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Key COVID-19 numbers in the Ottawa area today – CBC.ca

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  • Ottawa reports 16 new COVID-19 cases and no deaths Sunday

Today’s Ottawa update

Ottawa Public Health (OPH) reported 16 new COVID-19 cases Sunday, the second highest case total since late June. 

It also removed one case from its dashboard.

Ten of Sunday’s new cases were people in their 20s.

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OPH didn’t report any new deaths and hasn’t for nearly a month.

There are 77 known active cases in the capital.

Numbers to watch

0.7%: Ottawa’s average COVID-19 test positivity rate increases.

1.26: The number of people infected by a single COVID-19 case, or R(t). The rate of spread is considered under control when the number is below one. 

6.1: The weekly incidence rate, a rolling seven-day total of new COVID-19 cases expressed per 100,000 residents.

1: The number of active COVID-19 outbreaks in Ottawa: a daycare outbreak with two child cases, as well as one case linked to a staff member.

3: The number of Ottawa residents being treated for COVID-19 in an Ottawa hospital.

1: The number of those patients in an intensive care unit.

770,131: The number of Ottawa residents who have received at least one vaccine dose, as of Friday.

674,412: The number of Ottawa residents who are fully vaccinated, as of Friday.

83%: The percentage of Ottawa residents 12 and up — all those who are currently eligible for a vaccine — who have at least one vaccine dose, as of Friday.

73%: The percentage of eligible Ottawa residents who are fully vaccinated, as of Friday.

Across the region

Eastern Ontario health units outside of Ottawa are generally reporting an average of a new case or two per day at most and aren’t reporting any COVID-19 hospital patients or outbreaks.

An exception is Hastings Prince Edward Public Health in the Belleville, Ont., area, which reported 13 new cases in recent days and 24 known active cases after warning about COVID-19 exposure at parties. It doesn’t have any COVID-19 patients in hospital.

Ontario is currently under Step 3 of the province’s pandemic reopening plan.

In eastern Ontario, most units have met the province’s fully vaccinated threshold for the next reopening step.

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CRTC rejects Telus' request to charge credit card processing fee for some services | Globalnews.ca – Global News

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The Canadian Radio-television and Telecommunications Commission ruled Thursday that Telus is not able to charge a credit card processing fee for regulated home telephone services.

This ruling applies to Alberta and B.C. services that are regulated by the CRTC, which are generally home telephone services in certain smaller communities.

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Since Oct. 6, most Canadian businesses, except in Quebec, can charge their customers a fee for credit card transactions, following a class-action lawsuit filed by retailers against Visa, MasterCard and card-issuing banks.

Read more:

CRTC says it needs more time to weigh Telus’ request to add credit card fee

Quebec is not included in this decision due to the province’s Consumer Protection Act, which prohibits the application of such surcharges.

On Aug. 8, Telus filed an application with the CRTC to introduce a credit card processing fee of 1.5 per cent, plus taxes, for payments made with a credit card.

On. Oct. 17, Telus began to charge the fee to clients paying by credit card in areas where services are not regulated by the CRTC, which includes its wireless and internet customers outside of Quebec.


Click to play video: 'CRTC head says possible penalties over Rogers outage still to be determined'

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CRTC head says possible penalties over Rogers outage still to be determined


Telus does not need to ask for the CRTC’s approval to add the surcharge to its unregulated services but the organization said it is “very concerned” about this practice as it goes against affordability and consumer interest.

“We heard Canadians loud and clear: close to 4,000 of you told us that you should not be subjected to an additional fee based on the method you choose to pay your bill,” Ian Scott, chairperson and CEO of the CRTC, said in a statement. “We expect the telecommunications industry to treat Canadians with respect and do better.”

The CRTC said, with this ruling, it is sending a “clear message” to Telus and other telecommunications service providers that are thinking of imposing a fee like this one on their customers.

&copy 2022 Global News, a division of Corus Entertainment Inc.

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Stock market news live updates: Stocks close mostly lower as selling pressure continues

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U.S. stocks extended this week’s downtrend Wednesday to close a choppy session with losses as the prospect of sustained higher rates and slowing growth continued to plague investor sentiment.

The S&P 500 (^GSPC) slumped 0.2%, ending a fifth straight day lower, while the Dow Jones Industrial Average (^DJI) capped trading at the flatline. The technology-heavy Nasdaq Composite (^IXIC) declined 0.5%.

In commodities markets, oil extended losses to close around $72 per barrel after a decline of roughly 10% this week to the lowest level since January.

“Fears are growing that economies are in for a rough time ahead as feverish inflation and the bitter interest rate medicine being used to bring it down take effect,” Hargreaves Lansdown senior investment and markets analyst Susannah Streeter said in a morning note, pointing also to recession warnings from U.S. bank bosses and gloomy trade data in China. “Despite today’s easing of restrictions, it’s clear China’s Covid nightmare is not at an end.”

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A chorus of downbeat remarks from Wall Street leaders on Tuesday further weighed on already slumping sentiment this week as many expressed concerns over the toll of inflation and elevated interest rates on U.S. consumers.

JPMorgan Chief Executive Officer Jamie Dimon said the $1.5 trillion in excess savings across Americans’ bank accounts were being eroded by rising prices, while warning the dwindling disposable cash may “derail the economy and cause this mild or hard recession that people are worried about.” Bank of America chief Brian Moynihan echoed a similar message, indicating that while consumers are still spending money, the pace is beginning to slow.

Meanwhile, Goldman Sachs (GS) CEO David Solomon projected stocks will barrel lower in 2023 and placed the probability of a soft landing at a mere 35% – a view at odds with in-house economists at his investment bank, who anticipate in their baseline forecast that the U.S. will narrowly avoid a recession next year.

“There’s a very reasonable possibility that we could have a recession of some kind,” Solomon said in an interview at the Wall Street Journal’s CEO Council Summit Wednesday afternoon.

David Solomon, Chief Executive Officer of Goldman Sachs, speaks during the Global Financial Leaders Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone SiuDavid Solomon, Chief Executive Officer of Goldman Sachs, speaks during the Global Financial Leaders Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone Siu
David Solomon, Chief Executive Officer of Goldman Sachs, speaks during the Global Financial Leaders Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone Siu

Reports that China’s government will scale back some zero-COVID rules appeared to underwhelm investors weighing easing restrictions against economic data out of the nation that showed falling imports and exports in November.

Back in the U.S., shares of Campbell Soup (CPB) rose nearly 6% after the canned goods producer reported earnings that beat Wall Street estimate and raised its full-year forecast. The company said sales of soup in the U.S. jumped 11% due to increases in demand for ready-to-serve soups, condensed soups and broth, reflecting a recent shift among consumers to value food purchases as inflation continues to weigh on households.

Shares of Apple (AAPL) sank 1.4%, one day after Bloomberg News reported the iPhone-maker scaled back ambitious self-driving plans for its future electric vehicle and postponed the car’s release data to 2026. Bloomberg also reported Wednesday morning that mobile industry bellwether Murata Manufacturing expects Apple will further reduce production plans for its iPhone 14 due to weakening demand.

Online used car retailer Carvana (CVNA) was also in the spotlight after plunging about 43% after the company’s biggest creditors reportedly signed an agreement to cooperate in potential restructuring negotiations as the company faces growing bankruptcy risk.

Investors await another round of economic data as the Federal Reserve’s final rate-setting meeting this year approaches. Readings on weekly jobless claims, producer price inflation, and consumer sentiment are due out later this week, but the most important data point for clues on the Fed’s direction for interest rates is the Consumer Price Index (CPI) out Tuesday, the same day U.S. central bank officials kick off their last two-day rate-setting meeting of 2022.

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Oil Markets Are Bearish But Downside Is Limited

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  • Oil prices fell to their lowest level this year on Wednesday morning, a clear sign of bearish sentiment in the oil market despite the recent price cap.
  • Despite bearish sentiment, Standard Chartered says that the downside to oil is limited as fundamentals are supportive and there are no major bearish catalysts looming.
  • Regarding the oil price cap, Standard Chartered has predicted that it will have little effect on oil prices as the main importers of Russian oil are not taking part.

Bearish

WTI and Brent crude oil prices fell for a third straight session on Tuesday, with the U.S. benchmark now at its lowest level in a year. Front-month Nymex crude for January delivery closed the day -3.5% to $74.25/bbl, its lowest in nearly a year, while February Brent crude finished -4% to $79.35/bbl, its weakest close since January 3. It’s now clear that the broader market selloff and worries about more aggressive monetary tightening by the Federal Reserve have overshadowed any positive effect from the new price cap on Russian oil sales.

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Oil traders have been anxiously waiting to see how the price cap on Russian oil will affect the market, but the measure is yet to impact prices.

Meanwhile, data released on Monday showed the U.S. ISM service sector index climbed slightly to 56.5% in November from 54.4% in October, which “triggered red flashing signals the Federal Reserve may keep interest rates higher for longer, increasing the odds of a U.S. recession and less energy use,’’ Stephen Innes, managing partner at SPI Asset Management, has told Morningstar. The ISM surveys non-manufacturing (or services) firms’ purchasing and supply executives. The services report measures business activity for the overall economy; above 50 indicates growth, while below 50 indicates contraction.

Bearish Oil Price Sentiment

So, just how bearish has sentiment become in the oil markets?

According to commodity analysts at Standard Chartered, speculative positioning in crude oil has been unremarkable through most of 2022, but has changed in recent weeks. The analysts have revealed that their proprietary crude oil money-manager positioning index that compares net longs across the four main New York and London-based crude contracts relative to open interest and historical norms is currently more negative than those for all other commodities they track. StanChart says that In recent months, crude oil has remained close to the bottom of the ranking of metals and energy in terms of implied positive speculative preference, while gasoline has been close to the top.

StanChart’s crude oil index currently stands at -70.3, the lowest since mid-April

2020 (about a week before WTI prices settled at a negative price). The index has now fallen

by 57.4 over the past three weeks marking the largest three-week fall since February

2020, just before the temporary collapse of the OPEC+ agreement.

Oil positioning

Source: Standard Chartered

However, StanChart says the situation this time around is very different from what it was during the historic oil price collapse of 2020, which is likely to limit the downside on oil prices. For one, the analysts note that oil market fundamentals are far more supportive this time than they were in early 2020; demand is not about to collapse due to a pandemic and no price wars by producers are present at the moment.

The experts say that oil prices are caught in the backwash from top-down macro trades with both positive and negative news on the economic front triggering selloffs. 

According to StanChart, negative U.S. economic data points are triggering an oil price selloff due to recessionary fears; however, positive data points are, ironically, having a similar effect due to the strengthening of the U.S. dollar.

Further, sentiment had been buoyed by hopes of China reopening, but as timescales dragged many traders have preferred to bet more in the metals markets instead.

Luckily for the oil bulls, the commodity experts say the new shorts are relatively weak and will soon be covered, helping to shore up oil, though in the short-term the market is likely to accentuate the negative.

Regarding the price cap on Russian sea-borne oil, StanChart has predicted that it will have little effect on oil prices. The analysts note that China, India, and Turkey are the three key swing

consumers of Russian oil and none has yet suggested that they would consider signing up to the cap. Without the participation of those three countries, the amount of Russian oil likely to move subject to the cap would likely be small even if Russia agreed to sell oil under those terms (which it has repeatedly said it will not).

The big question here in terms of market impact is then whether Russia can transport oil to its major consumers (including providing adequate insurance) without using EU or other G7 services. StanChart says that Russia has acquired a large enough ‘shadow’ tanker fleet since its invasion of Ukraine that it can use to move most of the displaced volumes; however, the analysts note that the insurance aspect is likely to cause significant issues. This has led analysts to predict that Russian crude output is likely to fall by 1.44 million barrels per day in 2023 thanks to a progressive shortage of high-quality equipment and a lack of access to international service companies as time goes by.

By Alex Kimani for Oilprice.com

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