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Select frozen mango products recalled due to possible Hepatitis A contamination – CP24 Toronto's Breaking News



The Canadian Food Inspection Agency (CFIA) says select frozen mango products distributed in Ontario and several other provinces are being recalled due to possible Hepatitis A contamination.

Consumers are being warned not to eat various Nature’s Touch Frozen Food frozen mangoes, which were distributed in Manitoba, New Brunswick, Nova Scotia, Ontario, Possibly National, Quebec, Saskatchewan.

CFIA says there have been some reported illnesses associated with consumption of the products.

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Gold price rises as Fed delays tapering plans but pushes rate hike expectations to 2022 – Kitco NEWS



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(Kitco News) – The gold market is struggling to find some direction with prices below $1,800 an ounce as the Federal Reserve holds back on releasing its plans to reduce its monthly bond purchase for at least another meeting.

“Last December, the Committee indicated that it would continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until substantial further progress has been made toward its maximum employment and price stability goals. Since then, the economy has made progress toward these goals. If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the central bank said in its monetary policy statement.

The delayed tapering plans come as the Federal Reserve also leaves interest rates unchanged at the zero-bound range, as expected. However, the U.S. central bank is still looking to tighten its monetary policies. According to the latest economic projections, it sees the first potential interest rate hike in 2022.

Adam Button, chief currency strategist at, described the new dot plot estimates as hawkish.

Despite the hawkish outlook, gold prices are seeing some renewed buying interest following the Federal Reserve’s monetary policy meeting. December gold futures last traded at $1,779.30 an ounce.

The Federal Reserve’s outlook on current economic activity hasn’t changed since the summer, with the committed seeing continued strengthening.

Although the Federal Reserve has delayed its tapering plans this meeting, some analysts note that committee interest rate projections could be holding gold below $1,800 an ounce. Looking at the projections, also called the dot plots, the Committee sees interest rates rising to 0.3% in 2022, up from the previous estimate of 0.1%. This would signal that the central bank sees at least one rate hike next year.

For 2023 the median estimate for interest rates is 1%, up from the June forecast of 0.6%. For 2024 the central bank sees interest rates at 1.8%.

Despite the comments in the monetary policy statement, the central bank committee has downgraded its growth expectations for the rest of 2021. According to updated economic projections, the Federal Reserve sees the U.S. gross domestic product growing 5.9% this year, down from 7% forecasted in June. Economic growth next year has been revised higher to 3.8%, up from the previous projection of 3.3%. The economy is expected to grow 2.5% in 2023, up one tick from June’s estimate of 2.4%. In the first look for 2024, the central bank sees GDP growing 2%.

The U.S. central bank is also paring back its optimism in the labor market. For 2021 the unemployment rate is expected to fall to 4.8%, compared to December’s forecast of 4.5%. For next year, the unemployment rate is expected to be 3.8%, unchanged from the previous forecast. In 2023 the unemployment rate is expected to fall to 3.5%, also unchanged from June’s estimate. For 2024 the unemployment rate is expected to hold steady at 3.5%.
The U.S. central bank is also forecasting higher inflation pressure. The projections show that the Personal Consumption Expenditures Index (PCE) is expected to rise 4.2% in 2021, up from June’s estimate of 3.4%. Inflation pressures are expected to continue to grow in 2022, with PCE increasing 2.2%, up from June’s estimate of 2.1%. In 2023, the Federal Reserve expects inflation to hold at 2.2%. By 2024 consumer prices pressure are expected to moderate, rising 2.1%.

Core inflation expectations, which strip out volatile food and energy prices, are expected to rise 3.7% this year, up compared to the previous estimate of 3.0%. Next year, core inflation is expected to rose 2.3%, compared to June’s forecast of 2.1%. In 2023, inflation is expected to rise to 2.2%, up from the previous estimate of 2.1%. Inflation is expected to moderate to 2.1% in 2024.

Avery Shenfeld, senior economist at CIBC, also described the latest monetary policy statement as slightly hawkish. He added that he expects the central bank will release its tapering plans at the November monetary policy meeting.

“While it’s clear that the members of the committee think they will start tapering before year-end, they didn’t want to commit to do so just in case the issues with the virus deepen,” he said in a note to clients. “we’ll stick with a view that the tapering announcement is made at the next meeting, and begins before year-end.”

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Canada pauses COVID-19 vaccine deliveries as supply outpaces demand – Global News



Further deliveries of COVID-19 vaccines to Canada are on pause because provinces already have more doses than they can currently use.

Canada was to get 95 million doses of vaccine from Pfizer-BioNTech and Moderna by the end of September, but is about 20 million doses shy of that as of Wednesday.

Read more:
Why did Pfizer, Moderna COVID-19 vaccines get new names after approval? Experts explain

But Canada is already sitting on a stockpile of 18.7 million doses and doesn’t need any more to fully vaccinate eligible people over the age of 12. That includes 8.5 million doses shipped to provinces and not yet used and 10.2 million in a federal stockpile provinces can turn to if they need it.

As of Wednesday, 80 per cent of eligible Canadians were fully vaccinated against COVID-19, and another seven per cent have their first shot. At most, Canada would need 11 million doses to finish vaccinating everyone over 12.

As such, all provinces stopped requesting new doses by the end of August, and Canada has told suppliers not to send any more shipments for the time being.

Canadian officials are currently in talks with suppliers and other countries that need vaccines working on plans to donate Canada’s excess doses of Pfizer and Moderna.

Canada has already promised to donate 40 million doses it purchased but cannot use from AstraZeneca, Johnson & Johnson and the COVAX vaccine-sharing alliance.

Click to play video: 'B.C. preparing to offer COVID-19 vaccine to 6- to 11-year-olds once approved'

B.C. preparing to offer COVID-19 vaccine to 6- to 11-year-olds once approved

B.C. preparing to offer COVID-19 vaccine to 6- to 11-year-olds once approved

It has to date shipped just 82,000 doses of the Oxford-AstraZeneca vaccine directly to Trinidad and Tobago.

Vaccine donations are trickier than they might first sound, because of legal liabilities and vaccine dose expiration issues. Most countries won’t accept doses if the expiration date is under eight weeks, to ensure they can be used in time.

The vaccine contracts with Pfizer and Moderna also did not specifically spell out how excess doses could be donated, while the contracts Canada signed with AstraZeneca and J&J did.

U.S. President Joe Biden called on countries like Canada to do more to help get the rest of the world vaccinated following a virtual vaccine summit at the United Nations General Assembly on Wednesday.

Read more:
Pfizer Canada eyeing urgent COVID-19 vaccine approval for children aged 5 to 11

Biden said the U.S. was doubling its donations to more than one billion and said “we need other high-income countries to deliver on their own ambitious vaccine donations and pledges.” He said the goal should be to vaccinate 70 per cent of the world’s population within 12 months.

In a release, the PMO said Prime Minister Justin Trudeau joined other world leaders in committing to that goal.

The Prime Minister also spoke about Canada’s commitment to support equitable access to COVID-19 vaccines, tests, and treatments, including through significant financial support for vaccines and donations to countries.

It noted that to date, Canada has contributed more than $2.5 billion to help address the crisis globally, including sharing vaccine doses with the rest of the world.

Trudeau promised in the Liberal election platform that Canada will donate “at least” 200 million doses of vaccine through COVAX by the end of next year.

Currently, 31 per cent of the world’s population is fully vaccinated, but the rollout has been very lopsided. Wealthy countries snapped up the vast majority of available doses, leaving developing nations to wait.

Click to play video: 'Where is Canada heading in its fight against COVID-19?'

Where is Canada heading in its fight against COVID-19?

Where is Canada heading in its fight against COVID-19?

Africa has only fully vaccinated four per cent of the population, compared with 51 per cent in Europe and 45 per cent in North America.

At least 13 countries are above 70 per cent fully vaccinated. Canada, with 69.5 per cent of the entire population fully vaccinated, is close.

Canada is also preparing to start vaccinating children between five and 11, with Pfizer expected to request authorization for that age group imminently. The company said earlier this week a clinical trial showed the vaccine was safe and produced a robust antibody response in that age group.

The dose for children is one-third the size that given to adults and it’s not clear yet whether Canada could simply draw out smaller doses from each vial of vaccine already shipped.

A spokeswoman for the company said Wednesday that Pfizer was preparing a “different presentation for pediatric use” but would not confirm if that meant none of the doses Canada already has could be repurposed for kids.

© 2021 The Canadian Press

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Evolution of Canada as a Modern Payments Leader



With Silicon Valley taking most of the tech headlines from the North American continent, Japan being regularly publicized for its leaps in robotic technologies, and the UAE constantly investing in the latest tech, it doesn’t come as a surprise that many forget about Canada as a leader in the world.

However, just because Canada doesn’t command international headlines doesn’t mean that the country hasn’t proven to be incredibly tech-savvy, especially in the realms of payments and money. As a developed market, Canada has long boasted one of the highest credit card penetration rates in the world, at 83 percent (17 percent higher than the United States).

This is the start of a trend that will likely see Canada become the example of how payments around the world will take place, especially as it’s reported that the country will likely be the first to banish banknotes. Already, over 80 percent of Canadian bank transactions are made digitally, with there being many solutions available to the population. Yet, there’s more to come from the world-leading market in modern payments.

Rapid adoption of innovative cashless payment services


Source: Pixabay

While VISA, MasterCard, and American Express still form the foundations of much of Canada’s payments preferences, eWallet and mobile payment solutions have become incredibly prevalent. Both PayPal and Apple Pay boast a strong customer base across the country, with a 2019 survey indicating that over 20 percent of Canadians had the PayPal app, with over 15 percent installing the Apple Pay app.

It shouldn’t come as a surprise that, due to the influx of these once-termed ‘alternative’ payment methods, new industries have quickly embraced them to appeal to Canadians. This isn’t anywhere more apparent than with the online casino industry, with the very best accepting PayPal as well as Skrill, Neteller, Trustly, and the two card providers. By offering these safe and popular methods, players are happy to try out thousands of online games.

PayPal looks to be positioning itself as the leader of a cashless Canada, and yet it’ll be expanding its offering even further soon. In September 2021, PayPal paid US$2.7 billion to acquire Japanese online payments firm Paidy, which specializes in buy-now-pay-later (BNPL) and payments without credit cards. This could further enhance its appeal to the Canadian population.

Growing into an ever-more digital space for money

Source: Unsplash

Despite the rate of adoption of the newer or tech-savvy payment methods among customers, many still experience payment friction. It was found that over half of all Canadians have experienced a vendor not accepting their preferred payment method or there being a limit on the amount that can be transferred with any one purchase. This is why PayPal’s entry into BNPL could enhance its scope in Canada.

The BNPL market is tipped to be worth nearly US$4 trillion by the end of this decade, making it a powerhouse option in eCommerce. It will certainly become popular in less-developed markets, where people want more expensive goods than they can afford outright. However, it also has its place in a market like Canada, which will make all tiers of purchase more accessible to all, particularly if the PayPal rollout gains traction.

Another digital area of finance that Canada is seen to be particularly smitten with is that of cryptocurrencies. The government has created a remarkably crypto-friendly regulatory landscape, helping all kinds of coins to know where they stand, appeal to Canadians, and be used across the country. It’s said that around 1.2 million people (3.2 percent of the population) own cryptocurrencies in Canada already.

It doesn’t come as a surprise that Canada is tipped to become the first cashless nation in the world, particularly with the adoption rate of eWallets and the embrace of even more modern solutions.

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