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Health Canada authorizes Moderna's COVID-19 vaccine – BNN

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OTTAWA — Health Canada approved a second COVID-19 vaccine Wednesday, paving the way for the shots from U.S. biotech firm Moderna to start arriving in the country.

Prime Minister Justin Trudeau welcomed the move during a news conference in which he also announced that Canada will receive more doses next month of the Pfizer-BioNtech vaccine than previously expected, after it was approved by Health Canada on Dec. 9.

Between the early doses already in the country, and the shipments now scheduled, Canada should have at least 1.2 million doses from Pfizer and Moderna delivered by Jan. 31, Trudeau said.

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Eventually in 2021, enough doses will arrive from the two companies to vaccinate 30 million people, or almost the entire adult population in Canada.

But Trudeau warned of a long road still ahead.

Speaking outside his Ottawa residence, the prime minister issued a final plea before Christmas for Canadians to restrain themselves from attending or hosting large gatherings to prevent a post-holiday surge in COVID-19 cases.

“Our country has been through difficult Christmases before. There have been times when our grandparents or parents couldn’t be with family or had to put traditions on hold,” said Trudeau, who marks his 49th birthday on Dec. 25.

“Well this Christmas, it’s our turn. It’s up to us to protect each other. It’s up to us to pull together to hold on and to know however dark the winter may be, spring is coming and better days will be back.”

New cases of the novel coronavirus were reported in nearly all provinces Wednesday as both Ontario and Quebec also prepared to re-enter lockdown mode in a bid to curb their record high levels of cases.

The rollout of the Moderna vaccine is expected to begin within days, with Health Canada saying it expects up to 168,000 doses to be delivered by the end of December.

“After assessing all the data, we concluded that there was strong evidence that showed the benefits of this vaccine outweigh the potential risks,” Health Canada’s chief medical officer Dr. Supriya Sharma told a news conference in Ottawa.

While the Pfizer vaccine is being distributed in different cities across Canada, officials said the Moderna version will be distributed to more remote communities. That is because it does not need the same extreme-cold storage as the Pfizer version.

The first doses are prioritized for front-line health staff, residents and workers in long-term care, adults in remote Indigenous communities, and seniors over the age of 80 living in the community.

Long-term care facilities in Ontario and Quebec continue to struggle with outbreaks of COVID-19, and on Wednesday, Trudeau committed another $70 million to help the Canadian Red Cross respond.

The prime minister also announced that Canada was extending a ban on flights from Britain for another two weeks to Jan. 6 as the United Kingdom struggles with a new strain of COVID-19 that experts suggest is more contagious than other variants.

Sharma expressed confidence that the approved vaccines will remain effective against the new COVID-19 strain identified in the United Kingdom.

“We still are waiting for confirmation of the testing of these vaccines against that specific variant,” she said. “In general, we believe that they will be … effective.”

Yukon’s Health Minister Pauline Frost described the Moderna approval as the “exciting news Yukoners have been waiting for,” adding immunization clinics will begin the first week of January.

Frost said delivery of 7,200 doses will be enough to allow 3,600 residents of the territory to receive the two doses needed for immunity. A similar number will be delivered to Northwest Territories, Health Minister Julie Green said.

Maj.-Gen. Dany Fortin, the military officer charged with overseeing the logistical challenge of distributing vaccine doses across Canada, said the first Moderna doses will be delivered to the three territories on Monday.

He also said officials are preparing to ramp up next week from 14 vaccine delivery sites to 100 to handle the expanded influx of vaccine doses from Moderna and Pfizer.

“We’re building capacity and collaborating with our federal provincial, territorial and Indigenous partners to ensure that as many Canadians as possible can be safely immunized against COVID-19, and as quickly as possible,” Fortin said.

Canada’s deputy public health officer Dr. Howard Njoo said the plan remains to have all Canadians vaccinated by next September.

Canada is to get 40 million doses of Moderna’s vaccine in 2021, enough to vaccinate 20 million people, or about two-thirds of the Canadian adult population.

The vaccine is not yet recommended for use on children as tests on adolescents only began in December and tests on children younger than 12 won’t begin until next year.

People with severe allergies have been advised against getting the Pfizer vaccine after several people in Britain had reactions to the inoculation. Sharma said the same advice is being given for the Moderna vaccine and the company will have to continue to provide safety information.

Canada’s doses of the Moderna vaccine are being made in Europe.

Two more vaccines are being reviewed by Health Canada, one from AstraZeneca and the other from Johnson and Johnson, Sharma said, but more information is needed before they can be approved.

British Columbia’s top doctor said the province could receive its first doses of the Moderna vaccine as early as Monday, while more than 5,600 people have been immunized so far with the Pfizer vaccine.

Provincial health officer Dr. Bonnie Henry said Wednesday that COVID-19 cases in the province are levelling off after peaking in mid-November, though she warns now is not the time to relax public health rules.

–With files from Mia Rabson in Ottawa, Beth Leighton in Vancouver and Shawn Jeffords in Toronto.

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Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

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Tesla Promises Cheap EVs by 2025 | OilPrice.com



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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

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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

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

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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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