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Canada to get first Pfizer COVID-19 vaccine doses next week

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Prime Minister Justin Trudeau says the largest mass immunization effort in Canadian history could begin as early as next week, as tough new measures to slow the spread of COVID-19 took effect in Prince Edward Island and Ontario hit a new daily infection record.

Trudeau said Monday that by the end of December, Ottawa expects to receive up to 249,000 doses of the COVID-19 vaccine developed by U.S. pharmaceutical giant Pfizer and its German partner BioNTech.

Health Canada approval is expected this week and first shipments are on track to arrive next week.

Immunization requires two doses administered weeks apart, so the initial batch would be enough for nearly 125,000 Canadians.

The vaccine, which must be stored in ultracold temperatures, is to be delivered to 14 sites across the country, with doses divvied up among the provinces on a per-capita basis. Maj.-Gen. Dany Fortin, the former NATO commander in charge of the vaccine rollout, said it takes a day or two to thaw and prepare the vaccine.

Ottawa has said previously that it is aiming to immunize three million Canadians during the first three months of 2021, with vulnerable people, like seniors and certain health-care workers, first in line.

Trudeau said even though there is good news on the vaccine front, now is not the time for Canadians to let their guard down — especially as caseloads and hospitalizations continue to climb in many provinces.

“Just because we’re getting closer to vaccines, doesn’t mean we can afford to become complacent,” he said.

“On the other hand, just because the numbers are spiking doesn’t mean we should give up in despair.”

In Atlantic Canada, Prince Edward Island entered what it’s calling a two-week “circuit-breaker” lockdown on Monday after seven new cases of the virus were reported over the weekend.

Restaurant dining rooms, fitness facilities, bingo halls and libraries are closed, while social gatherings are capped at 10 people and stores are limited to half capacity.

All Islanders in their 20s are being asked to be tested for COVID-19 even if they have no symptoms.

Visitors are being kept out of hospitals and long-term care homes, except under compassionate circumstances.

The province reported four new cases on Monday, all of whom are close contacts with those announced on the weekend.

P. E.I. imposed the restrictions despite it faring better than most other provinces. As of Sunday, it had seven cases per 100,000 people, whereas Alberta, Saskatchewan and Manitoba had hundreds.

But Susan Kirkland, a community health and epidemiology professor at Dalhousie University in Halifax, said there’s no second chance for an aggressive start.

“Once COVID gets out of control, as it has in many other provinces, you can’t back up. If you take a very hard, very aggressive approach early on, you have the potential to get back to zero,” she said.

“Every other province, except those in the Atlantic region, has lost this opportunity.”

Nova Scotia reported eight new cases on Monday, while New Brunswick had two and Newfoundland and Labrador had none.

Meanwhile, Ontario reported 1,925 new virus cases Monday, beating the record set a day earlier by one. Twenty-six more people have died from COVID-19, according to the province’s latest update.

Premier Doug Ford said Monday that vulnerable seniors, their caregivers and health-care workers will be among the first to receive the vaccine. Adults in Indigenous communities, residents of retirement homes and recipients of chronic home health care will also be priority groups, but it may be April before the shots are widely available to others.

Retired general Rick Hillier, who is leading Ontario’s vaccine task force, said the province should be able to vaccinate 1.2 million people during the first three months of 2021.

Quebec reported 1,577 new cases of COVID-19 and 22 additional deaths linked to the virus, three of which took place in the last 24 hours.

More than 75 public health and economics experts signed an open letter published in Montreal’s La Presse newspaper recommending all non-essential businesses in the province close for two weeks to stem the spread of the virus.

Manitoba, which has the most active cases per capita in Canada, recorded 325 new infections and 12 more deaths. Chief public health officer Dr. Brent Roussin is urging people to stay home as much as possible and cancel all non-essential travel as the health-care system faces a heavy workload.

Saskatchewan reported 247 new infections. Regina Public Schools, one of the province’s largest school divisions, is moving to remote learning as classrooms deal with a spike in infections and administrators struggle to find enough healthy staff to work.

 

 

Source: – BNN

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Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

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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.

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Yuri Kageyama is on X:

The Canadian Press. All rights reserved.

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Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

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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.

Companies in this story: (TSX:SHOP)

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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

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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.

Companies in this story: (TSX:REI.UN)

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