Canadian tech firm Lightspeed walloped by short-seller attack - CBC.ca

Fast-growing Canadian technology company Lightspeed is pushing back after a short seller alleged the company has misled investors about its financial health, causing a $2 billion plunge in the company's value.

On Wednesday, Spruce Point Management, an American short-selling investment firm with a history of targeting Canadian companies, put out a lengthy report on Montreal-based Lightspeed Inc., alleging the company has covered up "massive inflation" of how many customers it has, how much money it makes from them, and how much growth potential it has.

Lightspeed is a payment processing company that helps small businesses sell things online and in person. It has been compared to Ottawa-based Shopify, which is currently the most valuable company in Canada.

Lightspeed "baits investors with its massive potential in its payments solution, but we believe it has not been transparent about competitive pressures and material margin decline," the report says, among other allegations.

WATCH | Spruce Point lays out its case against Lightspeed:

"We believe Lightspeed is crowding into Shopify's space, and will be forced to compete head-to-head with it, and new entrants such as Amazon. We believe Lightspeed will lose the battle."

The report prompted shares in Lightspeed to plummet by more than 11 per cent on Wednesday, closing at $126 a share on the Toronto Stock Exchange.

Prior to the short seller's report, the company's share price has been a rocket ship during the pandemic.

After bottoming out at around $12 a share early in the pandemic, Lightspeed's value has marched steadily higher for more than a year to nearly 10 times what it was worth in its IPO barely two years ago.

Lightspeed has seen growing demand for its services as more retailers start to sell things online during the pandemic, but the company has also grown because of an aggressive strategy of acquiring smaller rivals, something Spruce Point says is also dubious.

Spruce Point says the company is massively overvalued, and is poised to plummet to as low as $22 a share.

Short sellers such as Spruce Point make money when stocks in the companies they are shorting go down. They do this by borrowing existing shares, selling them, and then buying them back later to replace what they borrowed at what they hope will be a lower price later on.

WATCH | How short selling works:

How short selling works

2 years ago

An animated explanation of how people make money from stocks losing value 0:46

Lightspeed isn't the first Canadian company that Spruce Point has targeted. Previously, the short seller has taken aim at Dollarama, Canadian Tire and waste management firm GFL, with varying degrees of success.

Lightspeed said nothing to address the report for most of Wednesday, but after markets closed the company put out a short, terse statement denying the allegations.

"The report contains numerous important inaccuracies and mischaracterizations which Lightspeed believes are misleading and clearly intended to benefit Spruce Point, which itself has disclosed that it stands to profit in the event that the stock price of Lightspeed declines," the company said.

Spruce Point has not declared how much of the company's shares it is shorting, but data compiled by Bloomberg shows that about 2.5 million shares in the company are being shorted overall. That's about two per cent of the company.

"Lightspeed is confident in its governance, financial reporting and business practices. Lightspeed has consistently delivered revenue growth since its initial listing on the Toronto Stock Exchange in March 2019."

Analysts who cover the company are mostly positive about its prospects, but the short report caused some jitters. Of the 17 analysts on Bloomberg who cover the company, 14 have it as a buy recommendation. One says hold, and only two say sell.

One of those, Howard Leung of Veritas, had a sell recommendation on the company even before Spruce Point levelled its accusations against the company.

"Overall, while we have issues with management's [accounting] we continue to believe the business can still exceed short-term guidance given reopening trends and the company's growing scale," he said in a note to clients Thursday.

"Investor doubts persist around [Lightspeed] because management is not providing enough high-quality disclosure."

Leung has a price target of $96 on the shares, which is about $30 below where they were on Wednesday. "The industry is too competitive to justify [Lightspeed's] current valuation," he said.

Investors don't seem to know who to believe on Thursday, as Lightspeed shares jumped up when the stock market opened, but late in the trading day the shares were changing hands at about $120 each, bringing the two day sell-off to 15 per cent and wiping out $2 billion off the value of the company.

For its part, Spruce Point called Lightspeed's defence "laughable."

Lightspeed "provided a total dodge and deflect response and effectively told all its investors to go buzz off with that boilerplate non-response PR late yesterday," Spruce Point said in a tweet on Thursday morning.

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2021-09-30 19:02:05Z
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Gold price jumps $40 as Fed's Powell says the U.S. still 'far from full employment' - Kitco NEWS

(Kitco News) The gold market rebounded from six-week lows as Federal Reserve Chair testified that the U.S. is still "far from full employment."

All eyes were on Fed Chair Jerome Powell and U.S. Treasury Secretary Janet Yellen. The duo testified before the House Committee on Financial Services on their agencies' response to the COVID-19 pandemic.

Gold saw quick double-digit gains Thursday morning as bargain hunters stepped in to buy the dip in prices, and the U.S. dollar index fell to daily lows after surging in the previous session. December Comex gold futures were last trading at $1,762.80, up 2.32% or $40 on the day.

The move higher in gold accelerated after Powell sounded slightly dovish when stating that the U.S. is "far away from full employment."

According to Powell, this gives the fed room to keep the rates low and keep accommodation in place.

"We have to balance inflation and employment. Our expectation is inflation will come down, and we won't have to have the two goals in tension," the Fed Chair noted.

At the September monetary policy meeting, Powell said the Fed could start to taper in November, which would last until the middle of next year.

When grilled on inflation, Powell also sounded unsure when the price pressures would abate.

"We do think that inflation will remain elevated until supply bottlenecks are resolved," he said. "Exactly when that will happen is not possible to say. We should see relief in the next coming months and beginning of next year."

The debt ceiling was another heated topic of discussion during the hearing. Yellen once again warned that it would be "a catastrophe" if Congress failed to raise the debt ceiling.

The U.S. Treasury Secretary also described a worrying picture if Congress waited until the last minute to raise the debt ceiling.

"As we saw in 2011 when the debt ceiling was raised at the absolute last minute, [we saw] investor and consumer confidence shaken," she said.

What would happen this time around is an increase in interest rates and a selloff in stocks. "Anyone who has a loan would see higher interest costs on their debt," Yellen noted.

The U.S. government will run out of money on October 18, and if the debt limit is not raised, the U.S. will default for the first time in its history, Yellen added. "Credit of the U.S. would be impaired, and our country will face financial crisis and an economic recession. It's necessary to avert a catastrophic event for our economy."

Yellen also continued to urge Congress to work on a bipartisan basis.

"It's important this be done on a bipartisan basis in recognition of the fact that both Republican and Democratic [administrations] have run budget deficits for most of the post-war period with only a few years serving as an exception," Yellen said.

And no hearing can end without questions about cryptocurrencies. Powell was asked to clarify his July comment stating that one of the stronger arguments for a central bank digital currency is that it could replicate the role crypto plays.

Here's Powell's full quote from July: "I think that may be the case, and I think that's one of the arguments that are offered in favor of digital currency," Powell said during a hearing before the U.S. House of Representatives Financial Services Committee. "That, in particular, you wouldn't need stablecoins, you wouldn't need cryptocurrencies if you had a digital U.S. currency - I think that's one of the stronger arguments in its favor."

This time around, Powell clarified that the Fed has "no intention to ban cryptocurrencies."

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2021-09-30 15:46:00Z
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Canadian tech firm Lightspeed walloped by short seller attack - CBC.ca

Fast-growing Canadian technology company Lightspeed is pushing back after a short seller alleged the company has misled investors about its financial health, causing a $2 billion plunge in the company's value.

On Wednesday, Spruce Point Management, an American short-selling investment firm with a history of targeting Canadian companies, put out a lengthy report on Montreal-based Lightspeed Inc., alleging the company has covered up "massive inflation" of how many customers it has, how much money it makes from them, and how much growth potential it has.

Lightspeed is a payment processing company that helps small businesses sell things online and in person. It has been compared to Ottawa-based Shopify, which is currently the most valuable company in Canada.

Lightspeed "baits investors with its massive potential in its payments solution, but we believe it has not been transparent about competitive pressures and material margin decline," the report says, among other allegations.

"We believe Lightspeed is crowding into Shopify's space, and will be forced to compete head-to-head with it, and new entrants such as Amazon. We believe Lightspeed will lose the battle."

WATCH | Spruce Point lays out its case against Lightspeed:

The report prompted shares in Lightspeed to plummet by more than 11 per cent on Wednesday, closing at $126 a share on the Toronto Stock Exchange.

Prior to the short seller's report, the company's share price has been a rocket ship during the pandemic. After bottoming out at around $12 a share early in the pandemic, Lightspeed's value has marched steadily higher for more than a year to nearly 10 times what it was worth in its IPO barely two years ago.

Lightspeed has seen growing demand for its services as more retailers start to sell things online during the pandemic, but the company has also grown because of an aggressive strategy of acquiring smaller rivals, something Spruce Point says is also dubious.

Spruce Point says the company is massively overvalued, and is poised to plummet to as low as $22 a share.

Short sellers such as Spruce Point make money when stocks in the companies they are shorting go down. They do this by borrowing existing shares, selling them, and then buying them back later to replace what they borrowed at what they hope will be a lower price later on.

WATCH | How short selling works:

How short selling works

2 years ago

An animated explanation of how people make money from stocks losing value 0:46

Lightspeed isn't the first Canadian company that Spruce Point has targeted. Previously, the short seller has taken aim at Dollarama, Canadian Tire and waste management firm GFL, with varying degrees of success.

Lightspeed said nothing to address the report for most of Wednesday, but after markets closed the company put out a short, terse statement denying the allegations.

"The report contains numerous important inaccuracies and mischaracterizations which Lightspeed believes are misleading and clearly intended to benefit Spruce Point, which itself has disclosed that it stands to profit in the event that the stock price of Lightspeed declines," the company said.

Spruce Point has not declared how much of the company's shares it is shorting, but data compiled by Bloomberg shows that about 2.5 million shares in the company are being shorted overall. That's about two per cent of the company.

"Lightspeed is confident in its governance, financial reporting and business practices. Lightspeed has consistently delivered revenue growth since its initial listing on the Toronto Stock Exchange in March 2019."

Investors don't seem to know who to believe on Thursday, as Lightspeed shares jumped up by five per cent when the stock market opened, but nearing midday the stock was once again in negative territory, changing hands at about $125 a share. Wednesday's sell-off knocked $2 billion off the value of the company.

For its part, Spruce Point called Lightspeed's defence "laughable."

Lightspeed "provided a total dodge and deflect response and effectively told all its investors to go buzz off with that boilerplate non-response PR late yesterday," Spruce Point said in a tweet on Thursday morning.

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2021-09-30 16:37:05Z
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China Evergrande misses 2nd debt payment in a week, investors fear ‘large losses’ - Globalnews.ca

China Evergrande Group missed paying bond interest due on Wednesday, two bondholders said, its second unpaid offshore debt payment in a week, although the cash-strapped company is scrambling to meet its obligations in its home market.

The company, reeling under a debt pile of $305 billion, was due on Wednesday to make a $47.5 million bond interest payment on its 9.5% March 2024 dollar bond, after having missed $83.5 million in coupon payments last Thursday.

With liabilities equal to 2% of China’s GDP, Evergrande has sparked concerns its woes could spread through the financial system and reverberate around the world, though worries have eased somewhat after the central bank vowed to protect homebuyers’ interests.

Read more: Evergrande to sell $1.5B stake in Chinese bank as it scrambles to avoid debt default

The developer’s silence on its offshore payment obligations has, however, left global investors wondering if they will have to swallow large losses when 30-day grace periods end for coupons that were due on Sept. 23 and Sept. 29.

Some offshore Evergrande bondholders had neither received interest payments nor any communication by the end of Wednesday New York time, said the people familiar with the matter, who declined to be identified due to sensitivity of the issue.

A spokesperson for Evergrande did not have any immediate comment. Reuters was unable to determine whether Evergrande has told bondholders what it plans to do regarding the coupon payment due on Wednesday.

The two missed offshore payments come as the company, which has nearly $20 billion in offshore debt, faces deadlines on dollar bond coupon payments totalling $162.38 million in the next month.

1:36 Stocks find some footing after Evergrande relief as Beijing residents say company’s woes won’t hurt wider economy

Stocks find some footing after Evergrande relief as Beijing residents say company’s woes won’t hurt wider economy – Sep 22, 2021

Once China’s top-selling developer, Evergrande is now expected to be one of the largest-ever restructurings in the country. It has been prioritising its onshore liabilities amid concerns about its troubles triggering social unrest.

“I can’t see there being much willingness to give a fairer outcome to offshore bondholders rather than onshore banks, let alone house buyers and people who have lent onshore through the personal loan structures,” said Alexander Aitken, a partner at Herbert Smith Freehills in Hong Kong.

“Of course legally there is also structural subordination from being offshore, which means lenders to Evergrande’s onshore subsidiaries get paid before lenders to the parent company or any offshore debt issuer.”

Construction resumption

Beijing is unlikely to intervene directly to resolve Evergrande’s crisis in the form of a bailout, but analysts say it is wary of a messy collapse that could fuel unrest by local investors, suppliers and homebuyers.

Read more: China Evergrande debt crisis is worrying investors. Why, and what’s happening?

Authorities have in recent days prodded government-owned firms and state-backed property developers to purchase some Evergrande assets to reduce such risks.

Some instant messaging groups used by people owed money by Evergrande to organize protests and discuss claims have been blocked on Tencent Holdings’ WeChat platform, group members said on Wednesday.

Evergrande said on Wednesday that it would sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank Co Ltd to a state-owned asset management company.

The bank, one of Evergrande’s main lenders, demanded all net proceeds from the sale go towards settling the developer’s debts with Shengjing, which had 7 billion yuan in loans to Evergrande as of the first half last year.

1:07 Evergrande sell-off putting pressure on Chinese developers: analyst

Evergrande sell-off putting pressure on Chinese developers: analyst – Sep 21, 2021

Separately, Evergrande’s Pearl River Delta business said in a WeChat post on Tuesday that nearly 20 developments in the area have resumed construction. The post showed construction photos of various sites, and said that work resumption had accelerated since Evergrande vowed at the beginning of the month to deliver homes to buyers.

Its main onshore unit Hengda Real Estate Group announced a resolution of an onshore bond coupon payment on Sept. 23 through “private negotiations”.

Evergrande’s shares opened sharply higher on Thursday, rising as much as 5.21% before reversing course to slump as much as 7.17%. The stock was down 5% in afternoon trade.

“Regardless of how the debt is restructured, Evergrande shareholders and investors in offshore, USD-denominated corporate bonds will suffer large losses,” said Jing Sima, chief China strategist at BCA Research in a note.

(Reporting by Anne Marie Roantree, Clare Jim, Alun John and Donny Kwok in Hong Kong, Xiao Han in Beijing, Andrew Galbraith in Shanghai; Writing by Sumeet Chatterjee; Editing by Christopher Cushing, Gerry Doyle and Kim Coghill)

© 2021 Reuters

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2021-09-30 07:03:10Z
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Infographic: How the price of petrol has changed (2001-2021) - Al Jazeera English

Petrol prices are nearing all-time highs in many countries around the world as surging demand and supply shortages send global oil prices to a near three-year high.

In 2001, the global average price of petrol was about $0.60 a litre, and filling an average family sedan cost about $30. Today it is $1.20 – $30 will buy you half a tank.

High fuel prices are part of a global energy crunch that has led to big disruptions across China, the United States, the United Kingdom and Europe. Petrol and diesel prices have also spiked in several countries including India and South Africa.

As of September 2021, Hong Kong has the most expensive petrol in the world at $2.56 per litre ($11.63 per gallon) followed by the Netherlands – $2.18 ($9.91 per gallon) and the Central African Republic – $2.14 ($9.72 per gallon). High taxes largely contribute to the high cost at the pump.

The countries with the cheapest petrol include mostly oil-rich countries including Venezuela at $0.02 ($0.09 per gallon), Iran – $0.06 ($0.27 per gallon) and Syria – $0.23 ($1.04 per gallon) according to globalpetrolprices.com.

How crude oil becomes petrol

Petrol, diesel and various other fuels are made from crude oil – a yellowish-black fossil fuel that is pumped out of the ground. Many household products including plastics, detergents and clothing are also derived from the non-renewable resource.

Higher crude prices have a knock-on effect on several industries, from transport all the way through to manufacturing.

Crude oil is graded according to thickness (heavy, intermediate and light) and sulfur content (sweet – low sulfur, sour- high sulfur). Light, sweet crude oil is the highest grade. It is easier and cheaper to refine, making it the most sought after.

Brent and WTI are the global benchmarks for light, sweet crude oil. Brent is drilled out of the North Sea between the UK and Norway while WTI (West Texas Intermediate) is sourced from US oil fields.

Once the oil has been extracted and transported to various oil refineries, it must be heated in a furnace then distilled into various fuels and products. Lighter products including liquid petroleum gases require lower temperatures to extract while the heaviest products including asphalt are extracted at much higher temperatures.

How the price of petrol has changed (2001-2021)

The price of petrol at the pump depends on various factors, including the price of crude oil, transport costs, state taxes and distribution costs.

In 2001, Brent crude was trading for about $25 a barrel. One barrel is equivalent to 42 gallons or approximately 159 litres.

At its peak in 2008, Brent cost some $140 a barrel before crashing down to $45 after the global financial crisis, which destroyed demand for energy.

In April 2020, the price of oil once again plummeted to record lows as the COVID pandemic swept the globe, prompting nationwide lockdowns and very weak demand.

By September 2021, surging demand coupled with supply shortages has sent crude prices to a near three-year high at approximately $80 per barrel. Analysts at Goldman Sachs expect Brent crude to hit $90 a barrel by the end of the year.

OPEC members’ oil reserves

Central to the world’s oil production is OPEC – the Organization of the Petroleum Exporting Countries. Established in Baghdad, Iraq in 1960, this multinational organisation comprises 13 nations that collectively possess about 80 percent of the world’s proven crude oil reserves.

OPEC member countries produce about 40 percent of the world’s crude oil and represent some 60 percent of the total petroleum traded internationally,  according to the United States Energy Information Administration.

OPEC sees oil demand returning to pre-pandemic levels in 2022 and expects output to grow by 1.7 million barrels per day in 2023.

Venezuela has the world’s largest proven oil reserves at 303,806 million barrels followed by Saudi Arabia with 258,600 million and Iran with 208,600 million according to OPEC’s 2020 annual statistical bulletin.

Which countries have the most oil?

Venezuela, Saudi Arabia and Iran have half of the world’s 1.55 trillion barrels of proven oil reserves. The largest reserves among non-OPEC countries include Russia (80,000 million barrels) and the US (52,637 million barrels).

In 2019, the world consumed 99.7 million barrels of oil per day (mbpd) according to the International Energy Agency. The US alone consumes about one-fifth (20.48 mbpd) of the world’s daily oil consumption followed by China (13.07 mbpd) and India (4.84 mbpd).

According to OPEC’s Secretary-General Mohammad Barkindo, oil will retain its number one position in the global energy mix, providing 28 percent of global energy needs by 2045.

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2021-09-30 11:40:11Z
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Ontario recommends Pfizer shots instead of Moderna for young adults over possible heart risks - National Post

'I know that this news may make some people nervous.... But the benefits of vaccination continue to significantly outweigh the risks of COVID-19'

Author of the article:

Sharon Kirkey

Publishing date:

Sep 29, 2021  •  5 hours ago  •  3 minute read  •  87 Comments

A healthcare worker administers a Pfizer COVID-19 vaccine at a pop up clinic in Brampton, Ontario. Photo by Carlos Osorio/Reuters/File

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Following the finding of a potential one in 5,000 risk of heart inflammation after a second dose of Moderna, Ontario is recommending people aged 18 to 24 be preferentially vaccinated with Pfizer — a decision made “out of an abundance of caution,” but one that could rattle confidence in COVID-19 vaccines.

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“I just want to be clear: We’ve had no fatalities whatsoever associated with this complication related to this rare side effect of this vaccine,” Dr. Kieran Moore, Ontario’s chief medical officer of health, told a media briefing Wednesday.

Moore said the decision to issue a “preferential recommendation” was ultimately his, based on a “very small but observed increase” of myocarditis, or inflammation of the heart muscle, and pericarditis, inflammation of the sac around the heart, following vaccination with Moderna compared to Pfizer in 18- to 24-year-olds, particularly among males.

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Between June and August, based on more than 96,000 second doses of Pfizer and Moderna, both mRNA vaccines, the rate of heart complications following a second dose of Moderna was one in 5,000.

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For Pfizer-BioNTech, the rate was one in 28,000 doses.

The majority of reported cases have been mild, with most people requiring an anti-inflammatory like ibuprofen or naproxen, Moore said. Of the “very small” number admitted to hospital for a blood test, cardiogram or ultrasound, most were quickly sent home, he said.

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1. Heart inflammation after COVID shots higher-than-expected in study of U.S. military

2. CDC: No deaths in young U.S. adults with myocarditis after Pfizer shot

Moore said the risk of myocarditis and other serious “events” such as abnormal heart beats, blood clots in the legs or lungs, heart attack or intracranial haemorrhage (bleeding in the brain), is 18 times higher with a COVID infection.

“I know that this news may make some people nervous and heighten concerns about receiving a COVID vaccine, and I can understand that,” Moore said. “But the benefits of vaccination continue to significantly outweigh the risks of COVID-19 illness and related, possibly severe, consequences.”

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Ontario’s recommendation takes effect immediately, but 18- to 24-year-olds can still receive Moderna, if they so choose.

Symptoms of myocarditis or pericarditis, such as chest pain, shortness of breath and rapid or abnormal heartbeat, typically start within one week of being vaccinated, and most often after the second dose. Anyone who hasn’t developed symptoms within this timeline, the province said in a release, “should feel confident that they are unlikely to develop symptoms later,” and people who had Moderna for their first dose can safely take Pfizer for their second.

Moore said he did have concerns about addressing the myocarditis risk, but “I have to build trust with the public. We have to have accountability to the public and I think the public deserves to know the facts.” Expert advisers recommended the public be told of the increased risk “of this very rare event,” he said. “And I hope the public will realize we’re trying to be as transparent as possible.”

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Last week, a University of Ottawa Heart Institute preprint study that estimated a one in 1,000 risk of post-vaccine myocarditis following vaccination with an mRNA vaccine was retracted at the request of the authors, who said incorrect data had vastly inflated the incidence. The adjusted incidence was one in 25,000 doses.

It’s not clear why the association appears higher with Moderna versus Pfizer. Moderna has a higher amount of mRNA, “and we know that some of the side effects from Moderna are more profound,” said infectious diseases specialist Dr. Isaac Bogoch. Moderna may also offer a longer-lasting immune response, he said, which, again, might be related to the amount of mRNA in Moderna versus Pfizer.

While myocarditis appears more common in males than females, and most often after the second dose, “that doesn’t mean it’s exclusively males, exclusively young and exclusively second dose,” said Bogoch, of Toronto’s University Health Network. “It can happen after the first dose in females and older, but it’s rare. It’s still a rare event.”

“You have to be transparent, you have to tell people what the risk is and you have to express uncertainty that this might change with time,” he said.

With additional reporting from The Canadian Press

• Email: skirkey@postmedia.com | Twitter:

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2021-09-29 22:56:34Z
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Ontario recommends adults 18 to 24 get Pfizer COVID-19 vaccine over Moderna due to increased risk of rare heart condition - CP24 Toronto's Breaking News

Ontario is now recommending that younger adults only be given the Pfizer vaccine due to an apparent increase in the likelihood of developing a rare heart condition following vaccination with Moderna.

The new “preferential recommendation” for the age group was issued on Wednesday following the review of data that points to a higher rate of myocarditis and pericarditis among younger adults who have received the Moderna vaccine for their second dose, particularly males.

Officials say that about one in approximately 5,000 males between the ages of 18 and 24 have developed the condition after receiving Moderna for their second dose compared to about one in 28,000 males who got Pfizer instead.

About one in 17,000 females who received Moderna for their second dose also developed myocarditis or pericarditis.

“While we are making this recommendation it is important to note that myocarditis/pericarditis remains a rare adverse event following immunization, even amongst the age groups with the highest observed rates,” Chief Medical Officer of Health Dr. Kieran Moore said during a briefing on Wednesday afternoon.

“The majority of reported cases have been mild with individuals recovering quickly normally with anti-inflammatory medication, such as Ibuprofen.”

The Ministry of Health says that those between the ages of 18 and 24 will still be able to receive the Moderna vaccine with “informed consent” however the default will now be to administer Pfizer to that age group.

During his news conference, Moore conceded that the new recommendation “may make some people nervous” and contribute to “heightened concerns about receiving COVID vaccines” but he said that it is important to remember that individuals who contract COVID-19 are 18 times more likely to develop inflammatory heart conditions like myocarditis.

“I have three young boys, two of whom are in the 20 to 24-year-old age group and they both received Moderna and I had no concerns about them having that product,” he said. “Moderna is an excellent product, it's got very good immune uptake and it's gotten very good prolonged immune response and protection. I have complete confidence in it.”

Speaking on background during a technical briefing on Wednesday, officials with the ministry said there have been fewer than 10 instances of individuals being admitted to intensive care after developing myocarditis or pericarditis post vaccination and no fatalities.

Moore also pointed out that many of the people who have been admitted to intensive care after developing a vaccine-induced case of myocarditis have been discharged a few days after admission once the condition was confirmed through testing.

“It is a very small number of people that have had to be admitted to the intensive care unit and most of the time that's for investigation so taking a blood test, a cardiogram or an ultrasound and then they're been rapidly discharged home,” he said.

Myocarditis involves the inflammation of a heart muscle while pericarditis involves the inflammation of the thin layer of skin surrounding the heart. The more common symptoms associated with the condition include chest pain, shortness of breath, an irregular heart rate and fatigue.

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2021-09-29 18:50:00Z
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Enbridge's controversial Line 3 pipeline project 'substantially complete,' will be in service Oct. 1 - CBC.ca

Enbridge Inc.'s Line 3 pipeline replacement project, a critical piece of export infrastructure for Canada's energy sector, will be in service on Friday.

The pipeline giant said Wednesday the 1,765-kilometre Line 3 — which will carry oil from Alberta to Enbridge's terminal in Superior, Wis. — is "substantially complete."

The $9.3-billion project is the first major Canadian pipeline project to be completed since Enbridge's Alberta Clipper project, which was finished in 2015. The replacement of Line 3 is expected to add about 370,000 additional barrels per day of crude oil export capacity from Western Canada to refineries in the U.S. Midwest.

"This is a big win, for sure," said Leo Golden, Enbridge's vice-president of Line 3 Project Execution in an interview. "I think part of it has been just how long it has taken us to get here."

The Line 3 project was first announced in 2014, but ran into opposition from environmental groups and Indigenous groups along the way. Opponents of the project have said the Line 3 expansion will accelerate climate change and also poses a risk of oil spills in environmentally sensitive areas.

The last leg of the $9.3-billion project to be completed was the 542-kilometre Minnesota segment of the pipeline. Other segments had already been placed into service in Canada, North Dakota and Wisconsin, but in Minnesota Enbridge faced court challenges and protests by project opponents.

In June, Enbridge was handed a victory by the Minnesota Court of Appeals, which affirmed the approvals granted by independent regulators that allowed construction on the Minnesota leg to begin last December.

Golden said Enbridge is still waiting to see if opponents of the project appeal that decision to the Minnesota Supreme Court.

"We assume that they're going to, but they haven't yet," he said.

Enbridge said the Minnesota leg of the project was the most studied pipeline project in that state's history, and that project approvals from federal, state and local agencies came after 71 public comment regulatory meetings and over 3,500 community engagement meetings.

Enbridge has said the Line 3 project was necessary to replace and expand a deteriorating pipeline built in the 1960s. The state-of-the-art, thicker-walled pipe used for the replacement will ensure a "safe, reliable supply of North American crude oil to U.S. refineries," the company said Wednesday.

"After more than eight years of many people working together, extensive community engagement, and thorough environmental, regulatory and legal review, we are pleased that Line 3 is complete and will soon deliver the low cost and reliable energy that people depend on every day," said Enbridge chief executive Al Monaco in a news release.

"From day one, this project has been about modernizing our system and improving safety and reliability for the benefit of communities, the environment and our customers."

Lack of pipeline infrastructure

Canada's energy sector has been hamstrung by a lack of pipeline infrastructure in recent years. An IHS Markit report from December found that delays in the expansion of the export pipeline capacity have contributed to lower prices in Western Canada, representing a loss of $17 billion for the crude oil industry over the last five years.

In June, TC Energy Corp. cancelled its Keystone XL Pipeline project, leaving Enbridge's Line 3 project and the Trans Mountain Pipeline project (owned by the federal government) as Canada's main pipeline projects. The Trans Mountain pipeline project, which twins a line from Alberta to B.C., is expected to be in service by December 2022.

Tristan Goodman, president of industry group The Explorers and Producers Association of Canada, said the Line 3 announcement is a positive step that will help to ensure Canadians get a fair price for their energy products.

"As the United States and the U.K. have recently or are currently experiencing, there remains a significant demand for hydrocarbon energy around the world," Goodman said in an email. "The Line 3 expansion is a recognition of the ongoing demand for this essential product and this expansion supports Canadians and the Canadian industry."

The news was also celebrated by the governments of Alberta and Saskatchewan, which heralded it as a step forward for hundreds of thousands of Canadian oil and gas workers in those provinces.

"The completion of Enbridge's Line 3 replacement is a significant milestone for Alberta, Canada and all of North America. It's fantastic news for our province's economic recovery," said Alberta Premier Jason Kenney in a statement.

"This project is good news for Saskatchewan and its producers, as 70 per cent of our oil runs through the Enbridge Mainline, which includes Line 3," said Saskatchewan's Energy and Resources Minister Bronwyn Eyre in a statement.

Enbridge said it was proud of its efforts to engage Indigenous communities along the pipeline route. It said more than 1,500 Indigenous people worked on the Line 3 replacement project in the U.S. and Canada, and in Minnesota, Native Americans made up seven per cent of the Line 3 workforce.

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2021-09-29 20:43:53Z
CBMiWmh0dHBzOi8vd3d3LmNiYy5jYS9uZXdzL2NhbmFkYS9jYWxnYXJ5L2VuYnJpZGdlLWxpbmUtMy1jb21wbGV0ZS1jYWxnYXJ5LXBpcGVsaW5lLTEuNjE5MzUxOdIBIGh0dHBzOi8vd3d3LmNiYy5jYS9hbXAvMS42MTkzNTE5

Vaccination Mandate Covers Healthcare, Long-Term Care Workers, Paramedics, Teachers, Others - Government of Nova Scotia

Tens of thousands of Nova Scotians working in healthcare and education must be vaccinated under a new COVID-19 vaccine mandate announced today, September 29.

“Despite having a highly vaccinated population, the pandemic is still having deadly consequences in the fourth wave,” said Premier Tim Houston. “There have been three deaths in the last week alone and we need to do whatever we can to make sure other families don’t have to grieve their loved ones. Too many Nova Scotians have chosen not to get vaccinated, and some of them work with Nova Scotians most at risk from COVID-19. It is time to get tough.”

The new vaccine mandate applies to:

• Nova Scotia Health Authority and IWK Health Centre
• workers in long-term care facilities (licensed and unlicensed) and home-care agencies (publicly and privately funded)
• public school teachers, pre-primary and other school-based staff, regional and board office staff, and those providing services in schools, including cafeteria and school bus services
• Hearing and Speech Nova Scotia
• workers in residential facilities and day programs funded by the Department of Community Services Disability Support Program and adult day programs funded by Department of Seniors and Long-Term Care
• workers in Department of Community Services facilities and those providing placements for children and youth in the care of the Minister of Community Services (excluding foster family placements)
• paramedics, LifeFlight nurses and some other staff at EHS
• physicians and other service providers to the above organizations; for example hairdressers and contractors

“Our vaccination rate is not increasing as fast as we need, and we are seeing the impact of the fourth wave on those who are vaccinated and unvaccinated. There are thousands of appointments available for vaccination right now. Don’t wait – book today,” said Dr. Robert Strang, Nova Scotia’s chief medical officer of health.

Employees must show proof of vaccination. If not fully vaccinated (zero or one dose), they must participate in a mandatory education program. They have until November 30 to be fully vaccinated.

If an employee is not fully vaccinated by November 30, they will be placed on unpaid administrative leave. Government will not provide employers with any additional funding to cover administrative leaves of absence related to vaccine status.

Full vaccination will be a hiring condition for new staff.

The vaccine mandate allows for a medical exception for staff who are unable to be vaccinated. However, the medical reasons required for an exception are very specific and limited. An exception letter can only be issued by a nurse practitioner or physician.

All workplaces are encouraged to develop their own vaccine policies.

Quotes:

An individual’s personal decision not to get vaccinated has tangible implications – life and death consequences – for others. The Nova Scotia Nurses’ Union supports the advice of public health officials regarding mandatory vaccination policies. Janet Hazelton, president, Nova Scotia Nurses’ Union

Nationally 12 Unifor members have lost their lives to COVID-19 that was contracted in the workplace. Unifor fully understands the importance of mandatory vaccination policies guided by public health officials and experts to protect individuals and others around us. Linda MacNeil, Unifor Atlantic Regional Director

Quick Facts:

• The new policy covers more than 80,000 employees
• 58,763 eligible people in Nova Scotia have not had any doses of the COVID-19 vaccine

-30-

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2021-09-29 18:12:00Z
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Enbridge's controversial Line 3 pipeline project 'substantially complete,' will be in service Oct. 1 - CBC.ca

Enbridge Inc.'s Line 3 pipeline replacement project, a critical piece of export infrastructure for Canada's energy sector, will be in service on Friday.

The pipeline giant said Wednesday the 1,765-kilometre Line 3 — which will carry oil from Alberta to Enbridge's terminal in Superior, Wis. — is "substantially complete."

"After more than eight years of many people working together, extensive community engagement, and thorough environmental, regulatory and legal review, we are pleased that Line 3 is complete and will soon deliver the low cost and reliable energy that people depend on every day," said Enbridge chief executive Al Monaco in a news release.

The last leg of the $9.3-billion project to be completed was the 542-kilometre Minnesota segment of the pipeline. Other segments of the pipeline had already been placed into service in Canada, North Dakota and Wisconsin, but in Minnesota Enbridge faced court challenges and protests by environmental and Indigenous groups.

In June, Enbridge was handed a victory by the Minnesota Court of Appeals, which affirmed the approvals granted by independent regulators that allowed construction on the Minnesota leg to begin last December.

Opponents of the project have said the Line 3 expansion will accelerate climate change and also poses a risk of oil spills in environmentally sensitive areas.

But Enbridge said the project was necessary to replace and expand a deteriorating pipeline built in the 1960s. The state-of-the-art, thicker-walled pipe used for the replacement will ensure a "safe, reliable supply of North American crude oil to U.S. refineries," the company said Wednesday.

The Line 3 project is expected to add about 370,000 barrels per day of crude oil export capacity from Western Canada into the U.S.

Canada's energy sector has been hamstrung by a lack of pipeline infrastructure in recent years. An IHS Markit report from December found that delays in the expansion of the export pipeline capacity have contributed to lower prices in Western Canada, representing a loss of $17 billion for the crude oil industry over the past five years.

In June, TC Energy Corp. cancelled its Keystone XL Pipeline project, leaving Enbridge's Line 3 project and the Trans Mountain Pipeline project (owned by the federal government) as Canada's main pipeline projects. The Trans Mountain pipeline project, which twins a line from Alberta to B.C., is expected to be in service by December 2022.

Between the two projects, the total export addition of nearly one million barrels per day is expected to account for Western Canada's oil export needs at least through the first half of the decade.

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2021-09-29 15:59:07Z
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N.S. to hold COVID-19 briefing at 3 p.m. as province reports 41 new cases - CBC.ca

The province will hold a briefing today with an update on the COVID-19 vaccine program and plans to move to Phase 5 of the reopening plan, as Nova Scotia reported 41 new cases.

Premier Tim Houston, Dr. Robert Strang, the chief medical officer of health, and Health Minister Michelle Thompson will give a live-streamed update beginning at 3 p.m. AT.

The update will be live streamed on CBC Nova Scotia's website.

The province was originally scheduled to move to Phase 5 on Sept. 15, but that date was pushed to Oct. 4 because of an increase in COVID-19 cases.

Phase 5 will see the removal of most COVID-19 public health restrictions, but Strang has said a mask mandate could remain after Oct. 4. Over the past several weeks, provinces that had previously lifted mask mandates have been reinstating them, including New Brunswick.

41 new cases

Nova Scotia reported 41 new cases on Wednesday, bringing the total known active caseload to 224.

Thirty-two of the new cases are in the central zone, four are in the northern zone, three are in the eastern zone and two are in the western zone.

There are now 12 people in hospital with COVID-19, including two in intensive care.

As of Wednesday, 74.6 per cent of Nova Scotians have received two vaccinations. 

Labs in the province completed processing 5,720 COVID-19 tests on Tuesday.

Three schools were notified Tuesday of an exposure, including Ecole Mer et Monde in Halifax, Halifax West High School and Duc d'Anville Elementary School. The province is maintaining a list of all schools that have a COVID-19 case connected to them.

Atlantic Canada case numbers

• New Brunswick reported two new deaths and on 68 new cases on Tuesday. The province has 632 active cases and 40 people hospitalized, including 16 in intensive care.
• Newfoundland and Labrador reported 14 new cases on Tuesday. The province has 159 active cases, and four people are in hospital.
• Prince Edward Island reported two new cases on Tuesday. The province has nine active cases.

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2021-09-29 15:46:05Z
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China Evergrande to sell $1.5 bln stake in Shengjing Bank to state firm - Reuters

• Shengjing demands repayment of debts due to it
• Evergrande says sale will help stabilise Shengjing
• Evergrande faces bond interest payment deadline

HONG KONG, Sept 29 (Reuters) - Scrambling to avoid defaulting on its debts, cash-strapped China Evergrande Group (3333.HK) said on Wednesday it plans to sell a 9.99 billion yuan ($1.5 billion) stake in Shengjing Bank Co Ltd (2066.HK) to a state-owned asset management company.

Shengjing Bank, one of the main lenders to Evergrande, had demanded that all net proceeds from the disposal be used to settle the financial liabilities of the property developer due to the lender, Evergrande said in an exchange filing.

That requirement suggests that Evergrande, which missed a bond interest payment last week, will be unable to use the funds for other purposes such as another interest payment to offshore bondholders of $47.5 million due on Wednesday.

The payment deadline is being closely watched by investors as the developer's next big test in public markets. Shares of Evergrande rose as much as 15% on Wednesday. read more

Evergrande has rapidly become China's biggest corporate headache as it teeters between a messy meltdown with far-reaching impacts, a managed collapse or the less likely prospect of a bailout by Beijing. read more

The 1.75 billion shares, representing 19.93% of the issued share capital of the bank, will be sold for 5.70 yuan apiece to Shenyang Shengjing Finance Investment Group Co Ltd, a state-owned enterprise involved in capital and asset management, Evergrande said in its filing.

Shenyang Shengjing's stake in the bank will be increased to 20.79% after the deal to become the bank's largest shareholder. Evergrande's stake in the bank would be reduced to 14.75% from 34.5%.

"The company's liquidity issue has adversely affected Shengjing Bank in a material way," Evergrande Chairman Hui Ka Yan said in the statement.

"The introduction of the purchaser, being a state-owned enterprise, will help stabilise the operations of Shengjing Bank and at the same time, help increase and maintain the value of the 14.75% interest in Shengjing Bank retained by the company."

As of the first half last year, the bank had 7 billion yuan in loans to Evergrande, accounting for 1.19% of the lender's loan book, according to a report by brokerage CCB International last week, citing news reports.

The financial health of Shengjing Bank has come under the spotlight since May, after financial news outlet Caixin reported that China's top banking watchdog was investigating connected transactions worth more than 100 billion yuan ($15.45 billion) between Evergrande and the bank.

On July 5, Evergrande said in a statement its financial business with Shengjing complied with legal requirements.

Days after that announcement, China's northern city of Shenyang, where Shengjing is based, encouraged local state-owned companies to increase stakes in the bank.

The Shenyang government said it valued reforms at Shengjing Bank and would strengthen the Communist Party leadership in the bank to help it develop into "a good bank," according to a statement in July. read more

Beijing is prodding government-owned firms and state-backed property developers to purchase some of embattled China Evergrande Group's assets, people with knowledge of the matter told Reuters on Tuesday. read more

Shengjing reported a net profit of 1.03 billion yuan in the first half of 2021, down 63.6% from a year earlier, citing the impact of COVID-19, a decline in net interest income and increased provisions for impairment losses of assets due to "increased uncertainty of business operations".

The bank's non-performing loan ratio stood at 3.04% by the end-June, higher than the industry-wide average of nearly 2%.

(This story corrects 10th paragraph to say Shengjing Bank's 7 billion yuan loan accounts for 1.19% of its own loan book)

Reporting by Donny Kwok and Anne Marie Roantree; additional reporting by Cheng Leng in Beijing; Editing by Stephen Coates & Simon Cameron-Moore

Our Standards: The Thomson Reuters Trust Principles.

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2021-09-29 12:48:00Z
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Modest price bounce for gold, on short covering - Kitco NEWS

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Gold prices are up a bit in early U.S. trading Wednesday, on a corrective rebound after hitting a six-week low Tuesday. Short covering by the shorter-term futures traders is featured. The upside in the safe-haven metals is limited at mid-week, as the marketplace is calmer following Tuesday’s sharp sell off in the U.S. stock market. December gold futures were last up $3.90 at $1,741.30. December Comex silver was last down $0.202 at $22.265 an ounce.

Global stock markets were mixed in overnight trading, with Asian shares mostly weaker and European shares mostly up. The U.S. stock indexes are pointed to higher openings when the New York day session begins, after seeing sharp losses Tuesday. The marketplace appears a bit calmer at mid-week, following early-week risk aversion that was prompted by rising government bond yields and worries about energy shortages in major economies. It also appears financial markets had a bit of a delayed reaction to last week’s FOMC meeting that saw the Federal Reserve lay the groundwork for tapering its monthly bond-buying program that has been in place for quite some time.

President Biden’s infrastructure package is set for a House of Representatives vote on Thursday. Meantime, the U.S. government’s funding will run out at midnight Thursday, which if not extended, would shut down part of the government Friday.

The key outside markets today see the U.S. dollar index slightly higher and hitting an 11-month high overnight. Nymex crude oil futures are weaker and trading around $74.75 a barrel. Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.501%.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, pending home sales and the weekly DOE liquid energy stocks report.

Technically, December gold futures bears have the overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $1,788.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at $1,750.00 and then at this week’s high of $1,760.90. First support is seen at the overnight low of $1,733.20 and then at this week’s low of $1,727.80. Wyckoff's Market Rating: 3.0

The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing December futures prices above solid technical resistance at $23.50 an ounce. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at the overnight high of $22.565 and then at this week’s high of $22.865. Next support is seen at this week’s low of $22.08 and then at the September low of $22.025. Wyckoff's Market Rating: 1.0.

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2021-09-29 12:22:00Z
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Labour shortage hampering post-pandemic recovery for businesses in Canada, study finds - CBC.ca

It's almost October, but crews at Romaniuk Heating and Air Conditioning will be installing air conditioners in Edmonton for several more weeks.

The company has a backlog of orders largely because it's struggled for months to find enough workers as business boomed during the pandemic.

The situation has been so dire, it's pulling in crews from Ontario to help in Alberta and British Columbia.

"We've tripled our crews. We recruit constantly," said Collin Goodyear, the company's general manager in Alberta.

"This past week, we've probably hired about eight people locally."

A worker with Romaniuk Heating and Air Conditioning installs a new natural gas furnace at a home in northwest Edmonton. The company has a backlog of orders largely because it's struggled for months to find enough workers as business boomed during the pandemic. (Kyle Bakx/CBC)

According to Statistics Canada's latest job vacancy data, the labour shortage is widespread across the country in several different sectors of the economy — despite a national unemployment rate above seven per cent. The inability to find enough workers is hampering the post-pandemic economic recovery.

In the hospitality industry, for example, food service bosses are trying to tempt back workers who left during the pandemic with profit-sharing, bonuses and health benefits, among other perks.

"There's been a lack of trust in our industry in terms of us having to open and close so many times in the last 18 to 19 months," said Ernie Tsu, owner of the Trolley 5 Community Brewpub in Calgary and president of the Alberta Hospitality Association.

"For us to try to get manpower back into the industry, the No. 1 component right now we need from the government is for our industry to stay open," he said.

Ernie Tsu, president of the Alberta Hospitality Association, says food service employers are finding it difficult to bring back staff who left during the pandemic and lure new people to join the industry. (Kyle Bakx/CBC)

At the Lazy Loaf & Kettle in Calgary, for every 20 interviews that are arranged to fill a position, usually only one or two people will show up.

"At first it was really frustrating. By this point, it's just expected," said Matt Proctor, a manager at the café.

'This is not going to go away'

Fifty-five per cent of small and medium-sized businesses in Canada are struggling to hire the workers they need, which is limiting growth and forcing businesses to delay or refuse new orders, according to results of a study released Wednesday morning by the Business Development Bank of Canada (BDC), a Crown corporation that assists entrepreneurs.

"It's everywhere. It's in every industry and every part of the country. It's more acute in some parts of the country, like Quebec and B.C.," Pierre Cléroux, BDC's chief economist, said in an interview with CBC News.

Pierre Cléroux is chief economist at the Business Development Bank of Canada, which has released a new study on the labour shortage. 'It's in every industry and every part of the country,' he says. (LinkedIn)

The study's key findings include: 64 per cent of entrepreneurs say their growth is limited by a shortage of labour; 61 per cent report that they must boost their hours and/or their employees' hours; and 44 per cent have delayed or are unable to deliver orders to clients.

The study is based on a survey of 1,251 Canadian entrepreneurs and a survey of 3,000 Canadians about their jobs.

Some business groups have criticized federal pandemic income benefits, such as the Canada recovery benefit (CRB), arguing that while they've helped the unemployed, they've made the labour market worse by discouraging job hunting.

The labour shortage is much more complex, Cléroux said, considering the country's aging population and the limited number of immigrants who arrived in Canada during the COVID-19 pandemic. In addition, many businesses were already struggling to find staff before the pandemic was declared in March 2020.

The CRB and other federal pandemic benefits are scheduled to end on Oct. 23.

"This is not going to go away. This is going to stay with us," Cléroux said about the labour shortage.

The pandemic has jostled the labour market, with about 20 per cent of Canadians who lost their jobs moving into a different sector, he said.

Not everyone is able to find work in their preferred industry or at the wage they're accustomed to earning.

WATCH | Post-pandemic economic recovery slowed by labour shortages: 

Ongoing economic recovery slowed by labour shortages

19 days ago

The Canadian economy may have added 90,000 jobs in August, but employment in some sectors including hotels and restaurants is still below pre-pandemic levels. Adding to the complicated jobs picture, some businesses are reporting a struggle to rehire employees. 2:01

Kent Cranmer of Calgary worked for a large construction firm for more than three years before he was laid off six months ago.

"I thought that was going to be my retirement job for the rest of my life. Now I don't really know where I'm going to be," he said.

In the interim, the 57-year-old continues to drop off resumés and settle for temporary work.

"I'm struggling. I'm really worried about everything," Cranmer said, including about paying rent on his reduced income.

Higher pay and perks

Businesses are hiking wages and benefit packages to lure new hires, but staffing challenges persist.

"Employers really are struggling. Most of them that are calling us are begging for help," said Sharlene Massie, the owner of About Staffing, a Calgary-based staffing agency.

For some job hunters, the biggest challenge can be choosing between multiple job offers, she said.

"The labour front is really confusing for everybody. We have a really high unemployment rate, and so we should have a number of candidates that are looking for work and accepting jobs left, right and centre, and there should be few jobs, but that's not the case at all," Massie said.

"It's kind of crazy right now."

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2021-09-29 10:00:00Z
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