Garda World Security Corp. is making a hostile play for G4S after the British security company spurned its $5.2 billion US offer two weeks ago.
The Montreal-based company appealed directly to G4S shareholders by criticizing the firm's directors and accusing them of acting in a "cavalier manner" by rejecting several approaches in recent months.
GardaWorld founder, president and CEO Stephane Cretier says that G4S faces profound difficulties and needs an owner and operator that understands the industry and has a well-defined plan.
The reputation of the GS4 has been damaged in recent years, especially for the lack of agents during the 2012 London Olympics to assure security.
Through its subsidiary Fleming Capital Securities, GardaWorld offered 190 pence for each share of the British company. On the London Stock Exchange, G4S shares gained 5.9 per cent at 200.30 pence in Wednesday trading.
GardaWorld unveiled the terms of its proposal on Sept. 14 in an attempt to force the hand of the British company, which has described the move as "highly opportunistic."
For the next year, accessing EI benefits is much easier. To qualify for EI, you must have been employed for at least 120 insurable hours in the past 52 weeks. If you received CERB, that 52-week deadline can be extended.
These changes will also establish a minimum weekly benefit rate of $500 for EI recipients, at the same level as CRB.
How much are the CRB payments and how often will I get them?
You will receive $500 per week for up to 26 weeks.
What other benefits are there?
The Canada Recovery Sickness Benefit (CRSB) provides $500 per week for up to two weeks for workers who are sick, or who must self-isolate for reasons related to COVID-19. People who receive paid sick leave from their employer are not eligible.
The Canada Recovery Caregiving Benefit (CRCB) provides $500 per week for up to 26 weeks per household for eligible Canadians unable to work because they must care for a child or family member.
You cannot claim CRCB or CRSB while on EI or CRB.
Is CRB taxable?
All benefits received under the three Canada Recovery Benefit programs are considered taxable income.
Where do I apply for CRB
Just like CERB, you will be able to apply for CRB through the Canada Revenue Agency (CRA) portal.
EDMONTON --
Three more stores in Edmonton are reporting cases of COVID-19.
On Wednesday, two Real Canadian Superstores and one Shoppers Drug Mart reported a case of the disease each.
A worker at the Superstore in the Kingsway Avenue location tested positive after last working Sunday, while an employee at the Superstore located at 12350 137 Avenue received their positive result after last being there on Sept. 22.
The Shoppers Drug Mart employee last worked on Sept. 22 at the location on 9570 170 Street.
Seventeen years after it was born with the help of the CIA seed money, data-mining outfit Palantir Technologies is finally going public in the biggest Wall Street tech offering since last year’s debut of Slack and Uber.
Never profitable and dogged by ethical objections for assisting in the Trump administration’s deportation crackdown, Palantir has forged ahead with a direct listing of its stock, which is set to begin trading on Wednesday. In its stock offering, the company is not selling newly minted shares to raise money; it is simply listing existing shares for public trading.
The low-key strategy may not generate the enthusiasm many technology offerings do. But it is in character for a secretive company long reliant on spies, police and the military as customers – and whose founders are holding onto voting control of the company.
The big question for both investors and company management: Can Palantir successfully transition from a business built on the costly handholding of government customers to serving corporate customers at scale? The company is a hybrid provider of software and consulting services that often embeds its own engineers with clients.
Analysts say its future depends on selling multinationals its tools for gathering disparate data from an ever-expanding data universe and using artificial intelligence technology to find previously undetectable patterns. Those can theoretically guide strategic decisions and identify new markets much as they have aided in tracking rebel fighters and sorting military intelligence.
The company sets itself apart from most US technology providers, and just moved its headquarters to Denver from Silicon Valley. Palantir colours itself patriotic and belittles other tech firms that would not unquestionably support US dominance in war-fighting and intelligence.
“Our software is used to target terrorists and to keep soldiers safe,” CEO Alex Karp wrote in a letter accompanying Palantir’s offering prospectus. While Karp acknowledged the ethical challenge of building software that “enables more effective surveillance by the state”, Palantir’s prospectus touts its work helping US soldiers counter roadside bombings and fight the ISIL (ISIS) group.
But investors also have to reckon with the Peter Thiel factor.
The iconoclastic entrepreneur and PayPal co-founder endorsed President Donald Trump in 2016, worked on his transition team and holds the largest chunk of Palantir stock. Thiel already exerts tremendous power from the board of Facebook, which dominates global media and seeks to create a digital currency.
In its IPO prospectus, Palantir paints a dark picture of faltering government agencies and institutions in danger of collapse and ripe for rescue by a “central operating system” forged under Thiel’s auspices. As the offering is structured, Thiel will be the dominant voice among the Palantir co-founders who will retain voting control.
“Is that someone who you want deciding how a component of the [national] security apparatus is designed?” asked New York University business professor Scott Galloway. “If you believe that power corrupts and checks and balances are a good idea, this is just from the get-go a really bad idea.”
Earlier in September, BuzzFeed reported that Thiel hosted a known white nationalist, Kevin DeAnna, at a 2016 dinner party, citing emails it obtained and published whose authors refused to talk to the online news outlet. Thiel declined through a spokesman to discuss the report with The Associated Press news agency. Critics say he shares the blame for Facebook’s incomplete removal of toxic disinformation disseminated by the pro-Trump far-right fringe.
Then there are Palantir’s fundamentals, which Galloway considers lousy. The company has just 125 customers in 150 countries, including Airbus, Merck, Credit Suisse and the Danish National Police. Slightly less than half its 2019 revenues were from government agencies, and three clients – which Palantir did not name – accounted for almost a third of revenues.
“They’re massively unprofitable and they’ve never been able to figure it out,” Galloway said, noting that it took Google three years to earn a profit, and Amazon seven. Over a much longer span, Palantir has accumulated $3.8bn in losses, raised about $3bn and listed $200m in outstanding debt as of July 31.
As the Palantir offering is structured, Peter Thiel will be the dominant voice among the Palantir co-founders who will retain voting control [File: Ben Margot/AP Photo]Palantir, named for the mystical all-seeing stones from Tolkien’s “Lord of The Rings”, has recently been deepening its relationship with Uncle Sam, including winning a modest contract early in the COVID-19 pandemic for helping the White House gather data on the coronavirus’s impact.
Senior emerging technology analyst Brendan Burke of Pitchbook says he is not worried that Thiel’s association with Trump will hurt the company if Trump loses the election.
“The political connections don’t appear to be the main driver of their recent substantial contract wins,” he said, although he noted that government contracts can be more volatile than corporate ones, where Palantir’s foothold is less firm.
Palantir offers two software platforms. Foundry is designed to link disparate and largely incompatible data sources into a central operating system. It is the company’s primary hope for broadening its business.
An earlier product, Gotham, has been used by defence and intelligence analysts and police departments to identify patterns deep within datasets. But the value of “predictive policing” tools developed with the platform have been questioned for their potential to unfairly target people of colour. The New Orleans and New York City police departments, once customers, have used it.
A 2017 research paper by University of Texas sociologist Sarah Brayne, who studied the Los Angeles Police Department’s use of Gotham, found the software could lead to a proliferation of unregulated personal data collected by police from commercial and law enforcement databases.
On Monday, Amnesty International issued a briefing that says Palantir is failing to conduct human rights due diligence around its contracts with Immigration and Customs Enforcement, calling it “deeply ironic” that the company crows about its determination not to work with regimes like China that abuse human rights.
Palantir’s ICE contracts involve the maintenance and improvement of two products used in deportation raids. One of them, its web-based Falcon tool, has enhanced data accessible to investigators “involving the illegal movement of people into, within, and out of the United States”, according to documents obtained by the AP, including court records, and by the nonprofit Electronic Privacy Information Center in a freedom-of-information request.
Palantir has acknowledged in its SEC filing that “unfavorable coverage in the media” and from social activists could hurt its business. It also says its contractual obligations might prevent it from being able to defend its actions publicly, although it recently named a former Wall Street Journal reporter to its board.
Negative publicity over ICE contracts may also have hurt company recruitment on college campuses.
Canada's economy continued its recovery in July from the first wave of COVID-19, with the country's gross domestic product expanding by three per cent.
Statistics Canada reported Wednesday that all 20 sectors of the economy grew as businesses continued to reopen and tried to get back to some sense of normal after lockdowns in March and April.
Output in agriculture, utilities, finance and insurance businesses, as well as real estate rental and leasing companies, clawed back to where it was before the pandemic struck. Retail trade businesses accomplished the same feat the month before, in June. But despite July's growth, all other types of businesses still have yet to get back to their previous highs.
The biggest expansions in the month were in hotels/restaurants (up 20.1) and arts/entertainment/recreation (up 14 per cent), but those figures come off a very low base and are still facing the deepest slump versus year-ago levels, Bank of Montreal economist Benjamin Reitzes said of the numbers.
All in all, GDP was six per cent below February's level, Statistics Canada said.
GDP july (Scott Galley/CBC)
The three per cent gain was in line with what economists had been expecting. It was about half as much as the 6.5 per cent increase seen in June.
While StatsCan is still calculating the final numbers, its early projection for August shows an expansion of just one per cent, which suggests that Canada's economic recovery is running out of steam as it appears a second wave of the virus is hitting some parts of the country.
TD Bank economist Sri Thanabalasingam said based on the July numbers, those fears are well founded.
"Slowing and uneven growth are indications that the Canadian economy is transitioning from the rebound phase to a more challenging stage of the recovery," he said.
"Even without restrictions, consumers and businesses may rein in spending activity in response to rising caseloads. The second wave is now upon us, and the course of the recovery will depend on our success in containing it."
EDMONTON, ALBERTA - AUGUST 28: Construction continues on the LRT - Light Rail Transit through the city centre as photographed on August 28, 2020 in Edmonton, Alberta, Canada. (Photo by Bruce Bennett/Getty Images)
Canadian GDP expanded by 3 per cent in July, as the economic recovery from the effects of COVID-19 continues.
Statistics Canada says it was the third straight month-over-month increase, but the economy remains 6 per cent below its pre-pandemic level.
Some industries faired better than before the pandemic. Agriculture, utilities, finance and insurance, and real estate rental and leasing sectors surpassed February’s levels.
The manufacturing sector grew 5.7 per cent as factories continued to ramp up production. Accommodation and food services jumped 20.1 per cent, the third straight double digit advance.
“But those figures come off a very low base and are still facing the deepest slump versus year-ago levels. With the resurgence in virus cases, the struggles in those sectors could actually deepen further in the near-term,” said Benjamin Reitzes, director, Canadian rates & macro strategist at BMO.
In another sign of slowing growth going forward, Statistics Canada estimates GDP grew by 1 per cent in August.
“Together, the data are consistent with our call for a roughly 46 per cent annualized gain in Q3 GDP, but the slowing in August, coupled with the surge in the virus in recent weeks, suggest a much smaller gain is in store for Q4,” said Avery Shenfeld, chief economist at CIBC World Markets.
For comparison, annualized GDP fell 38.7 per cent in the second quarter — the worst since Statistics Canada started tracking it in 1961.
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.
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CALGARY --
Restructuring at Calgary-based TC Energy Corporation has resulted in the loss of jobs.
The move comes after the company, formerly known as TransCanada Corporation, signed a memorandum of understanding with Natural Law Energy which represents four First Nations in Alberta and one in Saskatchewan.
The deal, which is expected to be finalized later this year, will see Natural Law Energy purchase an equity stake in the Keystone XL pipeline.
"Our Canada Gas Operations & Projects team is implementing a new structure to ensure the optimal skill sets to navigate the next tranche of our expansion and operations," said TC Energy in a statement released Tuesday afternoon. "TC Energy continually reviews our organizational structure and processes to ensure we continue to deliver safe and reliable services while meeting the needs of our customers. As ordinary course of operating our business, staffing changes are made as required to remain competitive and optimize our operations."
TC Energy has not disclosed how many positions were cut as a result of the staffing changes.
Alberta's opposition NDP says the layoffs are a direct result of missteps by the provincial government and are calling on the UCP to release how many TC Energy employees lost their jobs.
“Jason Kenney and the UCP gave TC Energy $7.5 billion dollars [sic] with no strings attached," said NDP MLAs Irfan Sabir and Deron Bilous in a statement released Tuesday afternoon. "The layoffs today are a devastating example of Jason Kenney’s failure to create jobs and spur economic growth. Jason Kenney and the UCP lost 50,000 jobs before the pandemic. Now even more people are wondering how they’re going to pay their bills, put food on their table, and support their families."
"Albertans deserve to know where their $7.5 billions [sic] went, what will happen if this project fails completely, and how many more jobs will be lost while rich shareholders and profitable corporations fill their pockets at the expense of Albertans,” said Irfan.
According to the NDP, the cuts at TC Energy included layoffs in management.
In the waning days of summer, afternoon traffic in Oyen, Alta., moved slowly along Main Street, easing along the weathered asphalt, past the low brick facade of the town office, farm equipment dealer and a cafe promising fresh pie and hot coffee.
But as evening approached on a mid-September day, the activity picked up again. A stream of men — some with fresh faces and others with grey hair — began trickling into town, filling up a pub for wing night, stopping to grab some Chinese takeout or picking up groceries.
They're only a fraction of the hundreds of workers who've arrived here recently, roughly doubling the town's population to around 2,000.
Alberta hasn't felt the heat of a boom in years.
But for the last few months, Oyen and its neighbours have been getting a taste of what, for some Albertans, may feel a bit like the good old days.
Roughly 850 workers — skilled trades, engineers and managers among them — have come to work on the Canadian leg of TC Energy Corp.'s Keystone XL pipeline. By the end of October, there will be close to 1,000.
"It has been a tremendous boost for this community to have workers," said Wanda Diakow, an economic development officer for the rural municipality. "It's been a tremendous boost for our region."
Alberta is a province in need of some boosting, with the unemployment rate pushing 12 per cent. However, the mini-boom in Oyen is underpinned by government investment.
The province is taking a gamble on this early construction of Keystone XL, given that U.S. Democratic presidential nominee Joe Biden has said that he would kill the pipeline if he won the presidency.
As well, Keystone XL remains a controversial project that's faced (and still faces) legal battles, environmental protests and celebrity scorn. It's part of an industry undergoing intense examination, including from oil companies themselves.
Workers and money arrive
In the best-case scenario, the pipeline aims to be in service in 2023, which means the construction boost has a firm timeline. So people are making the most of the opportunity.
Workers are helping fill hotel rooms, RV parks and rental suites. Crews have raised over $15,000 for the food bank and other programs. The company paid over $200,000 to Oyen for waterline and roadway improvements.
We've seen this before, you know, and I think we take these things more to heart. We're very, very fortunate.- Oyen Mayor Doug Jones
The pipeline is expected to provide more than $4 million in annual property taxes to the municipalities along the right of way in Alberta once it's in service. Some work along the pipeline route will also continue for a while after it's built.
Pipe ready to be used for the construction of the Canadian leg of the Keystone XL pipeline in Alberta near the town of Oyen in September. (Kyle Bakx/CBC)
That's good news in this community where the oilpatch still feels like the home team, pipeliners are welcome and knowing this small boom has a shelf life, people seem to appreciate it all the more.
"We've seen this before, you know, and I think we take these things more to heart," said Doug Jones, a retired farmer and the town's longtime mayor. "We're very, very fortunate."
Past uncertainty
Located about 300 kilometres east of Calgary, Oyen doesn't sit far from the Saskatchewan border. It straddles Highway 41, also known as the Buffalo Trail. The town's website describes it as "Big Sky, Clean Air & Friendly People."
Overlooking Main Street is the town's clock tower, a metal-framed monument that commemorates the community's founding more than a century ago. It's a place built on agriculture but with ties to the oilpatch as well. When the downturn hit the industry about six years ago, it stung here, too.
Pipeliners arrived the previous decade to work on the original Keystone pipeline.
About 850 people from Alberta and other provinces have arrived in Oyen in recent months to work on the Keystone XL pipeline, a number of whom will stay at this camp located on the edge of town. (Kyle Bakx/CBC)
But people were uncertain of when, or if, they'd host work crews for Keystone XL after years of political and legal headwinds. The 1,947-kilometre pipeline would transport oil from Hardisty, Alta., to Steele City, Neb., and from there onto Gulf Coast refiners.
Workers finally began arriving over the summer to work on the 269-kilometre Alberta leg after the United Conservative Party government announced it would invest $1.1 billion US as equity and guarantee a $4.2-billion project loan in a bid to get things moving. Some have questioned the prudence of such a big bet on a single project, but the Kenney government has remained committed.
'That's huge for us'
As afternoon wound down, it was the end of a busy day at the Fountain Tire-NAPA Auto Parts store.
Dale Walker and Troy Maclean are the owners. In the last few months, the auto parts business has been up five per cent, and the tire business has climbed by as much as 10 per cent.
"That's huge for us," Walker said.
Business is good, and so is the rental market.
Rental properties in town are in demand, and some residents have opened their homes to workers and their families. Diakow estimated rentals are injecting roughly $75,000 Cdn a month into the region's economy, not including hotels.
Resident Kari Kuzmiski has rented out a home to one worker.
"Lots of people are renting out bedrooms in their homes that never would do that," Kuzmiski said. "It's helping both, right? Helping [homeowners] with bills, yet helping Keystone out, too."
Walk down the street from the tire shop, and you smell the aroma of Chinese food leading to the door of The 90's Restaurant. But no one there had time to talk about business — they're too busy meeting the appetite for takeout.
WATCH | Life in a boom town thanks to Keystone XL:
Overtime Pub manager Charlene Carlson says her bar and restaurant are full almost every night with so many pipeline workers now staying in town. 2:17
Another block on, and you're at the Overtime — a brightly lit pub with sports on every TV, hockey and football logos on the walls, and the bar is decorated with metal plate.
Everyone walking in sanitizes their hands, and soon every physically distanced table is occupied for wing night. (TC Energy said Monday there have been no confirmed cases of COVID-19 at the work camp.)
Pub manager Charlene Carlson has lived in Oyen much of her life and is raising two kids. Beyond the financial lift, Carlson said, the pipeline has provided a bit of a morale boost as well.
"That's the big thing with being proud to live here," she said. "You come from a province that these people are so hardworking [and that] people come here to do that type of work."
Over the course of the evening, more workers would come and go. Some talked about putting down roots. Carlson said they're good people.
But she said her heart remains with the locals, who'll be there long after the work on the pipeline is done. In the meantime, they'll make the most of things.
Doug Dingman knows the ups and downs of the oilpatch. He's lived it.
Dingman was among the thousands of Albertans who lost their oilpatch jobs in the wake of the global crude price collapse a few years ago.
He's now the owner of the T&D Market Fresh Foods, just off Main Street. Dingman said business is up as much as seven per cent from last year.
The crowd inside the Overtime pub on a Wednesday night in September. Most of the patrons on this night are workers from the Keystone XL pipeline. (Kyle Bakx/CBC)
Dingman continues to be a supporter of the energy sector, believing strongly that Alberta's oil will be needed for a long while to come, while acknowledging the push for renewable energy.
It's something you hear around the province these days, an acknowledgement of the changes in the energy industry and an eventual transition to things like renewables.
"I understand the changeover to new energies and stuff — eventually we have to go that route," said Dingman. "But, for now, new energies are further out than they want it to be. So I think we still have to use fossil fuels until the proper changeovers are made."
U.S. election could be key
There are many questions and challenges that lie ahead for the future of energy as the world seeks ways to address climate change. For Alberta's oil industry, it seems the final fate of the Keystone XL pipeline is among the unknowns.
Though there's an economic boost in Alberta right now, with construction jobs in places like Oyen, plenty of eyes will be on Washington, D.C, and the results of the next U.S. presidential election in November.
An equipment yard for work on the Keystone XL pipeline near Oyen in September. (Kyle Bakx/CBC)
Donald Trump is a supporter. But rival Biden has said he'd cancel the Keystone XL pipeline permit if elected, though whether he'd make good on the pledge would have to be seen. It's something workers here talk about, too.
Back at the Overtime pub, when asked for her thoughts on Alberta's future, Carlson said that's a discussion she's had in her own home. She called herself a realist.
"I get that the world is changing, and we all have to adapt to that," Carlson said. "The world now is a world that's being built for my kids — and not so much us [older generations]. So we all have to change a little bit. But I hope it's for the better. I hope we're all successful."
As for now, Carlson shared the wisdom of someone who has seen good times before.
"When you have it good, you should never take it for granted," she said. "But that's like with everything in life, especially living in Alberta."
Despite the U.S. having the world's highest number of COVID-19 cases, Canadian snowbird Elizabeth Evans is determined to head south next month. That's because her only winter home is parked at an RV resort in Williston, Florida.
"I don't have a [winter] home here,"said Evans, who's currently living in her summer trailer at a campground in Niagara Falls. "I don't have any winter clothes."
Evans is one of a number of snowbirds set on going to the U.S. this winter, despite the ongoing pandemic. But getting there may not be easy: To help stop the spread of COVID-19, the Canada-U.S. land border remains closed to non-essential traffic until at least Oct. 21.
Evans believes the closure will be extended, so she plans to fly to Florida on Oct. 30 — two days before the campground where she's living closes for the season.
"There's no way I am staying here," she said. "Even if I had to get on the plane buck-naked, I'd be on it."
Elizabeth Evans and friend Susan Walley at at RV resort in Williston, Florida, where Evans lives during the winters. (Submitted by Elizabeth Evans)
The Canadian Snowbird Association — which has more than 110,000 members — said it's hard to gauge at this point what percentage of its members will actually head south this winter.
"A significant portion of them are in a holding pattern, just to see what shakes out at the land border," said spokesperson Evan Rachkovsky.
WATCH | Alberta snowbirds planning to spend winter at home:
Snowbirds who would normally be preparing to head off for warmer climates are now stuck in Alberta preparing for winter thanks to the COVID-19 pandemic. 3:32
Some experts predict the Canada-U.S. land border could stay closed to non-essential travel until the new year.
Although Canadians can still fly to the U.S., Rachkovsky said many snowbirds won't go without their cars but can't afford the big fees — between $1,500 and $6,000 — to ship their vehicles.
"It's not really an option for some of them to fly."
Elizabeth Evans' RV, which is parked year-round at an RV resort in Williston, Florida. (Submitted by Elizabeth Evans)
Evans is one of those who would typically drive down to the U.S., which allowed her to transport her household supplies in her truck. She said she's can't ship her truck packed with luggage, so this year she's leaving it behind, along with many household necessities.
Evans said she plans to take precautionary measures such as social distancing and keep to her RV resort.
"I will take the risk because I know how to protect myself, and everybody — at least in my resort — follows the rules," she said. "I'm more concerned about falling off my bicycle than I am of COVID."
Escape winter while isolating
Travel insurance broker Martin Firestone said so far less than 10 per cent of his snowbird clients have made firm plans to go south this winter. He said those who are going say they will aim to avoid crowds, just as they would in Canada during the pandemic.
"They're going to be prisoners in their developments or their condos," said Firestone, with Travel Secure in Toronto. "They're saying, 'I guess I'd rather sit down in Florida than sit here in Ontario and face the harsh climate.'"
Perry Cohen said he and his wife, Rose, plan to take all necessary precautions when they head to their condo this winter in Deerfield Beach, Florida. (Submitted by Perry Cohen)
That about sums up Perry Cohen's itinerary. The snowbird — who is one of Firestone's clients — aims to head to his condo in Deerfield Beach, Fla., in early December as long as the COVID-19 case count remains low in that area.
Cohen, who lives in Toronto, said he plans to take the necessary precautions and stick to his gated community — all while enjoying the warm weather.
"Why would I want to be cooped up here when I can be there, out in the sunshine, in the fresh air?" he said. "You have more positives to go than to stay here."
Cohen also plans to fly to Florida and has a car parked at his condo. He said an added reassurance for him is that he can now purchase COVID-19 medical insurance — just in case he or his wife did get the virus.
"I like a complete package to know I'm looked after [if],God forbid, I have a problem."
Firestone said that even with the coverage, snowbirds could face problems if the community where they're living has an outbreak.
"The hospitals will get filled, the intensive care units will get filled, and then the fun will begin, regardless of whether you have insurance or not."
Cohen argues Canada could also experience overrun hospitals. Currently, COVID-19 case numbers are surging in Ontario and Quebec.
"You take a chance and go, because we can have the same problem here."
VANCOUVER --
A second outbreak of COVID-19 has been declared at a West End seniors’ home.
Haro Park Seniors Centre said in an email to families Tuesday that a resident from the Amber Lane area tested positive for the disease at St. Paul’s Hospital.
The care home says there are currently no confirmed cases of COVID-19 in the building.
“As a result of the outbreak being declared, we will be in full outbreak protocols as we were in the spring,” the email from the care home reads.
Haro Park says its team is fully stocked with personal protective equipment and disinfecting products and says it is “well prepared.”
All social visits from family are suspended until further notice.
A previous outbreak of the coronavirus at Haro Park was declared over in May. Eleven residents died and dozens more got sick after the first case at the facility was detected and announced on March 18.
At the time, provincial health officer Dr. Bonnie Henry described the outbreak as one of B.C.’s "first and most difficult care facility outbreaks."
On Monday, Henry announced three new health-care facility outbreaks had been detected, including a second outbreak at Holy Family Hospital. Health officials said there were 13 active outbreaks in long-term care or assisted living facilities and three in acute care facilities.
Tuesday's COVID-19 update will be delivered in a written statement sometime in the afternoon.
Squeezed by attendance limits at its theme parks and other restrictions due to the coronavirus pandemic, The Walt Disney Co. said Tuesday it planned to lay off 28,000 workers in its parks division in California and Florida.
Two-thirds of the planned layoffs involve part-time workers but they ranged from salaried employees to non-union hourly workers, Disney officials said.
Disney's parks closed last spring as the pandemic started spreading in the U.S. The Florida parks reopened this summer, but the California parks have yet to reopen as the company awaits guidance from the state of California.
In a letter to employees, Josh D'Amaro, chairman of Disney Parks, Experience and Product, said his management team had worked hard to try to avoid layoffs.
He said they had cut expenses, suspended projects and modified operations, but it wasn't enough given limits on the number of people allowed into the park because of pandemic-related measures.
"As heartbreaking as it is to take this action, this is the only feasible option we have in light of the prolonged impact of COVID-19 on our business," he said, "including limited capacity due to physical distancing requirements and the continued uncertainty regarding the duration of the pandemic."
Disney officials said the company would provide severance packages for the employees where appropriate, and also offer other services to help workers with job placement.
Beleaguered outdoor recreation retailer Mountain Equipment Co-op is opposing a proposed delay of the company's sale to a U.S. private investment firm, saying there is "significant urgency'' to closing the deal.
Kevin Harding with the Save MEC campaign filed an application in a B.C. court last week to adjourn the sale to California-based Kingswood Capital Management, part of an effort to preserve the retailer's status as a co-operative.
The group said it wants to "explore alternative options to address MEC's liquidity issues,'' including selling real estate, obtaining operating loans and bringing in a credit card rewards program.
In a response filed Monday, the company doubted the group's ability to address MEC's cash flow issues, noting that the proposed sources of potential funding don't involve "concrete commitments or realistic options.''
The Vancouver-based company said given the number of factors that need to be addressed before the sale closes, including negotiations with landlords, the proposed adjournment would put the deal in jeopardy.
MEC said it's urgent for the sale to close before the retailer experiences "significant weekly cash flow losses,'' which may worsen with rising COVID-19 rates.
"The transaction has to close in a timely manner before MEC's forecasted losses escalate and in order for the purchaser to take advantage of the upcoming holiday sales periods,'' MEC said in the court filing.
The company added that MEC's other stakeholders, including its employees, would be "unfairly prejudiced'' by the proposed adjournment, as there is a "real risk'' that a delay could lead to the closure of MEC's operations.
MEC launched in 1971 as grassroots co-op
The retailer, which specializes in outdoor equipment and clothing, has 1,143 active workers with the majority located in British Columbia, Ontario and Alberta, according to the first report of the monitor on Sept. 24.
The 49-year-old retailer traces its roots back to a group of west coast mountaineers, who came up with the idea of opening a Canadian outdoor recreation store on a climbing trip to Mount Baker, Wash.
The grassroots co-operative officially launched in 1971 with six members and about $65 of operating capital.
MEC now has roughly 5.8 million members, according to court documents. Members pay a one-time membership fee of $5, which entitles them to one share in the co-op and the right to shop at MEC.
On Sept. 14, after struggling with sluggish sales, inventory issues and increasing online competition, the company filed for creditor protection and announced its sale to a Canadian subsidiary of Los Angeles-based Kingswood.
While the move came as a surprise to members, the outdoor gear and equipment retail space has become increasingly crowded in recent years.
In June, Canadian outdoor retailer Sail Outdoors Inc. filed for bankruptcy protection in order to restructure amid the COVID-19 pandemic.
However, as a member-owned co-operative, the group Save MEC has argued the store's sale should require their approval.
A petition against the deal had garnered 140,000 signatures by Tuesday, and the group is continuing to work on an alternative to selling the retailer.
"We've been in discussions with lenders and other parties, and we currently have expressions of interest surpassing $100 million in value,'' Elliot Hegel, a spokesman for Save MEC, said Tuesday.
"We're asking for a fair chance to save our co-op.''
He said the group isn't surprised by MEC's opposition to the request for a two-week delay to proceedings.
"Throughout this whole process we have seen that MEC and the board have been unwilling to involve the member-owners in discussions about the future of our co-op,'' Hegel said.
"The members were not even informed of MEC's financial troubles, let alone the sale of the co-op's assets to Kingswood.''
Beleaguered outdoor recreation retailer Mountain Equipment Co-op is opposing a proposed delay of the company's sale to a U.S. private investment firm, saying there is "significant urgency'' to closing the deal.
Kevin Harding with the Save MEC campaign filed an application in a B.C. court last week to adjourn the sale to California-based Kingswood Capital Management, part of an effort to preserve the retailer's status as a co-operative.
The group said it wants to "explore alternative options to address MEC's liquidity issues," including selling real estate, obtaining operating loans and bringing in a credit card rewards program.
In a response filed Monday, the company doubted the group's ability to help address MEC's cash flow issues, noting that the proposed sources of potential funding don't involve "concrete commitments or realistic options.''
The Vancouver-based company said given the number of factors that need to be addressed before the sale closes, including negotiations with landlords, the proposed adjournment would put the deal in jeopardy.
MEC said it's urgent for the sale to close before the retailer experiences "significant weekly cash flow losses,'' which may worsen with rising COVID-19 rates.
The company added there is a "real risk'' that a delay could lead to the closure of MEC's operations.
"The transaction has to close in a timely manner before MEC's forecasted losses escalate and in order for the purchaser to take advantage of the upcoming holiday sales periods,'' MEC said in the court filing.
The 49-year-old retailer traces its roots back to a group of West Coast mountaineers, who came up with the idea of opening a Canadian outdoor recreation store during a climbing trip to Mount Baker in Washington state.
The grassroots co-operative officially launched in 1971 with six members and about $65 of operating capital.
As lineups at coronavirus testing sites surge at health clinics across Canada, so does the demand for more rapid results.
There are around 12 point-of-care rapid tests awaiting review from Health Canada. One rapid test was approved on Friday — the Hyris bCUBE, which must be used in a medical setting.
Health Canada has not yet approved any at-home test options.
Health Canada said on Tuesday it is still reviewing many rapid testing applications and as soon as they meet the regulatory standards, more will be approved.
The rapid tests look for antigens, or proteins found on the surface of the virus. They are generally considered less accurate — though much faster — than higher-grade genetic tests, known as PCR tests. Those tests require processing with specialty lab equipment and chemicals. Typically that turnaround takes several days to deliver results to patients.
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On Tuesday, the Conservatives blasted the government for not having rapid and at-home testing available for Canadians.
Health Canada approves new rapid test for COVID-19
Health Canada approves new rapid test for COVID-19
“Many of our G-7 allies already have access to rapid and at-home testing and now they are contributing to an initiative to ensure that low-income countries have those same tests. So why don’t Canadians have those tests?” Conservative health critic Michelle Rempel Garner said in a statement.
“COVID-19 cases are surging across Canada, lineups to get a test can be hours long, and there are reports that people are being forced to self-isolate for days as they wait for their test results. Justin Trudeau needs to explain why he has made no progress in getting at-home and rapid testing deployed in our country.”
On Monday, the World Health Organization announced that it’s planning to roll out 120 million rapid-diagnostic tests for the coronavirus to help lower- and middle-income countries make up ground in the testing gap with richer countries — even if it’s not fully funded yet.
The federal government has set a goal to be able to test 200,000 people per day in the event demand becomes that great. But so far, testing remains way off the target as backlogs continue.
In the last week, about 70,000 COVID-19 tests were conducted daily across the country.
The tests have been highlighted as an urgent need by politicians like Ontario Premier Doug Ford in recent days as a means to reduce long lines and rising tempers at testing centres.
Coronavirus: U.S. admiral demonstrates new rapid COVID-19 test as distribution set to begin
Coronavirus: U.S. admiral demonstrates new rapid COVID-19 test as distribution set to begin
Last week, Deputy Prime Minister Chrystia Freeland said the federal government is focused on procuring any rapid tests as soon as they are approved by Health Canada regulators, but won’t act before that approval is in hand.
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“We need to be ready to pounce,” she said. “Our government is going to be ready to jump in and buy these medicines and technology for our country.”
Freeland stressed the importance of waiting for health officials’ approval, as any pressure by the federal government to help speed the process could result in some of the “dangerous consequences” being seen elsewhere in the world.
— With files from Global News’ Amanda Connolly and The Associated Press
Oil prices are unlikely to move much higher from the current levels in the low $40s, at least not for the rest of the year, a growing number of analysts and industry professionals say. Oil has been stuck in a narrow trading range in the low $40s more or less since July after the market began to worry that even with large supply cuts from OPEC+ and curtailments in the U.S., demand will not recover fast and strong enough to draw down the record-high inventories that had built in the second quarter.
This year has been a year of uncertainties on all markets, including the oil market, but it looks as if uncertainties have grown since we entered the second half of 2020, instead of abating as analysts had predicted earlier this year.
Uncertainties about a second wave of COVID-19 and renewed restrictions on social gatherings in several major European economies are weighing on oil market sentiment. China’s ability to continue propping up oil demand with record-high crude oil purchases is also called into question. The U.S. election is another major uncertainty and whatever the result, the markets, including the energy market, will be impacted.
In recent weeks, uncertainties over when (if ever) oil demand will return to the pre-crisis levels have increased with demand recovery basically stalled and China appearing to slow down its oil imports.
A lot of the major players on the oil market, including some of the largest independent oil traders such as Trafigura and Mercuria, have been bearish on oil near term, expecting global stocks to build in the fourth quarter – due to weak demand – before starting to decline. The biggest independent oil trader in the world, Vitol Group, however, was quite bullish two weeks ago. The world’s stockpiles of oil have diminished by around 300 million barrels since peaking at 1.2 billion barrels early this summer, and are expected to decline by another 250 million-300 million barrels between September and December, Vitol’s chief executive Russell Hardy told Bloomberg in mid-September.
Related: China’s Crude Oil Imports Are Slowing DownBut another executive at Vitol, executive committee member Chris Bake, said on Gulf Intelligence’s weekly energy podcast on Sunday that demand is looking more uncertain amid a “huge amount of uncertainty” about COVID-19, economies, monetary stimulus, and oil demand.
“The conventional wisdom going into the fourth quarter was that things were going to improve,” Bake said, noting that “it doesn’t feel like we have a huge catalyst” for the rest of the year.
According to Bake, there is a “big push-pull between the demand and supply side, and the demand side right now looks very uncertain; the supply side probably will need to adjust to that.”
The deteriorating demand outlook comes just as OPEC+ is preparing to further ease – as of January – the current production cuts, leading to speculation that the group is set for a turbulent dialogue in the fourth quarter about its supply-fixing decisions.
There is uncertainty about OPEC+ “holding the line without making another move,” Vitol’s Bake said on the Gulf Intelligence podcast.
Many economies in Europe also face increased uncertainty with surging COVID-19 cases. The City of London’s biggest employers, banks, had just started slowly returning staff to offices, encouraging employees to drive to work with cash incentives or paying their taxi fares, when UK Prime Minister Boris Johnson said last week that everyone who can, should work from home. Banks reversed plans for employees returning to the office, stricter local restrictions are imposed in some areas in the UK, and London faces a local lockdown with a possible ban on household mixing if it wants to avoid a full lockdown. France also announced stricter restrictions last week, while the Spanish capital Madrid is also tightening restrictions but stopping short of a city-wide lockdown.
No government in Europe is inclined to repeat a nationwide lockdown, looking to avoid another devastating economic hit, but local restrictions are already happening.
The uncertainty isn’t helping either consumer confidence or the economy and is stalling oil demand recovery. At the same time, supply is set to grow from Libya after a tentative truce and the re-opening of some of the ports.
If the huge amount of uncertainty in demand persists in the fourth quarter, the OPEC+ group may be forced to review its supply-fixing policy, potentially fracturing the alliance, again.
As the Palantir offering is structured, Peter Thiel will be the dominant voice among the Palantir co-founders who will retain voting control [File: Ben Margot/AP Photo]
