Canada reported over 7,000 confirmed cases of the novel coronavirus in a single day for the first time Thursday, marking a new daily milestone as infections continue to rise at a dizzying rate.
The 7,002 new infections nationwide came as Ontario hit a new record of daily cases, while Alberta saw its highest number of deaths in a single day since the pandemic began.
Many provinces are facing pressure to enact further measures to curb the spread of the virus, which has now infected 488,237 people to date nationwide. At the current rate of infection, the country is on track to surpass half a million cases by Saturday.
Nearly 3,500 people are receiving care for COVID-19 in hospital, a new record that is putting a strain on many provinces’ health-care systems. Doctors in Ontario are calling for shutdowns, warning of bed shortages and increased deaths from any further surge in patients.
Another 117 people died across the country over the past 24 hours, health officials said, bringing the national death toll to 13,916. The past week has seen an average of 115 people dying daily.
The bleak trends of the pandemic have coupled with the arrival of one vaccine, made by Pfizer-BioNTech, and the promise of more to come. A second vaccine from Moderna is anticipated to be approved by Health Canada by the end of the year.
Story continues below advertisement
On Thursday, Pfizer confirmed that vials of its vaccine may yield more doses than previously estimated, raising hopes that even more people could be vaccinated in the initial shipments received by provinces this week.
Yet health officials — wary that the start of vaccinations will lead to less compliance with public health measures — are urging people to wear face coverings and limit their contacts throughout the holidays.
1:24 Coronavirus: GTHA cases not the only concern for Ontario’s top doctor
Coronavirus: GTHA cases not the only concern for Ontario’s top doctor
Recent modelling has shown the country could see the rate of infection grow as high as 14,000 cases per day by January unless behaviour drastically changes.
“It is important to remember that the vast majority of Canadians remain susceptible to COVID-19,” Canada’s chief medical officer Dr. Theresa Tam said in a statement Thursday.
“This is why it is important for everyone to continue with individual precautions to protect ourselves, our families and our communities.”
Ontario posted its highest daily case count to date with 2,432 new infections, along with 23 deaths.
The numbers came on the same day that the Ontario Hospital Association pushed for a four-week lockdown in every public health unit with an infection rate of 40 or higher per 100,000 people.
Premier Doug Ford said his Progressive Conservative government would continue to consult with hospital leadership, adding “everything is on the table” to combat the virus.
3:00 Coronavirus: Ontario government provides no clarity on lockdown extension
Coronavirus: Ontario government provides no clarity on lockdown extension
In Quebec, over 1,000 people are now in hospital with COVID-19 for the first time since June. Doctors there are also growing concerned that a lockdown already in place until mid-January did not come soon enough to prevent the surge in patients.
Story continues below advertisement
The province reported 1,855 new cases and 22 more deaths Thursday.
Saskatchewan residents awoke to new public health orders that include no longer having guests in their homes, with a few exceptions. It’s one of several new rules in place until at least Jan. 15.
Seven more people in the province died of COVID-19, pushing total fatalities to more than 100. Another 238 new cases were also reported.
Manitoba continues to post double-digit deaths per day, announcing 14 more people had died on Thursday, while another 221 tests came back positive.
Alberta saw 30 additional deaths — a new daily record — and 1,571 more infections. The province continues to boast the most active cases of any jurisdiction in Canada, which have now surpassed 20,000.
British Columbia is also seeing a surge in deaths, reporting 21 over the past 24 hours. Another 667 new cases were also confirmed, along with six “epidemiologically-linked” cases that have not been confirmed through laboratory testing.
3:40 Worst single day: 30 new COVID-19 deaths in Alberta Thursday
Worst single day: 30 new COVID-19 deaths in Alberta Thursday
Every province in Atlantic Canada reported new cases Thursday, although no more people have died from the disease.
Story continues below advertisement
New Brunswick and Nova Scotia each saw six more infections, while Prince Edward Island saw one and three more were confirmed in Newfoundland and Labrador.
In the north, the Northwest Territories and Nunavut each reported one new case — leaving Yukon as the only jurisdiction not to see any more infections Thursday.
The pandemic has now infected 74.8 million people around the world to date, 1.66 million of whom have died, according to Johns Hopkins University.
The United States leads the world in both cases, at over 17 million, and deaths, with more than 310,000.
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
