The Alberta government announced a $3.2-billion investment to expand continuing care for seniors and vulnerable citizens, especially those in rural areas and Indigenous communities.
The province announced Thursday that the money will be earmarked for operating funds to support professional health-care and support services across the continuing care system. Of that, $1.7 billion will go to community care while $1.2 billion and $750 million will go to continuing care and home care, respectively.
Premier Jason Kenney also said the government is investing capital funding to modernize and increase continuing care capacity across the province, contributing $204 million over three years.
Funding will also be provided to complete the Bridgeland-Riverside Continuing Care Centre in Calgary and the Gene Zwozdesky Centre in Edmonton.
“Alberta seniors built this province and we’re standing by them every step of the way … We’re moving forward for Albertans on our path to recovery,” Kenney said at a press conference on Thursday.
6:29 New long-term care standards
New long-term care standards – Jan 28, 2022
Kenney also said the province will continue to protect seniors from COVID-19, pointing to preventative measures such as mask-wearing in continuing care facilities. However, Kenney previously confirmed the government has asked AHS for options to replace its vaccination mandate, saying the move will help solve shortages at rural continuing care facilities in the province.
Kenney previously estimated that 30 per cent of continuing care and nursing home staff in rural areas have not been vaccinated and are paying for rapid antigen tests out of pocket twice a week.
“If you are in a rural continuing care centre where you don’t have enough workers to give the residents a bath, to feed them their meals, to give them proper care … That is an urgent situation we have to address,” Kenney said.
“The data is clear with the transmissibility of Omicron and the waning effectiveness of vaccines against infection and transmission. There is no measurable difference between the likelihood of a vaccinated or an unvaccinated health-care aide.”
When asked who gave him the advice to issue the directive and what advice was given, Kenney pointed to the province’s health data on COVID-19 transmissibility and infections.
“This is not confidential government data. It’s clearly data in the public domain… I think it’s just common sense.”
1:50 Alberta government wants to end COVID-19 vaccine mandate for health-care workers
Alberta government wants to end COVID-19 vaccine mandate for health-care workers
Public Interest Alberta (PIA) criticized the government’s announcement, saying the $204 million being invested into modernizing continuing care facilities is furthering the UCP government’s privatization agenda.
It cited a Canadian Medical Association Journal article that found COVID-19 outcomes were worse in for-profit homes during the first year of the pandemic due to inferior care.
“The UCP have shown time after time that even during a pandemic they are willing to put critical services at risk. Now, with continuing care, Jason Kenney and the UCP are throwing good money after bad to further privatize the system, despite evidence that for-profit facilities degrade quality and affordability,” PIA executive director Bradley Lafortune said in a press release on Thursday.
NDP critic for seniors and housing Lori Sigurdson echoed similar statements.
“The premier praised privately operated continuing care facilities but did not acknowledge how outcomes of private facilities performed worse than public facilities throughout the pandemic,” Sigurdson said.
“Albertans can’t trust the UCP with their health care.”
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.
