MONTREAL, June 02, 2020 (GLOBE NEWSWIRE) — François Gratton, Group President of TELUS and Chair of TELUS Health and TELUS Québec, will address members of the Chamber of Commerce via virtual chat to discuss three current themes: what we’ve learned so far about the COVID-19 pandemic, contributing to economic recovery by accelerating health care virtualization, and the role of business in employee safety and wellness.
“Overnight, the COVID-19 crisis triggered major changes in our lives and, in particular, greater awareness of health and wellness in our society. Today more than ever, access to health care is everyone’s business. I firmly believe that we have some fantastic opportunities to take advantage of as we write new pages in our history,” stressed Mr. Gratton.
Virtual health care represents an opportunity for businesses as their employees’ health and safety is more than ever a key concern. It is also an opportunity to reduce absenteeism, stimulate productivity, and increase retention of talents who want the flexibility to balance work and family. Following the introduction of our various health solutions, tens of millions of Canadians now have access to virtual health services.
TELUS Health is one of Canada’s largest providers of healthcare technology services, with a wide array of products and services covering the entire healthcare ecosystem. Restarting the economy also means virtualizing tools for health professionals, from medical consultations to home follow-up. This allows them to see patients safely while respecting social distancing.
“Today, all employers are being called upon, through the decisions they make about the benefits they offer employees, to consider the offering of virtual care solutions such as those provided by TELUS Health’s Akira and Babylon applications, connecting Canadians and their families to health professionals over their phones, and giving them the opportunity to get an opinion anytime, anywhere,” added Mr. Gratton.
Over the last 10 years, TELUS has invested over $3 billion in transforming Canada’s health care sector. As soon as the COVID-19 started, TELUS Health has made a clear commitment: to do everything we can to facilitate access to health care, and to help protect and support organizations in the pursuit of their activities.
Over 3,000 members of the TELUS Health team, based primarily here in Montreal, are working to develop virtual solutions to streamline access to health care for all citizens. Moreover, TELUS will make major investments of more than $850 million in the Greater Montreal area over the next four years to speed up the rollout of our leading-edge solutions.
TELUS investments will prioritize the following:
- Network robustness, speed and reliability as the virtualization of activities at our companies, hospitals and clinics accelerates exponentially Ongoing development of our virtual solutions
- Sustaining our community efforts, as shown by the partnership with the CHUM Foundation to expand Montreal’s screening capacity and the emergency fund our TELUS Community Board has set up to meet the essential needs of a dozen charitable organizations such as the Fondation du CHU Ste-Justine, Tel-Jeunes and La tablée des chefs
- TELUS has committed $150 million to support Canadians through the COVID-19 crisis.
To stay informed of the measures being taken by TELUS during the COVID-19 pandemic, visit telus.com/covid19.
This news release contains statements that are forward-looking, including regarding the anticipated amount of our investments and our investment priorities. By their nature, forward-looking statements require TELUS to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual expenditures to differ materially from the forward-looking statements in this release. Accordingly, the statements in this news release are subject to the disclaimer and qualified by the assumptions, qualifications and risk factors referred to in our 2019 annual management’s discussion and analysis and our Q1 2020 management’s discussion and analysis, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on the Electronic Data Gathering, Analysis, and Retrieval System, administered by the US Securities and Exchange Commission at sec.gov). The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements.
TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications and information technology company with $14.8 billion in annual revenue and 15.3 million customer connections spanning wireless, data, IP, voice, television, entertainment, video and security. We leverage our global-leading technology to enable remarkable human outcomes. Our long-standing commitment to putting customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. TELUS Health is Canada’s largest health care IT provider, and TELUS International delivers the most innovative business process solutions to some of the world’s most established brands.
Driven by our passionate social purpose to connect all Canadians for good, our deeply meaningful and enduring philosophy to give where we live has inspired our team members and retirees to contribute more than $700 million and 1.3 million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made TELUS the most giving company in the world.
For more information about TELUS, please visit telus.com, follow us on Twitter (@TELUSNews) and Instagram (@Darren_Entwistle).
For media inquiries, please contact:
TELUS Public Relations
William Watson: My hunch is the economy will bounce back quickly when this ‘Great Compression’ ends – Financial Post
George Santayana meet Milan Kundera. Santayana (1863-1952) was the Spanish-born American philosopher most famous for saying: those who cannot remember the past are condemned to repeat it. Kundera (1929-) is a Czech-born French writer whose best-known work, “The Unbearable Lightness of Being,” holds that individual experience is “light” because it is not repeated. So its capacity to teach is limited. Which thinker, I wonder, is the best guide to the COVID economy?
The economists Robert Hall of Stanford University and Marianna Kudlyak of the San Francisco Federal Reserve Bank have recently discovered a remarkable regularity about the 11 postwar U.S. recessions: however high the unemployment rate rises it pretty much always declines at the rate of 0.85 percentage points per year.
In 2020, that is terrible news. As they write, with the unemployment rate about “nine percentage points above normal … it would take 11 years (nine divided by 0.85) to work off the pandemic’s bulge of unemployment as it currently stands.” (Granted, that was before the rate fell 2.2 points from May to June alone.)
The saving grace is that the current recession is like no other in American — or Canadian — history
We only just completed a long labour market recovery from the crash of 2008 (though we did complete it, with unemployment rates hitting long-term lows). No one wants another 10-year slog back to full employment. As three economists from the C.D. Howe Institute show elsewhere on this page, if the recovery does turn out to be slow, then in terms of accumulated lost output the current downturn will at least rival and may even “blow past” the other big recessions of recent memory (1982 and 1990).
The saving grace is that the current recession is like no other in American — or Canadian — history. (Take that, Santayana!) In fact it’s not so much a recession, with economic activity ebbing for reasons that often seem mysterious, as it is a compression. The Great Compression, you might call it. For reasons everyone understands though not everyone agrees with, the government hammered the economy shut for a couple of months by either literally outlawing many normal economic interactions or at least strongly discouraging them.
Will the recovery from such an unprecedented shutdown follow the pattern of previous recoveries (i.e., slow but inevitable) or will it go more quickly? My hunch is that when the compression does end the economy will bounce back relatively quickly. Hall and Kudlyak at least hold out that possibility, pointing to data showing that the overwhelming majority of today’s unemployed “anticipate being recalled to jobs from which they have been temporarily laid off, within the coming six months.” In the best-case scenario, these workers “return to their existing jobs rapidly without sacrificing their job-specific human capital” or going through the normal try-it-and-quit, try-it-and-quit search for a job that finally fits.
The last few data points from the U.S. are encouraging in this regard, with unemployment claims falling and employment and growth expectations rising faster than forecast.
What could go wrong? A second wave of the virus, obviously — though future lockdowns will be more targeted and therefore less costly economically.
Beyond that, there are three main problems.
First, the lucky among us have been working and earning as usual but spending less, either because things we like to spend on simply haven’t been available or because we fear our jobs are at risk, too. That creates a classic Keynesian problem of underconsumption. But figuring ways to encourage consumption shouldn’t be a problem for our tax policy people. Over the years they’ve devised all sorts of gimmicks to encourage this or that. Egging on ordinary consumption would be a novel challenge for them but one they can overcome. And it doesn’t require building new transportation systems or massive new solar arrays.
Second, we’ve got a structural problem: no one wants to fly, stay at hotels, ride the subway, dine out or go to movies or shows until doing so is safe again. There’s no Keynesian solution for that. The people in the affected industries either have to figure out ways to make it safe or find something else to do, whether for a time or for good. Travel agents, good with phones, could become contact-tracers. Pilots could operate heavy equipment. Chefs, projectionists, actors, salespeople and countless others? Jobs building infrastructure likely won’t help.
Our third big problem is government getting in the way. Relief money phases out too slowly. Infrastructure programs — probably the wrong answer anyway — take too long to come on line (they always do!). “Stimulus packages” get devoured by rent-seekers and the government’s pet projects.
With a leadership vacuum at the top the U.S. seems likely to have a ramshackle, unplanned recovery. But its first shoots are bright green and very promising. My bet is we in Canada take a much more scientific, planned and deliberate approach and, as a result, recovery takes a lot longer — especially if, looking down our noses at southern-state infection rates, we keep the border closed into the fall.
Stocks slide from one-month high on economy jitters – BNN
European stocks dropped from a one-month high as officials warned the economy will take longer to recover and Germany reported weaker-than-expected industrial data. U.S. futures slid and the dollar advanced.
All but one of the 19 industry groups in the Stoxx Europe 600 Index fell, with real estate and technology shares bearing the brunt of the selling. Bayer AG lost 5.5 per cent after its plan for handling future Roundup cancer claims hit a snag. Treasuries edged higher alongside most European bonds.
In Asia, Chinese stocks powered ahead for a sixth day, although at a slower pace. Iron ore futures jumped and the offshore yuan briefly strengthened through the 7 per dollar level for the first time since March.
Investors are catching their breath after a ferocious rally that pushed the Nasdaq Composite to a record high. While recent reports show that global economy could be past the worst of the slump, it’s a long road back to pre-crisis levels.
The European Commission gave its starkest warning yet about the impact of the pandemic, with the divergences between richer and poorer countries opening up even further than projected two months ago. Officials now forecast a contraction of 8.7 per cent in the euro area this year, a full percentage point deeper than previously predicted.
Here are some key events coming up:
- The EIA crude oil inventory report comes Wednesday.
- All eyes will be on the U.S. weekly jobless claims report on Thursday.
- Singapore holds its general election on Friday.
- Rate decisions in Australia and Malaysia Tuesday.
These are the main moves in markets:
- Futures on the S&P 500 Index declined one per cent as of 10:45 a.m. London time.
- The Stoxx Europe 600 Index sank 1.1 per cent.
- The MSCI Asia Pacific Index declined 0.7 per cent.
- The MSCI Emerging Market Index sank 0.7 per cent.
- The Bloomberg Dollar Spot Index jumped 0.5 per cent.
- The euro decreased 0.4 per cent to US$1.1266.
- The British pound fell 0.2 per cent to US$1.2469.
- The onshore yuan weakened 0.1 per cent to 7.025 per dollar.
- The Japanese yen weakened 0.4 per cent to 107.73 per dollar.
- The yield on 10-year Treasuries declined one basis point to 0.67 per cent.
- The yield on two-year Treasuries climbed less than one basis point to 0.16 per cent.
- Germany’s 10-year yield declined one basis point to -0.44 per cent.
- Britain’s 10-year yield fell one basis point to 0.192 per cent.
- Japan’s 10-year yield increased one basis point to 0.046 per cent.
- West Texas Intermediate crude sank 1.5 per cent to US$40.04 a barrel.
- Brent crude fell 1.2 per cent to US$42.60 a barrel.
- Gold weakened 0.5 per cent to US$1,776.29 an ounce.
Feds prepare to release snapshot of Canada’s economic health amid coronavirus – Globalnews.ca
Opposition parties have laid out their demands for the federal Liberal government as Ottawa prepares to update Canadians on the country’s finances after four months of COVID-19 — and where it expects the economy to head for the rest of the year.
Wednesday’s fiscal snapshot will be the first public assessment of the country’s economic and financial situation since the pandemic started in earnest in March, forcing provinces into lockdown and the Liberal government to start doling out billions in aid in lieu of a federal budget.
The snapshot is expected to give an idea of how the government sees the rest of the fiscal year playing out, including figures for a potential deficit.
But the Conservatives and NDP made clear Sunday that they want more than just numbers: they want action. That includes additions, changes and expansions to federal COVID-19 support programs along with more accountability and transparency.
Yet while the Conservatives also called for the Liberals to produce a plan to get government spending under control, the NDP warned against any premature efforts to cut federal assistance.
Conservative finance critic Pierre Poilievre on Sunday blasted the Liberals’ handling of the economy while small business critic James Cumming underscored the importance of accurate fiscal projections and planning from the government for Canadian business.
Canada’s economic “snapshot” – Parliamentary Budget Officer weighs in
“What business needs as they start to open up is some level of certainty,” Cumming said during a news conference on Parliament Hill.
“They need to understand what the government’s finances are to understand how long these programs are going to last to assist them and when they will be starting to phase out. And a lot of that has a lot to do with the financial health of the government.”
Federal figures last week showed direct government spending on COVID-19 supports at just over $174 billion, which included another increase to the budget for the Canada Emergency Response Benefit. That is now expected to cost $80 billion as eligibility increased to 24 from 16 weeks.
–At the same time, Statistics Canada last week reported that the Canadian economy shrank 11.6 per cent in April — the largest monthly drop on record. That follows a 7.5 contraction in gross domestic product in March. Both are expected to hit Ottawa’s bottom line through lost tax revenue.
Parliamentary budget officer Yves Giroux has previously predicted that the increased spending and lost revenue could combine to see the federal deficit top $250 million this year.–With COVID-19 in retreat across most of the country — at least for the moment — Poilievre said it was time for the Liberals to produce a plan to start getting what he described as Ottawa’s “fiscal mess” under control.
That includes weaning Canadians off the CERB and getting them back to work by phasing out the $2,000-per-month benefit based on how much they earn rather than simply cutting off anyone who earns more than $1,000 in a month.
“The government is punishing Canadians for working,” Poilievre said. “We think that people on it should be rewarded when they make the courageous decision to go back to work and make a wage.”
Poilievre, who also demanded more money for the federal auditor general’s office to better scrutinize government spending during the pandemic, dismissed suggestions that Ottawa needs to keep the taps wide open to stimulate the economy as it starts to reopen.
Growing questions about Canada’s economic health
He instead took aim at various Liberal policies and regulations around natural-resource development, particularly in Alberta and Saskatchewan, as having stunted economic growth and prosperity in Canada.
“Removing these government obstacles is the way you unleash growth and create a cornucopia of opportunity for our workers and businesses that will generate the wealth,” he said. “More deficit spending does not create jobs and growth.”
Bloc Quebecois Leader Yves-Francois Blanchet also called last week for the CERB to be phased out to encourage Canadians to return to work. He made an exception for seasonal workers in the arts, hospitality and agricultural industries who will not earn a full income until next summer.
Yet NDP finance critic Peter Julian warned against any early cut to COVID-19 benefits and support and instead repeated longstanding calls from his party for the federal government to crack down on tax havens and tax wealthy Canadians and businesses to pay for the federal aid.
Liberals to release Canadian economic, fiscal ‘snapshot’ on July 8
“There’s been a call for … dealing with the economic and financial fallout of the pandemic through cutting services,” Julian said in an interview.
“We actually believe that now is the time to handle the pandemic from the revenue side. We believe in tackling the tax haven problem, which is more acute in Canada than any other country. And to put in place a wealth tax.”
The NDP is also pressing for the Liberals to ease the criteria for businesses to access the federal wage subsidy, which covers up to 75 per cent of employees’ salaries, to encourage more hiring. And it wants the government to provide promised support for Canadians living with disabilities.
While the fiscal update will be presented in the House of Commons on Wednesday, Julian said the report itself will not require a vote. However, he suggested NDP support for future legislative proposals from the government could be contingent on the Liberals accepting the NDP’s requests.
The Liberals have leaned heavily on the NDP since being elected to a minority government in October. That included securing NDP support for several confidence motions in the winter and spring that, if defeated, could have triggered a federal election.
© 2020 The Canadian Press
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