As the COVID-19 pandemic continues to force drastic social distancing measures, the economic ramifications continue to unfold. Financial Post technology reporter James McLeod is maintaining a liveblog of market updates and key developments for Canadian business.
Refresh this page regularly for fresh information throughout the day, and if you have business-specific tips, announcements and information that should be included here, please email jmcleod@postmedia.com.
2 p.m. — Ford says he wants business to be responsible: Ontario Premier Doug Ford said that they will take enforcement action to keep non-essential workplaces closed for two weeks, but business can continue as long as workplaces are shut down.
“A lot of companies haven’t even needed this order. They’ve closed their shop or closed their office,” Ford said.
“It doesn’t mean closing business. It means your facility, we don’t want people in a facility”
Ford said he doesn’t want to use the police to enforce this, and hopes that business will recognize the severity of the situation.
“We’re all in this together. We’re a team. It’s not about government versus business,” Ford said.
Details of exactly who will be designated as essential and non-essential coming Tuesday.
1:51 Ford says schools will stay closed: Ontario Premier Doug Ford said he’s deferring to his Education Minister, but he doesn’t anticipate schools reopening early next month.
“The kids won’t be going back to school on April 6 … This is changing hour-by-hour, day-by-day,” Ford said.
1:45 p.m. — Ontario premier says just don’t gather in groups: Premier Doug Ford said that if you’re leaving the house, go out by yourself or your partner, but keep it limited.
1:42 p.m. — Ontario economic update coming Wednesday: Finance Minister Rod Phillips said that a fiscal and economic update will be released on Wednesday.
“I can tell you that it’s going to be the most prudent statement that any finance minister in Ontario has ever made,” Phillips said.
He said that Ontario’s fiscal response and aid measures will be coming on Wednesday too.
1:37 p.m. — Specifics on Ontario shutdown coming tomorrow: Ontario Premier Doug Ford said a specific list of the workplaces that must close for 14 days will be released tomorrow.
Ford said large construction sites must close. He said there will be a long list of essential services, and a long list of non-essential services to provide clarification on what will be allowed to operate during the COVID-19 shutdown.
1:30 p.m. — Doug Ford shutting down all non-essential business: Ontario Premier Doug Ford announced that all non-essential workplaces must close for 14 days.
“If you can, stay home. Only leave if necessary,” Ford said.
1:11 p.m. — Quebec closes all businesses except essential services: Quebec Premier Francois Legault said he is ordering all businesses to close by tomorrow evening for three weeks. Essential services can remain open. Legault said groceries, pharmacies, and the supply chains to support those stores will remain open.
“We must put Quebec on pause until Easter for a possible restart on April 13,” Legault said.
“All non-essential economic activities must stop.”
Legault said that construction and aluminum smelters are included. It includes manufacturing.
1:03 p.m. — Ottawa is developing an app: Health Minister Patty Hadju said that the federal government is developing an app which people can use to cope with the mental health strain relating to the COVID-19 pandemic. Hadju didn’t give much detail, but said that an announcement with more information will be provided in the coming days.
12:55 p.m. — Markets down, again: At midday, major North American markets are down significantly. The TSX/S&P composite is in the red by about 3.25 per cent, or 385 points. The Dow Jones Industrial Average is down by 240 points, or 1.25 per cent.
Looking at the bigger picture, as of today the TSX/S&P composite is down by 32.5 per cent from February.
12:44 p.m. — It’s all about social distancing: To be blunt, there’s not a lot of specific news updates coming out of today’s briefing by federal ministers, but qualitatively, the emphasis is very heavily on the necessity of social distancing, and the possibility of more significant enforcement.
Both from Prime Minister Justin Trudeau, and various government ministers, the message has basically been that people should be looking at all options to spend more time at home, and refrain from contact with other people as much as possible. This message is going out to citizens and businesses.
Qualitatively, it appears that the imperative for stricter guidelines and enforcement actions could be coming.
12:40 p.m. — Hadju looking at more strict social distancing: Health Minister Patty Hadju said that international travellers need to be more diligent about self-quarantining, not even shopping for groceries or leaving the house for any reason.
Hadju said that random inspections, reporting hotlines, and other enforcement measures are being considered to maintain social distancing.
12:32 p.m. — Foreign agricultural workers: Agriculture Minister Marie-Claude Bibeau said that the federal government is negotiating with Guatamala to bring temporary foreign workers to Canada to aid with the farming season.
12:20 p.m. — Bains says Feds funding vaccine trials: Innovation Minister Navdeep Bains said that the federal government is funding clinical trials by a Quebec City company called Medicago, which has identified a potential vaccine for the COVID-19 global pandemic.
12:10 p.m. — COVID-19 1,474 cases and 20 deaths: Federal ministers and officials are providing an update on the COVID-19 situation. Dr. Theresa Tam said that so far they have 1,474 confirmed cases, and 20 deaths. She said they are seeing infections not linked to travel.
Tam said that strict public health and “unrelenting” social distancing measures are necessary. Tam said this will provide time for research and innovation to fight the virus.
11:36 a.m. — Enforcement actions being considered: Prime Minister Justin Trudeau said he’s considering enforcement actions. He also wouldn’t rule out the possibility of closing provincial borders during the crisis.
Trudeau said he’s calling on Canadians to be more diligent about physical distancing to prevent the spread of the pandemic.
“If we see that measures aren’t being taken up properly, aren’t being followed, we will look at different measures to enforce these rules,” Trudeau said.
“Those who are not doing their part are putting at risk everyone else, including the eventual recovery of our economy.”
11:35 a.m. — Trudeau applauds Canadian Olympic team: Prime Minister Justin Trudeau said he supports the Canadian Olympic team’s decision to pull out of the Olympic games this year. Trudeau said he’s encouraging anybody who’s thinking about organizing a large public gathering, and that includes the International Olympic Committee.
“Stay home, please,” he said.
11:27 a.m. — Trudeau calls on business: Prime Minister Justin Trudeau called on businesses and institutions to provide any masks or other medical supples. He called on businesses to visit BuyandSell.gc.ca to see how they can help.
Trudeau also said that the government has entered into a contract with Toronto-based BlueDot which uses AI to track the spread of the virus, and the government is looking at the possibility of using 3D printing to create more masks for health care workers.
11:25 a.m. — $5bn for farmers: Prime Minister Justin Trudeau announced more money for farmers through the Farm Credit Canada program. Trudeau said $5 billion dollars will be made available to food producers to keep the farmers operating through the pandemic.
11:19 a.m. — Trudeau implores Canadians to stay home: Prime Minister Justin Trudeau started his daily news briefing with a call to maintain social distancing. Trudeau said that the government is trying to inform people, with a big advertising blitz coming soon but he also said that enforcement measures may be imposed if people won’t stay in their homes.
“Enough is enough. Go home and stay home. This is what we all need to be doing,” Trudeau said.
“As more Canadians lose their incomes to COVID-19 every day, hundreds of thousands of families could soon be forced to choose between buying groceries and paying the rent,” said Ricardo Tranjan, political economist and senior researcher with the CCPA Ontario office. “It’s good that the Government of Canada has announced plans to support lower-income Canadians, but many families can’t wait for support by April or May – they need it now. A lot of out-of-work tenants will be in dire straits before the end of the month.”
9:45 a.m. — Markets open down: After a brief flicker of optimism based on massive macroeconomic stimulus from the U.S. Federal Reserve, publicly traded markets opened down Monday morning.
From Reuters: “The Dow Jones Industrial Average fell 145.62 points, or 0.76%, at the open to 19,028.36. The S&P 500 opened lower by 14.21 points, or 0.62%, at 2,290.71. The Nasdaq Composite dropped 32.23 points, or 0.47%, to 6,847.28 at the opening bell.”
8:57 a.m. — Lightspeed POS makes some products free: Montreal-based Lightspeed POS announced that it is making its delivery software free for restaurants, along with other software products for retailers. Lightspeed’s technology is focused on point-of-sale systems for restaurants, hotels and retailers — sectors of the economy that have been hit hard by COVID-19 social distancing measures.
9:05 a.m. — U.S. Fed unlimited buying program: Early indications are that the public markets are responding positively to an announcement that the U.S. Federal Reserve will be putting an unlimited amount of money behind maintaining liquidity in the markets.
From this Bloomberg article: “The Fed will buy Treasuries and agency mortgage-backed securities ‘in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy,’ and will also buy agency commercial mortgage-backed securities, according to a statement. The Fed had said a week ago it would buy at least US$500 billion of Treasuries and $200 billion of agency MBS.
8:50 a.m. — Keep an eye on the Bank of Canada: Financial Post columnist Kevin Carmichael remains one of the smartest writers in Canada when it comes to big-picture economics, and now is a moment when that kind of perspective is critical. Check out his column on the Bank of Canada’s policy options, and what to watch for in the coming weeks.
March 23, 2020: Good morning! After a busy weekend, Monday is shaping up to be another eventful day for the economy and Canadian business on the COVID-19 file. Foreign Affairs Minister Francois-Philippe Campagne announced that he has secured three Air Canada flights to bring Canadians home from Peru.
Meanwhile, stock futures markets have been swinging wildly over the weekend, so markets could be moving substantially throughout the day.
Also, once again Prime Minister Justin Trudeau will speak from self-quarantine at his residence in Ottawa, followed by a larger news conference of government ministers led by Deputy Prime Minister Chrystia Freeland. We will continue posting economic updates and information relevant to Canadian business throughout the day.
TORONTO – The Canadian Institute for Health Information says more than 7,000 people with diabetes undergo a leg, foot or toe amputation every year — and the majority of those procedures could have been prevented.
The report issued today says people with diabetes living in the lowest-income neighbourhoods are three times more likely to have an amputation than those living in the highest-income communities.
It also says people with diabetes living in remote communities are at higher risk of leg amputations than those living in urban centres.
Erin Pichora, CIHI’s program lead for population health, says lack of access to a primary-care provider to help people manage diabetes is one likely factor behind the inequalities.
She says disparities are also likely in access to specialists who can treat diabetic wounds on people’s feet — including podiatrists and chiropodists — before they worsen.
Diabetes Canada says the report shows the importance of ensuring people with diabetes have equitable access to the care and resources they need.
“People living with diabetes who undergo amputations face significant emotional and financial distress,” Laura O’Driscoll, senior manager of policy at Diabetes Canada, said in an emailed statement to The Canadian Press.
“We need to ensure that everyone with diabetes has affordable, timely access to the medications, devices, education, and care needed to manage their condition and prevent complications like amputation.”
The CIHI researchers reviewed hospital records from across Canada for fiscal years 2020-2021 and 2022-2023 and found about 7,720 “lower limb” amputations associated with diabetes per year among people 18 and older.
Each year there were about 3,080 hospitalizations for “above-ankle” leg amputations and 4,640 hospitalizations for “ankle-and-below” amputations, including feet and toes.
This report by The Canadian Press was first published Sept. 26, 2024.
Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.
GRAND FORKS, B.C. – Wildfire officials say an evacuation order for the B.C. southern Interior town of Grand Forks, has been downgraded to an alert, even as an out-of-control wildfire in Washington state surges north and threatens to cross the border.
The Regional District of Kootenay Boundary says residents must be ready to leave at a moment’s notice since the Goosmus wildfire remains a risk to life and safety.
Emergency Info BC says the updated alert, posted late Wednesday, is in place for west of Highway 41 and south of Highway 3, as well as properties west of Highway 3 from Sleepy Hollow Rd to Phoenix Rd.
It is advising everyone under alert to review their emergency plans and stock a grab-and-go bag.
The district says that when necessary, residents should leave via Highway 3, go to the Jack Goddard Memorial Arena in Grand Forks, and wait in their vehicles until the reception centre opens.
The district says if you cannot evacuate at that time, you should call 911.
The BC Wildfire Service dashboard says the fire was discovered Wednesday and is about two square kilometres in size.
Mark Stephens, director of the district’s emergency operations centre, called it “a very fast-moving and developing situation.”
“We ask everyone to stay vigilant and to keep checking the (regional district’s) website for information,” he said in an online statement.
This report by The Canadian Press was first published Sept. 25, 2024.
Calgary police fired stun guns at a man and punched him in the head before he was put in restraints and died, investigators with Alberta’s police watchdog said Wednesday.
The Alberta Serious Incident Response Team, or ASIRT, said in a release that police were called on Sept. 17 about a man loitering near the check-in desk of the Carriage House Hotel and Conference Centre.
The agency said the man appeared dazed when he was told to leave by an officer. The man tried to pick up items from the floor that weren’t there.
When the officer pointed a Taser at the man, ordering him again to leave, ASIRT said the man raised his hands and started to walk out. He told police: “I don’t want to die.”
“The lone officer tells the male to stop talking and continues to point the weapon at him,” the agency said.
It said two other officers began walking through the main doors toward the man, and he stopped and repeated that he didn’t want to die. The first officer put away his Taser and tried to grab the man.
“At no point during the interaction had the male been identified, nor was he ever told he was being detained or under arrest,” ASIRT said.
It said the man physically resisted the officer and was tackled to the ground by another officer, who then punched the man in the head. At this point, ASIRT said the three officers fought the man for 3 1/2 minutes with “various uses of force.”
The man was put in handcuffs and leg restraints, and a spit mask was placed on his mouth, said ASIRT.
“The male is noted to be bleeding from the mouth and vomits,” the agency said.
It said seven minutes later, the man was sedated by emergency crews and left lying face down. After three more minutes, he was found to be unresponsive.
“The male was then provided medical care but declared deceased at the scene.”
Calgary police said in a release that same day that officers were called to the hotel for a man “acting erratically” in the lobby who was refusing to leave. They said the man wasn’t co-operating and was still being combative after a Taser was pulled out.
Police said the man was pepper-sprayed and taken into custody and shortly after went into medical distress.
A police spokeswoman said Wednesday the three officers involved have been placed on a standard 30-day leave.
“We know there’s a family and a community grieving this loss and our thoughts are with them during this difficult time,” said a statement.
ASIRT, which looks into serious allegations of police misconduct, said its investigation will examine the use of force by the officers.
This report by The Canadian Press was first published Sept. 25, 2024.
