NEWS RELEASE GOVERNMENT OF ONTARIO ************************* Ontario government is making it easier for everyone, especially those on the front lines, to reach out for mental health support during the COVID-19 outbreak. To improve access, the province is providing emergency funding of up to $12 million to immediately expand online and virtual mental health supports and $2.6 million to hire new psychologists and other mental health workers to support Ontario Provincial Police (OPP) personnel.
“Dealing with an evolving crisis like COVID-19 puts a lot of stress on everyone, including people who are self-isolating, families with kids out of school, and the frontline health care workers and first responders who are keeping us safe each and every day,” said Premier Ford. “This very difficult situation will impact different people in different ways, but I can assure everyone we will be there to support you and help you cope in every way we can. Clearly, protecting our health and well-being is everything, and that includes our mental health.”
These services will help people experiencing anxiety, stress and other mental health challenges, including people who are unable to access their regular in-person counselling supports. These resources will address the needs of youth and adults and will include more dedicated supports for those working on the frontlines who are dealing with the difficult realities of COVID-19 every single day.
“It’s never been more important for Ontarians to stay home to stop the spread of COVID-19,” said Christine Elliott, Deputy Premier and Minister of Health. “As they do, we need to provide them with the supports they need to stay mentally healthy during these challenging times as more Ontarians experience heightened anxiety and depression.”
With this investment, mental health agencies will receive emergency funding to hire and train more staff and purchase necessary equipment, appropriate technology and additional licenses. The emergency funding will immediately expand services, based on evidence-informed cognitive behavioural therapy (CBT), on a range of platforms including:
BounceBack: A guided self-help program for adults and youth aged 15 and over using workbooks with online videos and phone coaching support.
Kids Help Phone: 24/7 virtual support service offering professional counselling, information and referrals as well as volunteer-led, text-based support to young people in both English and French at 1-800-668-6868.
Internet-based Cognitive Behavioural Therapy (iCBT): Online CBT , supported by therapists; available in English and French.
iCBT for frontline health care workers: Online CBT targeted at frontline health care workers experiencing anxiety, burnout or PTSD. Those requiring intensive levels of care could be referred to virtual face-to-face care.
Training for Brief CBT-based interventions: Training will be provided to frontline workers in organizations such as Telehealth and emergency departments in order to better support individuals experiencing acute anxiety due to the pandemic.
The hiring of additional mental health workers for the OPP is in response to four of the 66 recommendations made by the OPP Independent Review Panel (IRP) in its final report. Established in April 2019 to examine the OPP’s workplace culture, the IRP was also tasked to look into how the OPP addresses issues of mental health, occupational stress injuries and suicide among its members and provide a series of recommendations. The funding will help the OPP hire mental health workers who will:
Provide clinical services to members of all ranks and make referrals to external services if needed;
Develop and deliver mental health support programming specific to unique policing needs (e.g. geographical, specialized services, cultural);
Facilitate educational programs to both uniform and civilian members to reduce stigma and promote resiliency and access to help when facing mental health challenges; and
Provide guidance in peer support programs.
“The current COVID-19 outbreak reinforces how much we rely on front lines workers and why it is so important to look after their mental health and wellbeing,” said Sylvia Jones, Solicitor General. “With this new assistance, OPP personnel will get access to the mental health support they need to continue protecting our communities.”
“Many Ontarians, including our dedicated first responders, are experiencing increased anxiety because of COVID-19 and are worried about their health, the health of their family and friends, and the future of their livelihoods,” said Michael Tibollo, Associate Minister of Mental Health and Addictions. “We continue to work with our partners across the mental health and addictions sector to fund more innovative services such as internet-based cognitive behavioural therapy, ensuring Ontarians receive the high-quality care they expect and deserve.”
Where to Find Help:
For Ontarians currently receiving mental health and addictions services and supports, please contact your current service provider to learn about potential virtual care options.
For Ontarians interested in public addictions services and mental health services for those over 18, they can contact ConnexOntario, Ontario’s mental health, addictions and problem gambling help line at 1-866-531-2600.
Children and youth under 18 can locate mental health services through the Ontario.ca and Kids Help Phone websites, or contact Kids Help Phone (1-800-668-6868) for 24/7 support, if they need someone to talk to.
Good2Talk is a free, confidential mental health support service providing professional counselling and information and referrals for mental health, addictions and well-being to postsecondary students in Ontario, 24/7/365. Learn more at www.good2talk.ca[RR(3] .
To access BounceBack and their guided self-help program using workbooks with phone coaching support, visit bouncebackontario.ca or ask your primary care provider for a referral.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
