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Ottawa must be more transparent regarding COVID-19 vaccine rollout: expert – Canada News – Castanet.net

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As some provinces push for clarity on when they will receive their share of Canada’s COVID-19 vaccines, one expert said Monday the government should be more transparent about the terms of its contracts with the companies making the shots.

Kerry Bowman, who teaches bioethics and global health at the University of Toronto, said it’s likely Ottawa doesn’t have the information the provinces are seeking regarding the timing and quantity of vaccine deliveries, particularly if its contracts with drugmakers are conditional.

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But if that’s the case, he said, the federal government should state it clearly or risk eroding public trust in its system.

While news that COVID-19 immunizations could begin in some countries in a matter of weeks is good for Canada in the long term, it will lead to widespread frustration in the near future if the country is lagging behind, he added.

“There’s benefits to all of humankind, no matter who’s getting it,” he said.

Still, “if two weeks from now, the news is full of us watching people all over the world being inoculated, including the United States, and we’re not, there’s going to be some very unhappy Canadians.”

As well, he said, any delay in immunization translates to more COVID-19 cases and deaths, and mounting economic strain.

“People will die and other people’s lives will continue to be ruined until we pull out of it. And so, to me, whether it’s this month or that month (that we get the vaccine) is not irrelevant — it’s highly relevant,” he said.

Ontario Premier Doug Ford renewed his calls Monday for a clear delivery date for the province’s share of vaccines, stressing that “the clock is ticking” when it comes to fighting the novel coronavirus.

Ford said he was set to speak to Pfizer, one of the drugmakers that has entered into an agreement with Canada, on Monday afternoon but expected to be told the information must come from Ottawa.

The premier cited reports that other countries, such as the United Kingdom, are on track to start COVID-19 immunizations soon, adding Ontarians “need answers.”

Meanwhile, the American biotech company Moderna said Monday the first 20 million doses of its COVID-19 vaccine will be shipped to the United States next month.

The chairman of the American vaccine maker told the CBC on Sunday that Canada is near the front of the line to receive the 20 million doses it pre-ordered, confirming that the country’s early commitment to purchasing the shots means it will get its supply first.

Moderna is one of several companies to have already submitted partial data to a “rolling review” process offered by Health Canada. Rather than presenting regulators with a complete package of trial results, the would-be vaccine makers file data and findings as they become available. Canada has been looking at Moderna’s first results since mid-October.

The issue of when Canada will receive its orders came to the forefront last week when Prime Minister Justin Trudeau said the country will have to wait a bit because the first doses off the production lines will be used in the countries where they are made.

Trudeau has repeatedly defended his government’s vaccine procurement policy, saying Ottawa has secured multiple options for the country.

The federal government was pressed on the matter further during Monday’s question period, as some MPs called for greater transparency regarding vaccine rollout, noting other countries such as Australia have made their plans public.

Health Minister Patty Hajdu said the government has been working with the provinces and territories to ensure the plan is robust.

“Canada is well-served by the diversity of vaccines we have purchased early and in fact in great quantity. Canadians can be assured they too will have access to these vaccines that will bring us to the end of COVID-19,” she said.

Case counts remained high in several provinces Monday.

Ontario, Alberta and Quebec, reported 1,746, 1,733 and 1,333 new infections respectively. Together, the three provinces had 39 new deaths related to the virus.

Toronto, one of two Ontario hot spots currently under lockdown, recorded a daily high of 643 new infections.

In Manitoba, health officials stressed residents must limit their contact with others in order to bring down the numbers, as the province reported 342 new cases and 11 additional deaths.

The provincial government imposed strict measures on business openings and public gatherings more than two weeks ago, but officials said the test positivity rate remains at 13 per cent.

Nunavut, however, will begin to lift the lockdown measures it enacted in mid-November on Wednesday, as more people recover from the illness.

Only Arviat, which has 86 active cases, will continue to be in lockdown for at least another two weeks, with travel restrictions in place, Nunavut officials said.

The territory reported four new cases Monday, bringing the total to 181.

In British Columbia, the province announced the highest number of deaths for a three-day period as it recorded 46 fatalities over the weekend.

Provincial health officer Dr. Bonnie Henry became emotional Monday as she expressed her condolences to families and thanked caregivers for their dedication.

“Health-care workers have been at the front lines, or maybe the last line of defence right now,” she says. “I know how challenging it is and I’m with you every single day, supporting you in admiration for the work that you’re doing.”

Out east, six new infections have been recorded in New Brunswick today, while Newfoundland and Labrador reported one.

Nova Scotia reported 16 new cases of COVID-19, bringing its total of active cases to 138.

On Sunday, the federal government announced it will extend a series of travel restrictions meant to limit the spread of COVID-19 into January, in light of the steady rise in case counts across the country.

Public Safety Minister Bill Blair and Hajdu said in a statement the measures, which were first enacted near the start of the global health crisis, would be in effect until Jan. 21, 2021, for travellers entering Canada from a country other than the United States.

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Economy grows more than expected, keeping the Bank of Canada 'on its toes' – Financial Post

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January GDP strongest monthly growth in a year

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The Canadian economy surprised to the upside in January, posting its strongest monthly growth in a year, which could keep the Bank of Canada “on its toes,” say economists.

Real gross domestic product (GDP), which measures the value of goods and services produced during a specific time frame, edged up by 0.6 per cent in January, according to Statistics Canada, beating analysts’ expectations of 0.4 per cent. The agency also expects a 0.4 per cent rise in GDP during February.

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“To put that two-month flurry of growth into perspective, the combined one per cent gain is as much as the economy grew in the entire 12 months of 2023,” Bank of Montreal chief economist Douglas Porter said in a note. “After a prolonged lull through much of last year … the economy looks to have caught some strong tailwinds early this year.”

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The rise in GDP was due to broad-based growth in 18 of the 20 sectors measured by Statistics Canada.

The public sector, which includes education, health care and social assistance and public administration, increased 1.9 per cent in January, following two consecutive monthly declines. Education, which grew by six per cent, was the largest contributor to the country’s growth as activity rebounded from strikes by public sector workers in Quebec late last year.

Manufacturing fully recouped December’s decline in growth with a 0.9 per cent rise in January. A sudden drop in temperature in mid-January in parts of Canada contributed to increased activity in the utilities sector, which rose by 3.2 per cent, its highest growth rate since January 2022.

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The real estate and rental sector grew for a third consecutive month — by 0.4 per cent — on higher resale activity. The Greater Toronto Area, Hamilton-Burlington and most markets in Ontario’s Greater Golden Horseshoe contributed to the growth.

The information and cultural services sector, which includes the motion picture and sound recording industry, also grew for the third consecutive month, as activity continued to ramp up following the end of a strike by the Screen Actors Guild – American Federation of Television and Radio Artists in November.

These “robust” figures could pose a difficult challenge for the Bank of Canada, Toronto-Dominion Bank economist Marc Ercolao said in a note.

While the central bank has received “solid evidence” in the past two months that inflation is cooperating, “strong GDP data prints” such as today’s will “keep them on their toes,” said Ercolao, who expects the first interest rate cut to take place in July.

On the labour front, Statistics Canada said there were 632,100 job vacancies in January, down 34,800, or 5.2 per cent, from November. Vacancies in the manufacturing sector declined by 10.2 per cent to 37,500, the lowest level since September 2017.

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Monthly payroll increases were recorded in 13 of 20 sectors, led by retail trade, manufacturing and finance. But these gains were offset by a 0.3 per cent decline in construction.

The number of employees receiving pay and benefits from their employers, as measured by payroll employment, rose for the first time in the retail trade after four consecutive monthly declines.

Despite the strong start to the year, some economists expressed caution, especially regarding February’s GDP estimate.

Claire Fan, an economist at the Royal Bank of Canada, said the “substantially stronger-than-expected” numbers are partially driven by one-off factors such as the ending of the Quebec teachers’ strike, so growth isn’t likely to be sustained in the coming months.

“We’ve learned to take the advance estimates (February) with a grain of salt as they have been highly revision prone,” she said, while retaining RBC’s assessment of a weak economic backdrop.

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BMO’s Porter said Canada experienced something similar last year when GDP stalled after a strong start to the year.

“There could be a serious issue with seasonality here, especially in light of much milder winters recently,” he said.

Despite the increase in GDP, most economists have stuck to their previous predictions that June will be when the Bank of Canada issues its initial interest rate cut.

• Email: nkarim@postmedia.com

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Former crypto mogul Sam Bankman-Fried sentenced to 25 years in prison

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Bankman-Fried, 32, sentenced for fraud on customers of the FTX cryptocurrency exchange he founded.

Former crypto tycoon Sam Bankman-Fried has been sentenced to 25 years in United States federal prison for stealing $8bn from customers of the now-bankrupt FTX cryptocurrency exchange he founded.

US District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing on Thursday after rejecting Bankman-Fried’s claim that FTX customers did not actually lose money and accusing him of lying during his trial testimony.

A jury found Bankman-Fried, 32, guilty on November 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in US history.

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“He knew it was wrong,” Kaplan said of Bankman-Fried before handing down the sentence. “He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right.”

Bankman-Fried stood with his hands clasped before him as Kaplan read the sentence.

Kaplan said the sentence reflected “that there is a risk that this man will be in position to do something very bad in the future. And it’s not a trivial risk at all.”

Prior to sentencing, Bankman-Fried stood and apologised. “A lot of people feel really let down. And they were very let down. And I’m sorry about that. I’m sorry about what happened at every stage,” he said.

“My useful life is probably over. It’s been over for a while now, from before my arrest.”

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Sam Bankman-Fried, centre left, is escorted out of Magistrate Court following a hearing in Nassau, Bahamas, Dec. 19, 2022 [File: Rebecca Blackwell/AP Photo]

Al Jazeera’s Kristen Saloomey, reporting from New York, said that Bankman-Fried could have received up to 110 years behind bars for his crimes and that the 25-year sentence was less than the 40-50 years that prosecutors were seeking.

“Given the scale of this crime, one of the largest frauds in history, the judge took a very strong stance but also showed some flexibility… perhaps based on the arguments made by Bankman-Fried’s lawyers and his family that he had always intended to do good”, she said.

Bankman-Fried had billed himself as a proponent of effective altruism – finding the best way to help other people, in particular by donating all or part of one’s wealth to charity rather than, say, volunteering at a soup kitchen.

When the cryptocurrency world lurched into crisis in the spring of 2022, he bought shares in the troubled platform BlockFi and another troubled company, Voyager.

However, prosecutors have said the responsible image he cultivated concealed his years-long embezzlement of customer funds.

“The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years. He stole money from customers who entrusted it to him” prosecutors said in a court filing.

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Gas prices in the Thompson Okanagan jumped by 7 cents a litre, days before the next carbon tax increase – Vernon News – Castanet.net

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Some area gas stations are not waiting until April 1 to crank up the price of gas.

On April Fools Day, the federal Liberals will be increasing the controversial carbon tax, which will directly impact the price at the pump.

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However, overnight, several Thompson Okanagan gas stations have already increased the price, selling the liquid gold for 174.9.

In January, gas was selling for a ‘mere’ 143.9 cents a litre. The latest hike is a whopping 31-cent-a-litre increase in just three months.

And the price of petrol is guaranteed to go up again when the carbon tax increase is implemented on Monday.

Kelowna drivers are also paying more at the pump today, with the majority of stations raising the price to 174.9.

As of 9:30 Thursday morning, the Co-op stations on Rutland and Sexsmith roads were at 168.9 as was the Costco gas station.

Several Vernon stations are holding at 167.9.

In Penticton, motorists are also paying more, with the price at the majority of stations hitting the 174.9 mark.

Kamloops drivers are also taking a hit to the wallet with gas in the Thompson community also selling for 174.9.

The Kamloops Costco was the cheapest in the city at 161.9 cents a litre.

Enderby continues to have some of the cheapest gas in the region at 165.9, however the Esso in Tappen has them all beat at 157.9.

Gas in Vancouver has crested the $2 a litre mark, sitting at 202.9 cents a litre.

And as usual, Calgary motorists are paying significantly less than their BC counterparts, filling up for 154.9 cents a litre.

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