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OMA warns reopening of bars may lead to increase of COVID-19 cases – CP24 Toronto's Breaking News

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Katherine DeClerq, CP24.com


Published Friday, July 17, 2020 4:56PM EDT


Last Updated Friday, July 17, 2020 8:36PM EDT

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The Ontario Medical Association (OMA) is calling on the government to rethink allowing indoor bars to open their doors as part of Stage 3 of the province’s COVID-19 reopening plan, citing spikes in the number of novel coronavirus cases in other jurisdictions.

The OMA, who represents more than 43,000 physicians and medical students, argues that “reopening is not an all or nothing situation” and that in places like the United States, Spain and England, the reopening of indoor bars have led to outbreaks of COVID-19.

“The evidence from other jurisdictions is that the reopening of bars carries significant risk,” OMA President Dr. Samantha Hill said in a news release issued Friday.

“When people consume alcohol, inhibitions are lowered, making them much less likely to practise physical distancing, proper masking behaviours and good hand hygiene. Indoor locations with decreased air ventilation present a particularly high risk of transmission.”

As of Friday, at least 30 new COVID-19 cases in Montreal were linked to nine bars in the area, prompting the government to consider closing bars and nightclubs in the city. Quebec officials ultimately decided not to close the establishments, but urged anyone who visited a bar in Montreal to get tested for COVID-19.

In Ontario, 24 regions moved to Stage 3 of the provincial reopening plan. Under the new guidelines, gyms, bars, dine-in services and cinemas are now allowed to open.

Indoor gathering limits have also increased to a maximum of 50 people, while outdoor gathering limits will increase to a maximum of 100 people.

At the same time, provincial health officials are still urging residents to remain physically distant from anyone not in their 10-person social circle.

While the Greater Toronto Area has not yet moved to the next state of reopening, bar patios that were allowed to reopen in Stage 2 have already experienced overcrowding.

The incidents have prompted the Alcohol and Gaming Commission of Ontario to partner with the city and Toronto police to increase inspections of “liquor licenced establishments” this weekend.

At least one Toronto nightclub has had their liquor licence suspended after holding an alleged indoor party.

The OMA is arguing that allowing bars to open in Stage 3 may lead to a spike in COVID-19 cases, adding that in other jurisdictions public health restrictions had to be re-tightening following an increase of patients related to the region’s nightlife.

The medical association noted that transmission of the disease occurred at the establishments despite public safety guidelines were adhered to.

“We know how important reopening is for business and Ontario’s economy and we strongly urge the government to learn from other jurisdiction’s mistakes when it comes to reopening bars,” OMA CEO Allan O’Dette said.

“We need to keep moving forward but caution is needed as we can’t afford another full lockdown.”

A spokesperson for the Ontario Finance Minister’s office said on Friday night that they “appreciate that the OMA has shared their point-of-view” and that the government shares their concern for the health and safety of Ontarians.

The spokesperson then listed a number of restrictions that remain in place for bars and restaurants with dine-in service in Stage 3. They include ensuring customers are seated when eating or drinking, discontinuing buffet-style service, ensuring customers are separated by two-metres or by plexiglass, and complying with restrictions related to dancing, singing and music performances.

“The three stages of A Framework to Reopen Our Province are based on advice from the Chief Medical Officer of Health,” Emily Hogeveen said. “The number one priority is, and will continue to be, protecting people’s health.”

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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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