirement, which takes effect this Thursday, without any prior consultation.

“It kind of came out of the blue … We had no advance notice,” he said.

“We feel that all that is a bit improvised … and basically the feeling we have behind that is that the government wants to stop travel but does not say it.”

The aim of the tests – required for travellers aged five and older – is to reduce “importation” of the virus into Canada by tacking on another layer of protection, Transport Canada said in an email.

“The 14-day quarantine is the most effective measure we know for limiting the spread of COVID-19,” said department spokeswoman Sau Sau Liu.

Garneau said last week the Jan. 7 start date was designed to provide airlines with enough time to comply with the new rules, and that the government will try to provide information on where testing is available abroad.

His announcement comes as a devastated airline sector continues to bleed cash following a collapse in demand caused by the pandemic.

It also arrives amid growing criticism of the federal sick-leave benefit that pays $500 per week for up to two weeks to Canadians quarantined after touching down from abroad, including after vacations.

Some federal and provincial politicians are among those who chose to travel beyond Canada’s borders over the holidays, despite public health recommendations against non-essential travel.

As of 12:01 a.m. Thursday, passengers returning from countries where PCR testing is “unavailable” will be required to stay at a “designated quarantine facility” for two weeks upon arrival in Canada, rather than at home the way test-toting passengers can, according to Transport Canada.

Whether “unavailable” means non-existent or simply hard to access is unclear, as is how passengers can prove the tests’ unavailability to a customer service agent at a check-in counter.

Airlines that fail to comply with regulations – even if parts of the plan remain fuzzy to carriers – can face penalties of up to $25,000, the department said.

Co-ordinating a test with takeoff presents another potential hurdle.

For the past several months, major Canadian airlines have cancelled the majority of their flights several weeks in advance due to a lack of ticket purchases. That means passengers often find their flights rescheduled days later, rendering any test taken even 48 hours before the initially planned departure invalid for the rebooked trip.

“We have to scramble around. If the flight has changed it makes it worse, especially if we took the test,” said Perry Cohen, a 74-year-old Torontonian who spends roughly half the year in Florida.

“That’s not right. That’s not fair. It’s just going to aggravate people, and they’ve got enough stress with COVID. They don’t need this on their heads,” he said from a retirement community in Deerfield Beach, Fla., about 65 kilometres north of Miami.

Airlines had hoped for a testing framework that would cut down quarantine times, modelled after pilot projects launched last year.

One ongoing program tests Canadians voluntarily on arrival at the Calgary airport, with mandatory self-quarantine for up to 48 hours. If the results of that COVID-19 test are negative, participants can leave, but must monitor their symptoms until a second swab six or seven days after touchdown.

Many countries rely on testing to curtail quarantines.

“If you get to Finland, which has very good results in the control of the pandemic, you get rapid testing at the airport and then you take a second test a few days later, and if both tests are negative then you can snap out of the quarantine. That makes sense,” Hennebelle said.

Under two per cent of all coronavirus cases reported in Canada stem from foreign travel, according to the Public Health Agency of Canada.

Nonetheless, fears around increasingly infectious strains of the virus identified in the United Kingdom and South Africa have rekindled fears around the risks of international travel.

Travel insurance will not cover the cost of a COVID-19 test abroad, said Marty Firestone, president of Toronto-based Travel Secure Inc.

“Absolutely not, it’s not an unexpected medical emergency,” he said.

This report by The Canadian Press was first published Jan. 4, 2021.

Source:- CP24 Toronto’s Breaking News

Source link

Continue Reading

Business

Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

Published

 on


[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

728x90x4

Source link

Continue Reading

Business

Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

Published

 on


Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

300x250x1

“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

ADVERTISEMENT

Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

Published

 on



Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



300x250x1


Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

Premium Content

  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

oil

Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today


Back to homepage

<!–

Trending Discussions

–>

Related posts

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Trending