Coronavirus cases and outbreaks of new more transmissible variants are continuing to increase across Canada, raising concerns of a possible third wave of the ongoing pandemic in the country.
As of March 11, there were close to 3,000 confirmed cases of “variants of concern” (VOC) across all 10 provinces, with the B.1.1.7 variant accounting for more than 90 per cent of these cases. The B.1.1.7 variant was first detected in the United Kingdom in mid-December.
All viruses mutate over time, but the pace of the spread and the reproductive rate of the new variants in the country is “very concerning,” experts say.
“We are starting a variant-driven third wave now,” said Colin Furness, an infection control epidemiologist and assistant professor at the University of Toronto.
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2:40 Viral evolution in immunocompromised COVID-19 patients
Viral evolution in immunocompromised COVID-19 patients
The province of Ontario has the highest number of variant cases – 956 of the U.K. variant, 41 of the B.1.351 variant and 28 of the P.1 variant — those variants were first discovered in South Africa and Brazil respectively. The Ontario COVID-19 Science Advisory Table estimates that 41 per cent of the total cases are of VOCs.
Projections for Ontario released Thursday estimated that in the next two to three weeks, COVID-19 rates could grow to up to 8,000 new cases a day under the worst-case scenario, depending on the spread of variants.
Janet Cordahi/Global News
Jean-Paul Soucy, an infectious disease epidemiologist and PhD student at the University of Toronto, noted that cases of the B.1.1.7 variant, which is responsible for an increasing fraction of infections across the country, were able to grow under lockdown conditions even as conventional COVID-19 cases shrank.
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“We are facing a twindemic here,” he told Global News.
1:56 Alberta identifies 47 COVID-19 variant cases Wednesday
Alberta identifies 47 COVID-19 variant cases Wednesday
Alberta has the second-highest number of VOC cases (775), but has yet to report the P.1 variant. Alberta is followed by British Columbia and Quebec, where all three variants have been found.
Given B.1.1.7’s prevalence and competitive advantage in reproduction, Donald Sheppard, an immunologist and microbiologist at McGill University Health Centre, says Canada has passed the “tipping point” where it will replace the original strain of coronavirus.
2:33 First case of Brazilian COVID-19 variant found in B.C.
First case of Brazilian COVID-19 variant found in B.C.
Provincial modelling out of both Quebec and Ontario suggests that the B.1.1.7 variant could dominate in the provinces in a matter of weeks.
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“The variants of concern continue to spread across Ontario and our ability to control the rate of spread will determine whether we return to normal, or we face a third wave of infection,” Dr. Adalsteinn Brown, the co-chair of Ontario’s COVID-19 Science Advisory Table, said during a news conference on Thursday.
Janet Cordahi/Global News
Experts are concerned that the variants could also delay the end of the pandemic, that has now entered its second year.
“I fear the spread of more transmissible and potentially more deadly variants will lead to one last, preventable tragedy,” said Soucy.
Sheppard said had there been no variants of concern, we would be looking at winding down the pandemic over the summer.
On a positive note, however, there is emerging evidence that the current vaccines appear to be effective against the new variants.
However, a number of studies have shown decreased protection of the COVID-19 vaccines against the B.1.351 and P.1 variant. Both contain the E484K mutation in the spike protein of the virus, which appears to have an impact on the body’s immune response and vaccine efficacy.
2:04 Ontario coronavirus models show pandemic progress has stalled
Ontario coronavirus models show pandemic progress has stalled
As a larger percentage of the population gets vaccinated, the mass vaccination campaigns will eventually help reduce transmission and suppress the variants, Soucy said.
But until then, public health measures and personal vigilance will be key, he said.
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Furness predicts that schools will likely need to close briefly in April.
Meanwhile, as daily case counts have stabilized, a number of provinces have eased restrictions in recent weeks.
“If we take a more gradual approach to reopening and take a proactive approach in regions to halt accelerating growth, I think we will be in great shape for a COVID-safe summer and a vigorous vaccination campaign to lead us out of this mess,” Soucy said.
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.
