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Alberta Health Services to lay off up to 11,000 staff, mostly through outsourcing – CBC.ca

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Alberta Health Minister Tyler Shandro has softened an aggressive plan to lay off front-line staff, including nurses, and extended the timeframe for a massive overhaul of the province’s health-care system citing the ongoing COVID-19 pandemic.

But at a news conference Tuesday morning, Shandro detailed a plan by Alberta Health Services (AHS) that still features massive layoffs.

Between 9,700 and 11,000 AHS employees will be laid off, most of whom work in laboratory, linen, cleaning and in-patient food services.

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Those jobs will be outsourced to private companies.

Shandro said he decided to slow the aggressive implementation of recommendations contained in the Ernst & Young cost-cutting review of AHS, which was released in February. 

“While we’re still committed to the goals of the review, our global landscape has changed significantly, namely by responding to the pandemic,” he said.

“And I have directed AHS that nothing must compromise this response.

“This is why we’re only prepared to proceed with a portion of the actions identified in the AHS implementation plan.”

No front-line staff layoffs during pandemic

Shandro said there will be no lay-offs of front-line staff such as nurses during the pandemic.

But he said AHS will eliminate some of those positions through attrition and, when pressed on whether there will be layoffs of front-line staff after the pandemic, he said, “I think any involuntary reductions will be minimal.”

The minister said the cuts are eventually expected to save up to $600 million annually and there will be a “long-term and gradual” implementation of the plan.

CBC News previously obtained a draft copy of the AHS implementation plan, dated July 29, that contained more aggressive cost-cutting measures that the health authority estimated would save between $837 million and nearly $1.2 billion annually.

The proposed plan included the elimination of up to 10,300 full-time equivalent positions — including hundreds of nursing and clinical support positions — estimated to impact as many as 16,700 full- and part-time employees through layoffs and job displacement.

Many changes from draft plan to continue

But many of the proposed changes from the draft plan, including those that would download costs to the public and particularly seniors, are continuing. For example, AHS will:

  • Outsource more than 9,000 general service jobs, such as linen, cleaning, laboratory and in-patient food services;

  • Introduce a co-pay for home care, exempting clients who receive income support;

  • Increase accommodations fees for continuing care;

  • Transfer patients from long-term care to designation supported living, which shifts costs for such things as drugs from AHS to the patients;

  • Increase the amount it charges patients at all AHS facilities for supplies not covered by the provincial health-care insurance plan, such as crutches and casts;

  • Reconfigure and potentially consolidate emergency department, acute care and maternity/obstetrics services at smaller AHS facilities.

READ MORE: Alberta’s looming health care upheaval

Original timeline too aggressive: expert

Health policy expert Steven Lewis said the original timeline for the plan — roughly three years — was too aggressive. 

He said Shandro’s bellicose public behaviour toward doctors and unions will make it nearly impossible to successfully implement the changes, which require collaboration with staff.

“The irony is that the government is right about many of the problems in the system; it just has no clue about change management,” Lewis told CBC News.

In a later interview, Lewis said “historically, it has been very difficult to bludgeon any major group in the system into large-scale change. So if you think you’re in a position to win battles that no one has won before, good luck to you.” 

Health policy expert Dr. Michael Rachlis told CBC News that if Shandro had implemented the majority of the plan within the original three-year time frame it would have caused “chaos” in the province’s health-care system.

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

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[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

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

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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.

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“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.

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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

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

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



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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. 

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  • 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.

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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

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