Thousands of COVID-19 vaccines are set to expire in Canada this week, with pharmacists in Ontario raising concern about wastage amid hesitancy to mix different doses.
In Ontario alone, “several thousand” doses of the Moderna COVID-19 vaccine will expire on Aug. 6, said Justin Bates, CEO of the Ontario Pharmacists Association (OPA).
“It’s an unfortunate set of circumstances,” he said in an interview with Global News on Monday.
The vaccine supplies come in their frozen state each week and once they are delivered to a pharmacy and thawed, there is a 30-day window for the doses to be used — or they have to be disposed of.
Bates said they were looking at transferring some doses to pharmacies in other parts of the health-care system so they don’t have to throw them away.
“We’re going to use every tool we have to avoid wastage, but the reality is that we’re going to see some wastage starting Aug. 6.”
Expiry date for thousands of AstraZeneca COVID-19 vaccine doses extended
Meanwhile, thousands of expired AstraZeneca vaccine doses have already gone to waste in provinces in Atlantic Canada after demand dried up in June and July.
The government in Newfoundland and Labrador was able to transfer 1,400 doses of AstraZeneca to Ontario in mid-May for use there as they neared their expiry date. However, the province had 2,848 doses of the vaccine expire at the end of June. Nearly 2,900 doses were wasted in July.
Prince Edward Island also disposed of 3,200 expired doses of AstraZeneca, the province announced last month.
But the national wastage rate so far has been “very minimal and far below initial estimates,” according to the Public Health Agency of Canada (PHAC).
As of July 12, less than 0.05 per cent of total doses delivered by the federal government have been wasted, PHAC told Global News.
The boost in vaccine supply coupled with dropping vaccination rates has left unused doses nearing expiration data, said Dr. Gerald Evans, an infectious diseases specialist at Queen’s University in Kingston, Ont.
“We’re now into that smaller group, which … has been a little bit reluctant (to get vaccinated) up until now,” he said.
Bates said there has been a steep decline in demand for the Moderna shots over the last two weeks in Ontario.
“We’ve seen that in public health clinics where people are turning away when they find out it’s Moderna or not showing up,” he said.
Hesitancy around the Moderna vaccine and mixing doses has led to a lot of cancellations and no-shows at pharmacies, said Bates, adding that people demand Pfizer over Moderna.
Since June, several provinces have been mixing COVID-19 vaccines under the recommendation from the National Advisory Committee on Immunization (NACI).
According to NACI, people who have received a first dose of an mRNA vaccine should be offered the same vaccine for their second dose, but mRNA vaccines can be interchangeable if the same product is not readily available for the second dose.
Health officials allay concerns about mixing mRNA vaccines
The so-called “brand hesitancy” is also present in Alberta, where an Edmonton pharmacist said that he’s noticed roughly 40 per cent of customers have turned down the Moderna vaccine after a first dose of Pfizer.
“Once they hear that we’re giving Moderna, there’s been a little bit of a pushback,” pharmacist Eddie Wong told Global News in a previous interview.
Evans said while both the mRNA vaccines are equally effective, Pfizer has done a “really good job of branding itself.”
“It’s not so much that Moderna has a bad name, it’s just that Pfizer has really dominated the market in mRNA vaccines.”
As for mixing doses, he said there was evidence in several studies that backed the strategy used by Canada and in Europe, adding it “was not an inferior approach.”
How to prevent wastage?
Amid wastage concerns, Evans said Canada should look towards either donating vaccines to other countries facing financial issues or other constraints.
Selling them to nations like Australia, which has seen a spike in cases recently and is short on vaccine supply, is another option.
“If we have large quantities like that, we should be right now talking to other countries.”
Provinces should also try to send doses that haven’t been thawed yet to other regions where there is a shortage in supply, he said.
Bill Campbell, a spokesperson for the Ontario Ministry of Health, told Global News on Monday that the province was “working with federal partners to explore vaccine donation opportunities in the future”.
Will Canadians need third COVID-19 vaccine dose?
According to Bates, one strategy to avoid wastage would be to start offering a third booster dose to seniors, high-risk populations of morbidities and immunocompromised people.
“That’s a scenario that we’re asking the Ministry of Health to explore and move on quickly,” he said.
But some experts are skeptical about the lack of clinical evidence when it comes to booster shots.
Dr. Theresa Tam, the chief public health officer of Canada, told reporters during a virtual news conference on July 30, that even though the evidence is quickly “evolving,” there’s “not enough data” to support it quite yet – despite countries like Israel pushing ahead with a vaccination top-up.
“There’s not enough data to suggest that in Canada we would go into boosting as of yet,” she said. “But it is something that we’re watching very carefully.”
— with files from Global News’ Sean O’Shea, Chris Chacon and the Canadian Press.
© 2021 Global News, a division of Corus Entertainment Inc.
Rogers, Shaw formalize planned Freedom sale to Quebecor – BNN Bloomberg
Rogers Communications Inc., Shaw Communications Inc. and Quebecor Inc. announced Friday they reached a definitive agreement for the previously-announced proposed sale of Shaw’s Freedom Mobile wireless business.
The three companies said that the terms of the definitive pact are “substantially consistent” with their original announcement on June 17, when they said Montreal-based Quebecor agreed to pay $2.85 billion to purchase Freedom. Originally, July 15 was the target to reach the definitive agreement.
“We are very pleased with this agreement, and we are determined to continue building on Freedom’s assets,” said Quebecor president and chief executive officer Pierre Karl Péladeau in a release Friday. “Quebecor has shown that it is the best player to create real competition and disrupt the market.”
The transaction is conditional on Rogers receiving final regulatory approvals for its planned $20-billion takeover of Shaw, which was announced in March 2021.
The road to regulatory approval has become more treacherous for Rogers after Competition Commissioner Matthew Boswell stated his objections to the plan, warning it would diminish competition in the telecom market, notwithstanding Rogers’ long-stated intent to divest Freedom Mobile.
Rogers’ legal counsel has argued vociferously against Boswell’s claims, saying in a June 3 filing with the Competition Tribunal that Boswell’s stance “is unreasonable, contrary to both the economic and fact evidence presented to the Bureau, and not supportable at law.”
The Competition Tribunal is currently scheduled to begin a hearing on the matter Nov. 7.
Rogers also has to clear another regulatory hurdle: its planned acquisition of Shaw requires approval from Innovation, Science and Industry Minister François-Philippe Champagne, who has previously said he won’t allow the wholesale transfer of Shaw’s wireless assets to Rogers.
The process became more complicated for Rogers after a national network outage knocked out service to its customers in early July.
Champagne subsequently said the outage would “certainly be in [his] mind” when weighing the merit of the Shaw sale.
For its part, the Canadian Radio-television and Telecommunications Communications announced its conditional approval of the transaction in March.
Shaw investors have consistently demonstrated skepticism that the deal will go ahead as planned, as evidenced by its shares never once attaining the $40.50-per-share takeover offer from Rogers since the takeover was announced last year.
Investors refuse to accept higher rates are here to stay – and that's a problem for financial markets – The Globe and Mail
With interest rates rising, and rapidly so, the driving force that dictated decision making in financial markets for the past fifteen years is dying out. In a flash, disoriented investors have been exposed to a new world, one that demands dramatically different expectations for what constitutes a decent return.
Yet for all that’s changed, it can be tough to accept the era of ever-lower rates is truly over. Deep down there may be a tacit acknowledgment of changing winds, but it is often coupled with denial about what this all means.
The hope, it seems, is that the damage has already been done. Technology stocks have been clobbered, and house prices have finally started falling in Canada. But the undertow generated by rising rates is hard to contain, and for that reason it will likely ripple through financial markets, hitting everything from private equity to blue-chip stocks.
Such a sea change can be hard to grasp. Since the 2008-09 global financial crisis, investors of all stripes have grown accustomed to ever-falling interest rates. By July, 2020, the yield on the 10-year U.S. Treasury bond, a benchmark for financial markets, had dropped to a paltry 0.52 per cent.
The trend was so absurd, such a deviation from historical norms, that it even spawned a new mantra: “lower for longer.” Investors learned to accept that rates would stay low for longer than once thought imaginable – and it lasted for so long that it became the norm.
And now, in just seven months, it’s all changed, after scorching inflation and geopolitical earthquakes forced a paradigm shift. In July, the Bank of Canada raised its benchmark rate by a full percentage point, something not seen since 1998. The Federal Reserve hiked its own by 0.75 percentage points a few weeks later.
The reaction since has been quite bizarre. The Nasdaq Composite index for one, a barometer for growth stocks, is up 23 per cent from its June low. Investors seem to think the worst is behind us, and they’re happy to return to the way things were.
The reality: It is highly likely that there is no going back, at least not for quite some time.
“Many economists, strategists and investors are thinking the world hasn’t changed – that we’re in a normal cycle,” said Tom Galvin, chief investment officer at City National Rochdale, a subsidiary of Royal Bank of Canada with roughly US$50-billion in assets under management. He disagrees. “We are in a new era.”
This summer, Mr. Galvin put out a paper that spelled this all out, explaining why the new mantra must be ‘higher for longer.’
“Inflation will be higher for longer than we anticipated, interest rates will be higher for longer, geopolitical tensions and uncertainty will be higher for longer and high volatility in the economy and financial markets will be higher for longer,” he wrote.
Of course, Mr. Galvin is only one voice, and everything in economics and finance is so chaotic right now that it’s near impossible to call anything with 100 per cent certainty. In Canada, inflation is at its highest level in nearly 40 years, yet unemployment is at a record low. That isn’t supposed to happen.
But in the past two weeks a spate of Federal Reserve officials have given public interviews saying much the same.
The day after stock markets rallied this week on the back of news that month-over-month U.S. inflation was flat in July, Mary Daly, president of the San Francisco branch of the Federal Reserve, told the Financial Times that investors shouldn’t be so giddy. While the data was encouraging, core prices, a basket that strips out volatile items such as energy costs, still rose. “This is why we don’t want to declare victory on inflation coming down,” she said. “We’re not near done yet.”
Diane Swonk, chief economist at KPMG, can’t quite understand why investors are forgetting what scares the Fed the most: inflation. One of the central bank’s biggest failures in the past 50 years was allowing U.S. inflation to grow out of control – or ‘entrenched,’ in economics parlance – in the 1970s, forcing the Fed to eventually take drastic action to bring it back in line.
“This is a Fed that remembers the seventies,” Ms. Swonk said. “Most people operating in financial markets don’t.” Especially not the twenty- and thirty-something retail traders who sent stock markets soaring in 2021.
Fed officials can’t say outright they’ll tolerate a recession as a trade off for squashing inflation, but the eighties is proof they have and they will. “They’re going to raise rates and hold it for a while to grind inflation down,” Ms. Swonk predicts.
Despite the history, there is still speculation in certain corners of the financial markets that the Fed will change course. And there are some recent precedents of doing so. Twice over the past decade, the Fed and the Bank of Canada signalled they were ready to take action to cool the economy, but both times the central banks ultimately backed off. They did so first in 2013, after bond investors freaked out, and then again in 2019.
The big difference between now and then is inflation. Even Mike Novogratz, one of the most popular investors in cryptocurrencies, the mother of all speculative assets, warned in the spring that rates won’t be falling any time soon. “There is no cavalry coming to drive a V-shaped recovery,” he wrote in a letter to investors after the crypto market crashed, referencing the quick stock market rebound after the pandemic first hit. “The Fed can’t ‘save’ the market until inflation falls.”
Predicting precisely how financial markets will be impacted by higher rates is hard, but just like unprofitable technology stocks, the asset classes that benefitted the most from the low rate world are those most susceptible to tremors. Private equity and private credit, to name two, are near the top of the list.
When debt was ultra cheap, private equity funds could fund their buyouts for next to nothing. At the same time, passive investing was gathering steam, taking the shine off hedge funds and mutual funds. Private equity, then, became a vehicle for outsized returns.
Earlier this year, Harvard Business School professor Victoria Ivashina wrote a paper predicting a shake out in the sector, arguing that these tailwinds aren’t there anymore. “As the flow of funds into private equity stabilizes and as the industry growth slows down, the fee structure will compress and compensation will shift to be more contingent on performance,” she wrote.
Already there are signs that major investors are moving away from private equity. Earlier this month, John Graham, chief executive of Canada Pension Plan Investment Board, one of the world’s largest institutional investors, disclosed that CPPIB saw more value in public markets than private ones for now. And in a July report, Jefferies, an investment bank, wrote that major money managers, including pension and sovereign wealth funds, had sold US$33-billion worth of stakes in buyout and venture capital funds in the first half of the year, the most on record.
Private debt funds, which lend money to higher risk borrowers, are also vulnerable in the current environment. Money poured into the sector over the past five years because these investment vehicles tend to pay 8-per-cent yields, but that return looks much less rosy now that one-year guaranteed investment certificates pay nearly 4.5 per cent.
By no means are these asset classes dead in the water. The same goes with stocks and so many others. Rates have jumped, and quickly, but they are still low by historical standards.
However, there are many reasons why investors of all stripes should not be expecting a quick return to lower for longer. The latest inflation data is encouraging, but it’s a single data point. Who knows what type of energy crisis Europe and the United Kingdom will face this winter, and what that will do to oil and gas prices.
Inflation also isn’t known to disappear quickly. “It’s easy to get from 6-per-cent core inflation to 4 per cent,” Ms. Swonk, the economist, said. “It’s really hard to get from 4 per cent to 2 per cent.”
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.
German Chancellor Olaf Scholz coming to Canada to meet with Trudeau, business leaders
OTTAWA — The Prime Minister’s Office says Justin Trudeau will accompany the chancellor of Germany, Olaf Scholz, on a brief Canadian visit later this month that will include stops in Montréal, Toronto and Stephenville in western Newfoundland.
In a statement released Saturday, the PMO confirmed the Aug. 21-23 visit starts in Montreal, where meetings will be held with German and Canadian business leaders, and a tour is scheduled at an artificial intelligence institute.
The two men will then head to Toronto, where Trudeau will take part in the virtual summit about Russia’s annexation of Crimea, followed by an appearance at the Canada-Germany Business Forum.
The trip will conclude with a stop in Stephenville, N.L., where Trudeau and Scholz will attend a hydrogen trade show.
The statement says the two men intend to talk about clean energy, critical minerals, the automotive sector, energy security, climate change, trade and Russia’s “illegal and unjustifiable invasion” of Ukraine.
The prime minister and chancellor last met in June at the G7 Summit in Germany.
This report by The Canadian Press was first published Aug. 13, 2022.
The Canadian Press
Rogers, Shaw formalize planned Freedom sale to Quebecor – BNN Bloomberg
Taiwan blames politics for cancellation of global Pride event – CNN
Researchers in South America Discover a New Species of Tiny but Tough Dinosaurs – ScienceAlert
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Global Media Markets, 2015-2020, 2020-2025F, 2030F – TV and Radio Broadcasting, Film and Music, Information Services, Web Content, Search Portals And Social Media, Print Media, & Cable – GlobeNewswire
Health23 hours ago
Coronavirus Update: Pregnant women who receive mRNA COVID-19 vaccines aren't more at risk of miscarriage, stillbirth, new study confirms – The Globe and Mail
Art16 hours ago
Remembering Dori Klaaren and her art – Niagara Frontier Publications
News23 hours ago
More Canadians report stronger attachment to their language than to Canada: poll – CTV News
Health22 hours ago
Canada hasn’t needed to declare monkeypox an emergency, top doctor says. Here’s why – Global News
Science14 hours ago
Remains of small armor-plated dinosaur found in Argentina – Mint Lounge
Economy18 hours ago
Charting the Global Economy: US Inflation Comes Off the Boil – BNN Bloomberg
News24 hours ago
Polio in Canada? Wastewater to be tested – CTV News
Health24 hours ago
Have we been treating depression the wrong way for decades? – CBC News