As expected, the United Kingdom has approved the COVID-19 vaccine developed by AstraZeneca and the University of Oxford, making it the first country to allow that product to be administered to its citizens. Importantly, this one is less challenging to store than the Pfizer and Moderna vaccines, with an allowable temperature range of two to eight degrees Celsius. Also importantly, this is the product that yielded some curious interim efficacy results (ie. 90 per cent for 1.5 doses, 62 per cent for two doses). Canada, it should be noted, has an order in place for up to 20 million doses of the Astra-Oxford vaccine.
BITCOIN EXTENDS RALLY
The cryptocurrency climbed as high as US$28,572.10 per coin this morning, and is now up almost 470 per cent since mid-March. Hard to think of a more divisive asset these days. Store of value in this world awash in stimulus? Bubble that’s bound to end badly? We’ll continue exploring the institutional and retail appetite for Bitcoin and the risks involved.
HOME CAPITAL BUYING BACK SHARES
The alternative mortgage lender announced this morning it’s planning to resume and renew its share repurchase program, with up to $50 million being eyed. But, wait. Doesn’t the Office of Superintendent of Financial Institutions have a temporary ban in place on buybacks by federally-regulated entities? It sure does. A spokesperson for Home Capital told us “we are comfortable making purchases with cash from Home Capital Group which does not impact our CET1 level or our normal operations.” We’ll look into this some more and are still awaiting a statement from OSFI.
A MATTER OF ACCOUNTABILITY
The scandal surrounding Rod Phillips’ international travel and ill-advised posts to his Twitter account isn’t a business story, but it certainly raises questions of accountability for Ontario’s finance minister. For now, based on the statement from Premier Doug Ford, it looks like Phillips is getting a pass and will hang on to his post.
OTHER NOTABLE STORIES
- Some prominent Canadian business leaders are included in the latest round of appointments to the Order of Canada: Homebuilding tycoon Peter Gilgan has been named an officer, while Andrew and Geoffrey Molson are joining as members.
NOTABLE RELEASES/EVENTS
- 12 p.m. ET: Ministers and Government of Canada officials deliver update in Ottawa on COVID-19
- 1 p.m. ET: Ontario Associate Chief Medical Officer of Health Dr. Barbara Yaffe holds media briefing on province’s Ethical Framework for COVID-19 vaccine prioritization and distribution alongside members of Vaccine Distribution Task Force
Advertisement