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Joe Biden gets COVID-19 vaccine, urges Americans to get it as soon as it's available – CBC.ca

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U.S. president-elect Joe Biden received his first dose of the Pfizer-BioNTech COVID-19 vaccine live on television Monday at a hospital in Newark, Del., in an effort to boost confidence in its safety ahead of its wide distribution in the new year.

Biden has said he would make the fight against COVID-19, which has killed more than 315,000 Americans and infected more than 17.5 million, his top priority when he takes office on Jan. 20. At age 78, he is in the high-risk group for the highly contagious respiratory disease.

His black long-sleeved shirt rolled up, Biden received the injection from Tabe Masa, nurse practitioner and head of employee health services at Christiana Hospital in Newark, Del., in front of reporters.

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After getting the shot of the Pfizer-BioNTech vaccine, Biden praised medical professionals as “heroes.”

“I’m doing this to demonstrate that people should be prepared when it’s available to take the vaccine. There’s nothing to worry about,” Biden said.

His wife, Jill Biden, who got the injection earlier in the day, stood by.

WATCH | Biden gets the shot and tells Americans they should do the same: 

U.S. president-elect Joe Biden says he got the shot to demonstrate that people should take the vaccine themselves when it is available. “There’s nothing to worry about,” he said. 3:34

But Biden also noted that the vaccine would take time to roll out and that people should listen to medical experts and avoid travelling during the holidays.

Vice-president-elect Kamala Harris is expected to get the vaccine next week.

Republican President Donald Trump has frequently played down the severity of the pandemic and overseen a response many health experts say was disorganized, cavalier and sometimes ignored the science behind disease transmission.

Efforts to limit the economic fallout on Americans from the pandemic were boosted on Sunday when congressional leaders agreed on a $900-billion US package to provide the first new aid to citizens in months, with votes likely on Monday.

Biden names more economic officials

Biden on Monday named additional members to his National Economic Council, rounding out his economic policy-making team with people his transition office said would help lift Americans out of the economic crisis.

David Kamin, an official in former president Barack Obama’s White House, will be NEC deputy director, and Bharat Ramamurti, a former top economic adviser to Sen. Elizabeth Warren’s 2020 presidential campaign, will serve as NEC deputy director for financial reform and consumer protection, Biden’s team said in a statement.

Joelle Gamble will be special assistant to the president for economic policy.

“This is no time to build back the way things were before, this is the moment to build a new American economy that works for all,” Biden said in the statement.

Biden had already named Brian Deese, who helped lead Obama’s efforts to bail out the automotive industry after the 2008 financial crisis and negotiate the Paris climate agreement, to lead the council, which co-ordinates the country’s economic policy-making.

Much of the fate of Biden’s White House agenda will hinge on the outcome of a pair of Senate runoff elections in Georgia on Jan. 5 that will determine which party controls the upper chamber of the U.S. Congress.

Harris travelled on Monday to Columbus, Ga., to campaign on behalf of Jon Ossoff and Raphael Warnock, the Democratic candidates locked in tight races with incumbent Republicans.

U.S. President Donald Trump was briefly hospitalized with COVID-19 in October. (Jonathan Ernst/Reuters)

Trump was briefly hospitalized in October with COVID-19, and many of his advisers and White House staff have also contracted the illness.

The outgoing president, making unsubstantiated claims of widespread electoral fraud, has focused on trying to overturn his election loss in recent weeks, even as daily COVID-19 deaths soared. His campaign’s latest long-shot effort was another petition to the U.S. Supreme Court on Sunday that legal experts predict will fail.

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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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Pipeline

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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