This is an excerpt from Second Opinion, a weekly roundup of health and medical science news emailed to subscribers every Saturday morning. If you haven’t subscribed yet, you can do that by clicking here.
In a week bookended with significant COVID-19 vaccine delays while confirmed cases of coronavirus variants continue to climb in Canada, experts are divided on whether vaccines should be diverted from parts of the country with fewer cases to those with hot spots.
On one hand, Canada’s three hardest-hit provinces have collectively received more than 10 times the Atlantic provinces, which have had much lower COVID-19 levels.
But at a per-capita level, the situation looks much different.
Ontario, Alberta and Quebec have each received between 2,200 and 2,800 doses per 100,000 people, while Prince Edward Island has over 4,700, Nunavut close to 13,300, Yukon more than 14,000 and the Northwest Territories in excess of 21,000 doses.
“I know cities in Canada that have more patients hospitalized than there are patients in the Atlantic with COVID-19 total,” said Dr. Zain Chagla, an infectious disease specialist and associate professor at McMaster University in Hamilton, Ont.
“They have functional health care, they’re separate from the rest of Canada. That’s fine, it’s working for you, but let us take the doses — give it to the rest of Canada that’s suffering.”
But others say the vaccine should be distributed equitably across the country because outbreaks can flare up quickly.
Alyson Kelvin, an assistant professor at Dalhousie University in Halifax and a virologist at the Canadian Center for Vaccinology who is evaluating vaccines with the VIDO-InterVac lab in Saskatoon, said Atlantic provinces that have faced serious lockdowns shouldn’t be forced to wait.
“It’s almost like you’re continuing to punish certain groups that have been following the rules,” she said.
The federal government, meanwhile, isn’t ruling out shifting who receives how much of future shipments, but it’s a thorny issue both logistically and ethically in a country with vast disparities and limited vaccine supply.
‘Redistribution’ required
Chagla said while an equitable approach to vaccine distribution in Canada is admirable, it doesn’t make sense on the ground in places with disproportionate spikes in cases like Toronto and nearby Peel and York Regions.
He’s among the health experts suggesting that regions with larger populations and more widespread COVID-19 levels be prioritized in Canada’s vaccine roll-out, due to the higher rates of hospitalizations and death they face.
“Especially if you’re having issues with vaccine shortages, we should probably do a bit of redistribution to these higher geographical spots as well,” said Dr. Sumon Chakrabarti, an infectious disease physician with Trillium Health Partners in Mississauga, Ont.
Chakrabarti says that in areas of the country where community transmission is high, long-term care facilities will bear the brunt of harm because residents are most at risk of severe outcomes and death from COVID-19 as the virus spreads.
“That’s where we should be focusing our vaccinations. And right now in Atlantic Canada, with due credit to them, they don’t have very much community transmission,” he said.
“So I think that the best thing to do right now would be to shift that over to hot spots.”
Vaccines ‘not the tool’ to contain outbreaks
Dr. Lisa Barrett, an infectious diseases physician and immunologist at Dalhousie University in Halifax, said that from a scientific perspective, vaccines are meant to work on a wider population level and shouldn’t be used to try to contain flare ups.
“This is not the tool that was ever meant to be a primary firefighting mechanism for hot spots,” said Barrett, “It was meant to be the long-term forest management that keeps things in good shape, when they’re in reasonable shape already.”
“But having said that, is it a wrong thing to get long-term care vaccinated in hot spots where there is currently no vaccine? No, that’s a good idea; those people are likely to die.”
Kelvin says vaccines should be equally distributed throughout Canada, because even if an area has low levels of COVID-19 transmission for the time being, it doesn’t make a population any less vulnerable.
“Northern communities had nothing for a really long time, but they were absolutely vulnerable to drastic and damaging consequences if the virus got in,” she said.
“So to use that as a reason to not vaccinate those populations could lead to some serious consequences.”
Dr. Anna Banerji, an infectious diseases specialist and Indigenous health expert at the University of Toronto, said remote Indigenous communities in particular need to remain prioritized for vaccines, due to the poor quality of healthcare they already receive.
“The average person in Canada, if they get sick, if they’ve been exposed, they can go to see a doctor or go to a hospital,” she said.
“But when you’re in these remote communities, you need to fly down into hospitals that are usually further south or far away. So that means that if you’re sick, then you have to wait.”
Feds not diverting doses
For its part, the federal government is staying the course on its vaccine distribution plan, with no plans to redirect doses from provinces and territories with low levels of community transmission — but that could change.
“We have not considered shifting doses from one province or one jurisdiction to another at this time. I think it would be counterproductive to do that in the midst of our immunization plan,” said Maj.-Gen. Dany Fortin, the military commander leading Canada’s COVID-19 vaccine logistics, during a press conference Thursday.
“What we could anticipate being prepared to do is adjust based on per-capita distribution at the locations that require the most future shipments long enough out for provinces to plan accordingly.”
Canada’s Deputy Chief Public Health Officer Dr. Howard Njoo said the emergence of more contagious variants has led to active discussions with health officials across the country, but he ultimately feels the provinces are better positioned to redistribute vaccines within their jurisdictions.
“They’re the people who have the data and know what’s going on in terms of the situation on the ground with respect to specific outbreaks and what variants might be emerging,” he said. “They can make the adjustments I think much more easily.”
WATCH | Prime Minister Justin Trudeau shares update on COVID-19 vaccine delays:
Prime Minister Justin Trudeau spoke with reporters outside Rideau Cottage in Ottawa on Friday. 1:38
Concerns over rural, urban divide
Other physicians agree the focus shouldn’t be on redistribution across the country, but rather where supplies are most needed within each region.
“It does feel like it’s a bit of a distraction to argue about which province should have more,” said Dr. Nili Kaplan-Myrth, a family physician in Ottawa. “That’s not the point.”
Within Ontario, for instance, there’s a stark divide between which regions were sent vaccines, she said, with healthcare workers in rural areas still waiting to be vaccinated while hospital staff in larger cities are often receiving shots sooner.
“If you work in a hospital that already has the vaccine, and your name comes up, or they had extra doses, it was like this kind of quick free-for-all — ‘come down and get the vaccine’ — because we don’t want to throw out any doses,” she said.
“That only works for people who are already there, and so it doesn’t work when you’re hundreds of kilometres away.”
That’s also a concern for the Society of Rural Physicians of Canada (SRPC), which issued a statement in late January calling on all Canadian vaccine task forces to consider the potential disparity that could arise if the needs of rural communities aren’t met.
Both long-term care and retirement homes in many rural and remote areas haven’t been vaccinated at the same rate as settings in urban areas, despite experiencing outbreaks at various facilities, the organization stressed.
In Ontario, for instance, COVID-19 immunization clinics had been held at all 87 long-term care homes in Toronto by mid-January, while vaccinations for all of Lambton County near the Ontario-Michigan border only started on January 26 — even as that rural region continues to face deadly outbreaks at multiple long-term care homes.
“If one or two people get sick, or need to be isolated or quarantined, that can have major detrimental effects on the entire health system in a rural area,” said SPRC president Dr. Gabe Woollam, a physician working in Happy Valley-Goose Bay, N.L.
“That’s one of the reasons why we see it as very important to ensure equitable access to vaccines.”
Determining best approach ethically ‘tricky’
Given the competing priorities and perspectives on how to vaccinate Canadians effectively — all while the country faces a vaccine supply crunch — there’s no perfect approach for policymakers trying to wade through the debate.
“I look at the communities that could be devastated if they had the virus spread through them,” said Kelvin.
“If we went to a model of only vaccinating places where the virus was, then I think we would be in some serious trouble in some places.”
University of Toronto associate professor Alison Thompson, a researcher on the ethical issues arising from public health policies, stressed there’s no easy road here: staying the course won’t please everyone, while redistributing doses between regions would be logistically challenging.
“What we’re ultimately saying is that some people are more vulnerable than others,” she said.
“It’s tricky ethically.”
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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.