Earlier this week, the provincial government announced it would be providing $116.5 million to create up to 766 more beds at 32 hospitals and alternate health facilities across the province.
Simcoe North MPP Jill Dunlop explained what that investment means to Orillia.
She said the province will be providing up to $2,718,000 to Orillia’s Soldiers’ Memorial Hospital (OSMH) for up to 20 total patient beds.
The goal of the funding is to help alleviate hospital capacity pressures and reduce wait times and surgical backlogs.
“A bed is such an important part of the hospital process for both staff and patients,” Dunlop said in a statement.
“This investment will help improve the ability for Orillia Soldiers’ Memorial Hospital to provide care for patients, even more so during such a difficult time as COVID-19, especially with the upcoming winter and flu season.”
This week’s funding is in addition to the $234.5 million investment for 139 critical-care beds and up to 1,349 hospital beds included in Ontario’s fall preparedness plan.
The new funding “will further strengthen our ability to meet the health needs of our community,” said OSMH president and CEO Carmine Stumpo.
“This funding announcement supports the surge planning already underway at OSMH,” he explained. “This includes maintaining current emergency services, addressing backlogs in scheduled surgical activity and creating new capacity for COVID and influenza surges this winter.”
Stumpo said the $2.7 million in one-time funding, to March 31, 2021, “will support operating expenses such as additional staff and medical supplies.”
According to the media release from Dunlop, this brings the total investment to $351 million for more than 2,250 new beds at 57 hospitals and alternate health facilities across the province – beds that will add more capacity for hospitals, help with occupancy pressures and support the continuation of surgeries and procedures.
“Our government is making the necessary investments to quickly and effectively increase hospital capacity and reduce wait times for patients and families in Simcoe,” said Health Minister Christine Elliott.
“This additional investment will ensure our health-care system is able to respond to future waves of COVID-19 and help patients waiting for surgeries and other procedures get the care they need, faster.”
The government is providing $2.8 billion for the COVID-19 fall preparedness plan. It focuses on addressing surges in COVID-19 cases and reducing health service backlogs by:
Extending hours for additional priority surgeries and diagnostic imaging;
Helping up to 850 alternate level of care patients access proper care in a home or community setting to help free up hospital capacity;
Expanding digital health and virtual services, which provide alternatives to in-person care that limit the transmission of COVID-19, while maintaining access to care;
Improving access to mental health and addictions services and supports; and
Increasing home and community care service by adding 484,000 nursing and therapy visits and 1.4 million personal support worker hours.
Ontario will release its 2020 budget and the next phase of Ontario’s Action Plan on Nov. 5.
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.
