Premier Doug Ford drew a distinction between Ontarians flouting public health measures through private gatherings and establishments that openly defy the province’s COVID-19 rules Tuesday.
“They have to follow the rules. There can’t be rules for one group and not another,” he said at a news conference Tuesday, less forcefully than in other instances where the premier has come out swinging against people throwing large parties or weddings, for example.
“When it comes to private parties, that’s a different ball of wax,” Ford said. “I’m not going to get up here and start pounding the small business owner when the guy’s holding on by his finger nails. I differentiate between someone at home being reckless and having 100 people over and partying and renting a public storage place … that’s reckless.
“I don’t condone that he opened up but I feel terrible. My heart breaks for these guys … these business-owners, believe me. “But please, in saying all that, you’ve got to follow the protocols and guidelines.”
WATCH | Ford comments on Toronto BBQ restaurant vowing to stay open during COVID-19 lockdown:
Ontario Premier Doug Ford says the owner of a Toronto BBQ restaurant who opened for indoor dining in violation of provincial lockdown orders should follow the rules, and he says his ‘heart breaks’ for small business. 1:12
Rapid testing begins, auditor general set to release report
The province also announced Tuesday that it has begun deploying rapid testing in long-term care homes, rural and remote areas — something the premier called a “gamechanger.”
The rapid tests, which can produce results in minutes rather than days, have been sent to 36 long-term care homes and 27 retirement homes, as well as some hospitals.
Ford said the province will continue to deploy the 98,000 ID Now tests and 1.2 million Panbio tests it has received from the federal government in the coming weeks.Health Minister Christine Elliott says another 1.5 million Panbio tests are expected to arrive in Ontario next month.
The announcement comes as a data error resulted in an artificially low daily total of 1,009 new COVID-19 cases on Tuesday.
It also comes just one day before the province’s auditor general is set to issue a three-part report on the province’s pandemic emergency preparedness and its response to COVID-19, including lab testing, case management and contact tracing.
A spokesperson for Health Minister Christine Elliott said that yesterday’s figure of 1,589 cases (which appeared to be a record high) inadvertently included eight-and-a-half extra hours worth of data from Nov. 22, meaning the total count was inflated. Today’s number adjusts for the mistake.
The new cases include 497 in Toronto, 175 in Peel Region and 118 in York Region. The seven-day average now sits at 1,395.
Other public health units that saw double-digit increases were:
Waterloo Region: 40
Windsor: 31
Simcoe Muskoka: 25
Ottawa: 19
Niagara Region: 19
Durham Region: 16
Wellington-Dufferin-Guelph: 16
Hamilton: 10
Thunder Bay: 14
[Note: All of the figures used in this story are found on the Ministry of Health’s COVID-19 dashboard or in its Daily Epidemiologic Summary. The number of cases for any region may differ from what is reported by the local public health unit, because local units report figures at different times.]
Testing falls to about half of capacity
Today’s additional cases include 270 that are school-related: 223 students and 47 staff. The Ministry of Education said in a statement that the figure is not a one-day increase. Rather it reflects cases identified in schools from 2 p.m. last Friday to 2 p.m. yesterday, and also some others that were not reported Friday because of professional learning days in some boards, including the Toronto public and Catholic boards.
There are currently 703 publicly-funded schools in Ontario, or about 14.6 per cent, with at least one reported instance of COVID-19. Four schools are closed due to the illness, including one in Windsor with 39 cases, the largest school-related outbreak in the province.
There are now 12,917 confirmed, active cases of the illness provincewide, a slight drop from yesterday as 1,082 cases were marked resolved today.
The further infections in today’s update come as Ontario’s network of labs processed just 27,053 test samples for the novel coronavirus, and added 29,316 to the queue to be completed. There is currently capacity in the system for up to 50,000 tests daily. Meanwhile, the province reported a test positivity rate of 5.8 per cent.
The official COVID-19 death toll grew by 14, up to 3,519. So far this month, 374 people with COVID-19 have died in Ontario.
Hospitalizations of people with COVID-19 also jumped, up 27 to 534. Of those, 159 are being treated in intensive care and 91 with ventilators. Public health officials have identified 150 patients in ICUs as the threshold for when unrelated surgeries and procedures are likely to be postponed because of burdens on the hospital system.
Meanwhile, a group of engineers, physicians and other professionals issued an open letter to the province Tuesday, calling for updated COVID-19 guidelines that emphasize the importance of ventilation when it comes to curbing the risk of spreading the virus
‘With winter approaching, our activities are moving indoors and it is therefore imperative that public institutions, workplaces and individuals understand the risk of aerosol transmission as well as the actions that can be taken to combat it,” the letter says.
Backed by 36 professionals, it also calls on the province to mandate and fund ventilation assessments and upgrades of settings like schools and long-term care homes, establishing ventilation standards for reopening, among other measures.
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
