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Stock market news live updates: Stocks mixed as vaccine euphoria abates, tech selling continues – Yahoo Canada Finance

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The Canadian Press

Backers blast halt to Brazil trials of Chinese-made vaccine

SAO PAULO — Brazil’s health regulator has halted clinical trials of the potential coronavirus vaccine CoronaVac, citing an “adverse, serious event.”Adversaries of President Jair Bolsonaro said on Tuesday they feared the decision — posted Monday night on Anvisa’s website — was motivated not by science but by the leader’s political hostility to the country and state involved in producing the vaccine candidate.The potential vaccine is being developed by Chinese biopharmaceutical firm Sinovac and in Brazil would be mostly produced by Sao Paulo’s state-run Butantan Institute. About 10,000 volunteers are taking part in the phase three tests in one of the nations hardest hit by COVID-19.Sao Paulo state health authorities said in a press conference on Tuesday that Anvisa sent a single email at 8:40 p.m. saying the tests should be halted. They also said the incident with one of the trial volunteers was unrelated to the trials.“Such news coming the way it did causes our surprise, insecurity and, in our case, indignation,” said Dimas Covas, the head of the Butantan Institute.He said it was “impossible” that the volunteer’s incident had any relation to the tests.Anvisa did not describe the Oct. 29 event that prompted the halt. Covas said on TV Cultura late Monday that a volunteer had died, but on Tuesday he said he had just been giving a hypothetical example and could not confirm details about the case for ethical reasons.Sinovac issued a short statement in China on Tuesday saying it was in touch with Brazilian authorities and insisted, “The clinical study in Brazil is strictly carried out in accordance with GCP requirements and we are confident in the safety of the vaccine,” referring to Good Clinical Practice, a set of international standards for ethics and data quality in clinical research.Temporary halts of drug and vaccine testing are relatively common. In research involving thousands of participants, some are likely to fall ill. Pausing a study allows researchers to investigate whether an illness is a side effect or a coincidence. Last month, two drugmakers resumed testing of their prospective coronavirus vaccines in the U.S. after they were halted earlier.Sao Paulo health authorities said they had a meeting with Anvisa leaders earlier on Tuesday, but received no feedback on when the tests will be allowed to continue.“This is unpleasant news; it worries all volunteers that enrolled to take the shot,” Covas said. “This might raise doubts among those that still planned to volunteer.”The CoronaVac shot has already stirred controversy in Brazil, where President Bolsonaro has cast doubt on its prospective effectiveness. He publicly rejected it last month, saying Brazilians would not be used as guinea pigs. The declaration followed news that his health minister, Eduardo Pazuello, had agreed to purchase CoronaVac doses produced locally by Butantan.Bolsonaro has often expressed mistrust of China, particularly on the campaign trail in 2018, although he has softened his rhetoric somewhat in office. And the governor of the state producing the vaccine, Sao Paulo’s. João Doria, is a political rival and an outspoken critic of the president’s pandemic response.Bolsonaro took another jab at the Sinovac shot on Tuesday.“Death, invalidity, anomaly. This is the vaccine that Doria wanted to force all in Sao Paulo to take,” he wrote on his Facebook page. “The president said the vaccine should never be mandatory. Another one that Jair Bolsonaro wins.”João Gabbardo, the executive-secretary of Sao Paulo’s COVID-19 committee and until months ago the No. 2 at Brazil’s Health Ministry, criticized Bolsonaro’s statement without mentioning him.“What shocks us is that while everyone is rushing, doing what is possible so we have this vaccine available to the population, some people are betting on the opposite, coincidentally on the same day that the Sao Paulo government announces the arrival of the first doses of the vaccine,” he said.“Some people celebrate the fact that a death appeared to create this mess and try to denigrate a vaccine that is being produced in this partnership with the Chinese lab. It is very sad that I have to answer in such way.”Former President Fernando Henrique Cardoso, one of the leaders of Gov. Doria’s centre-right party, said Anvisa’s decision appeared to be unscientific.“What is happenning is regrettable; the politization of the vaccine that will rid us of the coronavirus…,” Cardoso said on Twitter. “Anvisa needs to explain. And quick.”CoronaVac is being tested in seven Brazilian states, plus the federal district where the capital Brasilia lies.Following the imbroglio last month surrounding the CoronaVac shot, Anvisa authorized the import from China of 6 million doses. The potential vaccine cannot be administered to Brazilians as it isn’t yet approved locally, the agency said at the time.Earlier Monday, Sao Paulo state’s health secretary, Jean Gorinchteyn, said the first 120,000 CoronaVac shots would arrive at Sao Paulo’s international airport Nov. 20, though he said, “They will only be taken to the public after a final authorization from Brazil’s health regulator.”The secretary added that nearly all of the volunteers who were given two doses of the vaccine produced antibodies thought to protect people from the virus.Sao Paulo is also importing raw material to produce40 million CoronaVac shots, which is due to start arriving Nov. 27.___Associated Press writer Huizhong Wu in Taipei, Taiwan, contributed to this story.Mauricio Savarese And David Biller, The Associated Press

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Roots sees room for expansion in activewear, reports $5.2M Q2 loss and sales drop

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TORONTO – Roots Corp. may have built its brand on all things comfy and cosy, but its CEO says activewear is now “really becoming a core part” of the brand.

The category, which at Roots spans leggings, tracksuits, sports bras and bike shorts, has seen such sustained double-digit growth that Meghan Roach plans to make it a key part of the business’ future.

“It’s an area … you will see us continue to expand upon,” she told analysts on a Friday call.

The Toronto-based retailer’s push into activewear has taken shape over many years and included several turns as the official designer and supplier of Team Canada’s Olympic uniform.

But consumers have had plenty of choice when it comes to workout gear and other apparel suited to their sporting needs. On top of the slew of athletic brands like Nike and Adidas, shoppers have also gravitated toward Lululemon Athletica Inc., Alo and Vuori, ramping up competition in the activewear category.

Roach feels Roots’ toehold in the category stems from the fit, feel and following its merchandise has cultivated.

“Our product really resonates with (shoppers) because you can wear it through multiple different use cases and occasions,” she said.

“We’ve been seeing customers come back again and again for some of these core products in our activewear collection.”

Her remarks came the same day as Roots revealed it lost $5.2 million in its latest quarter compared with a loss of $5.3 million in the same quarter last year.

The company said the second-quarter loss amounted to 13 cents per diluted share for the quarter ended Aug. 3, the same as a year earlier.

In presenting the results, Roach reminded analysts that the first half of the year is usually “seasonally small,” representing just 30 per cent of the company’s annual sales.

Sales for the second quarter totalled $47.7 million, down from $49.4 million in the same quarter last year.

The move lower came as direct-to-consumer sales amounted to $36.4 million, down from $37.1 million a year earlier, as comparable sales edged down 0.2 per cent.

The numbers reflect the fact that Roots continued to grapple with inventory challenges in the company’s Cooper fleece line that first cropped up in its previous quarter.

Roots recently began to use artificial intelligence to assist with daily inventory replenishments and said more tools helping with allocation will go live in the next quarter.

Beyond that time period, the company intends to keep exploring AI and renovate more of its stores.

It will also re-evaluate its design ranks.

Roots announced Friday that chief product officer Karuna Scheinfeld has stepped down.

Rather than fill the role, the company plans to hire senior level design talent with international experience in the outdoor and activewear sectors who will take on tasks previously done by the chief product officer.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:ROOT)

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Talks on today over HandyDART strike affecting vulnerable people in Metro Vancouver

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VANCOUVER – Mediated talks between the union representing HandyDART workers in Metro Vancouver and its employer, Transdev, are set to resume today as a strike that has stopped most services drags into a second week.

No timeline has been set for the length of the negotiations, but Joe McCann, president of the Amalgamated Transit Union Local 1724, says they are willing to stay there as long as it takes, even if talks drag on all night.

About 600 employees of the door-to-door transit service for people unable to navigate the conventional transit system have been on strike since last Tuesday, pausing service for all but essential medical trips.

Hundreds of drivers rallied outside TransLink’s head office earlier this week, calling for the transportation provider to intervene in the dispute with Transdev, which was contracted to oversee HandyDART service.

Transdev said earlier this week that it will provide a reply to the union’s latest proposal on Thursday.

A statement from the company said it “strongly believes” that their employees deserve fair wages, and that a fair contract “must balance the needs of their employees, clients and taxpayers.”

This report by The Canadian Press was first published Sept. 12, 2024.

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Transat AT reports $39.9M Q3 loss compared with $57.3M profit a year earlier

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MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.

The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.

The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.

Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.

On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.

Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:TRZ)

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