OTTAWA —
Prime Minister Justin Trudeau says he remains confident in Canada’s vaccine supplies despite threats from Europe that it might impose export controls on vaccines produced on that continent.
Speaking to reporters outside his Ottawa residence Tuesday morning, Trudeau said the situation in Europe is worrisome but he is “very confident” Canada is going to get all the COVID-19 vaccine doses promised by the end of March. And despite the sharp decline in deliveries of a vaccine from Pfizer and BioNTech this month, he said Canada will still vaccinate all Canadians who want shots by the end of September.
“We will continue to work closely with Europe to ensure that we are sourcing, that we are receiving the vaccines that we have signed for, that we are due,” Trudeau said.
European Commission President Ursula von der Leyen said in a video statement posted to Twitter Tuesday that Europe will set up a “vaccine export transparency mechanism” so Europe knows exactly how many doses are being produced in the world’s largest trading bloc and where they are being shipped.
“Europe invested billions to help develop the world`s first COVID-19 vaccines to create a truly global common good,” she said. “And now the companies must deliver.”
Europe is also getting smaller shipments from Pfizer than promised, because the company temporarily slowed production at its plant in Belgium so it can be expanded.
AstraZeneca has also warned Europe its first shipments of vaccine will be smaller than expected because of production problems.
But Europe, which invested more than C$4 billion in vaccine development, is demanding the companies fulfil their contracts on time.
“Europe is determined to contribute to this global common good but it also means business,” said von der Leyen.
International Trade Minister Mary Ng said she had spoken to her European counterpart, Valdis Dombrovskis, about the situation and will keep working with Europe to keep the supply chain open.
“There is not a restriction on the export of vaccines to Canada,” Ng said in question period.
Conservative health critic Michelle Rempel Garner accused Ng of playing games with her response, noting the issue isn’t that there is an export ban now, but that Europe is threatening to impose one.
With all of Canada’s current vaccine doses coming from Europe, “that’s a concern,” Rempel Garner said.
“If the Europeans ban exports of vaccines, what’s Plan B for Canada?” she asked.
Both Pfizer and Moderna are making doses of their vaccine in the U.S. and in Europe, but all U.S.-made doses are currently only shipped within the U.S.
Former U.S. president Donald Trump invoked the Defence Production Act last year to prevent export of personal protection equipment. He then signed an executive order in December demanding U.S.-produced vaccines be prioritized for Americans only and threatened to use the act to halt vaccine exports as well.
President Joe Biden has already invoked the act to push for faster production of PPE and vaccines. Though he has not specifically mentioned exports, Biden has promised 100 million Americans will be vaccinated within his first 100 days of office, making the prospects the U.S. shares any of its vaccine supply unlikely.
Canada has contracts with five other vaccine makers, but only two are on the verge of approval here. AstraZeneca, which has guaranteed Canada 20 million doses, needs to finish a big U.S. trial before Health Canada decides whether to authorize it.
Johnson and Johnson is to report results from its Phase 3 trial next week, one of the final things needed before Health Canada can make a decision about it. Canada is to get 10 million doses from Johnson and Johnson, but it is the one vaccine that so far is administered as only a single dose.
Trudeau said AstraZeneca isn’t supplying Canada from its European production lines. A spokeswoman for Procurement Minister Anita Anand said Canada will not say where the other vaccines are coming from because of the concerns about security of supplies.
AstraZeneca and Johnson and Johnson have set up multiple production lines in the United States, the United Kingdom, Europe, India, Australia and Africa. Canada has no current ability to produce either those vaccines or the ones from Pfizer-BioNTech and Moderna. It is entirely reliant on foreign production at the moment.
More than 113,000 people in Canada have received two full doses of either the Moderna or BioNTech vaccine. Another 752,000 have received a single dose.
But the reduction in Pfizer shipments to Canada forced most provinces to slow the pace of injections. Europe, Mexico, Bahrain and Saudi Arabia also have slowed their vaccination campaigns because of the supply limits.
Trudeau said Pfizer CEO Albert Bourla assured him the full shipments will resume in mid-February, and that Canada will get its contracted four million doses by the end of March. He said he spoke to Moderna CEO Stephane Bancel Tuesday morning and was promised Moderna’s shipments of two million doses by March 31 are also on track.
MPs were scheduled to have an emergency debate on Canada’s vaccine program Tuesday night.
This report by The Canadian Press was first published Jan. 26, 2021
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.
