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Will Doug Ford’s opposition to vaccine passports survive the fall? – TVO

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The Ontario COVID-19 Science Table issued a brief earlier this week laying out the arguments in favour of some kind of “vaccine certificate” system for domestic use in Ontario: a more rigorous kind of proof of vaccination than the receipts people are currently issued that could be used to exclude the unvaccinated from the highest-risk non-essential places, such as bars, restaurants, gyms, and theatres.

There is one problem — one expressly conceded in the document: the authors note that they can’t say with scientific confidence that such certificates would reduce COVID-19 transmission or increase vaccination uptake. It’s still a novel pandemic, after all.

“You also have to remember this is a new virus, and population-wide coverage of these vaccines is also new,” says co-author Karen Born, an assistant professor at the University of Toronto’s Institute for Health Policy, Management and Evaluation. She acknowledges that the case for certificates — more commonly known as vaccine passports — can’t cite peer-reviewed literature to make the case yet, because it doesn’t exist. But, she says, “just because there’s no evidence to date doesn’t mean we can’t make that pragmatic case.”

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In the absence of iron-clad, gold-standard evidence, we can look to other provinces, such as Quebec and Manitoba, and to other countries — both Italy and France have announced they intend to implement a vaccine-certificate system.

But the most compelling case might be Israel, where the government relied on a form of vaccine certificate, the “Green Pass,” earlier this year to control access to some non-essential places while implementing a comprehensive vaccination of its population. The Green Pass was suspended on June 1. But on Thursday, in the face of a higher rate of new cases, the government announced it would return, terming it a policy of “soft suppression.”

(For those people who insist that we need to “learn to live with the virus”: that’s exactly what Israel says such measures are in service of: we’re allowed to choose how we live, intelligently, with a new endemic virus.)

While Israel has a higher share of its population fully vaccinated than Canada or Ontario, it’s still vulnerable to new pandemic waves. Although Ontario is currently seeing low numbers of cases and falling hospitalizations, it’s not hard to sketch out how a resurgence of COVID-19 could happen here in the next few months: the province will likely enter whatever comes after Step 3 in August, and both public schools and post-secondary education will resume in September. Many employers will start calling their workers back to offices in the fall, and all of these things will lead to increased spread of the disease.

Kieran Moore, the chief medical officer of health, has said he expects a new wave of infections in the fall. That’s in part why he repeatedly urges people to get their shots — to try to minimize the severity of a potential fourth wave.

True, the vaccines mean that cases are far less likely to turn into hospitalizations and deaths. But they haven’t changed one crucial thing: it takes only 300 or so people in Ontario’s intensive-care units to start delaying hospital procedures, and we’ve barely started to dig out from the procedure backlog that built up over the past 18 months. There are more than 4.5 million people currently unvaccinated in Ontario as of today; nearly 275,000 of those are over the age of the 60, according to the province’s daily data release. COVID-19 could still throw a wrench into our hospital system if spread isn’t controlled.

And what would the government do if ICU cases were to start creeping north of 200 again in the fall and show no sign of slowing? (Friday’s number is 136.) Another round of broad-spectrum lockdowns would overwhelmingly punish the large majority of people who’ve done the right thing and gotten their shots. It would also rightly enrage businesses that are just starting to get their customers back after a brutal year. Born cites gyms as an example of the kind of business that could be saved by a vaccine certificate in the event of a fourth wave. Movie theatres, already chafing under what they call “arbitrary and unreasonable” restrictions, are another example.

“This could allow for a faster reopening and also allow for increased capacity in those settings,” Born says. “We’re looking at places where certificates should be used and also where they shouldn’t — lower-risk settings and essential settings.”

It doesn’t make sense to let needed medical care be postponed once again in this pandemic because we didn’t maximize our vaccination coverage, especially given that a vaccine certificate could be implemented relatively quickly — we know that the province did the work to develop a digital pass before deciding to abandon the idea.

“It’s either, let’s do a shutdown, let’s close businesses and schools, or let’s lean into this kind of framework,” says Born. “The alternative is closures that we’re all familiar with at this point.”

Not only has the government failed to implement any kind of rigorous proof-of-vaccination policy; it also hasn’t clarified the legal rights of businesses or employers with respect to unvaccinated customers and employees, creating a fog of confusion that helps nobody (except anti-vaxxers).

Vaccine passes raise legitimate civil-rights concerns, and they should obviously be implemented carefully and thoughtfully; the science table’s brief has important advice on how to do that. When Premier Doug Ford says that it’s a constitutional right to take the vaccine or not, he’s not wrong. But the freedom not to be vaccinated should not require the rest of us — or the province’s hospital system — to be held hostage to people’s refusals. And it’s difficult to believe that a government that has compelled the speech of businesses to attack the federal Liberals and prohibited the speech of unions for its own electoral advantage is making a sincere defence of Ontarian’s Charter rights here. In any event, a vaccine certificate is arguably a less intrusive public-health measure than broader lockdowns.

That, then, is the logic behind calls for a vaccine passport: the government shouldn’t let a fourth wave delay needed medical care in our hospitals, and it shouldn’t use the blunt instrument of new lockdowns again. A vaccine certificate would give the Tories a smarter, more targeted alternative — if they’re willing to use it.

So far, Ford has made his position clear: he isn’t considering a vaccine passport. But events could very well press the issue by October, and then he and his cabinet would have a choice. Since I think they’ll end up flip-flopping on this issue out of simple necessity, it would be best if they’d do that sooner rather than later.

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Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

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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.

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Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

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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.

Companies in this story: (TSX:SHOP)

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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

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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.

Companies in this story: (TSX:REI.UN)

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