Maj.-Gen. Dany Fortin, the military commander leading vaccine logistics at the Public Health Agency of Canada (PHAC), said today Canada doesn’t know how many Moderna doses will arrive in the weeks ahead and the company hasn’t said why it has reduced shipments to our country.
Speaking to reporters at a public health briefing, Fortin said 180,000 Moderna doses arrived this morning but the government has no “visibility” on how many more shots will be delivered this month and next.
Despite these unknowns, Fortin said Canada is still expecting two million Moderna doses to be delivered by the end of March to meet the prime minister’s promised vaccination targets.
According to a planning document disseminated to the provinces this week, PHAC has already warned provinces to expect disruptions with the next scheduled Moderna delivery, which is set to arrive on Feb. 22.
The Massachusetts-based company, which delivers shots every three weeks, told Canadian officials last week that the shipments for the week of Feb. 1 would be reduced by 20-25 per cent, and now it appears this month’s second shipment is also likely to be lower than expected.
“Moderna reduced shipment quantities for the week of 1-7 Feb. (from 230,400 to 180,000 doses). The week of 22 Feb. will also be impacted, but Moderna cannot confirm allocations for that week yet,” the PHAC document sent to the province reads.
Fortin said he had no idea just how many doses will be on hand by the end of the month, but he knows it will be less than expected.
“I can’t really tell you what the quantity will be. We don’t expect to receive 249,000 at this time,” he said, referencing the figure the company had previously provided. “We’ll soon be able to share that with provinces, in confidence. We just don’t know what those numbers are for certain.”
Trudeau tries to reassure provinces
Fortin conceded that the dearth of information is “a real limitation in the short term,” saying he understood why provinces are frustrated that they’ve had to cancel appointments and push back second doses as a result of the severe delivery disruptions.
“I completely understand that it’s making it more difficult for provinces to prepare clinics,” he said.
Amid the anxiety over delivery disruptions, Trudeau spoke for close to an hour on a call with premiers late Thursday, according to multiple sources speaking to CBC News.
Trudeau sought to reassure some frustrated premiers that Canada is still on track to meet its delivery targets for the first quarter even with the companies revising down deliveries this month.
The provinces were told to prepare to quickly vaccinate people once deliveries return to a more normal pace next month, sources said.
WATCH | Moderna vaccine delays remain unexplained:
Maj.-Gen. Dany Fortin says he’s not sure how many doses Canada will receive of Moderna’s COVID-19 vaccine in the weeks ahead and doesn’t know what’s causing the delay. 2:37
While Pfizer has offered some explanation for why its shipments have been dramatically lower than expected — plant upgrades at a facility in Belgium caused deliveries to drop by 80 per cent — Fortin said Moderna hasn’t said why it’s had to put off tens of thousands of doses to a later delivery date.
“They haven’t shared the specific challenges that they may experience in their yields or in their production,” Fortin said. “I think Moderna has indicated that they are, in good faith, trying their best to provide as many doses as possible.”
In a statement to CBC News, a spokesperson for Moderna said the company is trying to step up production at the European facilities that supply Canada with shots.
“Vaccine manufacturing is a highly complex process. In normal circumstances it may take three to four years to prepare for the industrial launch of a vaccine. Moderna is proud of its achievements to date with the support of its partners,” the spokesperson said.
While Canada’s Moderna supply will be curtailed this month, the company is churning out more shots in the U.S. Shipments there have increased by about 35 per cent in the last week.
We should not be drawing away from poorer countries — we should be having the capacity here. We’re a G7 country and we’re trailing.– Conservative Leader Erin O’Toole
The spokesperson said, because Moderna’s vaccine was partially funded by monies from former president Donald Trump’s Operation Warp Speed, it is obligated to send a certain number of doses to the U.S. this quarter.
“Moderna has provided short term revised delivery guidance outside of the U.S., including to the government of Canada, based on the ramp up trajectory of drug substance manufacturing in Switzerland,” the spokesperson said.
To meet the prime minister’s target of six million COVID-19 shots delivered by the end of March, more than 3.5 million doses of the Pfizer-BioNTech and Moderna products will have to be delivered in the month of March alone — or roughly 885,000 doses a week.
Pfizer, which delivers its product weekly, is expected to deliver 79,000 doses this week and an additional 70,000 doses for the week of Feb. 8., before ramping up at month’s end.
Canada ranks 33rd on vaccine effort
Health Canada regulators are expected to approve another promising vaccine candidate — the product from AstraZeneca — in the “coming days,” which could give a jolt to Canada’s stalled vaccination campaign.
But for that product, too, Fortin said he didn’t know how many, if any, doses would be delivered in the coming weeks. He said PHAC has developed a number of possible delivery scenarios if AstraZeneca secures the green light, but that information would not be made public.
Canada has fallen behind other developed nations in the number of shots administered per capita as supply disruptions derail planned vaccinations.
According to data collated by the University of Oxford-based Our World in Data, Canada now ranks 33rd globally, well behind allies like the United States and the United Kingdom but also middle-income countries like Turkey and Serbia.
Canada’s vaccination effort has also been outpaced so far by those in Bahrain, Denmark, Germany, Israel, Italy, Malta, Poland, Portugal, Romania, Slovenia, Spain and the United Arab Emirates, among others.
Canada’s decision to tap COVAX supply draws opposition fire
The government, meanwhile, is under fire on another vaccine-related matter. Canada has opted to receive shots from COVAX, a vaccine-sharing initiative funded by wealthier countries to ensure low- and middle-income countries have access to shots.
In announcing funding for the initiative last year — Canada is among the most generous financial donors to the program — the prime minister said the country intended to draw on the COVAX supply to bolster the vaccination campaign at home.
But now some opposition leaders say it is an embarrassment that Canada is intending to rely on this program for additional doses. COVAX has said Canada will receive at least 1.9 million AstraZeneca doses from the program by the end of June.
Green Party Leader Annamie Paul said Canada’s move to take doses from COVAX could prolong transmission of the virus elsewhere and allow more variants to mutate.
“This is the wrong decision, this is the wrong time to make this decision,” she said.
“People in Canada do not want this kind of decision made in their name. So, we are asking for the government to either rescind this decision, or alternatively make up for whatever doses it has taken out by returning them to the COVAX facility so that our international neighbours can enjoy the same protection we do; so we can get out of this pandemic together.”
As the only G7 country slated to draw doses from the COVAX facility, Paul said the decision also harms Canada’s international reputation.
During question period, Deputy Prime Minister Chrystia Freeland defended the Liberal government’s decision to tap into COVAX vaccine supply. 1:06
Speaking in question period, Deputy Prime Minister Chrystia Freeland said the government will do it all can to bolster Canadian supply, even if it means tapping a program principally designed for developing countries.
“Our government will never apologise for doing everything in our power to get Canadians vaccinated as quickly as possible,” Freeland said. “We’ve been clear from the start: no one will be safe until everyone is. We’re focused on getting Canadians vaccinated while making sure the rest of the world is vaccinated too.”
Conservative Leader Erin O’Toole declined to say if he would accept the supplies from COVAX if he were prime minister, insisting Canada would not be facing this dilemma under his leadership.
“It’s hard for me to divorce the inaction of the government over the last 10 months with what I would do today. We would not be in this position today because last year I was asking for independence on everything from PPE to vaccine manufacturing,” he said.
“We should not be drawing away from poorer countries — we should be having the capacity here. We’re a G7 country and we’re trailing,” he said.
While a laggard compared to many other wealthy nations, Canada has administered more shots per capita than G7 partner Japan.
Japan, with a population of 126 million people and just 5,400 COVID-19-related deaths, hasn’t yet started its vaccination campaign. Unlike Canada, Japan is planning to produce 90 million shots of the AstraZeneca vaccine domestically.
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.
