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'Shouldn't have taken this long': Alta. Olymel plant temporarily closed after worker dies from COVID-19 – CTV Edmonton

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EDMONTON —
The United Food and Commercial Workers union has confirmed that the Olymel plant in Red Deer has been temporarily shut down.

The move comes after 35-year-old Darwin Doloque, a worker at the plant died from COVID-19 on Jan. 28.

The plant is currently dealing with an outbreak. The president of United Food and Commercial Workers (UFCW) 401, Thomas Hesse said there have been 326 cases of coronavirus at the plant. There are still 192 active cases.  

The union been asking the government to implement protective restrictions on food processing plants similar to ones imposed on the general public.

“It’s been a fight in order to get Olymel to come to their senses. The world needs to see that this disease is an occupational disease. There’s 1,800 workers working side-by-side, and it’s a very troubling situation,” Hesse told CTV News on Monday night. “It’s a victory I suppose, to see the plant closed, but the fight is ongoing. It should have happened before, it shouldn’t have taken this long.”

Hesse said Doloque’s death is a tragedy.

“Our union is grieving. It’s very, very sad. It was a preventable, in our belief it was a preventable death.”

Alberta NDP leader Rachel Notley released a statement on the plant’s closure Monday night.

“I am glad the plant owners have finally listened to calls from the United Food and Commercial Workers (UFCW) and are shutting down the plant,” she wrote. “We have seen a memo from Alberta Health Services indicating one-in-five workers at the plant may be infected with COVID-19 already and all efforts must be made to stop further spread. I hope the Olymel plant remains closed until the safety of all workers there can be assured.”

“We also continue to monitor the situation closely at other plants, namely one run by Cargill in High River, which remains the site of the largest outbreak of COVID-19 in Canada since the pandemic began.”

About 1.850 people work at the plant. The union says about 60 per cent of them also have other jobs outside the plant.

The plant will wind down operations over the next few days, and the company will investigate the outbreak.

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Fashion firm Rent the Runway aims for nearly $1.3 billion valuation in U.S. IPO

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Rent the Runway is aiming for a valuation of nearly $1.3 billion in its U.S. initial public offering, as the fashion rental company looks to cash in on the rising interest in pre-owned clothing.

The company, founded in 2009, lets users rent and shop second-hand clothes and accessories such as handbags and jewelry in over 18,000 styles from more than 750 designer brands. It also allows customers to rent and shop home goods.

Rent the Runway plans to sell 15 million shares priced between $18.00 and $21.00 apiece in its IPO, raising $315 million, according to a filing https://www.sec.gov/Archives/edgar/data/1468327/000119312521301156/d194411ds1a.htm.

Earlier this month, the Brooklyn, New York-based company disclosed a near 39% drop in revenue for the fiscal year 2020. Its top line also took a hit in the first half of this fiscal year, with revenue down 9% for the period ended July 31.

Rent the Runway said its active subscribers more than doubled to 111,732 in the first nine months of 2021.

Demand for second-hand clothes has jumped in recent months as customers become increasingly conscious about their carbon footprint, boosting revenues at styling service Stitch Fix and online resale shop ThredUp.

Goldman Sachs & Co, Morgan Stanley and Barclays are the lead underwriters for the offering. Rent the Runway will list its stock on the Nasdaq under the symbol “RENT”.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Maju Samuel and Subhranshu Sahu)

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Why did the SEC release a report on GameStop?

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The U.S. Securities and Exchange Commission on Monday released a report examining the frenzied trading in shares of retailer GameStop Corp, and other ‘meme’ stocks, in January, and recommended some areas for further regulatory consideration.

The report could have implications that affect where retail stock orders are executed and how that service is paid for, when brokers can restrict trading, and the amount of transparency around short sales.

Here are some key details from the GameStop saga:

WHAT HAPPENED?

Shares of GameStop surged more than 1,600% in January as retail investors colluded in online forums like Reddit‘s WallStreetBets to try to bid up the heavily shorted stock and force hedge funds to unwind their bets against it, with the hope the short squeeze would drive the price even higher.

The extreme volatility in GameStop shares, along with other popular meme stocks, prompted the clearinghouse that guarantees trades before they are completed to raise the collateral from brokers to clear the trades.

That led several brokerages, including Robinhood Markets, to temporarily restrict trading in the red-hot stocks, helping curb the rally, infuriating retail traders and rattling market confidence. Others, like Charles Schwab Corp, adjusted margin requirements and limited advanced options strategies on the affected stocks.

WHY THE SURGE IN RETAIL TRADING?

In late 2019, large retail brokers like Schwab and Fidelity followed Robinhood’s lead and eliminated trading commissions.

Then, in early 2020, with COVID-19 lockdowns keeping people at home, major entertainment and sporting events canceled, and government stimulus checks sent to many U.S. households, retail trading levels soared.

While the main narrative around the GameStop frenzy was retail investors taking on big hedge funds, institutional investors were also major players in the buying and selling.

WHO WAS HURT?

Hedge fund Melvin Capital required a $2.75 billion lifeline when it had to close out its short position in GameStop at a huge loss in January.

Anybody who bought GameStop shares at $482.95 on Jan. 28 and then sold them since would have lost money.

GameStop shares are currently at $183.28, around 1,275% higher than they were a year ago.

WHAT HAS HAPPENED SINCE?

– Congress held several hearings on the GameStop episode;

– The SEC has asked for public comments on the effects of the “gamification” of trading apps and whether the public is at risk;

– The main post-trade utility for U.S. stocks has recommended shortening the settlement cycle for stock trades to one day after the trade happens, from two days;

– Various companies and industry groups have made recommendations on improving transparency around the execution of retail orders.

(Reporting by John McCrank, Editing by Rosalba O’Brien)

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Pfizer asks Health Canada to approve COVID-19 vaccine for kids 5 to 11 years old – CBC.ca

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Pfizer has asked Health Canada to approve the first COVID-19 vaccine for children aged five to 11 years old.

As soon as the regulator gives the green light, providers will be able to start offering the COVID-19 shot to kids, though new child-sized doses might need to be procured.

The doses are about one-third the size given to adults and teens age 12 and up.

Pfizer has delivered more than 46 million doses to Canada to date, and an analysis of the available data on administration from provincial and federal governments suggests there are more than enough Pfizer doses already in Canada to vaccinate kids between the ages of five and 11. 

But simply pulling smaller doses from vials Canada already had stockpiled across the country may not be advised, chief public health officer Dr. Theresa Tam said at a media briefing late last week.

“We also understand from Pfizer that this actual formulation has shifted,” Tam said Friday. “This is a next generation formulation, so that is something that needs to be examined by the regulator.”

Canada signed a new contract with Pfizer for pediatric doses last spring.

The vaccine was developed in partnership with Germany’s BioNTech and is now marketed under the brand name Comirnaty. It was authorized for people at least 16 years old last December, and for kids between 12 and 15 in May.

Pfizer already submitted clinical trial data for its child-sized dose to Health Canada at the beginning of the month, and made a formal request for approval to the U.S. Food and Drug Administration last week.

The company said the results were comparable to those recorded in the Pfizer-BioNTech study in people aged 16 to 25.

‘Thorough scientific review’ required before authorization

In a statement, Health Canada said it will prioritize the review of the submission, while maintaining high scientific standards for safety, efficacy and quality.

“Health Canada will only authorize the use of Comirnaty if the independent and thorough scientific review of all the data included in the submission showed that the benefits of the vaccine outweighed the potential risks in this age group,” the statement said.

WATCH | Dr. Theresa Tam talks about children getting vaccinated against COVID:

Tam is asked to advise parents considering COVID-19 vaccines for children

24 days ago

A reporter asks Dr. Theresa Tam, Canada’s chief public health officer, for her advice to parents considering vaccinating their children once the COVID-19 vaccine becomes available to those younger than 12. 4:01

The Pfizer-BioNTech vaccine has also been tested on children as young as six months old. Topline data for children under five years old is expected as soon as the end of the year.

Health Canada said it expects to receive more data for review from Pfizer for younger age groups, as well as other manufacturers for various age ranges in the coming months.

Once the vaccine is approved for kids, the National Advisory Committee on Immunization (NACI) will weigh in on whether the benefits of the shot outweigh potential risks for young children. The Public Health Agency of Canada has noted rare incidents of myocarditis, an inflammation of the heart muscle, after receiving an mRNA vaccine such as Pfizer-BioNTech and Moderna.

As of Oct. 1, Health Canada has documented 859 cases associated with the vaccines, which mainly seem to affect people under 40 years old. That’s out of millions of doses given. 

The risk of myocarditis appears to be low, according to Tim Sly, a Ryerson University epidemiologist with expertise in risk management.

“Of course, no one considers any complication in a child to be acceptable, and a tremendous amount of caution is being taken to look for and identify all problems,” said Sly in a recent email exchange with The Canadian Press.

A COVID-19 infection produces a very high risk of cardiovascular problems, he noted.

Aside from protecting kids against more serious symptoms of COVID-19, the vaccine would also reduce the risk of a child passing the virus on to a vulnerable family member and make for a better school environment with less stress about transmission.

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