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Selasa, 30 November 2021

FDA panel narrowly backs COVID-19 pill from Merck - Business News - Castanet.net

A panel of U.S. health advisers on Tuesday narrowly backed the benefits of a closely watched COVID-19 pill from Merck, setting the stage for a likely authorization of the first drug that Americans could take at home to treat the virus.

A Food and Drug Administration panel voted 13-10 that the drug’s benefits outweigh its risks, including potential birth defects if used during pregnancy.

The group’s recommendation came after hours of debate about the drug's modest benefits and potential safety issues. Experts backing the treatment stressed it should not be used by pregnant women and called on FDA to recommend extra precautions, including pregnancy tests for women before using the drug.

The group's vote specifically backed the drug for adults with mild-to-moderate COVID-19 who face the greatest risks, including those with conditions like obesity, asthma and old age.

The FDA isn’t bound by the panel’s recommendation and is expected to make its own decision before year’s end.

FDA authorization for the drug, molnupiravir, could be a major step in treating the virus. It would give doctors the first drug they could prescribe for patients to take on their own, easing the burden on hospitals and helping to curb deaths.

The pill is already authorized in the U.K.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

WASHINGTON (AP) — Government health advisers on Tuesday weighed the benefits and risks of a closely watched drug from Merck that could soon become the first U.S.-authorized pill for patients to take at home to treat COVID-19.

The Food and Drug Administration asked its outside experts whether the agency should authorize the pill, weighing new information that it is less effective than first reported and may cause birth defects. A vote was expected Tuesday afternoon. The panel’s recommendations aren't binding but often guide FDA decisions.

The meeting comes as U.S. infections are rising again and health authorities worldwide size up the threat posed by the new omicron variant.

If authorized, Merck’s pill would be the first that doctors could prescribe for patients to take on their own to ease symptoms and speed recovery, a major step toward reducing hospital caseloads and deaths. The drug, molnupiravir, is already authorized for emergency use in the U.K.

Given the ongoing threat, the FDA is widely expected to approve emergency use of Merck’s pill. But new data released last week painted a less compelling picture than when the the company first publicized its early results in October.

Last week, Merck said final study results showed molnupiravir reduced hospitalization and death by 30% among adults infected with the coronavirus, when compared with adults taking a placebo. That effect was significantly less than the 50% reduction it first announced based on incomplete results.

FDA scientists said Tuesday the reasons for the difference were unclear, but appeared to be due to higher-than-expected hospitalizations among patients taking the drug during the second half of the study. Molnupiravir’s effectiveness is a key consideration as panel members weigh whether to recommend the drug and for whom.

Another question is whether pregnant women or women of child-bearing age should avoid the drug.

FDA scientists said Tuesday that company studies in rats showed the drug caused toxicity and birth defects in the skeleton, eyes and kidneys. Taken together, FDA staffers concluded the data “suggest that molnupiravir may cause fetal harm when administered to pregnant individuals.”

Regulators said they are considering barring molnupiravir’s use during pregnancy or warning against it but leaving it as an option in rare cases. The FDA also proposed that doctors verify patients are not pregnant before starting treatment and recommend contraceptives to certain patients.

In its own presentations Tuesday, Merck said it is not recommending the drug be used in women who are pregnant or lactating. But the drugmaker opposed a blanket restriction on prescribing to those patients, arguing there may be certain cases where the drug’s benefit outweighs its risk.

The drug uses a novel approach to fight COVID-19: It inserts tiny errors into the coronavirus’ genetic code to stop it from reproducing. That genetic effect has raised concerns that the drug could spur more virulent strains of the virus. But FDA regulators said Tuesday that risk is theoretical and seems unlikely.

Merck scientists said they believe their drug will be effective against the new omicron variant. They said the drug worked against other variants, including the prevailing delta strain.

Panelists are also weighing whether the pills should be offered to patients who have been vaccinated or previously had COVID-19. Merck didn’t study the drug in vaccinated people, but data from a handful of patients with prior infections suggested it had little benefit. Still, it may be impractical for doctors to screen out those patients. The Merck drug works best when given within five days of first COVID-19 symptoms, underscoring the need for speedy treatment.

Merck tested the drug in adults with mild-to-moderate COVID-19 who were considered higher risk due to health problems like obesity, diabetes or heart disease. That’s the same group that currently receives antibody drugs, which help the immune system fight the virus. The FDA has authorized three antibody drugs for COVID-19 but all have to given by IV or injection at hospitals or clinics.

Merck was the first company to submit its COVID-19 pill to the FDA, but a rival drug from Pfizer is close behind and is also under review.

Pfizer’s drug is part of a decades-old family of antiviral pills known as protease inhibitors, a standard treatment for HIV and hepatitis C. They work differently than Merck’s pill and haven’t been linked to the kind of mutation concerns raised with Merck’s drug.

Pfizer said this week that its drug shouldn't be affected by the omicron variant's mutations.

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Lululemon sues Peloton for selling 'copy-cat products' | Globalnews.ca - Global News

Lululemon Athletica Canada Inc. has launched a lawsuit against exercise equipment company Peloton Interactive Inc., accusing the stationary bicycle and treadmill maker of patent infringement.

In documents filed in a U.S. court on Monday, the Vancouver-based athletic apparel retailer claims Peloton is infringing on multiple design patents and selling “knock-off” bras and pants.

The lawsuit comes after Peloton ended a co-branding agreement with Lululemon earlier this year and announced its own private label, Peloton Apparel, in September.

Lululemon alleges Peloton is selling “copy-cat products” that closely resemble several of the retailer’s best-selling designs, including a pair of workout pants and a popular strappy sports bra.

Read more: Lululemon revenue up 88% in Q1 2021, to $1.2B

“Unlike innovators such as Lululemon, Peloton did not spend the time, effort and expense to create an original product line,” Lululemon alleged in court documents.

“Instead, Peloton imitated several of Lululemon’s innovative designs and sold knock-offs of Lululemon’s products, claiming them as its own.”

The retailer said it initially sent Peloton a cease-and-desist letter, laying out its concerns with the exercise equipment maker’s “blatant misappropriation” of Lululemon’s product designs, according to court documents.

Lululemon said Peloton requested an extension to respond to those allegations, but then used the delay to “secretly prepare its own complaint and pre-empt the lawsuit that Lululemon had so clearly threatened.”

Last week, Peloton sued Lululemon, asking a U.S. court to declare that it has not infringed on Lululemon patents.

“Lululemon’s allegations lack any merit,” Peloton claimed in documents filed in a New York court.

“Even a quick comparison of the Lululemon patented designs with the allegedly infringing Peloton products reveals numerous clear and obvious differences that allow the products to be easily distinguished.”

Click to play video: 'Peloton recalls treadmills after child’s death, other injuries' Peloton recalls treadmills after child’s death, other injuries
Peloton recalls treadmills after child’s death, other injuries – May 5, 2021

Peloton also claims that the brands of both companies are distinctive and well-recognized “making confusion between products a virtual impossibility.”

But in a series of exhibits filed with a California court, Lululemon alleges several Peloton styles are nearly identical to Lululemon products.

One design the retailer highlighted is its Align pants, a pair of leggings Lululemon called one of its “all-time best-selling products.”

Lululemon alleges a Peloton style is an imitation of the Align pant, with a similar waistband and stitching.

Read more: Child dies after ‘tragic accident’ involving Peloton treadmill

The Canadian retailer said the similarity between Peloton products and Lululemon’s “iconic designs” is “likely to cause confusion, cause mistake, and to deceive” customers into thinking the Peloton apparel is made in affiliation with Lululemon.

The company alleges Peloton’s intention is to “blatantly copy Lululemon’s proprietary designs and pass off its goods as Lululemon’s high-quality products to misappropriate the immense goodwill that Lululemon has spent enormous time, effort, and expense to cultivate in the marketplace.”

In an emailed statement, Shannon Higginson, Lululemon general counsel and senior vice-president, said: “We are confident in our position and look forward to properly resolving this case through the courts.”

Peloton said it would not comment on active litigation.

© 2021 The Canadian Press

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New caller ID law now in place to help fight wave of spam and spoof calls - CBC.ca

Canada's telecommunications regulator is bringing in new laws that will force phone companies to do a better job of identifying who is calling, to help users inundated by nuisance phone calls from telemarketers.

The Canadian Radio-television and Telecommunications Commission (CRTC) said in a news release Tuesday that phone companies must now implement a technology on their networks that does a better job of weeding out so-called spoof phone calls, which are calls that look like familiar Canadian phone numbers they may want to answer, but are in fact unsolicited spam and nuisance calls from dodgy companies.

Earlier this month, CRTC chair Ian Scott announced that the regulator was going to compel the phone companies to do more about cracking down on such calls, which he said make up as much as 25 per cent of all phone calls on mobile networks in Canada right now.

"Most people likely perceive spoofed calls as a nuisance," Scott said in a speech to a telecom conference earlier this month.

"The truth is, they're more than that. They're gateways for criminals to dupe hard-working people out of their money and their sensitive data. And they're relentless," he said, citing data from the U.S. Federal Communications Commission that suggests there are more than 2,100 robocalls being made to phone users in the U.S. every second of every day.

Technology to reduce spoofing

The technology, known as STIR/SHAKEN — which stands for Secure Telephony Identity Revisited/Signature-based Handling of Asserted Information Using toKENs — won't completely block spoof phone calls, because it only works on calls that happen over an IP-voice network. But it will help slow the deluge.

"This new caller ID technology will empower Canadians to determine which calls are legitimate and worth answering, and which need to be treated with caution," Scott said. "As more providers upgrade their networks, STIR/SHAKEN will undoubtedly reduce spoofing and help Canadians regain peace of mind when answering phone calls."

On top of the IP-focused technology, some phone companies are already experimenting with artificial intelligence technology that allows them to filter out phone calls on their network that they suspect are fraudulent.

Scott said Bell Canada has been testing out such a system and managed to block 1.1 billion such calls on its network between July 2020 and October 2021.

Ultimately, the phone industry in Canada may move toward a system where users would see a red light or green light next to incoming calls: green for calls where the caller's identity has been verified, and red for when it has not been.

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New caller ID law now in place to help fight wave of spam and spoof calls - CBC.ca
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Bank of Nova Scotia hikes dividend as profit beats expectations - Financial Post

Gains driven by strength in its international and Canadian banking businesses

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The Bank of Nova Scotia is hiking its dividend by more than 10 per cent and announced share buybacks Tuesday after reporting strong fourth quarter results to kick off bank earnings season.

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Scotiabank said it would be raising its quarterly dividend by 10 cents per common share to $1 after the Office of the Superintendent of Financial Institutions (OSFI) lifted restrictions on dividend hikes earlier this month. The first dividend pay-out will come on Jan. 27.

The bank also reported $2.56 billion in net income in the three months ending Oct. 31, compared to $1.94 billion from the same period last year, benefitting from lower credit loss provisions due to an improving credit quality picture and optimistic economic outlook. Earnings per share rose to $1.97, beating analyst expectations of $1.90 and jumping from $1.42 in the same period last year.

Against an improving macroeconomic backdrop, the company saw gains in international banking, where earnings came in at $528 million compared to $263 million from a year ago, particularly bolstered by operations in countries such as Chile and Colombia. In the release, the bank stated its provision for credit losses shrank to $168 million from $380 million in the previous quarter reported in July.

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“We ended the year with strong fourth quarter earnings and exceeded our medium-term financial targets in fiscal 2021. Our diversified business model demonstrated its resilience through the pandemic, and the Bank is well positioned to achieve its full earnings power in the upcoming year,” said Scotiabank president and chief executive Brian Porter. “As we close out 2021, it is clear that our sharpened footprint and our significant investments in our digital capabilities have positioned the Bank for a very bright future.”

Leading up to the announcement, analysts such as Gabriel Dechaine from National Bank of Canada predicted a “dividend growth tsunami” from the banks, expecting a 10 per cent increase from Scotiabank.

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On the conference call, Porter called 2021 a “transition year” that brought the company’s business lines back to pre-pandemic levels — or exceeded them. Porter pointed to the bank’s growing digital business, which expanded during the pandemic as brick-and-mortar banking locations closed during lockdown, and international growth.

Scotiabank’s executive team is expecting these results to carry over into 2022, benefitting from loan growth, the economic recovery and further developments in the company’s digital banking segment.

“In 2022, all bank revenue is expected to benefit from good mid-single-digit loan growth, modest margin expansion and higher non-interest income benefiting from improving economic conditions,” said Raj Viswanathan, Scotiabank’s group head and chief financial officer.

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Phil Thomas, chief risk officer at Scotiabank, said over the conference call that he expected provisions for credit losses would moderate moving forward.

“As recoveries continued to moderate next year, we believe 2023 will reflect more normalized PCL ratios for the bank … reflecting the improved credit quality and business mix shifts as we emerge stronger from a pandemic,” said Thomas.

  1. Canada's top six banks — Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia (Scotiabank), Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada — are expected to resume raising dividends and share buybacks after nearly a two-year hiatus.

    Canadian banks expected to unleash 'dividend growth tsunami' this week

  2. Pedestrians walk past the head offices of Laurentian Bank in Montreal.

    Laurentian Bank takes $209 million in charges under Llewellyn's revamp

  3. Governor Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ont. on June 22, 2020.

    Banks' lending recovery seen clouded by surging inflation, bond yields

The hot housing market in which mortgage growth is exceeding income growth, could bring risks to lenders, but Dan Rees, Scotiabank’s group head for Canadian banking, said the company is pleased with mortgage performance. Rees added that as interest rates rise and soften demand for housing, mortgage growth should begin to slow.

Porter anticipates further earnings gains through loan growth and capital markets activity heading into 2022.

“We fully expect the strong momentum in our Canadian banking business to continue aided by strong loan growth and a higher interest rate environment,” Porter said. “The recovery in our in international banking business is evident. This will be further supported by interest rate increases continued asset growth as well as a strong economic rebound.”

• Email: shughes@postmedia.com | Twitter:

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Bank of Nova Scotia hikes dividend as profit beats expectations - Financial Post
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Scotiabank hikes dividend 11% as profit rises on retail gains, improved loan picture - The Globe and Mail

A Bank of Nova Scotia branch, in Toronto, on Feb. 11.Fred Lum/The Globe and Mail

Bank of Nova Scotia reported higher fourth-quarter profit and raised its dividend by 11 per cent as retail banking profit improved and delinquent loans remained low.

Canada’s third-largest bank is the first to report earnings for the fiscal quarter that ended Oct. 31, and launched a plan to buy back up to 2 per cent of its common shares – about 24 million shares in total – by the end of 2022.

The dividend hike and share buyback plan are the first increases to Scotiabank’s shareholder payouts in nearly two years, after Canada’s banking regulator recently lifted restrictions that had been imposed to help banks preserve capital during the COVID-19 pandemic.

In the fourth quarter, Scotiabank earned $2.6-billion, or $1.97 per share, compared with $1.9-billion, or $1.42 per share, in the same quarter a year earlier.

Adjusted to exclude certain items, the bank said it earned $2.10 per share. That was far above the consensus estimate of $1.90 per share among analysts, according to Refinitiv.

One-time items in the quarter included a $126-million restructuring charge that stems mostly from costs related to branch closures and job cuts in its international operations, which are mostly in Latin America and the Caribbean. The bank said the reductions in staff and branches were “driven by the accelerated customer adoption of digital channels and process automation.”

The bank also earmarked $62-million in “settlement and litigation provisions” in connection with its former metals business, which the bank shuttered after it became ensnared in legal and regulatory problems.

For the full fiscal year, Scotiabank’s revenue was nearly $7.7-billion, a 2-per-cent increase from the prior year.

“The Bank is well positioned to achieve its full earnings power in the upcoming year,” said chief executive officer Brian Porter, in a news release.

The core Canadian banking division generated $1.24-billion in profit in the quarter, up 59 per cent compared with a year earlier and 15 per cent from the third quarter. Income from fees and loan balances both increased, led by a 13-per-cent surge in residential mortgages and an 11-per-cent rise in business loans.

The bank’s international division, which has been slower to recover from the pandemic, reported profit of $607-million, up 82 per cent from a year ago. On an adjusted basis, international profit was up 10 per cent from the third quarter as loan balances increased by 3 per cent. But revenue was down 3 per cent year over year, and profit before taxes and loan loss provisions was 2 per cent lower.

Scotiabank’s provisions for credit losses – the funds banks set aside to cover loans that may go bad – amounted to $168-million in the quarter. The bank recovered $343-million in provisions that had previously been set aside in case loans that were still being repaid turned sour, as economic forecasts improved. But it also earmarked $511-million in provisions for loans that are impaired, most of it in the international banking arm.

Scotiabank’s common equity Tier 1 (CET1) ratio was 12.3 per cent, up 10 basis points from the prior quarter. (100 basis points equal one percentage point).

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After brief contraction, Canada's economy grew again in third quarter - CBC.ca

Canada's gross domestic product expanded by 1.3 per cent from July to September, as the end of some pandemic restrictions helped boost consumer spending and exports.

Statistics Canada said Tuesday that the total value of all goods and services was $2.093 trillion in the quarter, seasonally adjusted at an annualized rate.

That's up from $2.066 trillion in the previous three-month stretch, when the economy contracted for the first time since the early days of COVID-19.

A jump in consumer spending was the biggest reason for the overall increase, with households spending more on semi-durable goods (up 14 per cent) as well as services (up six per cent).

Semi-durable goods are items that last longer than short-term consumables like food, but not as long as durable goods such as appliances.

A good example of a semi-durable good would be an item of clothing, and spending on those increased by almost 27 per cent during the quarter. Spending on footwear also surged by more than 30 per cent, which means Canadians are now spending more on clothes and shoes than they were before the pandemic.

There was also a surge in spending on services that Canadians had been delaying during the pandemic. 

Things like transportation services, which includes flight tickets, rose by more than 40 per cent, while spending on recreation and cultural activities went up by 26 per cent. 

Spending on food, beverages and accommodation went up by 29 per cent, while personal grooming services, such as haircuts, jumped by more than a third.

Good but not great

TD Bank economist Sri Thanabalasingam said that overall the numbers were good, but they could have been even better were it not for ongoing supply chain issues with big-ticket items.

"Hampered by global supply chain disruptions, consumers spent less on durable goods, specifically automobiles, and businesses invested less in machinery and equipment," he said. "If not for supply shortages, GDP growth could have been even stronger in the third quarter."

Ima Sammani, a market analyst with foreign exchange firm Monex, said that the data was generally positive, but largely redundant due to events that have happened since the end of September.

"Despite the significantly stronger GDP print than expected, the market reaction was relatively mild given ... new concerns around the growth momentum have arisen following the discovery of the omicron variant," she said.

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New exchange-traded crypto funds launching in Canada today will be 1st to pay monthly yield - CBC.ca

A Toronto-based money manager that launched the world's first bitcoin exchange-traded fund (ETF) earlier this year is unveiling three new funds on the TSX Tuesday that will be the first crypto assets trading on stock markets that will pay out a monthly yield.

The new funds from Purpose Investments target investors looking to put their money into the volatile world of cryptocurrencies, such as bitcoin or ethereum, through more traditional investment vehicles.

An exchange-traded fund is similar to a mutual fund in that it is a collection of assets bundled together. Unlike a mutual fund, however, an ETF trades on a stock exchange, which makes it easier for regular people to buy, sell and trade them.

Last spring, Purpose launched what was then the world's first ETF trading on a major stock exchange that gave investors direct exposure to bitcoin. Many others have launched since then, in lockstep with growing interest in cryptocurrencies.

At last count, Purpose's most-heavily traded bitcoin fund had more than 24,000 bitcoins in it. At current prices for bitcoin, that stash is worth billions.

"Our bitcoin and ether ETFs [are] now $2.5 billion in assets," Purpose CEO Som Seif said in an interview with CBC News. 

The advent of ETFs that trade on major stock exchanges made it possible for people to buy crypto assets in the same way they buy stocks or bonds: through the banks and brokers they use to manage their RRSPs or TFSAs rather than through digital wallets and bitcoin dealers.

WATCH | The world's first bitcoin ETF just launched in Canada: 

Toronto Stock Exchange launches world’s first Bitcoin ETF

9 months ago
This week, the Toronto Stock Exchange became the first in the world to launch a Bitcoin exchange-traded fund. We talk to some lucky investors who got in early and look at what's driving the major surge in Bitcoin's price. 2:07

Not everyone is a fan of bitcoin

Seif is a big believer in the future of cryptocurrencies, but that is far from a universal view.

Bitcoin mining, which relies on powerful computers continually running programs that solve mathematical problems, has been singled out for its massive environmental footprint, for example, with some estimating that the sector consumes more energy every day than some countries. 

While backers laud cryptocurrencies for their security, that trait is also what makes them a convenient way for criminals to move and launder money.

Bitcoin enthusiasts like to compare it with digital gold, but that claim, too, doesn't quite hold up to scrutiny. That's part of why many countries and central banks have tried to crack down on it, with China going as far as declaring it "illegal" last month.

Despite those red flags, investors continue to pour money into the space, which is why Purpose is trying to cater to them by embracing the volatility while also attempting to offset it.

One fund, the Purpose Bitcoin ETF, will invest in bitcoin. A second, the Purpose Ether ETF, will hold another widely used cryptocurrency known as ethereum.

Both will employ what's known as a covered-call strategy to generate income from the fund's holdings, income that will be distributed on a monthly basis to those who hold units of the fund. 

It's a strategy that's already been used with other assets, such as oil and gold, but never with cryptocurrencies.

By design, the funds ratchet down some of the potential upside of investing directly in a volatile cryptocurrency that can reach impressive peaks but offset that by giving investors a small trickle of income even when the price is dropping.

New bitcoins are released when computers, known as miners, solve complex mathematical formulas. Typically, bitcoin mines are huge operations that require staggering amounts of energy to function. (Andrey Rudakov/Bloomberg)

Purpose promises healthy yields

Unlike a dividend on a stock, which generally pays out a predictable and steady amount on a regular basis, the money the funds will pay out monthly will vary.

"We anticipate this to pay a pretty high yield, north of eight per cent, for sure," Seif said. "But we think it will pay double-digit yield over time."

That's far from a guarantee, as ultimately, the value of the funds' units will be pegged to the price of bitcoin or ethereum.

But if those yields can be achieved, they compare favourably to the income that can be produced from dividend-paying stocks.

The yield on the 60 biggest dividend-paying companies on the TSX right now, for example, is about 2.5 per cent. But those stocks are also far less likely to have days when they plummet 10 per cent or more — something that can and does happen to cryptocurrencies fairly frequently.

While bitcoin recently hit an all time high above $66,000 US and has more than doubled in value this year, it has not moved in a straight line, swinging wildly up and down.

Seif says the new funds cater to investors who don't want to ride out those peaks and valleys by taking advantage of that volatility and buying financial derivatives that can profit from it.

"In today's volatile environment ... you can still participate in some upside but still generate a very attractive yield," Seif said.

3rd fund expands beyond straight cryptocurrencies

A third fund, the Purpose Crypto Opportunities ETF, is not designed to pay out any monthly income but gives investors the opportunity to broaden their exposure beyond cryptocurrencies and into other parts of the crypto ecosystem, including chip makers such as NVidia, trading platforms such as Coinbase and Robin Hood, or even companies with large quantities of cryptocurrencies on their books, such as Tesla.

"It gives people a unique return stream from crypto that they otherwise don't get from just buying the bitcoin or ether straight," Seif said.

WATCH | Why this B.C. couple sank their entire life savings into a bitcoin mine:

Their own personal bitcoin mine

4 years ago
A B.C. couple have sunk their savings into machines with high-level computing power that can mine bitcoin. Jacqueline Hansen explains. 5:16

The first two funds will have a management expense ratio, or MER, of 1.1 per cent, meaning 1.1 per cent of the money invested into the fund will go to the fund manager every year, regardless of the fund's performance.

Because it will be more actively managed, the third fund will have a slightly higher MER of 1.25 per cent.

Expect the unexpected

Seif is bullish on the cryptocurrency space for the long term, but the short term history shows just how up and down it can be. This time last year, a single bitcoin was worth about $20,000 US. By April 2021, it was worth more than $60,000, before Tesla CEO Elon Musk took a lot of the wind out of the sector's sails by announcing his company would no longer accept it as payment

It sank to as low as $30,000 in July, before beginning its march up again, peaking at just over $67,000 earlier this month. On Monday, it was trading at about $58,000 as it was swept up in the wave of panic selling that hit stocks and oil prices on Friday in part because of fears over the omicron variant of COVID-19

Currency analyst Edward Moya with foreign exchange firm Oanda said that against that backdrop, bitcoin "will likely struggle to completely get its groove back until vaccine efficacy results in the coming weeks confirm highly vaccinated countries aren't going back to lockdown mode."

Bloomberg Intelligence analyst Mike McGlone agrees that bitcoin may have some room to fall in the short term at least.

"I see initial bitcoin support around $50,000 and don't see it getting much below $40,000 on some kind of more macro swoon," he said in an email.

Longer term, however, McGlone is a big believer in cryptocurrency, and he thinks the price of bitcoin could well hit $100,000 at some point next year.

A big reason for his optimism is that as cryptocurrencies become more mainstream and investors have more ways to buy them, that will breed confidence and create demand. "Bitcoin technicals and fundamentals remain favourable on ... increasing adoption and demand," he said. "ETFs are part of that."

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Come By Chance refinery sold, will become biofuel operation by mid-2022 - CBC.ca

The Come by Chance oil refinery has been sold to Cresta Fund Management. (CBC)

The Come By Chance refinery has been sold to a U.S.-based private equity firm.

Cresta Fund Management has bought a controlling stake of the idled refinery, and plans to convert the plant to make aviation fuel and diesel from used cooking oil, corn oil and animal fat.

The firm has also renamed the plant, which will operate as Braya Renewable Fuels.

Cresta says initial production capacity will be 14,000 barrels per day, and hopes to have the operation running by mid-2022.

In July, North Atlantic Refining Limited Partnership and Cresta reached an agreement-in-principle for the sale.

At the time United Steelworkers Local 9316 president Glenn Nolan told CBC News the move would save hundreds of jobs. His union represents 335 workers at the refinery.

In mid-June, oil refinery workers voted 96 per cent in favour of a new collective agreement between the union and previous ownership group Silverpeak.

Silverpeak will stay on board with a minority interest in the refinery, and will continue to direct marketing.

In a media release, Cresta said the company will have the ability to grow and adapt by making modifications to the refinery, to expand the total capacity to 35,000 barrels per day, and expand "feedstock flexibility."

Kaushik Amin, a partner at Silverpeak, said the refinery will be one of the largest biofuel operations of its kind in the world.

But there are also environmental liabilities that come with the refinery and some of its petroleum tank inspections are not up to date, or their status is "unknown" to the province.

Taxpayers in the province took on some of a refinery's pre-existing environmental liabilities seven years ago, when new owners bought the operation. With another sale pending, the province is again being asked to play a role.

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U.S. Futures Hit by Vaccine Worry, Treasuries Gain: Markets Wrap - Yahoo Canada Finance

(Bloomberg) -- Fresh concerns about the efficacy of existing vaccines against the omicron coronavirus strain pushed markets back into risk-off mode on Tuesday, with U.S. equity futures dropping along with stocks in Europe. Bonds gained as investors sought havens.

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S&P 500 contracts slid about 1% and the U.S. 10-year Treasury yield sank below the levels hit Friday, when omicron-induced fears for global economic reopening first roiled markets. Banks including Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley sank in pre-market trading following comments from Federal Reserve Chair Jerome Powell that may push back bets on when the central bank will raise rates. The dollar weakened against major peers.

The Stoxx Europe 600 index fell to almost a seven-week low. Cyclical sectors including retail, travel and carmakers were among the biggest decliners, while energy stocks tumbled as crude oil headed for the worst monthly loss this year. Commodity-linked currencies were in the red, and the yen and gold climbed.

Powell said omicron poses risks to both sides of the central bank’s mandate for stable prices and maximum employment. That stoked speculation the strain could delay interest-rate hikes, though travel bans have already hit international links and the variant could add to inflation pressures if it exacerbates supply-chain disruptions.

“While the situation is concerning, from an economic perspective, we know what fiscal and monetary measures could be taken if necessary,” César Pérez Ruiz, chief investment officer at Pictet Wealth Management, wrote in a note. “To better grasp the full severity of the situation, we must understand: Is it more contagious than Delta? Is it more dangerous? How efficient are existing vaccines against it? Until we have enough data to answer these questions, we can expect markets to remain volatile.”

Moderna Inc.’s Chief Executive Officer Stephane Bancel told the Financial Times that existing vaccines will be less effective at tackling omicron and it may take months before variant-specific jabs are available at scale. That followed suggestions by South African scientists that the variant presented with relatively mild symptoms, which helped buoy markets on Monday as traders grappled with questions about the economic impact of the strain.

Powell, in prepared testimony released Monday, didn’t discuss specific monetary policy actions or the possibility of changing the pace of the tapering of Fed bond purchases -- a key issue that other officials have flagged in recent remarks. The Fed chair will be closely watched when he appears before a Senate committee later Tuesday together with Treasury Secretary Janet Yellen.

In the euro area, inflation surged to a record for the era of the single currency and exceeded all forecasts. Yet, the rush for havens saw German 10-year yields fall to the lowest level since Sept. 10. Meanwhile, Germany’s incoming vice chancellor threw his weight behind harsher curbs on unvaccinated people, as tougher restrictions sweep across Europe to check the latest surge in Covid-19 infections.

The vaccine doubts overshadowed positive data from China, which showed factory sentiment improved in November as the impact of a power crunch subsided and inflation pressures eased. Hang Seng’s China stock gauge closed at the lowest level since May 2016.

Elsewhere, emerging-market stocks declined for a third day, with the benchmark index hitting a one-year low. Risk aversion also buffeted cryptocurrencies, with Bitcoin dropping toward $56,000.

Some key events to watch this week:

  • Federal Reserve Chair Jerome Powell will appear at a Senate Banking Committee hearing alongside Treasury Secretary Janet Yellen on Tuesday. They’re set to speak again on the following day at the House Financial Services Committee.

  • U.S. Conference Board consumer confidence, Tuesday

  • China Caixin manufacturing PMI, Wednesday

  • Euro zone manufacturing PMI, Wednesday

  • U.S. construction spending, ISM Manufacturing, Fed’s Beige Book on Wednesday

  • OPEC, allies may re-evaluate plans for reviving oil supplies, Thursday

  • U.S. initial jobless claims, Thursday

  • U.S. jobs report, factory orders, durable goods on Friday

For more market analysis, read our MLIV blog.

Some of the main moves in markets:

Stocks

  • Futures on the S&P 500 fell 0.8% as of 7:36 a.m. New York time

  • Futures on the Nasdaq 100 fell 0.5%

  • Futures on the Dow Jones Industrial Average fell 1%

  • The Stoxx Europe 600 fell 0.9%

  • The MSCI World index fell 0.1%

Currencies

  • The Bloomberg Dollar Spot Index fell 0.4%

  • The euro rose 0.5% to $1.1350

  • The British pound rose 0.2% to $1.3336

  • The Japanese yen rose 0.5% to 113.00 per dollar

Bonds

  • The yield on 10-year Treasuries declined six basis points to 1.44%

  • Germany’s 10-year yield declined two basis points to -0.34%

  • Britain’s 10-year yield declined five basis points to 0.81%

Commodities

  • West Texas Intermediate crude fell 2.5% to $68.20 a barrel

  • Gold futures rose 0.5% to $1,793.60 an ounce

Most Read from Bloomberg Businessweek

©2021 Bloomberg L.P.

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Senin, 29 November 2021

Amazon's Alabama Workers Are Getting a Second Chance to Unionize - Gizmodo

Image for article titled Amazon's Alabama Workers Are Getting a Second Chance to Unionize
Photo: Jay Reeves (AP)

Bessemer, Alabama warehouse workers will get a second shot at a union election, the National Labor Relations Board has decided. It found that Amazon shot itself in the foot by interfering with the election, even beyond its considerable leverage to influence workers.

This spring, after Amazon warehouse workers voted 1,798 to 738 against unionizing under the Retail, Wholesale, and Department Store Union (RWDSU), the RWDSU filed 23 objections alleging that Amazon improperly interfered in the election. In August, an NLRB hearing officer agreed that Amazon had violated labor law, mainly due to the infamous mailbox, ostensibly to facilitate mail-in voting. NLRB Regional Director Lisa Henderson upheld that ruling today.

Given its sizable advantages—vast resources and workers’ non-stop, undivided attention—Amazon’s epic fumble is pretty mind-blowing. The NLRB specifically told Amazon not to install things like “pass-through boxes” that obviously belonged to the employer. And yet, Amazon then delegated the USPS to install a mailbox in the parking lot, in view of security cameras, and placed a suggestive tent around it and hung a banner reading “SPEAK FOR YOURSELF! MAIL YOUR BALLOT HERE.” Emails later revealed that Amazon directed the USPS to modify the box to its liking.

The RWDSU had objected that the tent and box looked an awful lot like an employer-run polling location, giving the impression that Amazon could control the election outcome and track voters’ identities, and that the in-tent messaging qualified as electioneering. The NLRB agreed.

The union also alleged that Amazon threatened to lay off 75 percent of its workforce and shut down its warehouses if workers unionized. An Amazon spokesperson denied this in an email to Gizmodo in April, and the union withdrew that objection. But that hypothetical threat could help explain the dramatic shift in support from the union’s initial claim that 3,000 workers—more than half of the 5,800 working at Bessemer—initially signed cards in favor of holding an election.

Amazon also brought in pricey union-busting consultants, ran captive audience meetings, and reportedly photographed workers’ badges if they spoke up. Workers received a barrage of texts, emails, and mailers with anti-union messaging. They spent their days in overheated warehouses surrounded by flyers insinuating that they’d lose pay if they unionized and, if they watched Twitch, possibly saw the ads featuring fellow workers. All of that’s legal.

In a statement shared with Gizmodo, Amazon spokesperson Kelly Nantel said that “[i]t’s disappointing that the NLRB has now decided that those votes shouldn’t count.” Nantel generally reiterated Amazon’s anti-union position but did not address the NLRB’s specific finding that the company denied workers a fair election.

The election date has yet to be announced. Read the entire ruling, with responses to Amazon’s excuses, here:

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COVID-19 in Ottawa: Child under 10 hospitalized - CTV Edmonton

OTTAWA -- A child under 10 has been hospitalized with COVID-19 in Ottawa as active cases of the virus continue to increase.

The child is one of 11 people in hospital with the virus in Ottawa hospitals. One person in their 80s is in the ICU.

Ottawa Public Health reported 26 new COVID-19 cases on Monday, a day after officials confirmed the Omicron variant arrived in the capital.

The 26 cases are a decrease from the 61 on Sunday and 45 on Saturday reported by Ottawa Public Health. Sunday's case count was the city's highest since May.

The child in hospital is the 11th person under 10 years old to be hospitalized with COVID-19 in Ottawa during the pandemic.

Ottawa Public Health also provided the latest vaccine numbers for children between the ages of five and 11, who started receiving their shots last week. The health unit says nearly 8,500 children received their first doses from Friday to Sunday.

Active cases of COVID-19 in Ottawa sit at 347, two more than on Sunday.

Provincewide, Ontario health officials reported 788 new cases and three new deaths from the virus on Monday.

The province’s rolling seven-day average is now 783, up from 656 at this time last week.

OTTAWA'S KEY COVID-19 STATISTICS

  • COVID-19 cases per 100,000 (Nov. 21 to Nov. 27): 27.0 (down from 27..8)          
  • Positivity rate in Ottawa (Nov. 19 to Nov. 25): 1.7 per cent
  • Reproduction number (Seven day average): 1.13

Reproduction values greater than 1 indicate the virus is spreading and each case infects more than one contact. If it is less than 1, it means spread is slowing.

UNVACCINATED CASES

People who are not fully vaccinated represent 439 of Ontario's 788 new cases on Monday. An additional 34 had an unknown vaccination status.

COVID-19 VACCINES IN OTTAWA

Ottawa Public Health has updated its vaccination numbers to include children between ages five and 11, who are now eligible for the COVID-19 vaccine.

The healh unit releases vaccine numbers on Mondays, Wednesdays and Fridays.

As of Monday:

  • Ottawa residents with 1 dose (5+): 848,906 (+9.031)
  • Ottawa residents with 2 doses (5+): 813,273 (+859)
  • Share of population 12 and older with at least one dose: 92 per cent
  • Share of population 12 and older fully vaccinated: 88 per cent
  • Share or population five and older with at least one dose: 85 per cent
  • Share of population five and older fully vaccinated: 81 per cent

*Statistics on Ottawa residents with one or two doses include anyone with an Ottawa postal code who was vaccinated anywhere in Ontario.

ACTIVE CASES OF COVID-19 IN OTTAWA

There are 347 active cases of COVID-19 in Ottawa on Monday, up from 345 active cases on Sunday.

Ottawa Public Health reported 24 more newly resolved cases of COVID-19. The total number of resolved cases of coronavirus in Ottawa is 30,104.

The number of active cases is the number of total laboratory-confirmed cases of COVID-19 minus the numbers of resolved cases and deaths. A case is considered resolved 14 days after known symptom onset or positive test result.

HOSPITALIZATIONS IN OTTAWA

There are 11 people in Ottawa area hospitals with COVID-19 related illnesses on Monday, one more than on Sunday.

There is one patient in the ICU. That person is in their 80s.

Age categories of people in hospital:

  • 0-9: 1
  • 10-19: 0
  • 20-29: 0
  • 30-39: 0
  • 40-49: 1
  • 50-59: 0
  • 60-69: 3
  • 70-79: 1
  • 80-89: 4 (1 in ICU)
  • 90+: 1

(Ottawa Public Health is now reporting people in hospital with an "active" infection)

COVID-19 CASES IN OTTAWA BY AGE CATEGORY

  • 0-9 years old: Seven new cases (3,112 total cases)
  • 10-19 years-old: Six new cases (4,274 total cases)
  • 20-29 years-old: Two new cases (7,066 total cases)
  • 30-39 years-old: One new case (4,890 total cases)
  • 40-49 years-old: Seven new cases (4,185 total cases)
  • 50-59 years-old: Two new cases (3,642 total cases)
  • 60-69-years-old: Zero new cases (2,155 total cases)
  • 70-79 years-old: One new case (1,188 total cases)
  • 80-89 years-old: Zero new cases (904 total cases)
  • 90+ years old: Zero new cases (550 total cases)
  • Unknown: Zero new cases (3 cases total)

VARIANTS OF CONCERN

The Omicron variant has not yet been added to Ottawa Public Health's list of variants of concern.

  • Total Alpha (B.1.1.7) cases: 6,850
  • Total Beta (B.1.351) cases: 513
  • Total Gamma (P.1) cases: 55
  • Total Delta (B.1.617.2) cases: 1,142
  • Total variants of concern/mutation cases: 12,233
  • Deaths linked to variants/mutations: 121

*OPH notes that that VOC and mutation trends must be treated with caution due to the varying time required to complete VOC testing and/or genomic analysis following the initial positive test for SARS-CoV-2. Test results may be completed in batches and data corrections or updates can result in changes to case counts that may differ from past reports.

CASES OF COVID-19 AROUND THE REGION

  • Eastern Ontario Health Unit: 10 new cases
  • Hastings Prince Edward Public Health: 11 new cases
  • Kingston, Frontenac, Lennox & Addington Public Health: 47 new cases
  • Leeds, Grenville & Lanark District Health Unit: Two new cases
  • Renfrew County and District Health Unit: Five new cases

COVID-19 OUTBREAKS

Ottawa Public Health reports COVID-19 outbreaks at institutions and community outbreaks in Ottawa. There are eight ongoing outbreaks in health care institutions and 20 in child care and school settings.

Community outbreaks:

  • Workplace – Manufacturing: One outbreak
  • Workplace – Recreation: One outbreak

Schools and childcare spaces currently experiencing outbreaks: 

  1. École élémentaire publique Marie-Curie (Nov. 5) 
  2. Holy Family Elementary School (Nov. 7)
  3. Assumption Catholic elementary school (Nov. 8)
  4. Académie Providence Soeurs Antonines (Nov. 16)
  5. Carlington Recreation Centre - Licenced Childcare Centre (Nov. 17)
  6. Wee Watch - Licenced home childcare - Kanata (Nov. 18)
  7. Fern Hill School (Nov. 19)
  8. Chesterton Academy (Nov. 21)
  9. St. Rita Elementary School (Nov. 21)
  10. École élémentaire catholique d'enseignment personnalisé Lamoureux (Nov. 21)
  11. Pinecrest Public School (Nov. 21)
  12. Carson Grove Elementary School (Nov. 22)
  13. Holy Redeemer Elementary School (Nov. 22)
  14. Chapel Hill Catholic School (Nov. 23)
  15. École élémentaire catholique St. François d'Assise (Nov. 24)
  16. Inuuqutigiit licenced childcare - Overbrook (Nov. 25)
  17. Notre Dame High School (Nov. 25)
  18. Maryvale Academy of Ottawa (Nov. 26)
  19. Frank Ryan Catholic Intermediate School (Nov. 26)

Healthcare and congregate settings experiencing outbreaks:

  1. The Ottawa Hospital Civic Campus - A4/A5/B5/AMA/Medicine units (Oct. 28)
  2. The Ottawa Hospital Civic Campus - A3 Unit (Oct. 29)
  3. Portobello Retirement Residence (Nov. 3)
  4. The Ottawa Hospital General Campus – 6 West (Nov. 10)
  5. Rooming House (Nov. 12)
  6. Chapel Hill Retirement Residence - 3rd floor (Nov. 13)
  7. St. Patrick's Home - Floors 3, 4, 5 (Nov. 17)
  8. The Ottawa Hospital Civic Campus - Unit B2 (Nov. 19)

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B.C.’s gas rationing extended as Trans Mountain Pipeline remains shut down - Globalnews.ca

B.C.’s fuel rationing has been extended until Dec. 14, Public Safety Minister Mike Farnworth said Monday.

The general public in Metro Vancouver, on Vancouver Island, and other parts of southwestern B.C. will continue to be restricted to only 30 litres of gas per visit to a gas station.

This means the following areas are affected:

  • Lower Mainland to Hope
  • Sea to Sky
  • Sunshine Coast
  • Gulf Islands
  • Vancouver Island

This extension comes as the Trans Mountain Pipeline remains shut down.

It could restart at a reduced capacity this week, the company said in a statement Friday.

“Once restarted, delivery of oil and refined products currently in the line will continue as they progress to their delivery points at either Kamloops, Sumas, or Burnaby. After initial start-up, a sustained effort will continue to return the system to its full capacity as soon as possible,” the statement read.

The pipeline has been shut down voluntarily since Sunday, Nov. 14, when an atmospheric river struck B.C.

Click to play video: 'B.C.’s fight for fuel: Trans Mountain hopes to restart pipeline at reduced capacity in days' B.C.’s fight for fuel: Trans Mountain hopes to restart pipeline at reduced capacity in days
B.C.’s fight for fuel: Trans Mountain hopes to restart pipeline at reduced capacity in days

Read more: Trans Mountain Pipeline hoping for a reduced restart next week, but weather remains uncertain

Transportation Minister Rob Fleming said Friday that even without the pipeline, the province’s fuel supply is “holding steady.”

Petroleum analyst Dan McTeague with Canadians for Affordable Energy said Friday the longer the Trans Mountain Pipeline is down, customers at the pumps will continue to see restricted purchases and some limited supply.

“Best-case scenario, we’re not going to see anything until the first, second week of December and possibly into Christmas before everything gets back into what we consider normal,” he said, adding that the Parkland Refinery in Burnaby, B.C., still has to resume operations as well.

There is a long list of vehicles that are not capped at 30 litres.

This includes:

  • Emergency service vehicles (fire, police, ambulance and health care including urgent medical treatment)
  • Public transit vehicles
  • Commercial transport trucks – critical goods and services (food and beverage, health care, safety)
  • Refrigerated trucks
  • Potable water delivery/wastewater service
  • Grocery delivery
  • Road repair, maintenance and recovery vehicles/tow trucks
  • Military vehicles
  • Critical infrastructure, construction and repair vehicles
  • Home-care workers
  • Municipal services vehicles
  • First Nations government services vehicles
  • BC Ferries/Coast Guard/tugboats/marine emergency/pilot boats
  • Canada Post and other couriers/package delivery vehicles
  • Vehicles for the provision of critical government services
  • Airport authority vehicles and air travel
  • Waste disposal/recycling
  • BC Hydro, Fortis and other heavy-duty and light-duty utility vehicles
  • Telecommunication repair and installation vehicles
  • Fuel delivery trucks and boats
  • School buses
  • Taxis
  • Agricultural and farm-use vehicles, including vehicles supporting flood response
  • Veterinarians supporting flood response
  • Inter-city buses

© 2021 Global News, a division of Corus Entertainment Inc.

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Finding rapid COVID-19 tests across Canada, from relative ease to utter frustration - Global News

While Ontarians were left empty-handed after hours spent waiting in line for free COVID-19 rapid antigen testing kits over the weekend, res...