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Outbreak grows in vaccinated Quebec care home, expert says it was to be expected – CP24 Toronto's Breaking News

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MONTREAL — A growing COVID-19 outbreak in the first Quebec long-term care to receive Pfizer’s vaccine is not a reason to question the shot’s efficacy, an infectious diseases expert said Wednesday.

As of Tuesday, there were 123 active cases of COVID-19 at the CHSLD Saint-Antoine in Quebec City, up from 98 cases two days earlier. The residence, which began vaccinating residents on Dec. 14, has reported 12 deaths from the disease during the pandemic’s second wave.

Local health authorities indicated on Tuesday that at least some of those who were infected had tested positive after receiving the vaccine.

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Benoit Masse, a public health expert at the Universite de Montreal, said the rising case numbers in the home are not surprising, given that the outbreak began before inoculations got underway.

“The vaccine prevents, but if (the virus) is already present, it won’t help much,” said Masse. “It’s the equivalent of putting sunscreen on a sunburn.”

Masse says that, like with other vaccines, it takes about two weeks following the injection for the body to build an immune response, meaning the vaccine is of little use in preventing illness before then.

“That’s why we do flu vaccination campaigns in October, when we expect the virus will arrive in Montreal in November or December,” he said.

While he’s not surprised to see the outbreak continue to grow, Masse worries it could lead to the erroneous belief that the vaccine doesn’t work, or even that it’s harmful.

Roxane Borges Da Silva, another Universite de Montreal public health expert, says it’s worth asking whether staff at the care home became complacent once the vaccination program began.

“Knowing that it’s one of the first long-term care homes to be vaccinated, was there a carelessness in the application of (infection control) measures?” she wrote in an email.

In a statement, the Quebec City health authority said the outbreak at the CHSLD Saint-Antoine began after it was chosen as a vaccination site but before shots began.

“The too short time for antibodies to develop fully in vaccinated people did not allow some residents or workers to avoid developing symptoms, as they had most likely already been exposed to COVID-19, given the context of an outbreak,” spokesman Mathieu Boivin said in a statement.

He said it’s possible the vaccinated residents and workers will experience less severe symptoms of COVID-19, but it’s too soon to say for sure.

He also stressed that those who were infected have not yet received their second doses of the vaccine, even though the efficacy of a first dose is believed to be over 90 per cent after 14 days, he said.

Boivin said the residents who tested positive after vaccination would receive their second doses at the same time as the rest, and that the outbreak wouldn’t affect vaccination.

Masse said more outbreaks are to be expected in care homes after vaccination campaigns begin.

“We’re in a race to vaccinate before the virus arrives in those environment,” he said. “If we get there too late, or we get there during an outbreak, the vaccine won’t succeed in preventing a large outbreak in those places.”

While the vaccination campaign has yet to make a dent in the number of new infections, hospitalizations and deaths in the province, he sees reason for optimism.

Masse believes the province could begin to see some improvement by the end of January, when the province finishes vaccinating those in long-term care homes. Things should look even better by March, when most of those over 80 could be immunized.

In the meantime, he’s urging Quebecers to respect the lockdown measures being put in place in the coming days, which he views as “one last, big effort” to get through the crisis.

This report by The Canadian Press was first published Jan 7, 2021.

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Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

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Tesla Promises Cheap EVs by 2025 | OilPrice.com



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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

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Why the Bank of Canada decided to hold interest rates in April – Financial Post

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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

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Meta shares sink after it reveals spending plans – BBC.com

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Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

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Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

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