Shipping containers at the Port of Montreal, on May 17.
CHRISTINNE MUSCHI/Reuters
The Canadian economy suffered a shock contraction in the second quarter and the summer reopening is off to a rocky start, casting a shadow over the country’s recovery process.
Exports were slammed from April to June, a direct consequence of global supply-chain disruptions. Key materials are in short supply, freight rates have surged to records, and container ships wait days to unload at ports, leading to incessant headaches for companies.
Those challenging dynamics are poised to continue for some time, particularly as the Delta variant of COVID-19 spreads widely among key trading partners in the Asia-Pacific region.
Exports fell at a 15-per-cent annualized rate in the second quarter, with particular weakness in the auto industry, which has slashed production due to a shortage of computer chips.
In turn, real gross domestic product fell 0.3 per cent in the second quarter, or an annualized drop of 1.1 per cent, Statistics Canada reported Tuesday. Analysts were expecting an expansion of 2.5 per cent annualized, while the Bank of Canada called for 2 per cent in July.
It was the first quarterly decline in output since the second quarter of 2020, when COVID-19 began to ravage the economy, and precedes a test from the Delta variant.
Making matters worse, Statscan said real GDP dropped 0.4 per cent in July, giving back about half of June’s gain, according to a preliminary estimate that surprised those on Bay Street, who were expecting a healthy start to summer as Canadians unleashed their pent-up savings.
“It was quite a bit weaker than expected,” Stephen Brown, senior Canada economist at Capital Economics, said of Tuesday’s report. “The key message here is that perhaps the recovery isn’t as strong as economists have thought.”
The housing sector was another weak spot. Residential investment fell 12.4 per cent annualized in the second quarter. That was entirely due to a steep drop in ownership transfer costs, or those associated with the transfer of residential homes between people. Home resale activity has cooled from record heights in major markets across the country.
Housing and exports more than offset a bounceback in business investment, which expanded by 12.1 per cent annualized as companies ploughed money into machinery and equipment.
With many restrictions in place last quarter, Canadians stashed away plenty of cash, sending the household savings rate up to 14.2 per cent from 13 per cent. Household consumption barely budged, though excess bank deposits have surged more than $200-billion over the health crisis.
That’s fuelled the expectation that Canadians can spend heavily to support the recovery as COVID-19 restrictions are relaxed, with notable gains in the summer reopening.
A potential trouble, however, is that supply troubles are keeping a lid on what consumers can possibly spend, Mr. Brown said.
“If you’re looking for certain electronics, you just can’t get them at the moment,” he noted. “That is another reason why it could take longer for GDP to fully recover.”
Following Tuesday’s surprise, Bay Street was forced to rip up their forecasts. For one, Bank of Montreal now expects a GDP expansion of 5 per cent in 2021, down from 6 per cent.
“Remember all the commentary about how well the Canadian economy had dealt with the third wave restrictions during the spring? And how businesses and consumers had learned how to operate amid the virus?” said BMO chief economist Doug Porter. “Well, the reality appears to have been much less constructive, with widespread supply chain issues also causing havoc with growth in the quarter.”
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The province announced it will start making a third dose of vaccine available for immunocompromised Albertans, seniors living in congregate care facilities and Albertans travelling to jurisdictions that don't accept visitors vaccinated with AstraZeneca, Covishield, or mixed doses.
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Alberta rolling out 3rd COVID-19 vaccine dose for immunocompromised, those in long-term care
CBC News ·
There are 431 people being treated in Alberta hospitals for COVID-19 as of Tuesday afternoon, 106 of whom are in intensive care beds. (Evan Mitsui/CBC)
The latest on vaccines:
Alberta Health Services announced Tuesday it would require all employees and contracted health-care providers — including physicians — to be fully vaccinated.
The policy applies to AHS, Alberta Precision Labs, Carewest, CapitalCare and Covenant Health workers, members of medical and midwifery staffs, students, volunteers and anyone acting on their behalf. The latest an individual must receive their second dose is Oct. 16.
The Alberta government is making a third dose of COVID-19 vaccine available for immunocompromised Albertans and for all seniors living in congregate care facilities.
The shots will be available starting Wednesday. A news release from the province says receiving a third dose will boost immunity levels for these people.
In addition, mRNA doses — that's Pfizer or Moderna — will be made available to Albertans travelling to a jurisdiction that does not accept visitors vaccinated with AstraZeneca, Covishield, or mixed doses.
Alberta feed stores are receiving a deluge of callers asking to buy ivermectin because of misinformation that suggests the livestock dewormer can be used to treat COVID-19 in humans.
Different forms of ivermectin are used to treat parasites, such as intestinal worms or lice, in both animals and humans. But the livestock form of the drug should never be used on humans, and parasites are not the same as viruses. COVID-19 is caused by a virus.
The largest study in favour of ivermectin as a COVID-19 treatment was retracted after concerns about data fabrication, plagiarism and ethical breaches. No clinical studies have proven whether ivermectin can slow or stop the novel coronavirus from growing in human cells.
WATCH | Horse medication ineffective against COVID-19, says specialist:
Horse medication ineffective against COVID-19, says specialist
Epidemiologist Dr. Christopher Labos says getting vaccinated is a safer and better way to protect against the coronavirus. (Benoit Tessier/Reuters) 1:10
The province says 66.3 per cent of all Albertans have had at least one dose of a COVID-19 vaccine and 59.4 per cent have had two doses. Of eligible Albertans (those ages 12 and up), about 69.8 per cent have had both doses of a COVID-19 vaccine.
That's considerably lower than the national average. Canada-wide, 66.7 per cent of the total population and 76.3 per cent of those ages 12 and older have been fully vaccinated. About 73.2 per cent of the total population, or 83.8 per cent of those ages 12 and older, have received at least one dose as of Aug. 31, according to the CBC's vaccine tracker.
The latest COVID-19 numbers:
Alberta reported 920 new cases of COVID-19 on Tuesday, out of 7,487 tests.
The positivity rate was 12.42 per cent, close to the highest it's been during the entire pandemic.
The province is leading the country in daily new COVID cases and active cases.
There were 11,660 active cases across Alberta — an increase of 234 from the previous data update. Ontario, a province with about three times more people than Alberta, has 5,868 cases.
There were 431people being treated in hospital, 106 of whom were in intensive care beds.
94.2 per cent of those in ICU beds for COVID were unvaccinated or partially vaccinated, and 79.6 per cent of non-ICU patients were unvaccinated or partially vaccinated, Dr. Deena Hinshaw, Alberta's chief medical officer of health, said Monday on Twitter.
Four more deaths were reported, bringing Alberta's total to 2,375deaths.
The R-value, which represents the number of people infected by each infected person, was 1.19 (with a confidence interval of 1.16-1.23) for Aug. 16-22.
238,895 Albertans are considered to have recovered from COVID-19.
Alberta has now identified one case of K417N, known as the delta plus variant.
See which regions are being hit hardest:
Here is the detailed regional breakdown of active cases as reported by the province on Tuesday.
Calgary zone: 3,176.
Edmonton zone: 3,660.
South zone: 1,214.
North zone: 2,191.
Central zone: 1,385.
Unknown: 34.
The latest on hospital outbreaks:
The province says that as of Aug. 31 there are COVID-19 outbreaks at nine AHS and Covenant Health acute care facilities:
North Zone
Redwater Health Centre.
Edmonton Zone:
Grey Nuns Community Hospital.
South Zone:
Medicine Hat Regional Hospital.
Chinook Regional Hospital.
Cardston Health Centre.
Crowsnest Pass Health Centre.
Calgary Zone:
Peter Lougheed Centre.
Foothills Medical Centre.
Rockyview General Hospital.
The latest on restrictions and reopenings:
The Alberta government said Aug. 13 that — due to surging COVID-19 cases and higher non-ICU hospitalizations than expected — it would hold off on its controversial move to lift more public health measures on Aug. 16 and would keep them in place six more weeks until Sept. 27, after controversially announcing in late July that quarantine for close contacts was no longer mandatory but recommended, contact tracers would no longer notify close contacts in most cases and asymptomatic testing was no longer recommended.
Hockey Calgary is implementing a mask requirement for all athletes, coaches, officials and volunteers, effective Aug. 27, until at least Sept. 27.
The YMCA says effective Sept. 1 masks will once again be mandatory at all of its Calgary facilities. Digital health screening will also be reintroduced.
WATCH | Alberta Medical Association's Dr. Michelle Bailey on why she's disappointed the province isn't reinstating a mask mandate:
Alberta doctor disappointed province not reimposing mask mandate
5 days ago
The City of Calgary is postponing mandatory return to work for city employees until Oct. 20.
The Calgary Catholic School District says even though Alberta Health Services has ceased notifying schools when there is a positive case in their building and doing contact tracing, the board will continue to notify families of positive cases when they're aware of them.
Families with kids enrolled at schools run by the Calgary Board of Education, on the other hand, will not get the same kind of notifications.
The Calgary Board of Education announced Thursday it was reopening registration for its online learning option because of the continued uncertainty over the COVID-19 pandemic. The school board originally closed registration for CBe-learn on April 23 and didn't plan to allow further registrations.
The Calgary Board of Education and the Calgary Catholic School District announced earlier in August that masks would need to be worn by K-12 students and staff at the beginning of the school year.
Edmonton Public Schools requires all staff and students to wear masks while indoors. At Edmonton Catholic Schools, masks are mandatory in common areas for all staff and students from Grade 4 to 12, and recommended — but not required — for all staff and students while in class.
Both Edmonton school districts intend to work with Alberta Health Services to offer pop-up vaccination clinics for older students.
As of Aug. 30, students and staff at Calgary's Mount Royal University will be required to wear masks in all indoor spaces on campus, including classrooms, labs, hallways and meeting/study rooms.
MRU is working out details for a frequent rapid testing program for students who have not declared they are fully vaccinated.
At the University of Alberta, the University of Calgary and the University of Lethbridge, anyone not fully vaccinated will have to undergo regular rapid testing as of Sept. 1. Edmonton's MacEwan University is also planning to implement rapid testing for students who are not vaccinated.
The four schools are also requiring mask-wearing in public indoor areas where physical distancing is not possible.
At Calgary's SAIT campus, and Edmonton's NAIT campus, as well as at Concordia University of Edmonton, masks are required for all indoor spaces effective Aug. 23. Bow Valley College will require masks indoors as of Aug. 19.
American railway regulator the Surface Transportation Board has blocked Canadian National Railway's bid to buy Kansas City Southern in its current form because the deal would include a voting trust that runs afoul of the rules.
CN's offer has the support of KCS's board, which has rejected CP's offer. But CP has the advantage that the Surface Transportation Board has no objection to its offer despite incorporating a voting trust structure of its own.
The voting trust in question is a structure ostensibly set up by CN to keep Kansas City Southern's assets independent and while the deal gets ironed out, but the regulator's ruling says in its current form, such a voting trust runs afoul of regulations.
"The proposed use of a voting trust in the context of the impending control application does not meet the standards under the current merger regulations and therefore denies the applicants' motion for authorization to establish and use the proposed voting trust," the STB said.
Amtrak had opposed CN's voting trust, saying its pledge to divest the Baton Rouge to New Orleans line will harm future passenger service in Louisiana.
CN says it has the support of thousands of KCS customers and other stakeholders for the deal. The railway had no immediate comment on the STB ruling, but previously said it is committed to working out any issues that arise.
"As we have stated before, we are committed to addressing any competitive concerns under the current merger rules in order to successfully complete a CN-KCS combination," CN said earlier this summer when it was announced the STB would review the deal.
The decision does not kill the proposal entirely, but does mean that CN will have to completely rework the details of the offer if it wishes to continue.
In court papers unsealed late Friday, Elizabeth Holmes accuses former Theranos COO Sunny Balwani of psychological and sexual abuse
Author of the article:
Reuters
Jody Godoy
Elizabeth Holmes was 18 when she met Theranos COO Ramesh "Sunny" Balwani, who is 20 years older than her, and began living with him three years later.Photo by GLENN CHAPMAN / AFP
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SAN JOSE — Theranos founder Elizabeth Holmes’ claims that she was abused by the company’s chief operating officer, who at the time was her boyfriend, could complicate jury selection in her highly anticipated fraud trial, legal experts said.
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The in-person questioning of prospective jurors, up to roughly 170, is expected to begin on Tuesday in federal court in San Jose, California.
Holmes, 37, has pleaded not guilty to defrauding Theranos investors and patients by falsely claiming that the company had developed technology to run a wide range of tests on a single drop of blood.
Known for dressing in a Steve Jobs-style black turtleneck, Holmes herself has long been an object of fascination in Silicon Valley.
The meteoric rise and spectacular fall of Theranos turned Holmes from a young billionaire to a defendant who could face years in prison if convicted.
Theranos founder Elizabeth Holmes arrives at a federal court hearing in San Jose, California, U.S. May 4, 2021.Photo by REUTERS/Kate Munsch
Her lawyers have said she may make the unusual move of taking the stand in her own defense, something that most defendants choose not to do because it opens them up to cross-examination by prosecutors.
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Court papers submitted more than 18 months ago and unsealed late Friday revealed that Holmes had accused former Theranos COO Ramesh “Sunny” Balwani of psychological and sexual abuse.
Holmes’ lawyers said her “deference” to Balwani led her to believe allegedly false statements about parts of Theranos that he controlled, including a claim about a partnership with drugstore chain Walgreens.
The lawyers told U.S. District Judge Edward Davila, who is overseeing the case, last year that Holmes was “highly likely” to testify about these claims, court papers show.
Balwani denied allegations of abuse in a 2019 court filing. He is scheduled to be tried on fraud charges related to Theranos after the end of Holmes’ trial.
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Lawyers for Holmes and Balwani did not immediately return requests for comment on Monday.
Before coming to court, 200 potential jurors filled out questionnaires about their familiarity with Holmes, who has been the subject of two books, two documentaries and a podcast. Thirty-three potential jurors were excused last week, including some who admitted bias.
Christina Marinakis, a jury consultant with IMS, a provider of expert and litigation consulting services, said prosecutors and Holmes’ lawyers have likely combed through potential jurors’ social media posts for their views about abuse, since they generally “don’t like to talk about these things in open court.”
Marinakis said jurors may be reluctant to admit to a tendency to view a claim of abuse as an “excuse” for Holmes’ conduct.
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“They may fear they are going to be looked at as misogynists,” she said.
Holmes was 18 years old when she met Balwani, who is 20 years older than her, and started living with him around three years later, according to “Bad Blood,” Wall Street Journal reporter John Carreyrou’s best-selling book on the Theranos saga. The book chronicles the rise and fall of the company Holmes started at age 19, concluding that she was a “manipulator” whose “moral compass was badly askew.”
Tracy Farrell, a jury consultant who has worked on sexual assault cases involving clergy, said Holmes’ lawyers may favor younger jurors, especially women, who might question any attempt by prosecutors to show the abuse defense as “just another con.”
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“It creates a kind of dissonance for women,” Farrell said. “We want to believe them.”
Marc Agnifilo, a New York lawyer, said Holmes’ case had some parallels with that of Martin Shkreli, a former client found guilty in 2017 of bilking investors in his hedge funds.
Before his trial, Shkreli gained notoriety for hiking the price of Daraprim, a drug that treats life-threatening parasitic infections, by more than 4000% in one day.
Shkreli “inspired this visceral negative reaction that was pretty challenging to keep out of the jury,” Agnifilo said.
Holmes’ lawyers, he said, should seek out “smart, open-minded jurors are not just going to buy into the government’s view of the facts.”
Reporting by Jody Godoy in San Jose, California; additional reporting by Nathan Layne in Wilton, Connecticut, and Brendan Pierson in New York; Editing by Leslie Adler and Noeleen Walder)
The U.S. Surface Transportation Board (STB) has rejected a key part of Canadian National Railway's (CNR.TO) proposed takeover of Kansas City Southern (KSU), leaving the future of the $33.6 billion deal in question.
The STB rejected CN's proposed use of a voting trust that would allow the company to hold and operate KCS as it waits for additional regulatory approvals.
"The board has determined that the proposed voting trust is not consistent with the public interest standard under the board’s merger regulations," the STB said in a statement released Tuesday. The STB also said that the use of a voting trust "would give rise to potential public interest harms relating to both competition and divestiture."
The ruling is a blow to CN, which had hoped to merge with KCS to create the first railway in North America connecting Canada, the U.S. and Mexico.
The decision could also breathe life into Canadian Pacific's (CP.TO) bid for the railway, which KCS rejected in favour of the pricier offer from CN.
CP submitted a new $31 billion stock-and-cash bid for KCS earlier this month, an offer that fell short of CN's. CP chief executive Keith Creel opted not to engage in a bidding war – something he said would have been "destructive to CP shareholders" – and argued that his company's bid offered more regulatory certainty. The STB has already approved CP's voting trust.
The STB received submissions from shippers, labour groups, the U.S. Department of Justice and CP raising concerns about CN's voting trust.
CN had argued that the voting trust would serve the public interest by "preserving the board's ability to consider the significant public benefits that would flow from a CN-KCS combination."
More to come.
Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter@alicjawithaj.
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First contraction since the depths of the pandemic last year
Author of the article:
Bianca Bharti
Publishing date:
Aug 31, 2021 • 32 minutes ago • 2 minute read • 48 Comments
A pedestrian wearing a mask walks past COVID signs on a store in downtown Toronto in May. The third wave of the virus hit the economy harder than economists thought.Photo by Peter J Thompson/National Post
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Canada’s economic recovery lost momentum in the second quarter after posting consistent growth since the depths of the pandemic and delivered a shock to forecasters.
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The economy contracted 0.3 per cent between April and June, or 1.1 per cent on an annual basis, Statistics Canada reported on Aug. 31. Adding to the dismal report, the federal agency delivered preliminary data for July that showed gross domestic product declined 0.4 per cent, a worrisome start to the third quarter.
A decline in housing activity and slowed exports overshadowed gains in business investment, which caused a drag on the economic recovery. It’s the first quarterly drop in GDP since the second quarter of 2020, which saw the economy contract 11.3 per cent, or 38 per cent annualized.
“It’s a jaw-dropper,” BMO chief economist Douglas Porter told Reuters. “Completely different from what Statistics Canada was estimating and what every economist was predicting.”
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The data missed economists’ estimates, which had expected growth of 2.5 per cent for the quarter, and dampened initial optimism about broader business reopenings as much of the country exited the wave of the COVID-19 pandemic.
“The Canadian economy was not quite as resilient as pretty much everybody thought and there’s more ground to make up at this point,” said Benjamin Reitzes, economist and Canadian rates and macro strategist at Bank of Montreal. “It’s a longer road to recovery.”
Housing has been a sector of the economy that experienced a flurry of activity over the pandemic, driven in part by historically low interest rates and extraordinary government stimulus. But, in recent months the real estate market has cooled, which is reflected in the GDP data. Home ownership transfer costs, which includes all costs associated with the sale of a home, declined 17.7 per cent in the quarter.
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Exports also experienced negative growth in the quarter, dropping four per cent. Reitzes attributed the declines to woes in the manufacturing and auto sectors that are currently battling global chip shortages and supply-chain disruptions.
“Looking further ahead, clouds are forming for the Canadian economy,” Sri Thanabalasingam, a senior economist at Toronto-Dominion Bank, wrote in a note to clients.
The latest data suggests the Bank of Canada, which had forecast second-quarter growth of two per cent, will likely revise down its projections for GDP.
Theranos founder Elizabeth Holmes's claims that she was abused by the company's chief operating officer, who at the time was her boyfriend, could complicate jury selection in her highly anticipated fraud trial, legal experts said.
The in-person questioning of prospective jurors, up to roughly 170, is expected to begin on Tuesday in federal court in San Jose, Calif.
Holmes, 37, has pleaded not guilty to defrauding Theranos investors and patients by falsely claiming that the company had developed technology to run a wide range of tests on a single drop of blood.
Known for dressing in a Steve Jobs-style black turtleneck, Holmes herself has long been an object of fascination in Silicon Valley.
Dramatic rise and fall
The meteoric rise and spectacular fall of Theranos turned Holmes from a young billionaire to a defendant who could face years in prison if convicted.
Her lawyers have said she may make the unusual move of taking the stand in her own defence, something that most defendants choose not to do because it opens them up to cross-examination by prosecutors.
Court papers submitted more than 18 months ago and unsealed late Friday revealed that Holmes had accused former Theranos COO Ramesh "Sunny" Balwani of psychological and sexual abuse.
Holmes's lawyers said her "deference" to Balwani led her to believe allegedly false statements about parts of Theranos that he controlled, including a claim about a partnership with drugstore chain Walgreens.
The lawyers told U.S. District Judge Edward Davila, who is overseeing the case, last year that Holmes was "highly likely" to testify about these claims, court papers show.
Balwani denied allegations of abuse in a 2019 court filing. He is scheduled to be tried on fraud charges related to Theranos after the end of Holmes's trial.
Holmes became one of the youngest self-made billionaires in the United States by claiming her company, Theranos, had invented a device that could test a single drop of blood for numerous things, quickly and accurately. But prosecutors allege it was all a lie. (Jeff Chiu/The Associated Press)
Lawyers for Holmes and Balwani did not immediately return requests for comment on Monday.
33 potential jurors already excused
Before coming to court, 200 potential jurors filled out questionnaires about their familiarity with Holmes, who has been the subject of two books, two documentaries and a podcast. Thirty-three potential jurors were excused last week, including some who admitted bias.
Christina Marinakis, a jury consultant with IMS, a provider of expert and litigation consulting services, said prosecutors and Holmes's lawyers have likely combed through potential jurors' social media posts for their views about abuse, since they generally "don't like to talk about these things in open court."
Marinakis said jurors may be reluctant to admit to a tendency to view a claim of abuse as an "excuse" for Holmes's conduct.
"They may fear they are going to be looked at as misogynists," she said.
Holmes was 18 years old when she met Balwani, who is 20 years older than her, and started living with him around three years later, according to Bad Blood, Wall Street Journal reporter John Carreyrou's best-selling book on the Theranos saga. The book chronicles the rise and fall of the company Holmes started at age 19, concluding that she was a "manipulator" whose "moral compass was badly askew."
Tracy Farrell, a jury consultant who has worked on sexual assault cases involving clergy, said Holmes's lawyers may favour younger jurors, especially women, who might question any attempt by prosecutors to show the abuse defence as "just another con."
"It creates a kind of dissonance for women," Farrell said. "We want to believe them."
Marc Agnifilo, a New York lawyer, said Holmes's case had some parallels with that of Martin Shkreli, a former client found guilty in 2017 of bilking investors in his hedge funds.
Before his trial, Shkreli gained notoriety for hiking the price of Daraprim, a drug that treats life-threatening parasitic infections, by more than 4,000 per cent in one day.
Shkreli "inspired this visceral negative reaction that was pretty challenging to keep out of the jury," Agnifilo said.
Holmes's lawyers, he said, should seek out "smart, open-minded jurors [who] are not just going to buy into the government's view of the facts."
There is little doubt that Shopify(TSX:SHOP)(NYSE:SHOP) stock is one of the top Canadian growth stocks on the TSX. Many people who are new to investing and want to start investing in technology think of Shopify as their top choice due to its impressive growth in the few years since its debut on the stock market.
At writing, Shopify stock is trading for $1,920.43 per share, and it is up by almost 5,400% since its IPO. It remains one of the top growth stocks in Canada today, especially if you are thinking of buying and holding the stock for the long haul. The company is a dominating presence in its industry, and it has proven time and time again that it can deliver consistent growth while beating expectations.
It is as yet unclear how much of a runway Shopify stock has left to continue growing. However, it will be impossible for the stock to deliver 5,000% returns over the next six years. Shopify might still be a good investment today. However, if you are looking for smaller tech companies that offer substantial growth potential, I will discuss two stocks that you should have on your radar today.
Topicus.com
Topicus.com(TSXV:TOI) is one of the most interesting Canadian tech stocks you can invest in right now. If you are already aware of the massive success that Constellation Software has enjoyed over the years, Topicus stock could be an ideal way for you to similar returns on your investment. Topicus.com is a spin-off of Constellation Software that began trading as a separate entity on the stock market.
Like Constellation, Topicus is a company that focuses on building and acquiring vertical market software and platforms. Unlike its former parent company, Topicus is focusing on the European market, where there is still plenty of room for the sector to grow.
The company’s presence in the market could fuel rapid growth across several industries there, and it has the potential to outpace the returns you can get from investing in Shopify stock at these levels.
WELL Health Technologies
WELL Health Technologies(TSX:WELL) is another stock with substantial potential to deliver high growth for decades. The tech stock is an innovative presence in the healthcare sector, providing solutions for the healthcare industry as it advances into the digital age. The company owns a massive portfolio of businesses from telehealth companies to digital health apps.
WELL Health Technologies has also been investing in a portfolio of physical locations that could provide a significant boost to its revenues.
Its innovative products have been one of the reasons for its success so far. The company’s strategic acquisitions to expand its portfolio have also contributed to its success. WELL Health Technologies has been expanding its business rapidly for several years. The pandemic created the tailwinds that the stock needed to become massive.
Even as the pandemic subsides, it seems that WELL Health Technologies will have plenty more room to grow.
Foolish takeaway
I will stick to my opinion that Shopify stock is one of the best long-term growth stocks that you can find on the TSX right now. However, the high-flying e-commerce giant is considerably expensive, and it cannot deliver the same growth rate to investors right now as it did since its debut to this point.
Fortunately, the Canadian tech sector offers plenty of opportunities for growth-seeking investors elsewhere through Topicus.com stock and WELL Health Technologies stock. Consider investing in these two companies if you want to invest in tech stocks for better potential returns on your investment.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.
Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Constellation Software, Shopify, and Topicus.Com Inc. The Motley Fool recommends the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify.
A car approaches one of the few lanes open at the Peace Arch border crossing between Canada and the United States, in Blaine, Wash., June 8, 2021. The U.S. State Department is now urging Americans to "reconsider travel" to Canada due to what the Centers for Disease Control call "high" levels of COVID-19 infection. THE CANADIAN PRESS/AP-Elaine Thompson
The U.S. State Department is now urging Americans to "reconsider travel" to Canada due to what the Centers for Disease Control call "high" levels of COVID-19 infection.
The new Level 3 travel advisory, issued today, marks a quick end to a three-week period when the warning to would-be travellers to Canada had been eased to "exercise increased caution."
That Level 2 advisory coincided with Canada's decision to allow fully vaccinated U.S. citizens and permanent residents back into the country.
There was no specific reason given for the revised advisory beyond the CDC's notice, also issued today, which pegs Canada's current COVID-19 levels at "high."
Only about 61 per cent of eligible Americans are fully vaccinated, compared with nearly 75 per cent of Canadians over the age of 12.
The U.S. is maintaining its existing restrictions on non-essential Canadian travellers until at least Sept. 21, citing the ongoing spread of the Delta variant of COVID-19.
Quebec is recommending a third dose of COVID-19 vaccine for people who have weak immune systems, who are on dialysis or who have received vaccines not approved in Canada, the Health Department said Monday.
The recommendation is based on advice from the province's immunization committee and comes amid the rise of the Delta variant, the Health Department said in a news release. The measure targets people who are immunocompromised, such as those undergoing chemotherapy or radiation therapy.
"Such a recommendation is already applied in several countries, notably France and the United States," the department said. Ontario announced earlier in August it would allow people at "highest risk'' to receive third vaccine shots in a bid to offer them stronger protection against the highly contagious Delta variant. The Northwest Territories has also said it would offer third doses, to long-term care residents.
Anyone who qualifies for a third dose is able to get one immediately at any walk-in vaccination clinic across Quebec — as long as four weeks have passed since their second dose. The department said the Pfizer-BioNTech or Moderna mRNA vaccines are preferable as third doses compared to the other vaccines approved for use in Canada against COVID-19.
Quebec is not recommending a third dose for long-term care patients.
Residents of long-term care, the department said, don't need another shot because many of them have recently received a second dose and because of the low levels of circulation of the novel coronavirus within the long-term network.
People who received a COVID-19 vaccine that wasn't approved for use in Canada are also eligible for a third shot, the department said. "This dose will likely allow a robust immune response to effectively protect against COVID-19."
Meanwhile, the smartphone application that runs Quebec's vaccine passport — called VaxiCode — was made available for download on Google Play for Android devices on Monday, Health Minister Christian Dubé told a press conference in St-Jérôme, northwest of Montreal. The application has been available for Apple devices since Aug. 25.
"We asked both companies, Google and Apple, the request at the same time, and it's up to them to do their own review," Dubé said. "It's surprising that it took longer (for) Google, but I would rather that they do the job right and that we have no surprise."
Quebec's vaccination passport system starts Wednesday and passports will be required to visit certain non-essential establishments such as bars, gyms, clubs and restaurants.
Last week, the government was forced to defend its vaccine passport system amid news that prominent politicians' vaccination information had allegedly been stolen. Radio-Canada also reported about a hacker who was able to create a false proof of vaccination that was accepted by the smartphone application that businesses are required to download to verify clients' vaccination status.
The Health Department had said the vaccine passport was still being tested ahead of its wider launch on Wednesday. "If improvements need to be made, they will be made," it said Friday.
Quebec reported 386 new cases of COVID-19 on Monday and no more deaths attributed to the novel coronavirus. Health officials said hospitalizations dropped by one, to 125, and 37 people were listed in intensive care, a rise of one.
Dubé said while the numbers may seem encouraging at first glance, authorities will continue to monitor the situation as the school year resumes and summer holidays end. To that end, health authorities ordered students to wear medical-grade masks in class in the more populated regions of the province.
"We put enough measures to say that, the importance was to have our children back in school, but at the same time, let's go through September and make sure we have things under control," Dubé said.
The province said it administered another 19,602 vaccine doses on Sunday. About 86.9 per cent of Quebecers aged 12 and older have received at least one dose and 80.3 per cent are considered adequately vaccinated.
There are 4,405 active reported cases in the province.
(Kitco News) - Data in Europe has been pretty decent this morning although it could pose a problem for the ECB. Euro Area prelim inflation has reached 3% in August. This is above the 2% target that the ECB has set. It has to be said that the ECB noted they will accept an overshoot but with the general situation in Europe improving many analysts are wondering how long the central bank can hold out before acting.
The ECB could act by reducing the Pandemic stimulus first. This would be the most acceptable way in the opinion of many analysts. ECB chief economist Philip Lane argued that these inflation surprises still did not challenge his views about the temporary nature of price pressures as wage growth, a necessary component of durable inflation, remained muted.
The next ECB meeting is on 9th September and must decide on the pace of its bond purchases over the coming quarter. While some adjustment is possible, Lane argued that it would be at the margins as the ECB is committed to maintaining “favourable financing conditions”.
Adding to this the employment situation in Germany seems to be improving too. A decline of 53K (unemployed persons) was more than most analysts had been expecting and the number brings the level to the lowest point since the pandemic began. Having said that, infections are back on the rise again but hospitalisation are more controlled due to the number of people being vaccinated (60% of the adult population). There is a national election on 26th September which could throw a spanner in the works but the SPD look to be leading in the polls so it could be "as you were" for the nation.
German Unemployment Change (Aug) -53K vs exp -40K prev -90K
German Unemployment Rate (Aug) 5.5% vs exp 5.6% prev 5.6%
WASHINGTON -- The U.S. State Department is now urging Americans to "reconsider travel" to Canada due to what the Centers for Disease Control call "high" levels of COVID-19 infection.
The new Level 3 travel advisory, issued today, marks a quick end to a three-week period when the warning to would-be travellers to Canada had been eased to "exercise increased caution."
That Level 2 advisory coincided with Canada's decision to allow fully vaccinated U.S. citizens and permanent residents back into the country.
There was no specific reason given for the revised advisory beyond the CDC's notice, also issued today, which pegs Canada's current COVID-19 levels at "high."
Only about 61 per cent of eligible Americans are fully vaccinated, compared with nearly 75 per cent of Canadians over the age of 12.
The U.S. is maintaining its existing restrictions on non-essential Canadian travellers until at least Sept. 21, citing the ongoing spread of the Delta variant of COVID-19.
Premier Andrew Furey is expressing relief over a $25-million settlement reached between the province and Hydro-Quebec on the water rights to the Churchill Falls project.
In 2019 the Quebec Court of Appeal ruled in favour of Churchill Falls Corporation Limited, allowing them to sell the energy produced on the Upper Churchill above a certain threshold.
As a result, Hydro-Quebec has agreed to almost $25-million in retroactive pay.
Furey calls it a good decision that will allow NL Hydro to plan into the future.
He says it allows the province “to at least know what the floor is” and look at different revenue streams.
(Photo by Emilie Madeau, via Premier Andrew Furey on Twitter.)
Developing the Gull Island hydro project was among the items discussed during a face-to-face meeting between Premier Andrew Furey and Quebec Premier Francois Legault in Montreal yesterday.
Furey describes his discussion with Legault on hydroelectric capacity in Labrador, including Gull Island, as “very high level.”
He says both provinces recognize the opportunities that can come from increased demand for “clean, green energy.” Furey says Newfoundland and Labrador owns “significant capacity” while Quebec owns “significant opportunity” with a transmission corridor.
VANCOUVER -- Mere hours after Quebec’s vaccine passport system launched on the government website, hackers were able to get the QR codes belonging to several politicians, including Premier Francois Legault.
Cybersecurity experts tell CTV News the hackers likely downloaded the QR codes from the government website using dates of birth, health insurance numbers and first vaccination dates. Now, they’re warning that B.C. needs to be vigilant for data breaches as it prepares to launch its own vaccine passports.
“It’s very easy for hackers to go online and find publicly available information on high profile government officials. Their name, vaccine status, their date of birth, these are very easy things to find. Unfortunately, the Quebec government did not put additional security layers on its website to ensure that only people downloading their own QR codes, are in fact doing so,” said Carmi Levy, a technology analyst based in London, Ontario.
While it may seem like a minor privacy breach, Levy said it could potentially open the path to identity theft.
“Here’s the thing about identity theft, you get one piece of information in one place, a couple more pieces of information elsewhere, if you’re a hacker, you can assemble a dose of data on your victim from multiple sources, and then you can go to town,” said Levy.
B.C.’s vaccine card is set to roll out Sept. 13 and users will need at least one dose of a COVID-19 vaccine to be permitted entry into events such as concerts, sports games and businesses like pubs, restaurants and fitness classes. By Oct. 24, users are will need to be fully vaccinated and with at least seven days having passed since receiving their second dose.
Cybersecurity experts hope the government of B.C. is watching what is happening in Quebec and learn from that province’s mistakes.
“We need to sit down and not rush through this. We need to think of all the potential threats and go through a threat modelling exercise to identity how could this data and these QR codes be misused?” said Dominic Vogel, chief strategist at Cyber.sc.
In a statement to CTV News, B.C.’s Ministry of Health said “Protecting British Columbians’ data and networks is a top priority for this government, especially where it concerns personal information. Security threat and risk assessments, as well as privacy impact assessments play an important role in privacy protection by helping government identify and mitigate risks.”
It also said that the Office of the Chief Information Officer is constantly evaluating potential threats and has systems monitoring 24 hours a day, seven days a week.
“We are working to make the BC Vaccine Card process as easy as possible for people, while ensuring it is secure protecting people’s privacy. More details will be provided to the public in the coming days,” continued the ministry’s statement.
However B.C. decides to roll out its vaccine passport, Levy believes there will likely be glitches in the process. What matters is that we learn from those glitches and apply that information going forward.
“We should also treat QR codes like we treat our signatures, our passwords and our usernames. We should not be sharing them or taking pictures on social media. We shouldn’t be telling people where we got vaccinated and what we got vaccinated with. All of this information in the hands of a hacker, could potentially be used against us,” added Levy.
The humble chicken sandwich has traditionally played second fiddle on the fast-food menu.
It's better than a fish sandwich but not quite the Whopper or a Big Mac. But while the chicken sandwich may not yet be in the same class as a beef burger, poultry need not be humble anymore.
Different versions of the sandwich — whether breaded, saucy or spicy — have proliferated across the vast restaurant landscape in North America. Even seafood chain Red Lobster now sells a Nashville hot chicken sandwich.
The sandwiches have even proven to be pandemic resistant. While overall restaurant visits were down significantly over the last year and a half, chicken sandwich purchases were up 14 per cent, according to NPD Group.
"Chicken sandwiches are just booming," said Vince Sgabellone, food service industry analyst for NPD Group, which tracks industry data and trends.
"They're back to where they were two years ago, despite the lack of traffic of people going into restaurants."
A fowl war, indeed
It's no wonder, then, that at least 20 restaurant chains across North America have added some kind of new chicken sandwich to their menu over a two-year period.
It's been dubbed the chicken sandwich wars by some, with the first salvos launched in the United States in 2019, when Popeyes Louisiana Kitchen began offering its fried chicken sandwich.
A customer in Texas holds up a Popeyes chicken sandwich at the height of their hype, in August 2019. (Eric Gay/The Associated Press)
That move was considered a direct challenge to competitor Chick-fil-A, which began selling its chicken sandwich in 1967.
Observers had predicted that the market had already reached peak chicken in 2016, but its popularity has since skyrocketed.
While those observers may be surprised by where things have gone since then, two sisters with a chicken restaurant in Calgary saw potential back in 2017.
Francine and Nicole Gomes, who own the Cluck N Cleaver restaurant, went on a chicken-eating tour of the U.S. South in 2017 for a kind of tasty fact-finding mission.
The Cost of Living ❤s money — how it makes (or breaks) us. Catch us Sundays on CBC Radio One at 12:00 p.m. (12:30 p.m. NT). We also repeat the following Tuesday at 11:30 a.m. in most provinces.
"We ate so much fried chicken on that trip," Francine said in an interview with CBC Radio's The Cost of Living, as she described multiple stops at famous chicken joints, as well as roadside chicken shacks.
One thing the restaurateurs concluded is they wanted to add a chicken sandwich to their menu, which they did just a few weeks after their return. They now offer two chicken sandwiches.
The Gomes sisters told The Cost of Living that their chicken sandwich sales have increased year over year by 40 per cent, even as other competing restaurants opened.
"It's going bonkers," said Nicole Gomes, also well-known as a champion from the Top Chef Canada Allstars television show.
Francine Gomes, left, and her sister, Nicole, own the Cluck N Cleaver restaurant in Calgary. They say there's room for everyone in the growing chicken sandwich craze. (Julie Van Rosendaal)
"There's room for everybody," she said, adding that she welcomes the growth.
Her comments underscore that the chicken sandwich phenomenon isn't driven exclusively by fast-food chains, with many independent restaurants joining the trend.
"Even before the pandemic, there was an increase in restaurants opening that focused on one single item, like ramen or pizza or burgers or fried chicken sandwiches," said Calgary-based food journalist Julie Van Rosendaal, who appears on CBC Radio.
"And so even beyond fast food, there have been a lot of small restaurants opening up that focus just on fried chicken or even just fried chicken sandwiches. And that has helped drive the trend as well."
A hot plate of punishment pays off
The chicken sandwich isn't a new item, with newspaper ads for the meal found as far back as the 1930s. But the spicy chicken sandwich gaining popularity has a more contemporary origin.
Lately, variations of "Nashville hot chicken" have drawn attention, with one of the dish's birthplaces, Prince's Hot Chicken, serving as a mecca for chicken fans such as Calgary's Gomes sisters. They included the restaurant on their trip four years ago.
The story behind its signature dish is the stuff of legend — and is actually rooted in revenge.
According to family lore, James Thornton Prince III was a handsome man who never struggled to find a date on a Saturday night, but he wasn't too popular with one particular woman left behind while he enjoyed an evening out on the town.
After returning home, Prince was ready for a meal. His girlfriend provided one in the form of an extra-spicy serving of chicken, which she thought would teach him a lesson.
"She had to get some attention," said André Prince Jeffries, Thornton's grand-niece and now the matriarch of Prince's Hot Chicken. "She had to let him know ... she was hurt."
André Prince Jeffries, centre, the owner of Prince's Hot Chicken in Nashville, is flanked by Calgary's Gomes sisters, who included the restaurant on a trip four years ago. (Submitted by Francine Gomes)
The meal did not have the desired effect and ultimately led to his famous hot chicken.
"After he devoured it ... I'm sure he asked for more," Jeffries said in an interview with The Cost of Living. He apparently enjoyed the chicken so much, he eventually tried to recreate it and then sell it.
"I think he would be rather surprised if he knew his punishment is still being recognized [today]."
More money in the chicken coop
Few other chicken sandwiches on the market these days can promise the same benefits as Prince's legendary offerings, but regardless of why people flock to the bird, they are doing so more often than before.
Spending by Americans on chicken sandwiches has quadrupled in just a two-year span, and a growing appetite for the sandwiches in Canada is something chicken farmers are trying to better understand as well.
The former location of Prince's Hot Chicken in Nashville, serving as a mecca for chicken fans. The popular restaurant has since moved to a new spot, but the chicken is just as spicy. (Submitted by Francine Gomes)
"Every week it seems like you have a bit more of an update on what the next sandwich is going to be," said Jason Born, chair of the Alberta Chicken Producers.
"It's something that we're very happy to see, of course."
Born said it's difficult to specifically quantify the value of the chicken sandwich boom to the Canadian sector, but it is an expanding slice of the restaurant business.
"If a significant portion of your business — in our case 40 per cent — is through these restaurant channels, it'll have an impact on volume and production," he said.
Consumers have seen grocery store prices for chicken jump in recent months, in part due to increased demand. However, the rising cost of chicken feed and supply-chain issues are also causing prices to go up. (Philippe Huguen/AFP/Getty Images)
Chicken processors now worth billions of dollars
Industry officials say demand for chicken and chicken production are both rebounding from the impact of the pandemic, which saw many restaurants close under public health restrictions.
Consumers have seen grocery store prices for chicken jump in recent months, in part due to increased demand. However, the rising cost of chicken feed and supply-chain issues are also causing prices to go up.
The average retail price for a kilo of chicken was more than $8 in Canada in July, up 15 per cent in only six months, according to Statistics Canada.
It's not just chicken that's selling for a premium these days — it's also chicken processing companies.
The price represented a whopping 30 per cent premium on Sanderson's stock price in mid-June, a clear indication both companies see a big future in chicken.
Social media, takeout popularity behind chicken's flight
But sales figures and stock markets aside, why are chicken sandwiches climbing up the pecking order of foodies' favourites?
Food columnist Van Rosendaal said she believes a few key things have helped chicken sandwiches take flight even after others thought they'd hit their peak years ago.
We decided it was the peak in 2016, and we were wrong.- Julie Van Rosendaal, food columnist for CBC Radio
For one, she said takeout food has performed relatively well during the pandemic, and chicken sandwiches travel well while also being "indulgent."
While marketing is a big part of the chicken sandwich wars, Van Rosendaal pointed out that the food's popularity on Instagram has also helped raise the sandwich's profile.
"When it's really visually appealing, it does very well on social media," she said. "So chicken sandwiches have been driven by social media."
As for how long the trend can last, Van Rosendaal said she finds it "fascinating" that not only does the chicken sandwich trend have staying power, but it doesn't even seem to be slowing down.
"We decided it was the peak in 2016, and we were wrong."
Written and produced by Tony Seskus.
Click the play icon above this story to hear this segment, or download the Cost of Livingpodcast.
The Cost of Living airs every week on CBC Radio One, Sundays at 12:00 p.m. ET (12:30 NT).
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