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Queen to be vaccinated within weeks, but no preferential treatment: U.K. reports – CTV News

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LONDON —
Queen Elizabeth II will receive the Pfizer-BioNTech coronavirus vaccine within weeks, reports on Sunday said, as the biggest immunization program in U.K. history begins next week.

The monarch, 94, and her 99-year-old husband Prince Philip are in line to get the jab early in the rollout, which gets underway Tuesday, due to their age and will not receive preferential treatment, several newspapers reported.

The most senior royals will “let it be known” they have been given the inoculations “as a powerful counter to the anti-vaccination movement,” the Sunday Times said.

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The Mail on Sunday added they hope “to encourage more people to take up the vital jab”.

The Queen has spent much of the pandemic in self-isolation in Windsor because of her age, and will this year forego her traditional family Christmas at her Sandringham estate in eastern England with other royals.

A Buckingham Palace spokeswoman declined to comment on the vaccination reports, noting “medical decisions are taken personally”.

Britain on Wednesday became the first country in the world to approve the Pfizer-BioNTech vaccine, and health officials have already drawn up criteria based on age and vulnerability to decide who will receive it first.

‘RISE TO THE CHALLENGE’

Britain has pre-ordered 40 million doses of the Pfizer-BioNTech vaccine in total, and is set to receive an initial batch of 800,000 to kickstart Tuesday’s rollout.

Elderly care home residents and their carers will be the very first in line, followed by those aged 80 and over and frontline health and care staff.

Other elderly people and the clinically extremely vulnerable will be next, with the rest of the population then prioritised by age.

The first doses were transported to the U.K. this week from a Pfizer plant in Belgium and will begin to arrive at dozens of “hospital hubs” nationwide by Monday.

Among those first to be inoculated will be the eldest patients already attending hospital as an outpatient, those being discharged home and others invited in.

The effort faces significant obstacles because this vaccine must be stored at -70 C.

However, it can be kept for up to five days at temperatures between 2 and 8 C.

“Despite the huge complexities, hospitals will kickstart the first phase of the largest-scale vaccination campaign in our country’s history from Tuesday,” Stephen Powis, national medical director of the state-run National Health Service (NHS), said.

“Hardworking staff will once again rise to the challenge to protect the most vulnerable people from this awful disease,” he added, noting the NHS had “a strong record” in vaccine delivery.

VACCINE AIRLIFT

U.K. regulators were forced to defend their world-first approval, insisting it met all safety standards, after U.S. and European officials queried the rapid process.

The Sunday Mirror reported a string of high-profile figures in Britain had committed publicly to getting the vaccine in a bid to boost take-up.

They include Monty Python star Michael Palin, 77, 69-year-old Bob Geldof and rocker Ronnie Wood, 73, the tabloid said.

“I will absolutely and immediately take it as soon as humanly possible,” Geldof said.

Meanwhile, plans are reportedly being stepped up to ensure any complications arising from the end of the Brexit transition period on Dec. 31 do not hit the rollout.

The Observer said ministers have drawn up contingency plans to fly millions of doses into Britain on military aircraft in the event of Brexit-related disruption at UK ports.

“We will do this if necessary,” a health department spokesperson told the newspaper.

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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

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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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Oil Firms Doubtful Trans Mountain Pipeline Will Start Full Service by May 1st

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Pipeline

Oil companies planning to ship crude on the expanded Trans Mountain pipeline in Canada are concerned that the project may not begin full service on May 1 but they would be nevertheless obligated to pay tolls from that date.

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In a letter to the Canada Energy Regulator (CER), Suncor Energy and other shippers including BP and Marathon Petroleum have expressed doubts that Trans Mountain will start full service on May 1, as previously communicated, Reuters reports.

Trans Mountain Corporation, the government-owned entity that completed the pipeline construction, told Reuters in an email that line fill on the expanded pipeline would be completed in early May.

After a series of delays, cost overruns, and legal challenges, the expanded Trans Mountain oil pipeline will open for business on May 1, the company said early this month.

“The Commencement Date for commercial operation of the expanded system will be May 1, 2024. Trans Mountain anticipates providing service for all contracted volumes in the month of May,” Trans Mountain Corporation said in early April.

The expanded pipeline will triple the capacity of the original pipeline to 890,000 barrels per day (bpd) from 300,000 bpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast.  

The Federal Government of Canada bought the Trans Mountain Pipeline Expansion (TMX) from Kinder Morgan back in 2018, together with related pipeline and terminal assets. That cost the federal government $3.3 billion (C$4.5 billion) at the time. Since then, the costs for the expansion of the pipeline have quadrupled to nearly $23 billion (C$30.9 billion).

The expansion project has faced continuous delays over the years. In one of the latest roadblocks in December, the Canadian regulator denied a variance request from the project developer to move a small section of the pipeline due to challenging drilling conditions.

The company asked the regulator to reconsider its decision, and received on January 12 a conditional approval, avoiding what could have been another two-year delay to start-up.

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