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Britain secures additional 2 million doses of Moderna’s COVID-19 vaccine; appoints vaccines minister – The Globe and Mail

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Protesters march through central London as they take part in an anti-lockdown protest against government restrictions designed to control or mitigate the spread of the novel coronavirus, including the wearing of masks and lockdowns, in London on November 28, 2020.

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Britain has secured an additional two million doses of Moderna Inc’s COVID-19 vaccine candidate, the government said in a statement on Sunday.

Following the latest deal, Britain has access to enough doses of Moderna’s vaccine candidate for around 3.5 million people. Overall, it has access to 357 million doses of vaccines from 7 different developers, according to the statement.

“With a wide range of vaccine candidates in our portfolio, we stand ready to deploy a vaccine should they receive approval from our medicines regulator, starting with those who will benefit most,” Britain’s health minister, Matt Hancock, said in the statement.

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On Saturday, the British government appointed a vaccines minister as it prepares to inoculate millions of people against the coronavirus, potentially starting within days.

Prime Minister Boris Johnson said Conservative lawmaker Nadhim Zahawi will oversee the country’s biggest vaccine program in decades.

The U.K. medicines regulator is currently assessing two vaccines — one developed by Pfizer and BioNTech, the other by Oxford University and AstraZeneca — to see if they are safe and effective. The Guardian newspaper reported that hospitals have been told they could receive the first doses of the Pfizer shot the week of Dec. 7, if it receives approval.

The U.K. says frontline health care workers and nursing home residents will be the first to be vaccinated, followed by older people, starting with those over age 80.

Britain has ordered 40 million doses of the Pfizer/BioNTech vaccine, enough for 20 million people, and 100 million doses of the Oxford/AstraZeneca vaccine.

In all, the U.K. government has agreed to purchase up to 355 million doses of vaccine from seven different producers, as it prepares to vaccinate as many of the country’s 67 million people as possible.

Decisions about which, if any, vaccines to authorize will be made by the independent Medicines and Healthcare Products Regulatory Agency.

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Pfizer and BioNTech say their vaccine is 95% effective, according to preliminary data. It must be stored at ultra-cold temperatures of around minus 70 degrees Celsius (minus 94 Fahrenheit).

The Oxford-AstraZeneca vaccine can be stored at conventional refrigerator temperatures, and is also cheaper than its main rivals. But some scientists have questioned gaps in its reported results.

Oxford and AstraZeneca reported this week that their vaccine appeared to be 62% effective in people who received two doses, and 90% effective when volunteers were given a half dose followed by a full dose. They said the half dose was administered because of a manufacturing error, and they plan a new clinical trial to investigate the most effective dosing regimen.

The British government hopes a combination of vaccines and mass testing will end the need for restrictions on business and everyday life it imposed to curb the spread of the coronavirus. Britain has had Europe’s deadliest COVID-19 outbreak, with more than 57,000 confirmed virus-related deaths.

The prime minister said this week that officials hope to inoculate “the vast majority of the people who need the most protection by Easter.” But he warned that “we must first navigate a hard winter” of restrictions.

A four-week national lockdown in England is due to end Wednesday, and will be replaced by three-tiered system of regional measures that restrict business activity, travel and socializing. The vast majority of the country is being put into the upper two tiers.

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The restrictions have sparked protests, with police arresting scores of people at an anti-lockdown demonstration in London on Saturday.

Several bottles and smoke bombs were thrown as anti-mask and anti-vaccine demonstrators scuffled with officers in the city’s West End shopping district. The Metropolitan Police force said 155 people were arrested.

Johnson also faces opposition to the measures from dozens of his own Conservative Party’s lawmakers, who say the economic damage outweighs the public health benefits.

Bur Cabinet minister Michael Gove said the restrictions were “grimly” necessary to avoid the health system being overwhelmed this winter.

Writing in The Times of London, Gove said there are currently 16,000 coronavirus patients in British hospitals, not far below the April peak of 20,000. A rise in infections would mean coronavirus patients would “displace all but emergency cases. And then even those.,” he said.

“If, however, we can keep the level of infection stable or, even better, falling, and hold out through January and February, then we can be confident that vaccination will pull the plug on the problem,” Gove wrote.

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Telus prioritizing ‘most important customers,’ avoiding ‘unprofitable’ offers: CFO

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Telus Corp. says it is avoiding offering “unprofitable” discounts as fierce competition in the Canadian telecommunications sector shows no sign of slowing down.

The company said Friday it had fewer net new customers during its third quarter compared with the same time last year, as it copes with increasingly “aggressive marketing and promotional pricing” that is prompting more customers to switch providers.

Telus said it added 347,000 net new customers, down around 14.5 per cent compared with last year. The figure includes 130,000 mobile phone subscribers and 34,000 internet customers, down 30,000 and 3,000, respectively, year-over-year.

The company reported its mobile phone churn rate — a metric measuring subscribers who cancelled their services — was 1.09 per cent in the third quarter, up from 1.03 per cent in the third quarter of 2023. That included a postpaid mobile phone churn rate of 0.90 per cent in its latest quarter.

Telus said its focus is on customer retention through its “industry-leading service and network quality, along with successful promotions and bundled offerings.”

“The customers we have are the most important customers we can get,” said chief financial officer Doug French in an interview.

“We’ve, again, just continued to focus on what matters most to our customers, from a product and customer service perspective, while not loading unprofitable customers.”

Meanwhile, Telus reported its net income attributable to common shares more than doubled during its third quarter.

The telecommunications company said it earned $280 million, up 105.9 per cent from the same three-month period in 2023. Earnings per diluted share for the quarter ended Sept. 30 was 19 cents compared with nine cents a year earlier.

It reported adjusted net income was $413 million, up 10.7 per cent year-over-year from $373 million in the same quarter last year. Operating revenue and other income for the quarter was $5.1 billion, up 1.8 per cent from the previous year.

Mobile phone average revenue per user was $58.85 in the third quarter, a decrease of $2.09 or 3.4 per cent from a year ago. Telus said the drop was attributable to customers signing up for base rate plans with lower prices, along with a decline in overage and roaming revenues.

It said customers are increasingly adopting unlimited data and Canada-U.S. plans which provide higher and more stable ARPU on a monthly basis.

“In a tough operating environment and relative to peers, we view Q3 results that were in line to slightly better than forecast as the best of the bunch,” said RBC analyst Drew McReynolds in a note.

Scotiabank analyst Maher Yaghi added that “the telecom industry in Canada remains very challenging for all players, however, Telus has been able to face these pressures” and still deliver growth.

The Big 3 telecom providers — which also include Rogers Communications Inc. and BCE Inc. — have frequently stressed that the market has grown more competitive in recent years, especially after the closing of Quebecor Inc.’s purchase of Freedom Mobile in April 2023.

Hailed as a fourth national carrier, Quebecor has invested in enhancements to Freedom’s network while offering more affordable plans as part of a set of commitments it was mandated by Ottawa to agree to.

The cost of telephone services in September was down eight per cent compared with a year earlier, according to Statistics Canada’s most recent inflation report last month.

“I think competition has been and continues to be, I’d say, quite intense in Canada, and we’ve obviously had to just manage our business the way we see fit,” said French.

Asked how long that environment could last, he said that’s out of Telus’ hands.

“What I can control, though, is how we go to market and how we lead with our products,” he said.

“I think the conditions within the market will have to adjust accordingly over time. We’ve continued to focus on digitization, continued to bring our cost structure down to compete, irrespective of the price and the current market conditions.”

Still, Canada’s telecom regulator continues to warn providers about customers facing more charges on their cellphone and internet bills.

On Tuesday, CRTC vice-president of consumer, analytics and strategy Scott Hutton called on providers to ensure they clearly inform their customers of charges such as early cancellation fees.

That followed statements from the regulator in recent weeks cautioning against rising international roaming fees and “surprise” price increases being found on their bills.

Hutton said the CRTC plans to launch public consultations in the coming weeks that will focus “on ensuring that information is clear and consistent, making it easier to compare offers and switch services or providers.”

“The CRTC is concerned with recent trends, which suggest that Canadians may not be benefiting from the full protections of our codes,” he said.

“We will continue to monitor developments and will take further action if our codes are not being followed.”

French said any initiative to boost transparency is a step in the right direction.

“I can’t say we are perfect across the board, but what I can say is we are absolutely taking it under consideration and trying to be the best at communicating with our customers,” he said.

“I think everyone looking in the mirror would say there’s room for improvement.”

This report by The Canadian Press was first published Nov. 8, 2024.

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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

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CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

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BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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