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Health Canada approves Pfizer-BioNtech COVID-19 vaccine for kids aged 5-11 – The Globe and Mail

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Children aged 5 and older are now eligible to be vaccinated against COVID-19 for the first time in Canada, a key milestone that can help families return to some prepandemic ways of life, Health Canada’s chief medical adviser announced on Friday.

“Overall, this is very good news for adults and children alike. It provides another tool to protect Canadians and, to the relief of many parents, will help bring a degree of normality back to children’s lives,” Dr. Supriya Sharma said on Friday.

Pediatric COVID-19 vaccines will start to arrive in Canada on Sunday, with 2.9 million doses – enough to provide a first dose to every five- to 11-year-old in Canada – expected to be delivered by the end of next week, Public Services and Procurement Minister Filomena Tassi announced Friday. The timing on delivery of second doses has yet to be determined, Ms. Tassi said.

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What to know about the Pfizer COVID-19 vaccine for kids aged 5-11: efficacy, side effects and more

The authorization comes at a critical time in the pandemic, as the incidence rate of COVID-19 among those aged 5 to 11 is currently higher than in any other age group, said Theresa Tam, Canada’s Chief Public Health Officer. While most children will fully recover from COVID-19, a small number are at risk for serious cases and long-lasting severe health problems, including multisystem inflammatory syndrome, long COVID and other issues.

Marie Tarrant, a professor in the school of nursing at the University of British Columbia, said vaccinating school-aged children could go a long way to controlling spread of COVID-19.

“There is a lot of anticipation and expectation that this will help us curb some of these outbreaks that we’ve been having,” she said.

The newly authorized mRNA vaccine, produced by Pfizer-BioNTech, is a 10-microgram dosage – which is one-third the amount used in the adult version. Children tend to produce strong immune responses, which is why a smaller dose is being used. A clinical trial showed the vaccine is about 91 per cent effective after two doses and no serious side effects were reported. Canadian regulators will closely monitor for any reports of adverse events as the vaccine is rolled out.

Health Canada authorized two doses of the Pfizer-BioNTech vaccine for kids 5 to 11, to be given three weeks apart – the same dosing interval used in the clinical trial.

But the National Advisory Committee on Immunization is recommending that kids wait eight weeks between the first and second dose in order to maximize the immune response. Evidence also shows that cases of heart inflammation, a rare side effect linked to the COVID-19 mRNA vaccines, are also lower when doses are spaced farther apart. Although NACI’s guidelines aren’t binding, provinces typically follow the recommendations, which are based on science and real-world evidence.

Dr. Sharma said there may be a need for more flexibility on dosing schedules. The holidays are approaching and many families want to celebrate together or enjoy travel as safely as possible. For that reason, health professionals may want to consider offering first and second doses more closely together than the eight-week timeline, Dr. Sharma said.

“I think it really is a discussion with health care practitioners,” Dr. Sharma said. “I think all of that needs to be considered as people are making their vaccination choices.”

NACI is also recommending that the COVID-19 shot not be combined with other vaccines for the time being. They say five- to 11-year-olds should not receive another vaccine for two weeks before or after their COVID-19 shot to help regulators monitor the safety of the vaccine and more easily determine if any reported side effects are linked to it.

Officials noted that it’s safe to combine vaccines, such as the flu shot and the COVID-19 shot, and there may be instances, such as during this year’s influenza season, when children are advised to receive both together.

The most common side effects linked to the newly authorized COVID-19 vaccine are soreness at the injection site, fatigue and headache.

The mRNA vaccines have been linked to rare cases of heart inflammation, or myocarditis and pericarditis, primarily in young men after the second dose. Most of the cases are mild and resolve with medication.

While no cases of heart inflammation were reported in children during the clinical trial, it’s possible some may occur, Dr. Sharma said, which is why officials will be closely watching for any side effects. She noted that the health risks of COVID-19 are much higher than any risks linked to the vaccine.

Now that the shot has been approved, provincial and local health officials across Canada are readying plans to start the largest mass vaccination campaign in children in decades.

Clinical studies with children under the age of 5 are continuing, but a COVID-19 vaccine for that age group is not expected until some time next year.

Sign up for the Coronavirus Update newsletter to read the day’s essential coronavirus news, features and explainers written by Globe reporters and editors.

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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

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

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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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