adplus-dvertising
Connect with us

Business

'It's not over': Experts fear new surge of COVID-19 infections after holidays – CTV News

Published

 on


TORONTO —
Many hard-hit areas of Canada have seen rapidly increasing rates in COVID-19 infections over the past few weeks, and experts are warning that the start of 2021 could include an even higher surge of cases.

Dr. Ronald St. John, former Director General for the Public Health Agency of Canada (PHAC), told CTV News Channel on Thursday that our current case numbers don’t even reflect the past week, when many may have gathered over the holidays in contradiction of health advice.

“I’m concerned that we haven’t begun to see a spike from Christmas,” he said. “It’s only been about five, six days since Christmas, that’s not quite enough time for transmission that occurred on Christmas Day to start to show up in any significant numbers.”

300x250x1

Since it takes around two weeks in general for people who contracted COVID-19 to experience symptoms and get tested, we will likely only know how big the Christmas spike will be in early January.

New Year’s Eve brings poses a second risky time for large gatherings.

“I’m afraid we’re going to have another spike from New Year’s Eve,” St. John said.

Officials have stressed that any celebrations should be virtual, and households should not be mixing for the kind of parties that are common in any other year.

Dr. Bonnie Henry, provincial health officer for B.C., reminded the public earlier Thursday to celebrate safely.

“Many of us will be ordering our favourite meals in, myself included,” Henry said. “Whatever your plans may be this evening, please remember how important it is to follow the public health orders and restrictions. The actions of a small group of people, as we have seen before, can have consequences.”

She added that health officials had been made aware of “holiday celebrations being planned, some for several hundreds [of] people.”

With Christmas and New Year’s Eve potentially impacting community spread, St. John believes we’re “looking at three weeks of increasing numbers,” in January, adding that this “may well have a major impact on our health-care system.”

We won’t see the effects of provincial lockdowns that occurred in December for weeks, making it hard to know how much they have helped or not.

Dr. Hassan Masri, an ICU specialist from Saskatchewan, told CTV News that “bold decisions should have been made earlier.”

“Unfortunately, they were not made early enough,” he said.

In Ontario, hospitals are being stretched to the limits in many regions. Within the province, COVID-19 patients in intensive care have doubled since the end of November, with 337 in the ICU today. In Scarborough alone, over 60 per cent of the ICU capacity is occupied by COVID-19 patients.

Dr. Albert Lauwers, chief of staff at Scarborough Health Network, told CTV News that they are bracing for an increase in cases in early 2021.

“We’re expecting spikes in January right through to mid-February,” he said.

While this is occurring, more shipments of vaccines will be making their way across Canada. But the vaccine rollout shouldn’t spur people to assume the pandemic is now over, St. John said — it should inspire us to be more careful than ever.

With the vaccine right around the corner for the general public, “now is not the time to get COVID,” he said.

“And now’s not the time to get COVID and then spread it to somebody, especially your grandparents, or your parents, or anybody else. Now is the time to really follow the measures and try to avoid becoming infected.”

He acknowledged that this is a “very difficult time.

“I’m afraid this epidemic is going to continue on into 2021,” he said. “It’s not over, and until we get enough vaccination to control the virus, we’re still going to have to follow these measures.” 

With files from Andrew Weichel

Let’s block ads! (Why?)

728x90x4

Source link

Continue Reading

Business

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

Published

 on



Tesla Promises Cheap EVs by 2025 | OilPrice.com



300x250x1


Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Related News

Tesla

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

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Related posts

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Why the Bank of Canada decided to hold interest rates in April – Financial Post

Published

 on


Article content

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.”

Article content

300x250x1

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.

Article content

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.

Recommended from Editorial

  1. Bank of Canada governor Tiff Macklem during a news conference in Ottawa.

    BoC ‘committed to finishing the job’ on inflation:‘ Macklem

  2. Bank of Canada governor Tiff Macklem at a press conference in Ottawa.

    Time for Macklem to turn before it’s too late

  3. Canada's inflation rate picked up slightly in March, but the consumer price index (CPI) release suggested that core inflation continued to slow.

    ‘Welcome news’ on inflation raises odds of rate cut

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.

Share this article in your social network

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Meta shares sink after it reveals spending plans – BBC.com

Published

 on


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.

300x250x1

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”.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Trending