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COVID-19 testing down as positive case numbers soar in most provinces – CTV News

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OTTAWA —
Two months after the City of Ottawa scrambled to expand its COVID-19 testing options to deal with a massive spike in demand, it is now set to cut back on hours at testing sites this weekend because far fewer people are showing up for a swab.

The decline mirrors what is happening in much of the rest of the country, with average daily testing numbers down more than 25 per cent compared to a month ago, even as positive cases soar.

On Oct. 15, the Public Health Agency of Canada reported an average of 77,000 COVID-19 tests had been completed each day over the previous week, the highest it had ever been. That fell to an average daily count of 61,000 a week ago, and to below 55,000 this week.

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In mid-October, Canada had about 2,300 new cases of COVID-19 diagnosed each day. This week, that number grew to above 4,000.

Ontario, which on Thursday recorded its fifth record case total in the last six days, was aiming to have 68,000 tests daily by the middle of November. It hasn’t hit 40,000 tests once in those six days, and twice dropped below 30,000 tests per day.

The province averaged 38,273 tests per day in October, and this month so far the daily average is 33,870.

British Columbia averaged 9,369 tests last month. So far in November the average daily test number is 8,553.

In many provinces the testing numbers bounce around dramatically. In Quebec, the province tested 30,919 people on Nov. 5. Three days later, the dropped below 19,000. By Nov. 10, it was back up over 30,000.

Dr. Howard Njoo, the deputy chief public health officer, said last week the decline could be because local health authorities were offering testing to almost anyone who asked for it earlier this fall, regardless of whether they had symptoms or possible exposure to an infected person.

“I think people are now recognizing that the best approach could or should be more focused that it may not be the best use of resources and it may actually sort of slow down the testing for those who actually need it,” he said Nov. 6.

Ontario’s testing system was unruly in September, forcing the province to massively expand hours and locations of testing sites, make an appointment booking process, and changed the criteria so people without symptoms didn’t clog the lines.

In Ottawa, the testing task force that in September was begging people not to get tested unless they had symptoms began last week to beg people to go get a test. Today, the weekend hours at one of the city’s main testing sites are being cut from 11 hours a day to eight because so many appointments were going unfilled.

Ottawa public health chief Dr. Vera Etches said weekends have become particularly slow. She said the overall numbers have come back a bit from earlier in November and didn’t express alarm that not enough people are being tested, saying it could be due to Ottawa’s declining infection rate.

Ottawa has mostly bucked Ontario’s trend of rising cases, with the infection rate falling from 70 per 100,000 people in mid-October to 38 this week. Toronto’s grew from 57 to almost 100 over that time.

“You know, if the virus level is dropping, there may be more people without symptoms or fewer people with symptoms presenting to be tested,” Etches said.

But she said she still wants people to know if they have symptoms, even very mild ones, getting a test is the responsible thing to do because “we have to detect as much COVID as possible.”

“And so it is one of the things we’re watching and we continue to work with our partners that run the testing system to try to explore more,” she said.

“Why are people coming? Why are they not coming? You know, these are these are things that’s worth exploring for sure.”

This report by The Canadian Press was first published Nov. 13, 2020.

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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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