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Ford to provide update on Ontario’s COVID-19 vaccination program

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Further delivery delays of COVID-19 vaccines in Ontario have prompted the provincial government to push back the deadline for administering first doses to all long-term care home residents.

Last week, the province said all residents of long-term care homes in Ontario would be able to receive their first dose of an approved COVID-19 vaccine by Feb. 5, 10 days sooner than originally promised.

But on Tuesday, officials confirmed that in response to scaled back shipments of the Pfizer-BioNTech and Moderna vaccines to Canada from Europe, that deadline has now been pushed back to Feb. 10.

The province says they expect to receive 26,325 doses of the Pfizer vaccine this week and another 27,300 next week, an estimated 80 per cent reduction in the allotment that was previously promised by the federal government.

Ontario will receive 63,400 doses of the Moderna vaccine this week, about 18,000 fewer doses than what was expected, officials confirmed Monday.

The stalled shipments have forced the province to shift its vaccination strategy in recent weeks, providing first doses only to residents in long-term care or high-risk retirement homes and as well as those who live in First Nation elder care homes.

Once sufficient doses are secured, the province says it will continue providing first doses to staff and essential caregivers in long-term care and high-risk retirement homes.

Another 130,000 doses of the Pfizer vaccine are expected to arrive in the province during the week of Feb. 15 and 155,000 are expected to be delivered during the week of Feb. 22. No allocation information has been provided to the province beyond that date.

According to the latest information released by the province, in the remaining weeks of February, 310,000 COVID-19 vaccine doses are expected to be delivered.

Officials say they believe they currently have sufficient vaccine supply to provide second doses to everyone who has received their first dose.

The province has said the second dose of the Pfizer vaccine should be administered no later than 42 days after the first dose.

For residents in long-term care, the interval between doses should be maintained at 21 to 27 days.

To date, more than 70,000 people have been fully vaccinated against COVID-19, receiving both the first and second doses.

Approximately 280,084 doses of the Pfizer vaccine and 61,816 doses of the Moderna vaccine have been administered in Ontario.

Figures provided by the federal government suggested that Ontario would likely see another 80,000 doses of the Moderna vaccine on the week of Feb. 22, although that the number has since disappeared from the government’s website.

Ret. Gen. Rick Hillier, chair of the province’s COVID-19 task force, said he is not sure why Ottawa is no longer providing that information.

“I heard about it just before I came over here to come on to the press conference here and my heart went pitter-patter, quite frankly,” Hillier said at a news conference on Tuesday afternoon. “I don’t know if it is just a number that has disappeared, if it is a computer glitch or an IT glitch, or if there is something else behind it.”

Hillier said the province is currently reaching out to the federal government to find out what is happening with the Feb. 22 allotment.

“I don’t know if somebody was updating to make it actually more, which we’d love to see. I’m simply crossing my fingers hoping that we are not going to see a further reduction in Moderna,” he added.

“I know that the team is communicating to Ottawa now and talking to Ottawa to determine exactly why that number disappeared.”

All public health units have now received vaccine doses but some will need to wait until this week’s delivery before they can finish vaccinating residents of all long-term care homes.

Officials say the province has the capacity to vaccinate nearly 40,000 people per day and is working to triple or quadruple that capacity as soon as it receives sufficient supply from the federal government.

Provincial officials confirmed Tuesday that Health Canada is still reviewing data on other vaccine candidates that are awaiting approval, including AstraZeneca, but an announcement could be made in the next week.

Prime Minister Justin Trudeau confirmed Tuesday that Canada has signed a tentative deal with Novavax to produce vaccines here in Canada if it is approved for use. Domestic production of the vaccine also cannot proceed until construction is complete on the Montreal facility where it will be produced.

“These shipment delays with the Pfizer vaccine have been incredibly disappointing,” Ford said on Tuesday afternoon. “With the uncertainty surrounding a steady supply of vaccines, it’s clear we need to start production of COVID-19 vaccines right here in Canada.”

Source:- CP24 Toronto’s Breaking News

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Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

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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.

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Yuri Kageyama is on X:

The Canadian Press. All rights reserved.

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Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

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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.

Companies in this story: (TSX:SHOP)

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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

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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.

Companies in this story: (TSX:REI.UN)

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