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Oil’s 60% Crash Is the Tip of an Iceberg. The Reality Is Worse – Yahoo Canada Finance

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MADRID – Spanish army troops disinfecting nursing homes have found, to their horror, some residents living in squalor among the infectious bodies of people suspected of dying from the new coronavirus, authorities said Tuesday.Defence Minister Margarita Robles said the elderly residents were “completely left to fend for themselves, or even dead, in their beds.” She said the discovery over the weekend included several nursing homes but did not name them or say how many bodies were found.A judicial probe into the horrific discovery was opened Tuesday as Spain announced a record one-day jump of nearly 6,600 new coronavirus infections, bringing the overall total to more than 39,600. The number of deaths also leaped by a record 514 to almost 2,700, second only to Italy and China.As bodies piled up, Madrid took over a public skating rink as a makeshift morgue after the city facility overflowed. To date, 1,535 people have died in the hard-hit Spanish capital, more than half of the national total. The capital region has over 12,350 infections.“This is a tough week,” Dr. Fernando Simón, head of Spain’s health emergency centre, told a daily news briefing.Relatives of elderly people and retirement homes’ workers expressed growing concern about the situation at the centres.”With everything that is happening with the coronavirus, this was a ticking bomb,” said Esther Navarro, whose 97-year-old Alzheimer’s-stricken mother lives at the Usera Seniors’ Center in Madrid, where soldiers found some of the bodies.“Now we are bracing ourselves for the worst possible outcome,” she told the Associated Press in a telephone interview.A worker at the nursing home said at least two bodies had to remain in the home for a day before funeral workers, who are working around the clock, arrived to take them away.“We are very saddened, because the residents are almost like our own relatives due to the time we spend with them,” the worker, José Manuel Martín, told Cadena SER radio.Pedro Núñez said his father-in-law, Zoilo Patiño Lara, died at the nursing home from the virus on Saturday, although he was never diagnosed or taken to a hospital when symptoms appeared. The man, in his 80’s and suffering from advanced Alzheimer’s, was not removed until Sunday despite Núñez’s repeated calls to funeral home workers.Domusvi, the private company contracted by the Madrid regional government to run the Usera nursing home, confirmed that two residents died there over the weekend. A company spokeswoman, who declined to give her name, blamed the delay on funeral homes that failed to come quickly to take away the bodies.While most people suffer only mild or moderate symptoms, such as fever or coughing. from COVID-19, the disease caused by the virus, for older adults and people with existing health problems, it can cause far more severe illness, including pneumonia.Nursing homes worldwide have been especially hard hit. In the United States, several facilities have seen unusually high death tolls, and federal officials found that staff members who worked while sick at multiple long-term care facilities contributed to the spread of COVID-19 among vulnerable elderly in the Seattle area.On Monday, federal regulators gave the Life Care Center in Kirkland three weeks to address the serious infractions that have been linked to the death of at least 37 residents. The nursing home failed to identify and manage sick residents and failed to notify health authorities in a way that placed residents in “immediate jeopardy,” regulators found.Besides Washington state, burgeoning outbreaks at nursing homes in Illinois, New Jersey and elsewhere in the U.S. have underscored long-running problems in the industry. As in Spain as well as in Italy, France and elsewhere in Europe, among the biggest problems has been a critical staffing shortage.In Spain, the government announced last week that it would take over control of senior-care facilities from private companies and, as part of an unprecedented aid package, set aside 300 million euros ($323 million) for adding additional social workers and caretakers.Although Spanish households have traditionally included three generations living under one roof, nursing homes have mushroomed across the country over the past two decades, with multinationals and investment funds entering the lucrative business. According to Spain’s official scientific research body, CSIC, there were 373,000 people in more than 5,400 nursing homes across the country in 2019.Miguel Vázquez, the president of Pladigmare, an association that fights for better conditions in Spain’s nursing homes, said the virus pandemic has forced a spotlight on the lack of personnel and resources that the wave of profit-seeking private investors has brought to the business of running the facilities.”Spain has turned a right to being properly cared for, as enshrined in our laws, into a business that benefits from saving costs,” Vázquez said, adding that private facilities have been even more opaque than usual since authorities trying to halt the spread of the coronavirus closed the residences to visitors earlier this month.“Now that relatives can’t get in, we don’t really know what’s going on there,” he said, adding that the situation was even more dire in the Spanish capital, where 92% of some 400 nursing homes are privately owned or managed.The head of AETE, which represents the country’s largest for-profit nursing home businesses, said that criticism for “localized problems” should not be extended to the whole industry, which he said has been urging authorities to provide additional protective gear for weeks.Jose Cubero also said that overburdened hospitals in Madrid were rejecting patients with COVID-19 from nursing homes.“We provide assistance but we are not health care facilities. The elderly also have the right to be treated in hospitals,” Cubero said.Simón, the doctor appointed by the Spanish government to co-ordinate its response to the outbreak, said that over 5,400 health workers have been infected by the coronavirus.“Everyone has been making a titanic effort, especially our health workers,” government spokeswoman María Jesús Montero told a televised daily news conference, where journalists submitted questions via messaging apps.At the Palacio de Hielo ice skating rink-turned-makeshift-morgue on the outskirts of Madrid, security forces guarded the premises as funeral vans entered the building via an underground car park. Madrid authorities took up the rink’s offer after the city’s municipal funeral service said it could take no more coronavirus victims until it restocked with more protective equipment.The city government said bodies would be held at the rink until they can be taken to be cremated or buried.Madrid has also turned two city hotels into hospitals to help with the overflow of virus patients and plans to convert five others. Madrid’s hotel association has offered 40 hotels to help medical workers. Madrid also set up a field hospital in the Ifema trade fair complex, where the U.N. climate conference COP25 was held in December.___Follow AP coverage of the virus outbreak at https://apnews.com/VirusOutbreak and https://apnews.com/UnderstandingtheOutbreakCiaráN Giles And Aritz Parra, The Associated Press

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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.

___

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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