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COVID-19 update for Dec. 1: 656 new cases, 16 more deaths in B.C. | Premier Horgan's popularity remains high – Vancouver Sun

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3 years ago

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Fraser Health says the machines can remove viruses and bacteria from a room in as little as 20 minutes.

10:30 a.m. – Tam says older Canadians should be at front of line for vaccine

Chief public health officer Dr. Theresa Tam says when looking at people experiencing the most severe illness, older Canadians are more at risk than younger Canadians with pre-existing conditions.

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She says that suggests after the initial round of vaccines goes to people in high-risk living or work situations, like long-term care centres and hospital staff, the next round of immunizations should be done by age, with the oldest Canadians at the front of the line.

— Canadian Press

8 a.m. – Premier Horgan’s popularity remains high

Despite surging COVID-19 cases in the province, Premier John Horgan continues to maintain a high level of approval among British Columbians.

In a recent Angus Reid poll, conducted Nov. 24-30, 64 per cent of respondents said they approved of Horgan’s performance during the pandemic while 30 per cent disapproved and six per cent were unsure.

Although his popularity among British Columbians has dropped five points since last quarter, Horgan’s approval rating is tied for the highest in country, with Quebec Premier Francois Legault, despite new wave of COVID-19 related physical-distancing and social restrictions in B.C.

7 a.m. – Canadians OK with vaccine wait: pollA new poll suggests most Canadians aren’t currently worried that people in other countries might get a COVID-19 vaccine first.Thirty-seven per cent of respondents to a survey conducted by Leger and the Association for Canadian Studies say they are very concerned that Canada may not receive doses of a new COVID vaccine as early as the United States while 48 per cent say they are not concerned.Ten per cent say they don’t care at all or are not planning to get vaccinated anyway.With the likelihood of multiple vaccines coming on to the market over a period of time, just 28 per cent of respondents said they will take the first vaccine they can get, while 45 per cent say they will wait for other vaccines to become available.The poll suggests that the vast majority of Canadians want people entering Canada to be vaccinated against COVID-19, with 83 per cent of respondents say being vaccinated should be required.The online poll of 1,516 adult Canadians was conducted from Nov. 26 to Nov. 29.– Canadian Press

12 a.m. – Vancouver police issue $7,130 in fines to hosts of four illegal parties

Vancouver police issued just over $7,000 in fines at four different parties over the weekend that were held despite current COVID-19 health orders.

Under current B.C. health orders, social gatherings aren’t permitted with anyone outside of the household bubble. The orders were implemented to cut down on the transmission of COVID-19.

12 a.m. –B.C. posts record 46 deaths over the past three days

B.C. reported 46 deaths between noon Friday and noon Monday and 2,077 new cases of COVID-19.

Provincial health officer Dr. Bonnie Henry also added another 277 cases to B.C.’s total caseload after an earlier accounting mistake was corrected in Fraser Health.

Henry said 36 of the deaths over the previous three days were in residents of long-term health care facilities.

Between noon Friday and noon Saturday there were 750 cases reported, 731 between noon Saturday and noon Sunday and 596 between noon Sunday and noon Monday.

12 a.m. – Another vaccine candidate submitted to Health Canada for approval

Federal Health Minister Patty Hajdu says Johnson & Johnson has submitted its COVID-19 vaccine candidate for Health Canada’s approval.

It’s the fourth potential vaccine sent for assessment in Canada and the first that would require one dose to confer immunity instead of two.

Health Canada has been examining vaccine candidates from Pfizer, Moderna and AstraZeneca since October, when those companies sent partial data on their drugs for what’s called a “rolling review.”

If the Johnson & Johnson vaccine meets Health Canada’s standards for safety and effectiveness, the Canadian government says it has a deal to buy 10 million doses and an option on up to 28 million more.

— Canadian Press

12 a.m. – Liberals to post $381B deficit as debt levels as percentage of economy surge higher

The Liberal government expects to post a $381-billion deficit in 2021, not including a new pool of stimulus funds announced on Monday that will put further strain on Ottawa’s finances as pandemic spending continues to climb.

Finance Minister Chrystia Freeland tabled the updated figures in her fiscal update, which showed the deficit rising still higher than Ottawa’s earlier projection of $343 billion in 2020-21.

The Liberals on Monday also promised another $70 billion to $100 billion over the next three years in stimulus measures, but declined to outline the details of the new spending, saying it was “highly dependent on the evolving health and economic situation” in Canada.

LOCAL RESOURCES for COVID-19 information

Here are a number of information and landing pages for COVID-19 from various health and government agencies.

• B.C. COVID-19 Symptom Self-Assessment Tool

• Vancouver Coastal Health – Information on Coronavirus Disease (COVID-19)

• HealthLink B.C. – Coronavirus (COVID-19) information page

• B.C. Centre for Disease Control – Novel coronavirus (COVID-19)

• Government of Canada – Coronavirus disease (COVID-19): Outbreak update

• World Health Organization – Coronavirus disease (COVID-19) outbreak

–with files from The Canadian Press

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

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5 hours ago

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April 24, 2024

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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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Tesla profits cut in half as demand falls

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6 hours ago

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April 24, 2024

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Tesla profits slump by more than a half

Tesla logo.

Tesla has announced its profits fell sharply in the first three months of the year to $1.13bn (£910m), compared with $2.51bn in 2023.

It caps a difficult period for the electric vehicle (EV) maker, which – faced with falling sales – has announced thousands of job cuts.

Boss Elon Musk remains bullish about its prospects, telling investors the launch of new models would be brought forward.

Its share price has risen but analysts say it continues to face significant challenges, including from lower-cost rivals.

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The company has suffered from falling demand and competition from cheaper Chinese imports which has led its stock price to collapse by 43% over 2024.

Figures for the first quarter of 2024 revealed revenues of $21.3bn, down on analysts’ predictions of just over $22bn.

But the decision by Tesla to bring forward the launch of new models from the second half of 2025 boosted its shares by nearly 12.5% in after-hours trading.

It did not reveal pricing details for the new vehicles.

However Mr Musk made clear he also grander ambitions, touting Tesla’s AI credentials and plans for self-driving vehicles – even going as far as to say considering it to be just a car company was the “wrong framework.”

“If somebody doesn’t believe Tesla is going to solve autonomy I think they should not be an investor,” he said.

Such sentiments have been questioned by analysts though, with Deutsche Bank saying driverless cars face “technological, regulatory and operational challenges.”

Some investors have called for the company to instead focus on releasing a lower price, mass-market EV.

However, Tesla has already been on a charm offensive, trying to win over new customers by dropping its prices in a series of markets in the face of falling sales.

It also said its situation was not unique.

“Global EV sales continue to be under pressure as many carmakers prioritize hybrids over EVs,” it said.

Despite plans to bring forward new models originally planned for next year the firm is cutting its workforce.

Tesla said it would lose 3,332 jobs in California and 2,688 positions in Texas, starting mid-June.

The cuts in Texas represent 12% of Tesla’s total workforce of almost 23,000 in the area where its gigafactory and headquarters are located.

However, Mr Musk sought to downplay the move.

“Tesla has now created over 30,000 manufacturing jobs in California!” he said in a post on his social media platform X, formerly Twitter, on Tuesday.

Another 285 jobs will be lost in New York.

Tesla’s total workforce stood at more than 140,000 late last year, up from around 100,000 at the end of 2021, according to the company’s filings with US regulators.

Musk’s salary

The car firm is also facing other issues, with a struggle over Mr Musk’s compensation still raging on.

On Wednesday, Tesla asked shareholders to vote for a proposal to accept Mr Musk’s compensation package – once valued at $56bn – which had been rejected by a Delaware judge.

The judge found Tesla’s directors had breached their fiduciary duty to the firm by awarding Mr Musk the pay-out.

Due to the fall in Tesla’s stock value, the compensation package is now estimated to be around $10bn less – but still greater than the GDP of many countries.

In addition, Tesla wants its shareholders to agree to the firm being moved from Delaware to Texas – which Mr Musk called for after the judge rejected his payday.

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Stock market today: Nasdaq futures pop, Tesla surges after earnings with more heavyweights on deck

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7 hours ago

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April 24, 2024

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Tech stocks rose on Wednesday, outstripping the broader market as investors welcomed Tesla’s (TSLA) cheaper car pledge and waited for the next rush of corporate earnings.

The Nasdaq Composite (^IXIC) rose roughly 0.6%, coming off a sharp closing gain. The S&P 500 (^GSPC) was up 0.2%, continuing a rebound from its longest losing streak of 2024, while the Dow Jones Industrial Average (^DJI) fell 0.1%.

Tesla shares jumped nearly 12% after the EV maker’s vow to speed up the launch of more affordable models eclipsed its quarterly earnings and revenue miss. That cheered up investors worried about growth amid a strategy shift to robotaxis and the planned cancellation of a cheaper model.

The results from the first “Magnificent Seven” to report have intensified the already high hopes for Big Tech earnings, that the megacaps can revive the rally in stocks they powered. The spotlight is now on Meta’s (META) report due after the market close, as the Facebook owner’s shares rose after the Senate voted for a potential ban on rival TikTok. Microsoft (MSFT) and Alphabet (GOOG) next up on Thursday.

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Meanwhile, Boeing (BA) reported better than expected first quarter results before the opening bell with a loss per share of $1.13, narrower than the $1.72 estimated by Wall Street. Shares rose about 2% in morning trade.

Live6 updates

  • Wed, April 24, 2024 at 9:35 AM EDT

    Tech leads at the open

    Tech stocks rose on Wednesday, outstripping the broader market as investors welcomed Tesla’s (TSLA) cheaper car pledge and waited for the next rush of corporate earnings.

    The Nasdaq Composite (^IXIC) rose roughly 0.6%, coming off a sharp closing gain. The S&P 500 (^GSPC) was up 0.2%, continuing a rebound from its longest losing streak of 2024, while the Dow Jones Industrial Average (^DJI) fell 0.1%.

  • Wed, April 24, 2024 at 7:50 AM EDT

    Just off the phone: Otis CEO Judy Marks

    Many in the Yahoo Finance newsroom know of my joy for reading up on elevator and escalator maker Otis Worldwide (OTIS) — I am fascinated by what the company makes, how it makes it and what it all says about the health of the global economy.

    I just got off the phone with Otis CEO Judy Marks. Her comments to me on China — following her trip in March to the country (an important market for Otis) — left an impression:

    “The message from the Chinese government is we want economic development. We want foreign direct investment. We’re going to celebrate 40 years in China this year, and it’s an important market to us, but we’ve watched as the market has developed and some of the challenges in the property market and they’re really continuing. I would tell you that the property market and the new equipment market similar to the last 18 to 24 months, it remains weak. Liquidity and credit constraints are weighing on the developers, and the top 50 developer sales this quarter were down almost 50% versus this quarter last year. So on the equipment side, we’re calling this a down high single digit to down 10% market for the year.”

    Marks doesn’t see growth returning to Otis’ China business in 2024.

  • Wed, April 24, 2024 at 7:21 AM EDT

    Hilton continues to buy its company back

    Hilton (HLT) continues to be one of the most aggressive acquirers of its stock out of the gazillion companies I follow closely.

    In many respects, it almost feels like Hilton is taking itself private again! The hotel and resorts company went public again in 2013 after being bought by Blackstone in 2007.)

    This from the company’s just-released earnings report:

    “During the three months ended March 31, 2024, Hilton repurchased 3.4 million shares of its common stock at an average price per share of $196.17, for a total of $662 million, returning $701 million of capital to shareholders during the quarter including dividends. The number of shares outstanding as of April 19, 2024 was 250.0 million.”

    For perspective, Hilton ended 2022 with a share count of 277 million.

  • Wed, April 24, 2024 at 7:03 AM EDT

    Toymaker earnings not coming in fun

    No playing around here, earnings from major toymakers Mattel (MAT) and Hasbro (HAS) aren’t very fun to look at.

    Not exactly a great earnings report from Mattel last night — now saying it will return to revenue growth in 2025. Mattel is unique in that the Barbie movie really drove up its results last year, so things mathematically will be down. Sales fell 1% year-over-year in the first quarter.

    Hasbro’s earnings this morning are also tough on the eyes for investors. The company is calling out a 21% sales plunge in its key consumer products business due to “broader industry trends, exited businesses and reduced closeout sales as a result of last year’s inventory clean-up.”

    Both weak reports say a lot about where shoppers minds are at right now … not with buying dolls, action figures and board games.

  • Wed, April 24, 2024 at 6:57 AM EDT

    One stat to know on AT&T

    I am still wading through AT&T’s (T) long earnings report, but one number caught my attention right off the jump.

    $4.7 billion.

    That’s how much debt AT&T repaid in the quarter, as it continues to try to bring down leverage in life after Time Warner. CEO John Stankey has told me a few times within the past year that paying down debt is one of the most important goals for his management team.

    As it should be — AT&T still ended the first quarter with about $132.8 billion in total debt! The company’s market cap is $118 billion.

  • Wed, April 24, 2024 at 6:48 AM EDT

    A list of questions Tesla investors need to ponder

    The day after.

    Tesla (TSLA) CEO Elon Musk has played investors like a fiddle. He gave them what they were clamoring for ahead of earnings — details on a cheaper Tesla — and they are eating it up. Shares are up 10% in pre-market trading, and the company’s ticker is dominating the Yahoo Finance Trending Ticker page.

    All of that is fine and good, but it all detracts (likely by Musk’s design) from the main story at Tesla that has weighed on its stock price this year: The company is struggling, and any bold promises by Musk that sends its stock higher inside an awful year for the company should be questioned big-time.

    Here are some questions the Tesla bulls need to ask themselves.

    • Musk promises robotaxis, shows off in the earnings slide-deck what their ride-sharing app may look like. But…
      • What do regulators have to say about this? How feasible is this launch within the next 12-months?
      • Musk does know that Uber (UBER) exists right? And that it’s nicely making profits finally and investing aggressively in its business.
      • Musk seems to think people will want to share their Teslas and make this platform a success. What happens if they don’t want to share their tricked out Model 3?
      • Musk mentions Tesla will own some of the robotaxi fleet. What does that do to its cash flow and margin profile? Do investors and analysts want to see Tesla saddled with these extra costs while the pure EV business is under pressure and they are trying to make humanoid Optimus robots?
    • Musk promises he is fully engaged at Tesla. But …
      • Some interesting dialogue on the earnings call on how long Musk plans to stay CEO of Tesla. He didn’t answer precisely with a timeline, said he works on Sunday and seemingly around the clock (like many other humans). He then questioned whether Tesla could get out its robots if he weren’t leading the company. Is now the time to ponder a Musk-less Tesla within the next few years? What does that even look like for investors? So many of his top execs have left or are leaving, including one of the guys on the earnings call last night! If buttoned-up/corporate Disney (DIS) CEO Bob Iger is seen as failing at succession planning, then Musk could be seen as one of the worst succession planners in CEO history.
    • Musk pounds the table on Tesla being an AI company again. But …
      • Sure, Tesla has some amazing technology. But doesn’t Tesla make cars first that then use its technology? Who would you rather own stock in? A pure play AI company such as Microsoft (MSFT) or a car company masquerading as an AI company?
    • Musk hypes a cheaper Tesla. But …
      • Tesla is no stranger to recalls and concerns about product quality. Just check out the Cybertruck recall last week! So, how high quality is a $25,000 Tesla going to be? This sounds like it could be a dreadful ownership experience, not unlike when my parents bought a cheap 1986 Ford Tempo and a 1987 Ford Escort when they came out.

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