There are growing concerns that the spread of more contagious COVID-19 variants could spark a third wave of the coronavirus in Canada as provinces ease restrictions.
All 10 provinces have now reported at least one case of the variant first detected in the United Kingdom. Other “variants of concern” from South Africa and Brazil have also made their way into the country.
With a downward trend of daily cases, Canada is seemingly wrestling through the tail end of a second wave. But public health officials and infectious diseases experts are already raising the alarm bells on a third peak.
“The combination of that optimism from a successful lockdown leading to governments wanting to reopen and the background of these variants of concern emerging, plus, delays in the vaccine arrival is setting up really this perfect storm for a massive third wave,” said Dr. Brooks Fallis, a critical care physician in Toronto.
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In the largest province of Ontario, 27 regions will begin a gradual reopening on Tuesday against the backdrop of stark scientific modelling that has predicted a third wave of infections and the potential of a third lockdown.
Following a strict lockdown, Quebec reopened non-essential retail stores, personal-care salons and museums reopened across the province last week. On Feb. 8, Alberta restaurants were also allowed to reopen for in-person dining. Meanwhile, since January, several provinces in Canada have resumed in-person learning at schools.
2:47 Coronavirus: Ontario could see 3rd wave due to increase in variants
Coronavirus: Ontario could see 3rd wave due to increase in variants
Jean-Paul Soucy, an infectious disease epidemiologist and PhD student at the University of Toronto, said based on the current trajectory of the variants and the decision-making by governments, the third wave could come in mid to late March and early April.
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“We’re looking at two different epidemics almost at this point,” he said, adding that the exponential growth of the new variants is gradually replacing the old strain of COVID-19.
Following a month-long lull and a sluggish start to its vaccine rollout, Canada is expected to get a big boost in the delivery of shots from Pfizer-BioNTech this week.
But, since vaccinations for the general population are not expected to start until April, it is less likely that the COVID-19 vaccines could prevent a third wave, Dr. Isaac Bogoch, an infectious diseases specialist and physician at Toronto General Hospital, said.
“A third wave is a very reasonable possibility, but it is not inevitable,” he told Global News.
If a third wave does hit the country, however, it will be different than the second wave, according to Soucy and Bogoch.
They said vaccinations in long-term care homes will mean there will be fewer deaths there, but a larger percentage of fatalities among the older adults in the community.
“Hopefully the devastation of long-term care facilities will be avoided because, at that point, everyone who lives and works in long-term care will have completed their COVID-19 vaccinations,” said Bogoch.
1:30 ‘Nobody wants a third wave’ of COVID-19 infections, Trudeau says
‘Nobody wants a third wave’ of COVID-19 infections, Trudeau says
Can a third wave be averted?
On Friday, Prime Minister Justin Trudeau urged the public to refrain from unnecessary travel and gatherings as the long weekend approached, noting a fast-tracked shipment of millions of COVID-19 vaccines in coming months will not be enough to combat the variants that have overtaken other countries.
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“Nobody wants a third wave to start, particularly not one comprised of new, more communicable variants that can cause real challenges,” Trudeau said during a news conference from outside Rideau Cottage in Ottawa.
Also on Friday, Dr. Theresa Tam, Canada’s chief public health officer, said aggressive vaccinations will play a key part in addressing COVID-19 spread but that is just one suppression tool. She added that ongoing vigilance was vital.
“Look at the European countries — they give us a clue as to what might happen if variants are circulating, and we let our guard down. That massive acceleration into that third resurgence, if you like … will happen really fast.”
10:59 COVID Variants: Will they cause Canada’s third wave?
COVID Variants: Will they cause Canada’s third wave?
In a bid to curb the spread of new variants, Ontario has introduced an “emergency brake” system to allow for immediate action if a public health unit region experiences rapid acceleration in COVID-19 transmission or if its health care system risks becoming overwhelmed.
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Soucy said the reopening of less essential facilities like restaurants for indoor dining and gyms should be delayed until the spring and summertime “when we get to control transmission.”
Bogoch echoed that thought, saying it will be important not to reopen too quickly, have policies in place to act swiftly and “stay ahead of the virus.”
“Variants of concern or no variants of concern — we still know how to prevent infection,” he said.
“If we navigate the next few months until vaccination is more widespread, we can certainly avoid a third wave.”
— With files from the Global News’ Heather Yourex-West, the Canadian Press.
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.
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.
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.
