adplus-dvertising
Connect with us

Business

‘Vaccine trade’: COVID-19 to weigh on energy for 5 to 7 more weeks, analyst warns – Yahoo Canada Finance

Published

 on


The Canadian Press

The Latest: Louisiana governor extends pandemic restrictions

BATON ROUGE, La. — Louisiana Gov. John Bel Edwards is extending pandemic restrictions on businesses and activities, and he’s warning the holidays threaten to exacerbate the states latest coronavirus surge.The governor’s announcement Tuesday came as Louisiana reached its highest number of hospitalized COVID-19 patients since April.Edwards’ rules were toughened in late November. They were set to expire Wednesday, but he is renewing them through Jan. 13.He says that “it remains a very perilous situation for the state with respect to COVID.”The state health department says at least 22,000 hospital workers and EMS employees in Louisiana have received their first of two vaccinations so far.___THE VIRUS OUTBREAK:Congress has easily passed a $900 billion pandemic relief package. It would deliver long-sought cash to businesses and individuals and resources to vaccinate a nation confronting a frightening surge in COVID-19 cases and deaths. The bill has been sent to President Donald Trump for his signature, expected in the coming days. The effort comes at the end of a year that’s become the deadliest in U.S. history. Preliminary data on U.S. deaths show the coronavirus pandemic contributing to a 15% or more increase in deaths over last year. U.S. deaths topped 3 million for the first time, and the percentage increase was the largest in a single year since 1918.___Follow AP’s coverage at https://apnews.com/hub/coronavirus-pandemic, https://apnews.com/hub/coronavirus-vaccine and https://apnews.com/UnderstandingtheOutbreak___HERE’S WHAT ELSE IS HAPPENING:TUNISIA — Tunisia is extending its curfew until Jan. 15 to cover the New Year’s holiday and urging people not to hold end-of-year festivities or travel around the country to slow the virus spread.Health Minister Faouzi Madhi announced the decision Tuesday, saying the country has seen an average of 50 virus-related deaths per day over the last quarter of this year. He blamed the infections on growing complacency toward masks and social distancing.The head of the Pasteur Institute in Tunis, Hachemi Louzir, said that the country has not registered any cases of the new virus variant identified in Britain so far. Tunisia suspended all flights with Britain, South Africa and Australia this week because of new, apparently more contagious virus variants.___ATLANTA — Georgia Gov. Brian Kemp says the state will again use a convention centre for patient beds amid a surge in coronavirus cases that is straining hospital capacity.The Republican governor said Tuesday the Georgia World Congress Center will have 60 beds and should be able to take patients starting next week. He expects the centre to serve as an overflow hospital through January.Kemp said the virus remained a threat despite the rollout of a vaccine. He encouraged residents to meet virtually over the holidays or gather outdoors with just a few people in the same household.The convention centre has served as a hospital before during the pandemic. In April, the state signed a contract to build a 200-bed health care facility at the site.___BOISE, Idaho — The governor of Idaho says the state is in a race to get people vaccinated against the coronavirus while simultaneously limiting its spread long enough to avoid running out of healthcare capacity.Republican Gov. Brad Little said Tuesday that the vaccination program is a high priority for him and Idaho Department of Health and Welfare Director Dave Jeppesen.Little says the state on Tuesday received 28,000 doses of a recently approved vaccine from Moderna Inc. That is in addition to the 23,700 doses the state has been receiving from Pfizer-BioNTech.The first round of vaccines is going to an estimated 130,000 front-line healthcare workers and people in long-term care facilities.___BOGOTA, Colombia — Colombia’s president says that Venezuelan migrants who are living in the country without residence permits won’t be given free COVID-19 vaccines when those arrive in the South American country — possibly leaving hundreds of thousands unvaccinated.In an interview Monday with Blu Radio, President Ivan Duque said that giving free vaccines to undocumented immigrants could “unleash a stampede” of Venezuelans crossing into neighbouring Colombia to get vaccinated.Duque said migrants who have regularized their status in Colombia would also be eligible for free vaccines as long as they fall into the categories that the Ministry of Health has outlined for who gets vaccinated first.Columbian immigration authorities say more than 1.8 million Venezuelans currently live in Colombia and about 60% of them do not have a residence permit.Duque’s comments were widely rejected by health experts and migrants’ rights groups, who said that leaving out a vulnerable group from a vaccination program would be counterproductive and unethical.Dr. Juan Carlos Viloria, who leads an association of Venezuelan immigrants in Colombia, said not vaccinating everyone could put thousands of people at risk.___FRANKFORT, Ky. — The governor of Kentucky and his wife received COVID-19 vaccinations Tuesday along with other top state lawmakers.Democratic Gov. Andy Beshear, joined by his wife, first lady Britainy Beshear, thanked the top two Republican legislative leaders, Kentucky House Speaker David Osborne and Senate President Robert Stivers, for joining him in “setting the right example for the people of Kentucky.”Beshear said the head of the Kentucky national guard, lieutenant governor, and state police commissioner will receive vaccines on Wednesday.About 7,000 Kentucky residents, the vast majority of them health care workers in hospitals, have been vaccinated since Dec. 14.Kentucky reports 3,057 new confirmed coronavirus cases and 28 virus-related deaths Tuesday. The state’s test positivity rate is 8.48%, down slightly from Monday.___WASHINGTON — Health officials have paused part of three global studies testing blood thinners in hospitalized COVID-19 patients, saying the treatment does not seem to be helping those most seriously ill and that they cannot rule out the chance it could be harmful.Blood clots and inflammation plague many with COVID-19, and the studies are testing various medicines to see if they can prevent organ damage.A statement from the U.S. National Institutes of Health, which is involved in some of the studies, says independent monitors recommended pausing enrolment after seeing no benefit from blood thinners in critically ill patients needing intensive care.The statement notes that increased bleeding is a common complication with these drugs but gives no details on whether or how often that occurred in these studies.They are underway in many countries and are supported by health agencies in the United States, Canada, the United Kingdom, Australia and European nations.___AUSTIN, Texas — The governor of Texas has joined the ranks of governors to receive the COVID-19 vaccine on live television in hopes of assuring the public that the inoculations are safe.Republican Greg Abbott said after getting the vaccine Tuesday at a hospital in the state capital that federal health officials have urged governors to set an example. Alabama Gov. Kay Ivey also received the first dose this week, while other governors have said they’ll wait.A resurgence of the virus in Texas has put the number of hospitalized COVID-19 patients back over 10,000 for only the second time during the pandemic. Nearly 11,000 people were hospitalized in July during a deadly summer outbreak.But Abbott says this time he won’t impose new lockdown measures again as cases climb.___DUBAI, United Arab Emirates — Dubai has approved the use of the Pfizer vaccine against the coronavirus and will launch an “extensive” inoculation effort starting Wednesday.Authorities in Dubai, the financial hub of the United Arab Emirates, said the vaccine made by Pfizer and its German partner BioNTech would be offered to citizens and residents free of charge.The announcement comes after the UAE issued the first government authorization of the Chinese vaccine Sinopharm, claiming it was 86% effective based on an “interim analysis” of Phase III trials without offering further details. Clinics across the federation of seven sheikhdoms have started administering the Chinese vaccine.The UAE has recorded over 195,800 coronavirus cases and more than 600 deaths. Although the country has seen an uptick in cases in recent months, Dubai, with its economy heavily dependent on air travel and hospitality, has remained open for business and tourism.___NEW YORK — A top federal health official has signed off on an advisory committee’s recommendation about who should be prioritized for limited doses of coronavirus vaccine.The government earlier this month advised state vaccination campaigns to put at the front of the line health-care workers and residents of nursing homes and other long-term care facilities.U.S. Centers for Disease Control and Prevention Director Dr. Robert Redfield on Tuesday endorsed the committee’s recommendation and made official government guidance.An expert committee voted on Sunday to recommend the next groups to be prioritized. They said the second group should be people age 75 and older, and people with certain jobs – like teachers, corrections officers, and grocery store workers – that put them in frequent contact with other people.The Advisory Committee on Immunization Practices listed the third group as other essential workers, people ages 65 to 74, and people 16 to 64 who have certain medical conditions that put them at risk for severe illness if they become infected.___CHICAGO — Thousands of Illinois inmates and jail employees have become sickened with COVID-19 since the pandemic’s start. The increase in recent months has alarmed prisoner rights advocates.The Chicago Tribune reports at least 59 inmates have died from COVID-19 and nearly 10,000 inmates and staff members have become infected. Most infections are recent. From March to early August, there were fewer than 700 known infections.The head of the Illinois Prison Project calls it an “absolute failure” by the state. Illinois Department of Corrections officials have acknowledged the high number, which is partly blamed on more testing in jails.The Illinois Department of Public Health said the state on Tuesday had 6,239 newly confirmed and probable COVID-19 cases, including 116 deaths. Overall, Illinois has reported 911,308 cases, including 15,414 deaths.___PARIS — France will start allowing EU citizens and some British citizens to come to the continent from Britain, after shutting down all passenger and cargo traffic from the U.K. because of a new strain of the coronavirus.French Prime Minister Jean Castex announced Tuesday that citizens of the border-free European travel zone arriving from Britain will be allowed to enter French territory as of midnight – but only if they have a PCR virus test from the last 72 hours. British citizens with EU residency will also be allowed.The new rules will be in place until Jan. 6.Castex said no decision has been made yet on cargo traffic but expected a solution “in the coming hours.”___COLUMBIA S.C. — The South Carolina governor’s office announced Tuesday that Republican Gov. Henry McMaster has tested positive for the coronavirus and was slated to receive outpatient antibody treatment for “mild symptoms.”His office said McMaster, 73, learned he had tested positive late Monday following a test “due to coming into close contact with the COVID-19 virus.” McMaster’s wife, 73-year-old Peggy McMaster, tested positive last week but remains asymptomatic.On the advice of his personal physician, the governor was slated to receive monoclonal antibody treatment Tuesday, which his office called a “preventative measure for those with mild to moderate symptoms.”Officials say the governor was tested last week at the same time as his wife but had a negative result at the time. He is now “experiencing mild symptoms with a cough and slight fatigue.”___SACRAMENTO, Calif. — Californians are being warned it is too risky to celebrate the winter holidays normally and if they don’t change plans there could be a disastrous explosion of coronavirus cases.The state has recorded a half-million coronavirus cases in the last two weeks, and Gov. Gavin Newsom says a projection model shows California could have 100,000 hospitalizations in the next month.The current surge is already overwhelming hospitals in urban centres and rural areas alike. A medical centre in Imperial County along the Mexican border warned Monday that it is fast running out of patient beds.California is enduring by far its worst spike in cases and hospitalizations. All of Southern California and the 12-county San Joaquin Valley to the north have been out of regular ICU capacity for days.California is averaging almost 44,000 newly confirmed cases a day and has recorded 525,000 in the last two weeks. It’s estimated 12% those who test positive end up in the hospital. That means 63,000 hospitalizations from the last 14 days of cases. The current figure is 17,190.___PHOENIX — The death toll in Arizona from the coronavirus outbreak has passed the 8,000 mark on Tuesday as the state reported an additional 153 known deaths, the second-highest daily increase during the pandemic.The state has seen 8,125 total deaths.The Department of Health Services reported an additional 5,869 known COVID-19 cases on Tuesday, increasing the state’s total to 467,215 confirmed cases.According to the state coronavirus dashboard, there were 4,019 virus-related hospitalizations as of Monday, the latest in a string of pandemic-highs recorded this month during the fall surge now continuing into winter.___The Associated Press

Let’s block ads! (Why?)

300x250x1

728x90x4

Source link

Continue Reading

Business

Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

Published

 on



Tesla Promises Cheap EVs by 2025 | OilPrice.com



300x250x1


Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Related News

Tesla

Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Related posts

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Why the Bank of Canada decided to hold interest rates in April – Financial Post

Published

 on


Article content

Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

Article content

300x250x1

Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

Article content

They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

Recommended from Editorial

  1. Bank of Canada governor Tiff Macklem during a news conference in Ottawa.

    BoC ‘committed to finishing the job’ on inflation:‘ Macklem

  2. Bank of Canada governor Tiff Macklem at a press conference in Ottawa.

    Time for Macklem to turn before it’s too late

  3. Canada's inflation rate picked up slightly in March, but the consumer price index (CPI) release suggested that core inflation continued to slow.

    ‘Welcome news’ on inflation raises odds of rate cut

They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

Share this article in your social network

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Meta shares sink after it reveals spending plans – BBC.com

Published

 on


Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

300x250x1

Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Trending