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Scott Stinson on COVID-19: If Canadian governments want better public buy-in, then give us better data – National Post

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Before the coronavirus shut down sports, I spent a lot of time most days looking at numbers.

And now, I spend a lot of time most days looking at numbers.

Instead of points per possession, or shot attempts, or expected goals, it’s COVID-19 cases, and percentage daily increases, and testing rates.

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There are lessons from the analysis of sports statistics that can be applied to the much more important data that is now impacting how we live our everyday lives, bunkered away and either lonely or constantly bumping into family members.

But the biggest lesson, so far, is this: this data stinks. If a professional sports league was providing the kind of scattered, incomplete information that our governments are releasing on the coronavirus pandemic, we would ridicule them. And we have. (Hello, National Hockey League).

But when this data is meant to inform the public about the spread of an illness, and whether the measures we are taking have been effective, there is something more than ridicule that should be offered. We should be mad. We deserve better from our governments.

The single coronavirus statistic that is most cited these days is the number of cases in a particular place. Everywhere you turn, there are references to the steady global rise, or the sharp jumps in places like New York and Spain, and before that, China and Italy. In Canada there has also been a steep upward trajectory, which is distressing given all the talk about flattening the curve and the social-distancing measures that a significant number of citizens have undertaken.

Are Ontarians doing a bang-up job of containing this thing, or do we simply not have the proper data?

But that statistic, on its own, doesn’t say much. Rates of coronavirus testing vary wildly from province to province, which naturally affects the number of positive cases discovered. As of Wednesday morning, Ontario appeared to be having moderate success at restraining the spread of the virus, with just under 2,000 cases, for a rate of about 13 per 100,000 residents. That rate is lower than the rate in six other provinces. But again, as of Wednesday morning, Ontario had also run far fewer tests on a per-capita basis. Quebec had completed 16,000 more tests, even though Ontario has six million more residents. Alberta had completed 94 per cent as many tests as Ontario, despite having less than a third of its population.

So, are Ontarians doing a bang-up job of containing this thing, or do we simply not have the proper data? It’s like comparing the goals scored by two hockey teams, when one has played far more games. Further clouding the picture is that Quebec, with double the confirmed cases of Ontario, includes “presumed” cases as positive results. Thus, there’s no standard agreement on what constitutes a goal.

On cue, Ontario’s updated Wednesday numbers revealed a jump of more than 400 cases, the largest daily increase so far, but on a day when more than double the amount of tests were resolved than a day earlier. More tests, more positives. More games, more goals.

And while the numbers of confirmed cases are what lead all of the daily media briefings, experts have said for some time that it is hospitalized cases that are most concerning.


A traveller stands in the International arrivals hall at Toronto’s Pearson Airport, on Friday, March 27, 2020. Six planes carrying Canadians stranded in Africa and Europe are to touch down today in the government’s effort to repatriate travellers stranded by COVID-19.

Chris Young /

THE CANADIAN PRESS

It’s those numbers that demonstrate whether the health-care system is on pace to be overwhelmed, as has happened in places like Italy, which causes a commensurate jump in the death rate. In the sports context, hospitalization or intensive-care rates would be the advanced stats, the underlying numbers that give a more accurate picture of performance than the tops-of-the-waves stuff. But the information our governments provide on these details is scattershot and incomplete at best. It has to be chased down separately, although some provinces appear to be finally moving in the direction of providing it as part of their daily releases.

It is worth noting here that health care is a provincial responsibility, and so there are obstacles in the way to providing uniform, Canada-wide information. But isn’t a global pandemic the time for Ottawa to shake itself out of its normal way of doing business? The time for it to ensure that the coronavirus information released to the public is comprehensive and accurate? We shouldn’t have to be trying to infer what the numbers from Quebec and Ontario and Alberta mean. We should know, because someone in a position to know is telling us.

The information our governments provide on these details is scattershot and incomplete at best

It’s not even clear that federal officials should be trying to describe coronavirus spread in national terms. In recent days, the Canada-wide picture has been one of consistent daily jumps, but these are driven by big increases in Quebec and Ontario. The situation in British Columbia and the Prairies appears — for now, at least — to be one of significant progress in terms of limiting the spread of the disease, and a sign that the social-distancing measures are having the desired impact. You’d think that’s a message that Ottawa’s political and medical leaders would want to drive home, instead of simply reporting the steady national increases.

Of course, much about this pandemic has been changing rapidly, and I understand that people in high places have been forced to figure this stuff out on the move. But we are being told that our new reality of isolation and lockdown could carry on for weeks and months.

If our governments want the public to understand why all this is happening, it needs to provide the public with better information. And it needs to do that now.

Postmedia News

sstinson@postmedia.com

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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

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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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