Connect with us

Business

COVID-19 cases continue to trend downward, variants being closely monitored – CHAT News Today

Published

 on


She said the first variant case was identified retrospectively in a sample first taken from a returning traveller on Dec. 15. Since then, the 104 variant cases identified comes from more than 43,000 cases of COVID detected in the province.

She said that accounts for a quarter of a per cent of all the cases identified from Dec. 15 onward.

“Since our lab has begun testing most if not all positive samples, the average per cent of all cases that are variants of concern is higher a 1.4 per cent of all positive tests.”

She said that between Jan. 30 and Feb. 5, 38 variant cases have been found versus 2,703 non-variant cases.

“This does not in any way minimize the threats these variants pose or the impact they will have if we let them spread widely,” Hinshaw said. “However so far variants are still very rare and we are working hard to try to keep it that way.”

Alberta Health has expanded testing capacity, created dedicated variant contact tracing teams and moved rapidly to isolate variant cases and prevent virus spread, Hinshaw said.

She added the public health measures such as staying home when sick, getting tested and following the letter and spirit of the rules in place are even more important, calling them the tried and true methods.

There are 14 active cases of COVID-19 in Medicine Hat on Tuesday.

The city now has had 535 total cases – the 14 active, 507 recovered and there have been 14 deaths.

There is one new case in the city in Tuesday’s update and one new recovery.

Across the province, there are 5,831 active cases, down 365 from Monday, and 119,678 recovered cases, up 548.

Alberta’s total number of COVID-19 cases from the start of the pandemic is 127,231.

There are 195 new cases in the province today.

There are now 427 Albertans in hospital with COVID-19, 78 of which are in ICU, and 422 deaths.

The province completed 7,003 tests in the past 24 hours.

The provincial positivity rate is 3.2 per cent.

As of Feb. 8, 124,325 doses of vaccine have been administered in Alberta.

Hinshaw said that since in-person classes resumed in January, cases identified in Albertans between the ages of five and 19 have trended downwards. In the first week back 113 cases were identified; just 58 were identified last week.

“While any new case is concerning, this is a positive trend. It continues to show what we have seen here in Alberta since in-person learning began in September,” said Hinshaw.

“Cases rise and fall in children and youth as the rates of community transmission increase and decrease. When combined with the other evidence that we are seeing, this tells us that schools are still not a primary driver of COVID-19 transmission when appropriate measures are applied.”

She said the measures in place are largely working thanks to the efforts and attention of teachers, staff and students. She added it remains crucial that keep transmission rates stay low and case numbers continue to drop.

She called it “the best way to protect schools, continuing care facilities and the rest of society.”

On Monday, Hinshaw announced the province has eliminated the colour-coded regional status map and removed the regional classifications of “Enhanced,” “Watch” and “Open.”

Active case numbers and active cases rates remain on the page.

Hinshaw will provide another update on Wednesday.

There are 6,051 cases in the South Zone. There are 325 active cases and 5,651 recovered. The death total in the zone is at 75.

An AHS spokesperson told CHAT News on Monday that AHS South Zone currently has 27 COVID-19 positive individuals in hospital. There are two at Medicine Hat Regional Hospital, with one of those in the ICU. Chinook Regional Hospital in Lethbridge has 24 inpatients, with nine of those in the ICU. The Pincher Creek Health Centre has one inpatient.

Seven Persons School is on “Alert” status, with two positive cases. One was confirmed on Jan. 17 and one on Jan. 15. Students and staff have been identified as close contacts and placed into quarantine.

The website Support Our Students is tracking instances of cases in schools across the province.

Cypress County has totaled 145 cases – one active case and the rest recovered.

The County of Forty Mile has 117 total cases. There no active cases, 115 recovered and there have been two deaths.

The MD of Taber has 332 total cases — four active cases, 322 recovered and there have been six deaths.

Special Areas No. 2 has 40 total cases – one active, 38 recovered and there has been one death.

Brooks has 1,365 total cases — five active and 1,346 are recovered. Brooks has recorded 14 deaths.

The County of Newell has a total of 158 cases — two active cases, 154 recovered and there have been two deaths.

The County of Warner has 158 total cases. There is one active case, 155 are recovered cases and there have been two deaths in the county.

The City of Lethbridge has a total of 1,828 cases. There are 189 active cases, 1,626 recovered and there have been 13 deaths. Lethbridge County has 519 cases, 12 active cases, 500 recovered and there have been seven deaths.

The figures on alberta.ca are “up-to-date as of end of day Feb. 8, 2021.”

Read the full Feb. 9 update from the province here.

Saskatchewan confirmed 80 new cases of COVID-19 in the Tuesday update.

Saskatchewan has a total of 25,654 cases, 2,026 considered active. There are 23,282 recovered cases and there have been 346 COVID-19 deaths in the province.

Saskatchewan has delivered 44,521 doses of vaccine.

[embedded content]

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Tourmaline to expand in Montney with C$1.1 billion deal for Black Swan

Published

 on

Canada‘s Tourmaline Oil Corp said on Friday it would buy privately owned Black Swan Energy Ltd in a C$1.1 billion ($908.79 million) deal, as the oil and gas producer looks to expand in the Montney region, one of North America’s top shale plays.

Canada‘s Montney, which straddles Alberta and British Columbia, has seen a wave of consolidation as companies buckled under collapsing oil prices amid the COVID-19 pandemic.

Tourmaline said the deal represents a key part of its ongoing North Montney consolidation strategy and the company sees the area as a key sub-basin for supplying Canadian liquefied natural gas.

The company in April acquired 50% of Saguaro Resources Ltd’s assets in the Laprise-Conroy North Montney play for $205 million and entered into a joint-venture agreement to develop these assets.

Analysts at brokerage ATB Capital Markets called the Black Swan assets a “hand in glove” fit with its recent acquisitions.

Tourmaline stock rose 4.5% to C$32.1.

The deal value consists of 26 million Tourmaline shares and a net debt of up to $350 million, including deal costs.

Tourmaline will acquire an expected average production capacity of over 50,000 boepd when the deal closes, likely in the second half of July.

The company, which also raised its dividend by 1 Canadian cent per share, expects the Black Swan assets to generate free cash flow of $150 million to $200 million in 2022 and beyond.

The Canadian energy sector has seen a flurry of deals with companies expecting to benefit from the rebound in oil prices as global fuel demand picks up.

ARC Resources Ltd in April bought Seven Generations Energy Ltd for C$2.7 billion to create Montney’s largest oil and gas producer.

($1 = 1.2104 Canadian dollars)

 

(Reporting by Rithika Krishna in Bengaluru; Editing by Vinay Dwivedi)

Continue Reading

Business

Exxon losing veteran oil traders recruited to beef up profit

Published

 on

Exxon Mobil Corp has lost two top crude oil traders from its U.S. energy trading group, according to people familiar with the matter, in a continued exodus from the group.

Exxon last year reversed course on a major expansion of its oil and petroleum products trading as fuel demand tumbled during the pandemic. It suffered a $22.4 billion loss in 2020 from its oil production and refining businesses, leading to deep cost cuts across the business.

Veteran oil traders Michael Paradise and Adam Buller, both of whom joined the company in 2019 after lengthy careers elsewhere, resigned last week, the people said. Paul Butcher, an Exxon trader in Britain, plans to leave in September, another person familiar with the operation said.

Butcher was recruited by Exxon in 2018 to advise it on North Sea oil markets and on accounting for trading transactions. He earlier worked for BP Plc, Glencore Plc and Vitol SA.

Exxon declined to comment on the departures, citing personnel matters.

“We’re pleased with our progress over the past couple of years to grow our team and capabilities,” said spokesman Casey Norton. Exxon’s scale and reach “give our trading teams a broad footprint and unique knowledge and insights” that can generate value for shareholders.

Paradise was a highly regarded crude oil trader who joined Exxon from Noble Group and earlier was director of crude oil trading at Citigroup Inc and BNP Paribas. Buller joined Exxon in late 2019 after trading oil for Petrolama Energy Canada and Spain’s Repsol SA. He earlier was director of international oil trading at BG Group.

Exxon recruited a cadre of experienced traders hoping to replicate rivals BP and Royal Dutch Shell in trading. Both generated enormous trading profits last year by buying oil during the downturn. They sold it at higher prices for future delivery, posting multibillion-dollar profits for the year.

In contrast, Exxon began restricting the group’s access to capital as the pandemic accelerated, laid off some staff and offered early retirement packages to others, Reuters reported. Exxon does not separately report the performance of its trading unit.

(Reporting by Gary McWilliams in Houston, Devika Krishna Kumar in New York and Julia Payne in LondonEditing by David Evans and Matthew Lewis)

Continue Reading

Business

G7 global tax plan may hit corporate titans unevenly

Published

 on

An agreement by wealthy nations aimed at squeezing more tax out of large multinational companies could hit some firms hard while leaving others – including some of the most frequent targets of lawmakers’ ire – relatively unscathed, according to a Reuters analysis.

Finance ministers from the Group of Seven leading nations on Saturday agreed on proposals aimed at ensuring that companies pay tax in each country in which they operate rather than shifting profits to low-tax havens elsewhere.

One proposed measure would allow countries where customers are based to tax a greater share of a multinational company’s profits above a certain threshold. The ministers also agreed to a second proposal, which would levy a minimum tax rate of 15% of profits in each overseas country where companies operate, regardless of profit margin.

The Reuters review of corporate filings by Google-owner Alphabet Inc suggests the company could see its taxes increase by less than $600 million, or about 7% more than its $7.8 billion global tax bill in 2020, if both proposed measures were applied. Google is among the companies that some lawmakers have criticized as paying too little tax.

Meanwhile, medical group Johnson & Johnson, which is also U.S.-based, could see its tax bill jump by $1 billion, a more than 50% rise over its $1.78 billion global tax expense last year, according to Reuters’ calculations.

Both Google and J&J declined to comment on the calculations.

In a statement Saturday following the G7’s agreement, Google spokesman José Castañeda said: “We strongly support the work being done to update international tax rules. We hope countries continue to work together to ensure a balanced and durable agreement will be finalized soon.”

Determining the exact impact the new rules will have on companies is difficult, in part because companies don’t typically disclose their revenues and tax payments by country. And key details about how the rules would be implemented are still pending, tax specialists say, including to which countries profits would be reallocated and to what degree taxes generated by the new measures would offset taxes owed under the current system.

The proposed rules themselves also face hurdles. In the United States, several top Republican politicians have voiced opposition to the deal. Details of the agreement are also due to be discussed by the wider Group of 20 countries next month.

Four tax specialists concurred with Reuters’ methodology but noted that there is still uncertainty about how the measures would be applied, including which tax breaks are included in the 15% minimum overseas tax.

The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

“The deal makes sure that the system is fair, so that the right companies pay the right tax in the right places,” said a spokesperson for the UK Treasury, which hosted the G7 meeting. “The final design details and parameters of the rules still need to be worked through.”

SHARING PROFITS

The first proposed measure focuses on large global firms that report at least a 10% profit margin globally. Countries in which the companies operate would have the right to tax 20% of global profits above that threshold in an effort to stop companies reporting profits in tax havens where they do little business.

Applying that formula to Google could result in as much as $540 million in additional taxes, according to the Reuters analysis.

Based on Google’s 2020 global profits of $48 billion, Reuters calculated what portion of that income could be reallocated based on the G7’s proposed formula. Reuters then calculated how much more the company would pay if tax was levied on that portion of income at the rate of 23% – which is the average tax rate for developed nations as identified by Paris-based research body the Organization for Economic Cooperation and Development – rather than the average overseas tax rate of 14% that Google said it paid last year.

Applying the same methodology to J&J, and its 2020 global profits of $16.5 billion, the healthcare company would see its global tax bill rise by about $270 million as a result of the first measure.

The exact impact on each company’s tax bill would depend on how much income is actually reallocated. Also at issue is which country the profit is moved from and to – and therefore what the increase in tax rate is. If all the reallocated profit comes out of zero-tax jurisdictions, the impact could be greater.

MINIMUM TAX OVERSEAS

U.S. and UK officials say the other measure, involving a 15% global minimum tax, will have a bigger total impact on how much in taxes governments collect. But its effect on companies will vary widely. In recent years, Google-parent Alphabet, like some other targets of tax campaigners, has reorganized its international tax structures and last year reported over three-quarters of its global income in the United States compared to less than half in each of the previous three years, according to its corporate filings.

Google reported $10.5 billion of dollars of earnings from outside the United States last year and an average overseas tax rate of 14%, which is one percentage point below the G7’s proposed minimum tax.

If Google’s overseas earnings were all taxed at 15%, the additional tax due would be $100 million. The impact could be higher if a large proportion of the money is earned in zero-tax jurisdictions like Bermuda, where Google used to report over $10 billion a year in income. Conversely, the impact of the minimum tax would be reduced if the first measure prompted Google to reallocate some of its non-U.S. earnings out of tax havens.

Excluding the impact of the first proposed measure, increasing the tax rate on overseas income to 15% would mean $45 million of additional tax.

The situation for J&J would be very different. It earned 76% of its 2020 income outside of the United States and paid 7% tax on average on that overseas profit. Applying a 15% tax rate to that overseas income figure would result in $990 million in additional taxes, according to Reuters’ calculations.

While the reallocation of profit under the first measure would reduce this impact, the combined result of the two measures would be more than $1 billion.

Academics say businesses are adept at mitigating the impact of measures that are designed to reduce tax avoidance and therefore could re-organize in order to limit the impact of the proposed measures. And, in reality, tax incentives offered by governments mean companies may end up paying less in practice.

 

(Reporting by Tom Bergin; Editing by Cassell Bryan-Low)

Continue Reading

Trending