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Confirmed cases of new COVID-19 variant in Canada are 'unsurprising', experts say – CTV News

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TORONTO —
A new, more contagious variant of COVID-19 that first surfaced in the U.K. has been detected in Canada, something health experts had already predicted.

Ontario’s Associate Chief Medical Officer of Health, Dr. Barbara Yaffe, announced Saturday that there are two confirmed cases of the coronavirus variant in Durham region. The patients who tested positive are a couple, now in self-isolation.

“I’m not surprised,” Dr. Brian Conway, medical director of the Vancouver Infectious Diseases Centre, told CTV News Channel Saturday, in the wake of the news. “Obviously, this variant has been circulating for some time before it was actually recognized.”

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In a news release announcing the cases, Dr. Yaffe said this “further reinforces the need for Ontarians to stay home as much as possible and continue to follow all public health advice, including the provincewide shutdown measures beginning today.

Durham Region Health Department has conducted case and contact investigation and Ontario is working in collaboration with our federal counterparts at the Public Health Agency of Canada.”

But even before today’s confirmation that this coronavirus variant is in Canada, health experts suspected it was already here. 

“It’s spread to other countries,” Ronald St. John, the former director-general of the Centre for Emergency Preparedness and Response at the Public Health Agency of Canada (PHAC), told CTV News Channel earlier on Saturday.

“Since it’s been found since September, there’s no reason why people coming since September haven’t been able to bring that new strain to Canada.” 

The new variant that emerged from the U.K. has since been found in other countries around the world, including France, Japan, Israel and Sweden.

Only two days ago, PHAC said in a statement that there had been “no evidence of these variants in Canada to-date” and that it was enhancing screening and scrutiny of quarantine plans for inbound passengers.

Saturday’s news release thanked the “proactive work” of the PHAC in locating the two cases of the new variant.

Conway said that more measures need to be taken to understand how the variant made its way into Canada.

“We need to do much more testing, we need to understand where this couple became infected,” he said, adding that we can only interrupt the “transmission chains” if we understand them.  

On Dec. 20, Prime Minister Justin Trudeau announced a restriction on flights from the U.K. to Canada in an effort to prevent the new variant from coming to Canada. That restriction has since been extended to Jan. 6.

St. John said these measures may have come too little, too late.

The two cases announced today have no travel history, high-risk contacts or known exposure.

“It’s a question of if the horse is out of the barn already, and are we closing the doors too late?” St. John said. 

Kirsten Fiest, an epidemiologist at the University of Calgary Cumming School of Medicine, also said stopping flights from the U.K. may not be enough to prevent the new variant from spreading in Canada.

“Almost certainly, it’s spread even further than we know right now,” Fiest told CTV Calgary. “If something can spread really quickly and rapidly and it increases the likelihood of infection, then our biggest concern should be long-term care facilities.” 

The new variant of the virus “may be up to 70 per cent more transmissible than the original version of the disease,” U.K. Prime Minister Boris Johnson said in a press conference on Dec. 19, though a new study from the London School of Hygiene And Tropical Medicine suggests the virus is about 56 per cent more contagious.

Two other variants of COVID-19 have also been found in Nigeria and South Africa, leading Canada to expand screening and monitoring measures on flights inbound from South Africa.

“We need to be on the lookout for other variants,” Conway said. 

St. John said both variants need further study to understand how variations in the genes could impact the behaviour of the virus and its effects on how the disease presents itself in the people who have contracted it, adding that the variant found in South Africa also appear, “at this point,” to be more contagious than the base strain of coronavirus already in Canada.

As to whether or not the vaccines already being delivered in Canada will be effective in defending against these new variants, St. John said he doesn’t believe the virus will mutate in the same way seasonal influenza does, and that the vaccines will likely be effective.

“So far, as near as I know, the vaccine targets many different parts of the virus,” St. John said. “So it’s a good thing that it does, and that the virus probably will not escape the vaccine.”

Conway added that there is “no evidence that the vaccine works less well,” on the variant that first emerged in the U.K. 

BioNTech CEO Ugur Sahin has also said he is “confident” his company’s vaccine, created with Pfizer, will be effective against the new U.K. variant of the virus.  

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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

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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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Oil Firms Doubtful Trans Mountain Pipeline Will Start Full Service by May 1st

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Pipeline

Oil companies planning to ship crude on the expanded Trans Mountain pipeline in Canada are concerned that the project may not begin full service on May 1 but they would be nevertheless obligated to pay tolls from that date.

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In a letter to the Canada Energy Regulator (CER), Suncor Energy and other shippers including BP and Marathon Petroleum have expressed doubts that Trans Mountain will start full service on May 1, as previously communicated, Reuters reports.

Trans Mountain Corporation, the government-owned entity that completed the pipeline construction, told Reuters in an email that line fill on the expanded pipeline would be completed in early May.

After a series of delays, cost overruns, and legal challenges, the expanded Trans Mountain oil pipeline will open for business on May 1, the company said early this month.

“The Commencement Date for commercial operation of the expanded system will be May 1, 2024. Trans Mountain anticipates providing service for all contracted volumes in the month of May,” Trans Mountain Corporation said in early April.

The expanded pipeline will triple the capacity of the original pipeline to 890,000 barrels per day (bpd) from 300,000 bpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast.  

The Federal Government of Canada bought the Trans Mountain Pipeline Expansion (TMX) from Kinder Morgan back in 2018, together with related pipeline and terminal assets. That cost the federal government $3.3 billion (C$4.5 billion) at the time. Since then, the costs for the expansion of the pipeline have quadrupled to nearly $23 billion (C$30.9 billion).

The expansion project has faced continuous delays over the years. In one of the latest roadblocks in December, the Canadian regulator denied a variance request from the project developer to move a small section of the pipeline due to challenging drilling conditions.

The company asked the regulator to reconsider its decision, and received on January 12 a conditional approval, avoiding what could have been another two-year delay to start-up.

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