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High vaccine use urged by Tam, Njoo to beat COVID-19, restore pre-pandemic life – CTV News

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OTTAWA —
Canadians will need to roll up their sleeves and get vaccinated in large numbers to finally corral COVID-19 before life can return to a semblance of its pre-pandemic state, Canada’s top public health officers said Tuesday.

“Widespread vaccine uptake is the best shot Canadians have in regaining some of what we’ve lost and returning to things that we cherish – things like holding family and friends closely, having community events and living our lives without the fear of contracting the disease,” said Dr. Theresa Tam, the country’s chief medical officer.

Tam and her deputy, Dr. Howard Njoo, offered that assessment one day after the Trudeau government announced the latest instalment in its plan to pre-buy tens of millions of doses of potential vaccines, signing deals with two American firms.

The newest deals will allow Canada to buy as many as 76 million doses of a vaccine candidate from Maryland-based biotech company Novavax, and up to 38 million doses of the vaccine being developed by Johnson & Johnson’s pharmaceutical company Janssen Inc.

Last month, the government signed similar deals with U.S. companies Pfizer and Moderna that would give Canada access to up to 76 million more doses.

Njoo said it is not clear what percentage of Canadians will need to get vaccinated to achieve broad immunity but “the more Canadians that take advantage, the better.”

Both physicians evoked the dark days of forced quarantines, school closures and bans on public gatherings during the measles and polio outbreaks of the 1930s, ’40s and ’50s.

“Most of us are lucky. We have not had to live through these types of measures because of safe and effective vaccines for these diseases,” said Tam.

“What Canada and the world needs to have for the best shot at normalcy is safe and effective vaccines.”

Tam suggested that the threshold for effective immunization is a moving target because understanding the science around COVID-19 is itself a work in progress.

For regulatory purposes, she said, that level has to be continuously evaluated.

“The international consensus is that we should at least look at around the 50 per cent vaccine efficacy mark,” said Tam, adding that there simply isn’t a “yes or no” answer.

More will be known when the data from ongoing Phase 3 clinical trials become available, she said.

“It’s a matter of remaining open to the evidence and being flexible.”

Right now, there appears to be low immunity to the disease around the world, “so getting a high enough vaccine uptake is going to be quite important,” said Tam.

Njoo said a vaccine could be available sometime in 2021, perhaps as early as the spring.

“We’re very optimistic here in Canada and because there are number of vaccine candidates being evaluated,” said Njoo.

“There could be an effective and safe vaccine, perhaps in 2021. We don’t know exactly when. Perhaps in the spring, maybe a little bit later. But it’s a very good thing to stay optimistic.”

As for whether such a vaccine should be mandatory, Njoo said it is better for people to educated about the benefits of immunization rather than have it forced upon them because that’s the best way to increase the number of vaccinations.

“I think it is more important to maybe change people’s attitudes who may be more reticent about getting vaccinated rather than having regulations to make vaccination mandatory,” Njoo said.

While vaccines have never been made compulsory in Canada, the practice in hospitals and long-term care facilities that have had outbreaks of respiratory illnesses has been for health-care workers to be vaccinated before being allowed to return to work, he noted.

As for testing for COVID-19, Njoo said the gold standard remains the so-called PCR test, or polymerase chain reaction testing which relies on a sample collected from a person’s nose or throat.

Asked about the possibility of a home test for the disease, Njoo said: “It’s quite complicated but the bottom line is: we’re open to examining all types of testing technologies because the more tools we have in the toolbox in terms of different types of tests available to use in different types of contexts, the better.”

This report by The Canadian Press was first published Sept. 1, 2020.

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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:

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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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