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Canada watching for new COVID-19 variant, warns against travel to U.K. – Global News

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Canadian federal health officials are so far offering few updates on the emergence of a new coronavirus strain in the U.K. that the World Health Organization noted on Monday appears to be more infectious.

At the same time, provincial health officials in Alberta are now urging anyone who has arrived from the U.K. in the past two weeks to immediately get tested and Ontario Premier Doug Ford said the potential for more rapid spread leaves him “extremely alarmed.”

“This is an extremely serious threat — one we must take seriously,” Ford said during a press conference on Monday in which he said the province will tighten health measures starting on Boxing Day.

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The focus on the new strain comes after Canadian officials on Sunday evening announced a ban on incoming flights from the U.K. for three days as health experts work to gather more information on the new strain of the virus, which is not proven to be more deadly or cause more severe symptoms.

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Canadians who either have to travel to the U.K. for essential business or who choose to defy the urging of health officials to avoid any non-essential travel are also being urged to use “extra caution.”

Health officials on Sunday said no cases linked to the new strain have been identified yet in Canada while a statement issued Monday from Chief Public Health Officer Dr. Theresa Tam said the government is “closely monitoring” the new strain.

Read more:
Canada to suspend all flights from U.K. for 72 hours as new coronavirus variant spreads

Countries around the world blocked travel from the U.K. over the weekend after reports of a new strain of coronavirus that appears to be transmitted more easily than the strain mainly circulating now.

This is not the first time a new strain has emerged, and it is common for viruses to evolve as they spread through hosts and environments.

But concerns about the potential for quicker spread come as many countries are already struggling to get the second wave of the virus under control, with exploding cases straining global health systems.

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

Dr. Mike Ryan, executive director of the WHO’s emergencies program, said the indications that the new strain is around 70 per cent more infectious translates to an increase in the virus’s reproduction rate from 1.1 to 1.5, meaning countries may need to fight more to keep the spread contained.

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“In some senses, it means we have to work harder,” he explained.

“Even if the virus has become more efficient at spreading, it can be stopped.”


Click to play video 'Coronavirus: WHO says new virus strain from U.K. being studied'



4:05
Coronavirus: WHO says new virus strain from U.K. being studied


Coronavirus: WHO says new virus strain from U.K. being studied

Dr. Isaac Bogoch, an infectious disease specialist at the University of Toronto,  said it’s important to recognize there are a lot of questions that still aren’t clear about the new strain.

But even if it is more infectious, there’s still plenty people can do to fight it.

“The public health measures will work the same regardless of what variant of the virus is circulating,” he said. “Masks, physical distancing, avoiding confined, crowded settings — these are all very helpful.”

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There have also been questions on whether the variant strain identified in the U.K. could complicate efforts to test and vaccinate against COVID-19, given there appear to be early indications of small genetic changes in the spike protein of the coronavirus in the new strain.

Those spike proteins are a key target of the mRNA vaccines being rolled out in limited supplies in Canada, the U.K., and the U.S. over recent weeks, and set to continue through the New Year.

COMMENTARY: How Pfizer’s and Moderna’s mRNA-based COVID-19 vaccines work

However, there’s no evidence to suggest that’s the case, said another expert.

“I think that’s probably minimal in terms of its ability to complicate how we’re diagnosing COVID-19,” said Dr. Zain Chagla, an infectious disease specialist at St. Joseph’s Healthcare Hamilton.

“This protein is hundreds of amino acids long and the changes here are up to 14 amino acids, some less than that,” he continued. “So you still have antibodies that are binding to a lot of different sites and a lot of them that are still preserved in all of this.”

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“So it shouldn’t affect vaccine development and should protect vaccine delivery.”

Ryan offered similar thoughts.

“What no variant has done yet is establish itself as having any higher level of severity or evading our diagnostics or hiding from the effectiveness of vaccines.”


Click to play video 'Canada’s COVID-19 vaccination race'



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Canada’s COVID-19 vaccination race


Canada’s COVID-19 vaccination race

With files from Global’s Rachel Gilmore.

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© 2020 Global News, a division of Corus Entertainment Inc.

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Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

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Tesla Promises Cheap EVs by 2025 | OilPrice.com



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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

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Why the Bank of Canada decided to hold interest rates in April – Financial Post

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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

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Meta shares sink after it reveals spending plans – BBC.com

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Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

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Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

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