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Senin, 20 Desember 2021

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, residents of Nova Scotia shared pictures on social media of bountiful test kit hauls gathered with ease.

The discrepancies in rapid testing availability between Canadian provinces have been met with frustration as Omicron cases surge and Christmas plans hang in the balance.

While residents of Ontario, B.C., Alberta and Quebec scramble to get their hands on rapid tests, those in Saskatchewan, Nova Scotia and New Brunswick boast of easy access with systems already in place.

“This is a huge misstep on the part of multiple jurisdictions,” Dr. Alex Wong, infectious disease physician and clinician-researcher with the Saskatchewan Health Authority, told Global News.

“[Governments] had millions of tests literally sitting in warehouses, and for whatever reason, didn’t decide to make this an important priority.”

Ontario rapid tests run out

Rapid antigen tests, which use a shallow nasal swab, are typically less reliable than the polymerase chain reaction (PCR) test, but can deliver results in less than 15 minutes. They can be performed at home and used before a family gathering or large public events to help control transmission.

This is why they have been rolled out in certain provinces in schools and other public settings, as calls for them to be distributed for free Canada-wide grew louder.

Click to play video: 'Part II: Answering your Omicron questions' Part II: Answering your Omicron questions
Part II: Answering your Omicron questions

Last week, the Ontario government heeded that call, with the announcement of a “holiday testing blitz,” which pledged two million free rapid tests to be distributed through pop-up locations such as malls, retail settings, holiday markets, public libraries, transit hubs and LCBO stores.

New Brunswick, Nova Scotia and Saskatchewan already had similar systems in place, while Alberta, Quebec and British Columbia vowed to follow suit.

However, many of the provincial rollouts have been met with long queues and inadequate supply.

By Friday evening, the day Ontario’s campaign began, LCBO’s test supply had already run out. An LCBO spokesperson said they distributed 200,000 tests over the course of the day and had not received any more.

Social media users shared photos of huge queues of people waiting for kits at other pop-up locations, with many stories ending with people waiting for hours only to be turned away as supply ran out.

On Monday, Torontonians reported line-ups hundreds of people long at the pop-up testing site at Union Station, which opened at 7 a.m. and was out of tests about half an hour later.

A spokesperson for the province said Ontario has “a limited supply of rapid tests” and had recently learned that “millions of tests expected to be received from the federal government have been delayed.”

“Every single test the province has received from the federal government is out the door to thousands of workplaces, hospitals, home and community care settings, long-term care homes, schools and child care centres on top of the many pop-up sites across the province,” the spokesperson said.

“Ontario is directly procuring additional rapid tests where possible, and we continue to urge the federal government to make more rapid tests available to provinces as quickly as possible.”

Queues in Alberta, B.C., Quebec

But Ontarians weren’t alone in their frustrations.

Quebec began its rapid-test rollout plan on Monday with people waiting in long lines at pharmacies throughout the province. Quebec has shipped the tests to pharmacies, who are responsible for giving them out. There are five tests in each kit, with one kit made available to each person aged 14-and-older every month.

In Alberta, the government on Friday distributed more than 157,000 rapid test kits, amid huge demand.

There were long lines at several sites Friday, with some Albertans reporting they were not able to get a kit, despite visiting multiple sites.

Read more: Alberta sees spike in Omicron cases of COVID-19 as AHS prepares health-care system for surge

Alberta Health said there are two million more rapid tests on hand that will be distributed in the coming days, and another one million additional tests are set to be shipped later this month.

The rollout of rapid antigen test kits was announced by Premier Jason Kenney last week, as the province also announced eased COVID-19 public health restrictions ahead of the holidays.

In B.C., rapid tests are being prioritized for areas with higher transmission and outbreaks, rather than for the general population.

About 700,000 rapid tests are available for home use, but provincial health officer Dr. Bonnie Henry has said it’s challenging to break down the large packages of testing fluid into smaller kits. She said B.C. hopes single-dose bottles of the testing solution arrive by the end of December.

Nova Scotia vows not to 'keep tests on a shelf'

Meanwhile, frustrated residents unable to get their hands on testing kits have looked to other provinces with envy.

Nova Scotia has been handing out tests in public settings since early December. On Dec. 13, that was extended to public libraries across the province, with 400,000 kits available. However, as of Monday, all locations of Halifax Public Libraries had run out.

According to the province, between Dec. 10 and 16 about 66,992 home rapid tests were distributed at pop-up sites, 400,000 were distributed at libraries, and 167,000 were distributed to children in public school in pre-primary to Grade 6. An additional 60,000 tests were distributed to community partners for children aged three to 11 who are not in public school.

Incoming travellers at the airports in Sydney and Halifax airports are also being provided tests, and about 2,000 businesses and organizations in the province are providing rapid tests for employees.

More tests are also being handed out to children aged three to 11 through public and private schools, licensed and unlicensed child-care centres and family resource centres.

Read more: How COVID-19 rapid testing works in Nova Scotia and where to get it

Dr. Lisa Barrett, an infectious disease specialist and a clinician at Dalhousie University in Halifax, who helped spearhead the early adoption of widespread rapid test use in the province, said Nova Scotia had focused on testing people who did not have COVID-19 symptoms.

“We have a no symptom testing stream, in addition to all of our other testing, that uses rapid tests to make sure we can identify people who might be infectious early,” Barrett said.

“The idea is that we do not keep rapid tests on a shelf that we make sure that we’re getting them out into the hands of Nova Scotians in various different ways to use for early diagnosis.”

Click to play video: 'COVID-19: N.S. doctor on the success of their rapid testing program amid Omicron variant spread' COVID-19: N.S. doctor on the success of their rapid testing program amid Omicron variant spread
COVID-19: N.S. doctor on the success of their rapid testing program amid Omicron variant spread

Barrett said the province had been constantly asking the federal government for more tests to ensure they had enough in stock to keep up their supply. But as stocks inevitably dried up, they would need to reassess how they were distributed.

“Every well has a bottom. And as people get more and more worried about Omicron, and about COVID, we do come to a point now where we’re going to have to figure out with the supply that we have, which is not infinite, how we manage the next piece.”

Eventually, it could mean those in high-risk settings are prioritized and people who are symptomatic should simply isolate and identify their contacts on the assumption that they are positive, rather than having to seek out a test.

While Barrett insisted rapid testing should be a priority for provincial governments, people should know that they “have other tools in the toolbox to keep them safe,” such as social distancing and being vaccinated, and “tests are just an additional layer of protection.”

'No meaningful role for PCR tests'

Saskatchewan has been distributing free rapid tests for almost two months.

Wong said the province had successfully implemented the scheme after “a lot of initial hiccups.”

The province introduced the free testing in October as a way to avoid tougher restrictions in the face of the Delta variant, Wong said. While they were initially available at 18 chambers of commerce across the province, they were later distributed to a number of other public settings, such as libraries, police stations, co-ops and fire halls.

“So it’s really disappointing to see people waiting three, four hours for one box of five tests when I was able to go to the library yesterday with my family and get a couple of boxes,” he said.

Read more: Rapid COVID-19 tests available at 41 Co-op locations in Saskatchewan

Wong said the “philosophy around rapid testing has gradually shifted,” as PCR testing was prioritized as the more effective testing method. However, due to the current lack of PCR testing availability amid overwhelming demand, there was “no meaningful role for PCR tests for the general public.”

“We’re in a situation now … with the sheer number of cases of Omicron, the sheer number of contacts, that lab capacity just simply can’t keep up. People are waiting days to access PCR testing, which essentially makes it pretty much useless from a public health perspective for managing outbreaks,” he said.

“And the inability then for people to be able to identify their own situation using rapid tests is a huge downfall.”

Read more: How COVID-19 rapid testing works in New Brunswick and where to get it

New Brunswick has also continued its rollout of COVID-19 rapid test kits since they were first distributed across the province in October.

Public health set up 20 distribution centres around the province with kits available.

The province said 37,500 tests — 7,500 five-test kits for use over a 10-day period — were given out at the start of the rollout.

The province hasn’t said how many rapid test kits have been distributed in total since October, and Vitalité Health Network says the number of tests at each of the centres is limited and that some locations could be out of stock.

© 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
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EU regulator approves fifth Covid-19 vaccine - RT

The European Medicines Agency (EMA) has recommended the use of a Covid-19 vaccine made by US-based biotech firm Novavax for people aged 18 and older. Trial data suggests the vaccine is 90% effective.

On Monday, the EMA backed the use of Nuvaxovid, a vaccine developed by Novavax, for adults, making it the fifth Covid shot to date to be given the green light by the bloc’s drugs regulator.  

“After a thorough evaluation, the EMA’s human medicines committee (CHMP) concluded by consensus that the data on the vaccine was robust and met the EU criteria for efficacy, safety and quality,” the agency said. 

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WHO approves 9th Covid-19 vaccine

The EMA cited two large studies undertaken by the biotech firm in which the vaccine demonstrated efficacy of around 90% against strains of Covid-19 prevalent during the trials. The body admitted that there was limited data on some variants of concern, including Omicron.

The shot has been billed by some as an important development in overcoming vaccine hesitancy as Novavax’s jab is a protein vaccine which uses the same inoculation technology already used for decades against hepatitis, shingles, and other viral infections.

It requires two doses and is stable at refrigerated temperatures of between two and eight degrees Celsius. Data suggests only mild to moderate side effects are experienced by recipients.

The approval comes amid a sharp wave of new Covid-19 infections, driven by the Omicron variant. The vaccine had been undergoing a rolling review since February, and Novavax said it would start delivering to the EU in the first quarter of 2022.

It is expected that the UK will also approve the jab in the coming weeks. Novavax is yet to apply for approval in the US, where it has had to resolve manufacturing issues.

The firm’s share price jumped by more than 10% on Friday after the World Health Organization approved the shot made on license by the Serum Institute of India. 

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EU regulator approves fifth Covid-19 vaccine - RT
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BMO to buy California-based Bank of the West from France's BNP Paribas for US$16.3-billion - The Globe and Mail

A Bank of Montreal branch in Ottawa, on Feb. 14, 2019.Chris Wattie/Reuters

Bank of Montreal has struck a major deal to buy California-based Bank of the West for US$16.3-billion from its parent company, French bank BNP Paribas.

The purchase price is to be paid in cash, and will amount to an estimated US$13.4-billion of capital from the Canadian bank along with US$2.9-billion of cash currently held by Bank of the West, BMO said in a news release. BMO plans to use excess cash on both banks’ balance sheets to fund the acquisition

In simple dollar terms, it is the largest acquisition any Canadian bank has made in the last 20 years. Bank of the West has US$105-billion of assets, and BMO will acquire US$56-billion of loan and US$89-billion of deposits.

The deal allows BMO, which has a strong presence in the U.S. through its BMO Harris Bank subsidiary, to expand nationally. Bank of the West focuses mostly on consumer and commercial banking, with 514 retail branches, commercial and wealth management offices spread mostly across the western United States, from California to Oklahoma and Wisconsin. About 70 per cent of Bank of the West’s deposits are in California, where it has its San Francisco headquarters.

“This acquisition enables contiguous market extension, the acceleration of BMO’s commercial banking expansion, and highly competitive scaled entry into California,” the bank said in a news release.

BMO expects merger and integration costs of approximately $1.7-billion and cost savings of $860-million “through operational efficiency improvements.” All of the cost cutting is scheduled to take place in the first year after the deal closes.

Bank of the West’s modest overlap with BMO’s existing operations could limit the opportunity to close branches or cut back duplicate office staff to make the combined bank more efficient. BMO said in a news release that it “does not plan to close Bank of the West branches.”

BMO’s main strength is in commercial banking, where it has been expanding to major U.S. cities. Until now, however, the bank had given little indication that it was interested in pushing farther into branch-based retail banking in the U.S. Instead, BMO has been gathering deposits digitally in states outside its core Midwestern branch network.

To raise the purchase price, BMO plans to use $13.5-billion of its own capital, which includes funds from the sale of its asset management business in Europe, the Middle East and Africa. It will also use $3.8-billion of capital from Bank of the West, cancel a recently announced share buyback plan and put in place a dividend reinvestment plan to raise about $2.7-billion of common equity by the close.

Some analysts had been skeptical about the deal. “The reason BNP is allegedly looking to sell Bank of the West is that it is a low-return business,” said National Bank Financial Inc. analyst Gabriel Dechaine, in a note to clients last week.

Regulatory filings put its return on equity at 7 per cent so far this year – compared with BMO’s U.S. ROE of 15.9 per cent.

But Dave Casper, BMO’s head of North American Commercial Banking, said in a news release that Bank of the West “is a well-run and well-respected organization that will bring complementary capabilities, products and segment expertise to BMO.”

BMO is also entering a long-term agreement to provide equipment financing and cash management services to BNP Paribas customers in North America.

BMO Capital Markets and Morgan Stanley & Co. LLC were financial advisers to BMO.

The transaction is expected to close by the end of 2022, subject to conditions and regulator approvals. Bank of the West would be merged into BMO Harris Bank.

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BMO to buy California-based Bank of the West from France's BNP Paribas for US$16.3-billion - The Globe and Mail
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Omicron has arrived in the Northwest Territories, health officials say - CP24 Toronto's Breaking News


The Canadian Press
Published Sunday, December 19, 2021 6:18PM EST
Last Updated Sunday, December 19, 2021 6:18PM EST

YELLOWKNIFE - Health officials say the Omicron variant of COVID-19 has been confirmed in the Northwest Territories.

A statement on the territory government's website says the news was anticipated.

The statement doesn't say where or how many cases were detected, but it includes an update to a public exposure notification that it says is “to align with Omicron's higher risk of transmissibility.”

The update warns that passengers in rows 23 to 29 of WestJet Flight WS280 on Dec. 13 from Kelowna to Calgary, and rows 16 to 22 on WS3359 from Calgary to Yellowknife later that same day, must isolate regardless of their vaccination status.

It says affected passengers must arrange for a lab test on Tuesday and their isolation must continue for 10 days from their arrival in the territory, or eight days if their test comes back negative.

The territory had already issued public exposure notifications about the flights, but originally said that only people who were unvaccinated needed to isolate.

Northwest Territories reported 14 active COVID-19 cases as of Friday evening.

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Omicron has arrived in the Northwest Territories, health officials say - CP24 Toronto's Breaking News
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Minggu, 19 Desember 2021

Quebec Liquor Corp. warehouse staff OK deal; restocking shelves will take few weeks - CTV Montreal

MONTREAL -- Quebec's liquor corporation says its warehouse workers have ratified a new contract, but it will be a few weeks more before store shelves are full again.

Union members voted 86.3 per cent in favour of the offer, with voting held in Quebec City and Montreal over the past two days.

Catherine Dagenais, the liquor corporation's chief executive officer, says in a statement the approval of the deal allows it to focus on restocking its own 400 outlets and those of business partners, but it will take a few more weeks until things return to normal.

The new deal comes after a few strike days that led to depleted shelves and delivery days, as well as the rejection of an initial agreement reached on Nov. 29.

The Canadian Union of Public Employees says in a statement it agreed to a six-year contract that provides three per cent yearly wage increase. The employees also agreed to a new work arrangement that will permit warehouses to remain open on the weekend.

Wages, overtime and the precarious status of employees had been the main sticking points in negotiations with the union representing the Crown corporation's 800 warehouse and delivery employees.

-- This report by The Canadian Press was first published in French on Dec. 18, 2021.

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Quebec Liquor Corp. warehouse staff OK deal; restocking shelves will take few weeks - CTV Montreal
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Jumat, 17 Desember 2021

Stock market news live updates: Stocks fall as technology shares extend sell-off - Yahoo Canada Finance

Stocks fell on Friday to extend a rout in technology stocks, as investors turned away from growth shares in anticipation of tighter monetary policy next year.

The S&P 500 declined. A day earlier, the index closed sharply lower, with the tech-heavy information technology and consumer discretionary sectors leading the way to the downside. And the Nasdaq had underperformed to drop 2.5% to give back all of its gains after a rally on Wednesday. 

Shares of FedEx (FDX) jumped after the shipping giant raised its full-year earnings forecast, delivered better-than-expected fiscal second-quarter results and authorized a new $5 billion stock buyback program. Rivian (RIVN), meanwhile, saw shares sink following its first quarterly report since its IPO last month. The electric-vehicle maker said in its shareholder letter it expected to be "a few hundred vehicles short" of its prior target of producing 1,200 units by the end of this year. 

Investors' main focus this week has remained fixed on the Federal Reserve's updated outlook on monetary policy for next year, with the central bank's projections delivered mid-week suggesting the Fed could hike interest rates three times next year.

The specter of higher rates — and a lower-liquidity environment as the central bank also speeds up the tapering process of its asset purchases — has continued to weigh heavily on longer-duration technology and growth stocks valued heavily on future earnings potential. The Nasdaq Composite has fallen by 5% over the past month through Thursday's close. And shares of some notable technology stocks extended declines on Friday, with Apple (AAPL) shares dropping by more than 1% in early trading after a nearly 4% decrease on Thursday. 

On the other hand, cyclical stocks in the energy and financials sectors outperformed on Thursday, with the prospects of higher interest rates and stronger growth seen as benefitting these sectors. 

"The thing investors have to understand is, we're going through a major transition in monetary policy," Troy Gayeski, FS Investments chief market strategist, told Yahoo Finance Live on Thursday. "The Fed has been running emergency policies arguably far longer than they should have been, and as that money supply growth slows down as they ease off the balance sheet expansion and ultimately hike next year, one would at least expect more volatility in markets. And that's really what we've been seeing the last month." 

"The biggest difference between now and six months ago, or even more than a year ago, is you could pretty much go long anything and you were confident it was going to go up. The economy was booming, we had a lot of fiscal stimulus, we still had unprecedented monetary policy stimulus," he added. "And it's a very different environment in 2022 where you're going to have to pick and choose much more carefully." 

9:30 a.m. ET: Stocks open lower to build on losses

The three major indexes opened in the red and headed for a back-to-back day of losses on Friday, with technology stocks getting hit for another session. The Nasdaq dropped nearly 1% just after the opening bell, while the Dow dropped about 200 points, or 0.5%. The S&P 500 dropped another 0.7%.

The Treasury yield curve flattened as yields on the long end fell Friday morning. The benchmark 10-year yield dropped nearly 3 basis points to below 1.4%. 

7:20 a.m. ET Friday: Stock futures point to a lower open, Nasdaq extends declines

Here's where markets were trading as of Friday morning ahead of the opening bell:

  • S&P 500 futures (ES=F): -12.25 points (-0.26%), to 4,656.50

  • Dow futures (YM=F): -12 points (-0.03%), to 35,890

  • Nasdaq futures (NQ=F): -104.25 points (-0.66%) to 15,766.25

  • Crude (CL=F): -$1.33 (-1.84%) to $71.05 a barrel

  • Gold (GC=F): +$11.60 (+0.65%) to $1,809.80 per ounce

  • 10-year Treasury (^TNX): -1.5 bps to yield 1.407%

6:01 p.m. ET Thursday: Stock futures steady after tech sell-off

Here were the main moves in markets as the overnight session kicked off on Thursday: 

  • S&P 500 futures (ES=F): +5.25 points (+0.11%), to 4,674.00

  • Dow futures (YM=F): +52 points (+0.14%), to 35,954.00

  • Nasdaq futures (NQ=F): +6 points (+0.04%) to 15,876.50

NEW YORK, NEW YORK - DECEMBER 13: Traders work on the floor of the New York Stock Exchange (NYSE) on December 13, 2021 in New York City. As investors are still concerned about rising prices due to inflation, the Dow Jones Industrial Average dropped 175 points in Monday morning trading. (Photo by Spencer Platt/Getty Images)
NEW YORK, NEW YORK - DECEMBER 13: Traders work on the floor of the New York Stock Exchange (NYSE) on December 13, 2021 in New York City. As investors are still concerned about rising prices due to inflation, the Dow Jones Industrial Average dropped 175 points in Monday morning trading. (Photo by Spencer Platt/Getty Images)

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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Stock market news live updates: Stocks fall as technology shares extend sell-off - Yahoo Canada Finance
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Elizabeth Holmes chose fraud over Theranos, prosecutors say - Aljazeera.com

Theranos founder Elizabeth Holmes chose to deceive investors and patients instead of just letting the startup ‘slowly fail’, prosecutors said in their closing arguments.

By Bloomberg

Elizabeth Holmes faces overwhelming evidence that she chose dishonesty and fraud to build up her blood-testing company Theranos Inc., a prosecutor told jurors at the close of her criminal trial.

Assistant U.S. Attorney Jeff Schenk argued Thursday that Holmes “had a choice to make” when Theranos was running out of money in 2013 and 2014 and she was begging a banker to clear a check to make payroll.

Instead of watching the startup “slowly fail,” she “made the decision to defraud her investors,” Schenk said. “She chose to be dishonest with investors and patients.”

Closing arguments in the trial that began in early September are the last chance for government and defense lawyers to sway the eight men and four women on the San Jose, California, jury before they begin deliberating. The jurors must decide whether the 37-year-old entrepreneur is guilty of fraud and conspiracy charges filed in 2018, the same year Theranos collapsed after previously reaching a valuation of $9 billion.

Lawyers for Holmes are set to make their closing arguments after the government finishes, either later Thursday or possibly Friday. She faces as long as 20 years in prison if convicted on charges that she deceived investors and patients about her company’s capabilities.

Schenk began his closing by reviewing for the jury the testimony presented over 10 weeks by more than two dozen government witnesses. That included highlights of the accounts provided by people like Erika Cheung, a former Theranos employee and whistle-blower who was also a source for former Wall Street Journal reporter John Carreyrou’s series of stories in 2015 that exposed the failings at Theranos that ultimately led to its downfall.

If Holmes had been honest about Theranos and its prospects, she wouldn’t have told investors that the company’s technology was endorsed by big pharmaceutical companies, or that its blood-testing devices were being used by the military, Schenk said.

‘Built on Fraud’

The foundation of the relationship between Theranos and Walgreens, which agreed to use the devices in its pharmacies, “was built on fraud,” Shenk said. She knew the relationship was “destined to fail because the technology can’t do what she says it can do,” Schenk said. It’s “really only a matter of time” until Walgreens realizes it’s been defrauded, he said.

Holmes testified in her defense for seven days, acknowledging she made errors and attempting to pin mismanagement of the startup’s finances and lab operations on her former boyfriend and Theranos President Ramesh “Sunny” Balwani, who she also accused of verbal and sexual abuse.

Balwani, who faces a separate trial on the same fraud charges in February, has pleaded not guilty and has denied the abuse allegations.

Holmes entered the courthouse as she has almost every day, holding hands with her mother. Inside, they embraced repeatedly. Holmes also hugged and got a pat on the back from her partner Billy Evans. The two had a baby boy in July.

The case is U.S. v. Holmes, 18-cr-00258, U.S. District Court, Northern District of California (San Jose).

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Elizabeth Holmes chose fraud over Theranos, prosecutors say - Aljazeera.com
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Kamis, 16 Desember 2021

Reddit Announces Confidential Submission of Draft Registration Statement Related to Proposed Public Offering - PRNewswire

SAN FRANCISCO, Dec. 15, 2021 /PRNewswire/ -- Reddit, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC") relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended ("Securities Act"). This announcement is being issued in accordance with Rule 135 under the Securities Act.

SOURCE Reddit, Inc.

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Reddit Announces Confidential Submission of Draft Registration Statement Related to Proposed Public Offering - PRNewswire
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Inflation: What Omicron could mean for prices in 2022 - Global News

If you’re wondering what inflation will be like in 2022, economists have a go-to answer: it really depends on just how the Omicron wave of COVID-19 evolves.

“We’re pretty comfortable with the notion that if we can get the global supply chain unglued … inflation will come down over time from where it is now,” says Avery Shenfeld, chief economist at CIBC.

“The problem is, unless you have a crystal ball on COVID and know when we’re going to have enough of the world’s population vaccinated so we don’t keep getting these disruptions to manufacturing and shipping around the world, it’s very difficult to predict how long that’s going to take,” he adds.

Read more: Canada’s annual inflation rate holds steady in November at 4.7%

Canada’s inflation rate held steady at 4.7 per cent in November, matching the reading from October, which was the highest since February 2003, Statistics Canada said on Dec. 15.

Bank of Canada governor Tiff Macklem has called the current bout of rapidly rising prices “transitory but not short-lived.” The central bank has attributed inflation to worldwide supply snarls that are pushing up the prices of anything from food to new vehicles, a rebound in the price of some goods that had become cheaper in the earlier stages of the pandemic, and soaring energy costs.

Read more: Omicron uncertainty clouding Canada’s inflation forecasts: fiscal update

The federal government’s fall fiscal update, which Deputy Prime Minister and Finance Minister Chrystia Freeland tabled on Dec. 14, warns the rapid spread of the Omicron variant “clouds” the outlook for inflation.

“The path forward will depend on a number of tailwinds and headwinds, which could either bolster the recovery or push it off course. Of concern, the global health situation has deteriorated in recent weeks, with resurgences of COVID-19 in some regions and the emergence of a new variant, Omicron,” the update reads.

Rising case counts tied to the new variant could further complicate global supply chain challenges but also slowed energy demand, temporarily dampening energy prices, economists told Global News.

Click to play video: 'Omicron and travel restrictions' Omicron and travel restrictions
Omicron and travel restrictions

Inflation likely to remain elevated next year

Another spike in COVID-19 cases could throw a wrench in the process of getting factory production and global shipping capacity back to normal, Shenfeld says.

Still, some of the factors that drove up prices in 2021 might “ebb somewhat” in 2022, says Doug Porter, chief economist at BMO.

Auto prices, for example, are unlikely to rise as much as they did this year amid the global chips shortage, he says. And Canada’s home prices are also unlikely to replicate the gravity-defying climb of 2021, he adds.

Read more: Quebec, Ontario, P.E.I., introduce new measures to slow Omicron spread

In a report released on Dec. 15, Royal LePage said it expects the aggregate price of a home in Canada to rise 10.5 per cent year-over-year in 2022. While significant, that price gain would be smaller than the year-over-year increases recorded throughout 2021.

In November, for example, Canada’s average home sale price was $720,850, up nearly 20 per cent from the same month last year, according to the latest available data from the Canadian Real Estate Association.

Still, food inflation may yet get worse before it gets better due to the global supply chain logjams, high energy prices and extreme weather events that have curtailed crop yields.

Food prices are expected to rise between five and seven per cent in 2022, the steepest increase yet forecasted by Canada’s Food Price Report, which has been estimating food inflation for the past 12 years. Restaurant meals, dairy, vegetable and bakery prices will deliver the biggest hit to Canadians’ bottom lines, with the average family of four expected to spend an additional $1,000 a year on groceries over the next 12 months.

READ MORE: Why everything you want is out of stock or more expensive

Overall, BMO expects inflation to average around 3.5 per cent in 2022, much higher than what Canadians have become accustomed to over the past 20 years, but lower than the rate seen over the past few months.

Click to play video: 'Bank of Canada renews inflation target, Freeland says' Bank of Canada renews inflation target, Freeland says
Bank of Canada renews inflation target, Freeland says

Omicron could temporarily result in lower gas prices

The spread of Omicron could temporarily lower prices at the pump by once again depressing global demand for travel and delaying the return to the office for commuters around the world, says Rory Johnston, founder of the Commodity Context newsletter.

Oil prices dropped to around US$73 ($94) a barrel on Tuesday after the International Energy Agency predicted Omicron would dent global demand recovery.

But any dip in gas prices would likely be short-lived, Johnston adds.

Read more: Omicron is raging in the U.K. What can Canada learn?

OPEC+, which includes members of the Organization of the Petroleum Exporting Countries and other producers like Russia, plans to boost supply every month by 400,000 barrels per day after sharply cutting output last year.

On the other hand, U.S. oil production likely won’t increase as much as it has done in the past in response to previous increases in oil prices, Johnston says.

U.S. oil producers seem keen to reward stockholders with share buybacks and dividend increases rather than spending cash to invest and boost output, he adds.

While motorists may see a bit of a reprieve in the first three months of the year, Johnston says gasoline prices are likely to climb back up later on in the year, making for an expensive driving season in 2022.

Click to play video: 'How inflation could impact the housing market in 2022' How inflation could impact the housing market in 2022
How inflation could impact the housing market in 2022

Interest rate still likely in the spring

Despite the economic uncertainty tied to Omicron, economists still expect the Bank of Canada to go ahead with interest rate hikes starting in the spring of 2022.

Higher interest rates make it more expensive to borrow, cooling down economic activity and putting downward pressure on inflation.

“We still think that the Bank of Canada can start raising interest rates in the spring,” Shenfeld says.

Still, Canada’s central bank can “afford to take it slowly,” he adds. Interest rates will likely climb by less than a percentage point in 2022, with a few further hikes expected in 2023, according to Shenfeld.

Higher rates would likely dampen inflation quickly, Porter says.

“It might take 18 months (for a rate hike) to fully work its way through the system, but I suspect that rate increases could be having a real effect within six months.”

with files from Reuters

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Inflation: What Omicron could mean for prices in 2022 - Global News
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Rabu, 15 Desember 2021

Fed sees 3 rate hikes next year as it pivots to combat inflation - Al Jazeera English

The United States Federal Reserve said it is accelerating the tapering of its easy-money policies and now sees at least three interest rate hikes by the end of 2022.

Easy money is falling out of fashion.

The United States Federal Reserve wrapped up its final policy-setting meeting of the year by announcing it will accelerate the withdrawal of some support it has given the economy during the coronavirus pandemic as its priorities pivot from shoring up the jobs market to keeping a lid on blistering inflation.

At the end of its two-day meeting on Wednesday, the Fed said it is keeping its benchmark interest rate near zero – where it has been since the opening days of the pandemic – but will speed up its tapering of bond purchases that have helped keep longer-term borrowing costs low.

Starting in January, the Fed will reduce its bond purchases to $60bn a month – half of where they stood at the start of November, and putting the US central bank on track to fully unwind them by the end of March.

The Fed also released fresh projections at the end of its meeting.  A majority of Federal Open Market Committee members see at least three separate quarter-of-a-percentage-point interest rate hikes by the end of next year, and all of them see rates rising off their current zero bound.

“We’re phasing out our [bond] purchases more rapidly because with elevated inflation pressures and a rapidly strengthening labour market, the economy no longer needs increasing amounts of policy support,” Fed Chairman Jerome Powell told reporters during a post-meeting press conference.

While Wednesday’s hastier unwinding and more aggressive forecast for rate hikes had been telegraphed by Powell during his testimony before Congress earlier this month, it nevertheless marks a dramatic shift in the Fed’s priorities as disruptions from the pandemic spawn inflation-feeding shortages of raw materials and workers.

Wholesale price inflation hit an all-time high last month, while consumer prices galloped ahead at their fastest pace in nearly 40 years.

Meanwhile, the labour market is experiencing a worker shortage as businesses struggle to fill a near-record number of job openings.

With so many jobs going begging, firms are offering better pay and benefits to lure scarce workers, driving average hourly wages 4.8 percent higher in November compared to the same period a year ago.

The nation’s unemployment rate also fell sharply in November to 4.2 percent as it closes in on its pre-pandemic level of 3.5 percent – a level the Fed now sees the economy reaching next year.

Back in September, policymakers didn’t see the jobs market reaching that benchmark until 2023.

“Compared with the projections made in September, participants have revised their unemployment rate projections noticeably lower for this year and next,” said Powell.

While the US economic recovery is still very much on track, inflationary risks are mounting. And when consumer prices spike sharply – especially for essential purchases that can’t be postponed – it slams low-income households the hardest because it eats up a larger share of their income.

“We understand that high inflation imposes significant hardship, especially on those least able to meet the higher costs of essentials like food, housing and transportation,” said Powell.

The Fed has a tough balancing act ahead. Inflation could spiral out of control if its rate hikes are too timid. But if they’re too aggressive, it could derail the recovery.

The Fed also adjusted its forecast for economic growth this year down to 5.5 percent, compared to its September call for 5.9 percent growth. It also sees its preferred inflation gauge clocking in at 5.3 percent this year – a dramatic increase from its September forecast of 4.2 percent.

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Fed sees 3 rate hikes next year as it pivots to combat inflation - Al Jazeera English
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Canadian home prices rise 25% in November to hit record high - The Globe and Mail

The pandemic’s real estate boom has been mostly driven by buyers seeking bigger properties in more affordable cities.Christopher Katsarov/The Globe and Mail

Canadian home prices hit a fresh high in November, with values continuing to accelerate as buyers competed for houses throughout most of Ontario and B.C.

The national home price index, which adjusts for pricing volatility, rose 2.7 per cent to $790,600 from October to November on a seasonally adjusted basis, according to the Canadian Real Estate Association or CREA. That marks the second straight month of gains at that elevated level.

Compared with last November, the home price index (HPI) across the country is 25 per cent higher, a record year-over-year price jump. In Ontario, the HPI is up 30 per cent, with values soaring in the province’s most expensive region of Toronto.

Currently, there are 1.8 months of inventory remaining, or the amount of time it would take to sell all the listed properties if the pace of sales remained the same as November. That ties with March of this year for the lowest level on record. The long-term average has been just over five months.

Even though more homeowners listed their properties for sale in November than in the previous month, the market conditions are similar to March of this year, when prices were spiking and economists were calling on policy makers to break the market psychology and the belief that prices will only rise further.

Average home costs are up 30% since before the pandemic, a spike CMHC links to speculative investors

Toronto home prices climb for third month as property shortage stokes competition for homes

Since March, the country’s bank regulator and federal finance department have made it slightly harder for borrowers to qualify for a mortgage from a bank. The Bank of Canada has warned borrowers that interest rates will rise at some point, while the federal mortgage insurer, Canada Mortgage and Housing Corp., has said that the market is overvalued and overheated, and at risk of a downturn.

However, homebuyers have been undeterred by the warnings and have managed to deal with the tougher mortgage stress test, which requires borrowers to prove they can make their home-loan payments at an interest rate of 5.25 per cent and not at their mortgage contract’s actual interest rate. Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, is set to announce on Friday whether it will change the mortgage stress test requirements.

“We called for a response early in the year and here we are with prices up another 30 per cent in some markets. The market clearly needs, as it did back then, higher interest rates,” said Bank of Montreal senior economist Robert Kavcic, who had been one of the loudest voices calling on policymakers to act.

The pandemic’s real estate boom has been mostly driven by buyers seeking bigger properties in more affordable cities. That has propelled prices higher in smaller cities that have traditionally been unaccustomed to strong demand. In the Bancroft area in Ontario’s cottage country, for example, the HPI is nearly 50 per cent higher year over year.

Last month was no exception to the trend. Smaller cities and regions such as Chilliwack and Fraser Valley in B.C., as well as Brantford, Cambridge and North Bay in Ontario, continued to see prices increasing at a faster pace than the rest of the country. In Cambridge, the typical price of a house is now $100,000 higher than August, according to the HPI.

Now, the Toronto region is seeing values jump significantly. In the Oakville-Milton area, just west of the city of Toronto, the typical price of a house reached $1,645,100 in November. That is $200,000 higher than in August, according to the HPI. In the Greater Toronto Area, the typical price of a single-family house was $1,403,800 last month, a $145,000 increase over August.

Across the country, there were 54,222 home resales in November, according to CREA. That is slightly higher than in October on a seasonally adjusted basis and similar to last November.

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Canadian home prices rise 25% in November to hit record high - The Globe and Mail
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Average house price hit all-time high of $720,850 in November - CBC News

The average selling price of a resale home in Canada last month was $720,850, beating the all-time high that was set in March of this year.

The Canadian Real Estate Association said Wednesday that the volume of sales was strong, too, with sales increasing by 0.6 per cent from the previous month's level.

Typically, housing market activity peaks in the spring, before declining through the summer and fall, and slowing further in the winter months before rebounding again.

But 2021 has bucked that traditional trend, as sales for the year have already smashed the previous annual record for sales with one month to go. 

More than 630,634 homes have been sold on CREA's MLS system this year, well ahead of the record of 552,423 set in 2020.

"Even at what is traditionally the slow time of year for housing, conditions and price trends are at the same record levels we saw this spring," CREA chair Cliff Stevenson said.

CREA, which represents more than 100,000 real estate agents across the country, says that the average selling price figure can be misleading because it is easily skewed by sales in big, expensive cities such as Toronto and Vancouver. So, it calculates a different number, known as the Multiple Listing Service House Price Index or HPI, that adjusts for sales volumes and the type of housing to give a better gauge of the market.

But the HPI is also increasing at a torrid pace. The index has risen by 25.3 per cent in the past year — also the fastest pace on record. 

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Average house price hit all-time high of $720,850 in November - CBC News
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Canadian inflation continues to remain elevated in November - Yahoo Canada Finance

Cashier at a grocery store in Toronto, Ontario, Canada on November 17, 2021. Consumer prices in Canada are rising at their fastest annual pace in almost 20 years. Canada's inflation rate jumped to a new 18-year high of 4.7 per cent last month, led by sharply higher prices for energy. (Photo by Creative Touch Imaging Ltd./NurPhoto via Getty Images)
Cashier at a grocery store in Toronto, Ontario, Canada where food prices are up 4.4 per cent year-over-year (Photo by Creative Touch Imaging Ltd./NurPhoto via Getty Images)

Statistics Canada says the Consumer Price Index (CPI) rose 4.7 per cent year-over-year. That was in line with estimates and matched the increase in October, which was the highest since February 2003.

Supply chain disruptions continued to push prices higher for durable goods, such as passenger vehicles and furniture.

According to Statistics Canada, prices were up across all eight sectors, with transportation and shelter prices contributing the most to the increase in the CPI.

Consumers paid more for gasoline (+43.6 per cent), furniture (+8.7 per cent) and food (+4.4 per cent).

BMO chief economist Doug Porter notes that Canadian inflation is now towards the lower end of the G7 and the fact that things didn't get worse is welcome news.

"While this release alone may not advance the case for rate hikes, the bigger picture continues to do so—loudly," said Porter.

Not making enough money to keep up with inflation

The most recent Labour Force Survey found that wages rose 2.8 per cent during the same period. With prices rising faster on average than wages, purchasing power has been eroded.

Canadian Chamber of Commerce chief economist Stephen Tapp says consumers aren't the only ones facing higher costs.

Inflation was up 0.2 per cent in November month-over-month, following a 0.7 per cent increase in October. renewed uncertainty due to the latest rise in COVID cases. In the near term, profitability will be squeezed, and if businesses pass cost increases onto their consumers, it'll prolong pressures on (expected) inflation and wages," said Tapp.

"For small businesses carrying elevated debt from the lockdowns, the higher interest rates that lie ahead will make it harder to service their debt."

Inflation was up 0.2 per cent in November month-over-month, following a 0.7 per cent increase in October.

The inflation data comes the same week the Bank of Canada's mandate was renewed to target inflation at 2 per cent with flexibility as conditions warrant.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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B.C. vaccine card program could extend past January, provincial health officer says - BC News - Castanet.net

The provincial vaccine card system is likely to be extended past January, according to B.C.’s provincial health officer.

The B.C. vaccine card program was launched on Sept. 13, with plans to keep the system in place until at least Jan. 31 with the possibility of extension.

In a press conference Tuesday, Dr. Bonnie Henry said the vaccine card is a time limited program, but the government is reassessing the previously discussed expiry date.

Henry also said initially, the provincial government had indicated there would be no exemptions for the vaccine card program, but it has now begun the process to start issuing some exemptions for valid medical reasons.

“I do expect that it’s going to be in place longer than January. So we have started a process to be able to get people a valid B.C. vaccine card for the B.C. vaccine program with a medical exemption, but it is a slow process,” Henry said.

As the Omicron variant continues to spread throughout B.C., Henry said the province is also considering the possibility of requiring vaccination cards for smaller events, not just those with 50 or more people.

The B.C. Vaccine Card program was announced in September, with residents required to show proof of full vaccination in order to access certain settings like indoor restaurants, concerts, events, gyms and movie theatres.

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B.C. vaccine card program could extend past January, provincial health officer says - BC News - Castanet.net
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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...