VANCOUVER — The B.C. government says it’s spending tens of millions of dollars to boost nuclear medicine amid forecasts that cancer diagnoses in the province will rise almost 50 per cent in the next decade.
The $32 million in funding will go toward operating imaging equipment for cancer diagnosis and expanding research.
Health Minister Adrian Dix said Tuesday that construction was underway in Vancouver for a $21-million cyclotron and radiopharmacy laboratory to increase the production of radioactive isotopes, used in equipment that conducts PET and CT scans.
There has been a worldwide shortage of the isotopes used in medical imaging machines that detect and monitor cancers.
Dix said the equipment is a “critical tool” in fighting cancer and will help ensure all patients in B.C. have “timely access” to the care they need.
The expanded access is part of B.C.’s 10-year cancer-care plan, and with a growing and aging population, Dix said the demand for cancer-care services is surging.
Hundreds of B.C. cancer patients have been sent to the U.S. for radiation treatment because of local treatment capacity shortfalls, under a program set up last year.
Dix said that by 2034, cancer diagnoses in B.C. would increase almost 50 per cent, from 30,000 a year to 44,000.
He said the “unprecedented growing demand” not only placed pressure on health-care resources but also required the province to do better to improve the quality of care.
He said the upcoming lab could help meet the diagnostic and treatment needs of cancer patients throughout the province.
“This shared facility will help BC Cancer not only rapidly increase the ability to generate radioisotopes, but will also help researchers project future demand for them, which is an important part of enhanced cancer care,” said Dix.
Last May, the province announced that it would offer cancer patients the opportunity to receive their radiotherapy in Bellingham, Wash., with Dix calling it a temporary arrangement at the time.
He said Tuesday that around 480 people from B.C. had completed radiation therapy in Bellingham, and a further 540 had started consultation.
He said the program was “going well.”
“A lot of people in B.C. who travel vast distances to get care in one of our six cancer centres, they’re travelling a lot more than, say Vancouver or Richmond or Surrey to Bellingham,” he said.
Another $11 million of the funding announced on Tuesday will go to the Triumf research centre, located at the University of B.C., to advance research in nuclear medicine.
Nigel Smith, CEO of the Triumf facility, said his facility already has 10 machines on-site, including six cyclotrons, which are used primarily for research purposes.
Smith said establishing expertise in cyclotron operations and isotope research “will have a profound impact in improving care for B.C. patients and positioning our province as the driving force in Canada’s nuclear medicine research ecosystem.”
This report by The Canadian Press was first published Jan. 30, 2024.
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.
