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No written guarantee on EU vaccine shipments, says international trade minister – CBC.ca

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Minister of International Trade Mary Ng said she has received assurances that export controls on vaccines introduced by the European Union will not affect Canada’s COVID-19 vaccine orders. 

Testifying at the House of Commons trade committee Monday, Ng said the government received verbal assurances in phone conversations with EU officials that Canada’s shipments will not be disrupted.

Opposition MPs asked Ng why the government had not secured a more formal, written guarantee from the EU.

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Ng said she spoke with EU Trade Commissioner Valdis Dombrovskis, while Prime Minister Justin Trudeau discussed the issue with European Commission President Ursula von der Leyen.

“I reiterated that Canada has advanced purchase agreements with vaccine manufacturers in Europe, and we expect that those agreements be respected,” Ng said.

“Vice-President Dombrovskis provided strong reassurances that this mechanism will not delay vaccine shipments to Canada, and we both committed to continue to work together, as we have since the beginning of the pandemic.”

On Jan. 29, the European Commission introduced new export controls for the 27-member bloc, which requires member states to get authorization before they can export vaccine doses out of the EU.

The export controls have raised concerns that Canada’s advance purchase agreements may not be honoured, which would threaten the supply of vaccines coming into the country. Canada is not on a list of countries exempted from the controls.

WATCH Trade minister questioned on why Canada is not exempt from EU vaccine export controls:

Minister Mary Ng addresses Daniel Blaikie’s questions about how the European Union’s new export rules on COVID-19 vaccines are impacting Canada’s supply. 4:48

While Ng said Canada would prefer to get on that list, she did not elaborate on a pathway to do so. She repeatedly brought up that other countries such as the United States and Australia are also not exempt.

Ng said she spoke with the Deputy Prime Minister of Belgium Sunday, Sophie Wilmès, who gave similar assurances that Canada’s advanced purchase agreements would be honoured.  The Pfizer vaccines Canada has ordered are being manufactured at a facility in Puurs, Belgium.

Conservative MP Ziad Aboultaif said the government should have pushed for a written guarantee. 

“There’s a term here — if it’s not in writing, [it] never happened. Do you agree?” Aboultaif asked.

Ng responded that she was confident in the assurances she had received.

“What I would say is that assurances by a vice-president and commissioner of the European Union, as well as the European Union president, to a prime minister, is a … good thing,” Ng said.

Few legal options, expert says

Assistant deputy minister for trade policy and negotiations at Global Affairs Canada, Steve Verheul told the committee that Canada does not have many mechanisms to challenge the new controls through CETA, the country’s free trade agreement with the European Union.

“On those particular [export control] measures, the EU is probably on solid ground,” he said.

WATCH Trade negotiator says Canada not yet ready to resort to retaliatory measures against EU:

Steve Verheul spoke with B.C. Liberal MP Randeep Sarai at the Commons International Trade committee on Monday. 2:16

Verheul also said officials are looking more closely at whether the exemption to the controls for certain countries was discriminatory, and said the issue may come up at the World Trade Organization. 

Ng said that the federal government would fight against protectionism, and continue to work with the European Union.

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Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

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[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

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Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

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“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

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Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

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