A survey of 1,150 Canadians conducted by Ipsos on behalf of the Montreal Economic Institute (MEI), found that 88 per cent said there need to be more beds, personal protective equipment (PPE), medical staff, hospitals and clinics, to tackle the COVID-19 pandemic. Some 93 per cent of those aged 55 and above agreed.
“Canadians realize that our health-care system is constantly on the verge of being overwhelmed, and want there to be more capacity to deal with large volumes of patients,” Miguel Ouellette, director of operations and economist at the MEI, said in a statement on Tuesday.
On Tuesday, Prime Minister Justin Trudeau called the spike “very concerning”, with winter expected to bring “real challenges”, he said.
The rising number of patients is overwhelming hospitals, particularly in the western provinces, where record-high levels of hospitalizations were reported on Tuesday.
Health officials in Alberta and Manitoba, which leads all other provinces in per-capita active cases, have voiced concern.
In Saskatchewan, doctors raised alarm in an open letter on Tuesday, saying that hospitals in the province are full, and Saskatoon’s intensive care units — having reached 130 per cent capacity — are diverting patients.
“It is becoming increasingly clear to us, physicians from across Saskatchewan, that we are losing the battle,” stated the letter signed on Tuesday by 206 doctors, adding, “If more is not done to change our course, we are confident that winter will bring overflowing hospitals, cancelled surgeries, overwhelmed health-care providers and needless deaths.”
Turning to telemedicine
According to the MEI survey that was conducted online last month, 61 per cent of respondents said their health system is “too bureaucratic”.
Maria Lily Shaw, an economist at MEI, told Global News that the shortages in Canada’s health-care system are not new, but the COVID-19 crisis has “simply exacerbated the problem and made it even more obvious to the public”.
“When it comes to emergency situations such as a global pandemic, the key to a timely recovery is the ability to increase staff, space, and equipment in a time of dire need. The bureaucratic nature of our system makes it difficult, or even impossible, to quickly and efficiently increase the amount of available hospital beds and hospital staff. There are simply too many hoops to jump through,” she said.
According to the poll, 53 per cent of Canadians also said that the system has actually deteriorated over the last 10 years, despite additional funding into health care.
Under strict lockdown restrictions to prevent the spread of COVID-19, many Canadians have turned to virtual medicine for help.
Nearly 70 per cent of Canadians are in favour of continuing telemedicine even after the COVID-19 pandemic is over.
Shaw said this can be interpreted as positive feedback to the actions that have been taken by provincial governments in the past months to facilitate telemedicine services.
During the pandemic, provinces have introduced temporary payment codes to their health system which allow doctors and physicians to be remunerated when offering telemedicine services to their patients.
“We now have the infrastructure for virtual consultations and valuable experience with telemedicine, so why not make it permanent? This would increase access for the patients and ultimately improve the capacity of our system,” she said.
Since the pandemic began, Canada has registered 273,037 cases of COVID-19, including 10,632 deaths, while 221,279 people have recovered and more than 12 million tests have been administered.
Source: – Global News
Latest worldwide spread of the coronavirus
Russia has tightened curbs in major cities as authorities blame the new Delta variant for spiking cases and deaths, while neighbouring Ukraine has registered its first two cases of the more infectious virus type.
DEATHS AND INFECTIONS
* Eikon users, see COVID-19: MacroVitals https://apac1.apps.cp.thomsonreuters.com/cms/?navid=1592404098 for a case tracker and summary of news
* The European Centre for Disease Prevention and Control has said the more contagious Delta variant, first identified in India, will represent 90% of all SARS-CoV-2 viruses circulating in the European Union by the end of August.
* Spain has vaccinated half of its 47 million population with at least one dose and nearly 32%, or over 15 million people, have been fully inoculated.
* The share of infections caused by the Delta variant of the coronavirus has doubled in Germany in a week and is likely to gain more traction over other variants.
* Greece will end the mandatory wearing of face masks outdoors and ease other remaining restrictions.
* Japan is suspending approval for companies to inoculate staff amid concerns that an increase in such applications will hamper smooth delivery of vaccines.
* Alcohol, high-fives and talking loudly will be banned for the reduced numbers of Olympic ticket holders allowed into venues.
* Australia’s largest city of Sydney reintroduced “soft touch” curbs to contain a widening outbreak of the Delta variant.
* A Brazilian Senate committee has formally approved a request to call representatives of Google, Facebook and Twitter to testify in an ongoing probe into the government’s handling of the pandemic.
* Canada will further relax border restrictions in the weeks to come as long as the science supports such a move, Prime Minister Justin Trudeau said.
* Federal authorities have seized at U.S. airports unauthorised versions of remdesivir destined for distribution in Mexico, the Wall Street Journal reported. [nL2N2O51U0]
MIDDLE EAST AND AFRICA
* South Africa’s health regulator said it had received documentation for China’s Sinopharm vaccine and will evaluate the data to assess the efficacy of the shot.
* Israel empowered health officials to quarantine anyone deemed to have been exposed to the especially infectious Delta variant.
* Bahrain will extend by three months a government support program for businesses hard hit by the pandemic.
* Rare cases of heart inflammation in adolescents and young adults are likely linked to vaccination with the Pfizer/BioNTech and Moderna shots, a group of doctors advising the U.S. Centers for Disease Control and Prevention said.
* Vaccines made by AstraZeneca and the Pfizer-BioNTech alliance remain broadly effective against Delta and Kappa variants. [nL3N2O43IN]
* The University of Oxford said it was testing anti-parasitic drug ivermectin as a possible treatment for COVID-19.
* Wall Street and global equity markets were broadly higher on Wednesday after reassurances from U.S. Federal Reserve Chair Jerome Powell that the central bank is not rushing to hike interest rates, while European stocks remained under pressure. [MKTS/GLOB]
* A period of high inflation in the United States may last longer than anticipated but should still ease over time as the economy settles back to normal, two U.S. Federal Reserve officials said.
* Euro zone business growth accelerated at its fastest pace in 15 years in June as the easing of lockdown measures unleashed pent-up demand and drove a boom in the dominant services sector but also led to soaring price pressures.
(Compiled by Ramakrishnan M. and Juliette Portala; Edited by Arun Koyyur)
Canada’s M&A boom fuels hiring spree, higher pay
Record-breaking dealmaking in Canada is encouraging investment banks to beef up staffing, but the increased demand for bankers is forcing some to pay up in unique ways to attract new hires.
Canadian mergers and acquisitions (M&A) year to date surged to a record $206.5 billion and IPOs hit an all-time high of $5.6 billion, according to Refinitiv, after the pandemic crushed dealmaking in the first three quarters of 2020.
HSBC, JPMorgan Chase & Co and National Bank of Canada are expanding their M&A teams.
“It continues to be an active market with lots of active discussions with clients going on as well, and so that has absolutely spurred on a need to fortify the ranks within the teams,” said Scott Lampard, head of global banking for HSBC Bank Canada.
HSBC plans to boost overall investment banking headcount by 20%-25%, mainly at the analyst level to support pitching and executing deals, Lampard said.
With the pace of transaction expected to continue at pace, banks are paying more to hire and retain existing teams, offering a range of new services, like sending in a consultant to create the ideal home office, recruiters say.
“We’ve been doing this for nearly 20 years and we’ve never seen a market like this,” said Bill Vlaad, CEO at recruitment firm Vlaad and Company. “Everybody is scrambling,”
“Many of the banks have increased base salaries quite dramatically, mostly in 2021,” he said, adding salaries had increased 20%-40% across M&A roles.
“Now if you want to attract, you have to put something else on the table.”
To poach talent, banks are adding signing bonuses, extra vacation days, healthcare increases, special programs for mental wellness and home office perks, all tailored to individual requests, Vlaad said.
TD Securities, Barclays, CIBC World Markets are the top M&A advisers year to date. All three declined to comment on hiring plans.
Of the top deals announced this year, Rogers Communications Inc’s C$20 billion ($16.2 billion) bid for Shaw Communications Inc and Canadian National’s bid $33.6 billion offer for Kansas City Southern are the two biggest.
Despite the pandemic, five of the top six Canadian banks paid an average of C$3.1 billion ($2.50 billion) in total bonuses last year, up from C$2.9 billion ($2.34 billion) in 2019, an analysis of filings by Reuters showed.
Headcount at National Bank Finance will be up by four or five people in M&A versus the same time last year, David Savard, head of M&A at the bank, told Reuters.
That put the team at 28 for the large-cap M&A team and 10 for the mid-market team, he said, adding both areas were “booming”.
“There seems to be some pent-up demand for entrepreneurial-led companies and private companies doing M&A coming out of COVID,” he said.
David Rawlings, CEO for JPMorgan Canada, agreed headcount would be likely higher in the near future.
“We think activity will continue to be strong and are currently looking to selectively hire with a particular focus on senior diverse candidates,” said Rawlings.
($1 = 1.2453 Canadian dollars)
(Reporting by Maiya Keidan; Editing by Denny Thomas and Lisa Shumaker)
French court overturns ruling saying sale of cannabidiol is illegal
France’s highest appeals court on Wednesday overturned a ruling that stores in the country can’t legally sell cannabidiol (CBD), a non-psychotic compound related to cannabis that is being researched for a variety of medical applications.
Based on the free trade of goods within the European Union, the Cour de cassation ruled that judges could not find the sale of CBD in France illegal if it had been legally produced in a member state of the bloc.
The Court of Justice of the EU ruled last year that no national law can prohibit the sale of CBD legally produced in a member state, the French court also said.
“Without considering whether the substances seized had not been legally produced in another member state of the European Union, the court failed to provide a basis for its decision,” it said, referring to a ruling of a lower appeals court.
The Cour de cassation did not rule whether selling CBD in France was legal or not, and ordered a lower court to rule again on a case involving the owner of a shop selling CBD.
“We are happy”, CBD shop owner Mathieu Bensa, who was not involved in the case, told Reuters after the ruling.
“We did not understand why France was the last country in the European Union that had not given access to the sale of hemp plants”, he said.
Derived mainly from the hemp plant, CBD is increasingly used as a relaxant.
Cannabis stocks have attracted growing interest on world stock markets, particularly on the Toronto stock exchange after Canada became one of the first major economies to legalise the recreational use of marijuana.
Cannabis use is outlawed in France but the country has one of Europe’s highest consumption rates.
(Reporting by Matthieu Protard, Benoit Van Overstraeten and Ardee Napolitano; Editing by Mark Potter)
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