Business News for Jan. 13, 2022

Navient, once one of the country’s greatest college student financial loan servicing providers, reached a $1.85 billion offer with 39 states to settle statements that it had produced predatory loans that saddled debtors with crushing money owed they have been highly not likely to repay.

The offer, declared Thursday, requires Navient to cancel $1.7 billion in delinquent private student loan money owed for virtually 66,000 borrowers and shell out $95 million in restitution. The personal financial loans were being critical to Navient’s means to make a substantial volume of profitable federal loans, prosecutors explained.

“Navient repeatedly and deliberately put earnings ahead of its debtors — it engaged in misleading and abusive tactics, qualified college students who it knew would wrestle to pay financial loans back again and placed an unfair load on men and women making an attempt to increase their lives by means of instruction,” mentioned Josh Shapiro, the attorney basic of Pennsylvania, a person of quite a few states that had sued Navient.

Most of all those who took out the loans that will be forgiven under the settlement attended for-profit faculties — like the defunct ITT Complex Institute — that typically have low graduation rates and very poor work-placement information. The non-public financial loans were being — in Navient’s own terms, in accordance to lawful filings — a “baited hook” to reel in more federally backed financial loans.

At some universities, Navient expected that much more than 90 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of the financial loans would default. But what it misplaced on the personal loans was considerably outweighed by what it gained on the federal loans — assured by the authorities — that college students at individuals educational institutions took out.

Beneath Education and learning Division principles, no a lot more than 90 percent of a school’s tuition payments can come from federal funding. The non-public loans were intended, according to court filings, to fill that hole and appeal to students who would then choose out the lucrative federal financial loans that the colleges — and Navient — relied on.

Navient, which did not admit any fault in the settlement, reported in a assertion that it did not act illegally. “The company’s determination to take care of these matters, which have been based on unfounded promises, lets us to keep away from the added stress, expense, time and distraction to prevail in court,” stated Mark Heleen, Navient’s main legal officer.

The offer, which handles only borrowers from taking part states and Washington, D.C., would be everyday living-changing for Ashley Hardin, who borrowed a lot more than $150,000 to finance her aspiration of getting to be a professional photographer.

“It is just a massive body weight lifted,” said Ms. Hardin, who instructed The New York Periods about her wrestle in 2017. “I am going to sleep improved.”

Ms. Hardin enrolled in the Brooks Institute of Images, a person of the faculties coated by the settlement, in 2006. Following practically a 10 years of payments, which included a time period of forbearance, she fell into delinquency throughout the pandemic. Ms. Hardin, 38, said she experienced to select involving paying out for health insurance policies or for her personal scholar financial loans, which price tag much more than $1,025 a thirty day period.

Ms. Hardin, who now runs a sandwich truck with her husband in Seattle, hopes to have about $118,000 in financial debt wiped absent.

“This has been a very long time coming and justice was certainly served,” she claimed.

The settlement would end a big portion of a set of linked legal steps that began five many years back, when federal and condition prosecutors sued the firm, which was at the heart of the scholar debt assortment method.

The Shopper Fiscal Defense Bureau sued in federal court docket in excess of what it named issues and techniques by Navient that inflated borrowers’ payments by billions of dollars. Numerous point out lawyers basic also submitted point out lawsuits claiming that Sallie Mae — Navient’s predecessor corporation, from which it break up off in 2014 — manufactured non-public, subprime financial loans to debtors it understood had weaker credit score and were probably to default.

All those promises are the target of the settlement that was announced on Thursday, but it also resolved the states’ charges that Navient inflated borrowers’ costs by steering federal loan debtors into high-priced very long-phrase forbearance as a substitute of far more inexpensive revenue-based reimbursement programs. The deal calls for payments of all around $260 per man or woman to be distributed to 350,000 debtors who were positioned in certain forbearance applications. The consumer bureau’s lawsuit, which also centers on those promises, is continuing.

Below the arrangement, which was submitted to the U.S. District Court docket for the Center District of Pennsylvania for acceptance, Navient will also pay the taking part states $145 million.

If the settlement is authorised, Navient will notify the debtors whose debts will be forgiven. Particulars of the deal were posted by the taking part states on a new website, NavientAGsettlement.com.

The financial loans that will be canceled, in accordance to the proposed settlement, are past-due financial loans made in 2002 and just after to borrowers at selected for-revenue colleges or as a result of Navient initiatives, including its “Opportunity” and “Recourse” applications. The suitable universities include important for-profit chains like ITT and Corinthian Colleges, both of those of which have collapsed, as very well as Bridgepoint Schooling, DeVry University and Schooling Administration Corporation.

But some who attended individuals schools will even now be remaining out: Navient agreed to remove the remaining equilibrium on those loans only for persons in spots that participated in the offer. Eleven states, including Texas, did not acquire element.

College students living in collaborating places who attended general public universities but received “nontraditional” loans — described in the settlement as individuals manufactured to borrowers who had a credit score score below 640 at the time the bank loan was produced — will also be eligible to have their delinquent financial loans wiped out.

Notably, pupils who ended up present-day on their financial loans as of June 30, 2021 — this means they are still paying out their bills — will not have their financial loans canceled. Associates for Mr. Shapiro, the Pennsylvania legal professional basic, did not straight away respond to a query about why all those financial loans were left out of the settlement.

While the eliminated financial loans will be a great relief to the borrowers who took them out, most of the money owed Navient is agreeing to wipe out are prolonged-overdue loans for which it was presently not likely to be repaid. Navient valued the $1.7 billion it agreed to forgive at just $50 million — the total it envisioned it would ever be capable to recoup, the corporation reported on Thursday in a regulatory filing.

The federal shopper bureau declined to comment on Thursday. Navient appeared keen to take care of the bureau’s investigation in the closing months of the Obama administration, but the talks broke down after President Donald J. Trump’s victory in 2016. The agency, extensive a goal of criticism from Republicans, sued Navient two times just before Mr. Trump’s inauguration, and the litigation outlasted his administration.

Navient resolved previous 12 months to get out of the federal student mortgage enterprise. It finished its deal with the Training Division, which authorized the corporation to transfer its 5.6 million borrower accounts to a new vendor, Maximus, which does business enterprise as Aidvantage.

But the firm retained a portfolio of personal scholar loans well worth billions of bucks, and it later resumed that line of enterprise. Navient has issued $17 billion in new personal loans because it break up from Sallie Mae.

“This is an enormous get for persons with pupil credit card debt,” mentioned Mike Pierce, the govt director of the College student Borrower Safety Middle. “We’ve used lot of time considering and chatting about how to deal with the federal pupil personal loan method, and we generally disregard how a lot of incredibly economically susceptible men and women are trapped with these private pupil loans that are destined to fail.”

Covid-19 Latest News Updates: Maharashtra records 42,462 new COVID-19 cases, 23 deaths

Maharashtra on Saturday recorded 42,462 new coronavirus infections, 749 less than Friday, besides 23 deaths, the state health department said. The number of recovered cases surged to 67,60,514 after 39,646 patients were discharged during the day. The overall caseload rose to 71,70,483, and death toll reached 1,41,779. Also, 125 new Omicron cases came to light in the state during the day, raising the tally of such infections to 1,730.

!1 New UpdateClick here for latest updates

Wrap Up: All you need to know

  • Virat Kohli quits Test captaincy, a day after series-defeat against South Africa
  • COVID-19: Goa positivity rate at 38{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}; logs 3,274 cases
  • Maharashtra records 42,462 new COVID-19 cases, 23 deaths
  • Sikkim logs 369 new COVID-19 cases, two fresh fatalities
  • Bengal logs 19,064 new COVID-19 cases, 39 fresh fatalities
  • 22 more coronavirus deaths in Punjab, 6,883 cases
  • Assam registers 44 pc jump in fresh COVID-19 cases in single day
  • India’s COVID-19 vaccination coverage crosses 156 crore
  • Haryana reports 9,050 fresh COVID-19 cases, 7 fatalities
  • Bihar logs 6,325 new COVID-19 cases, 4 fresh fatalities

Leader of Congress party in Lok Sabha, Adhir Ranjan Chowdhury writes to Defence Minister Rajnath Singh, requesting him “to allow West Bengal tableau showing its cultural heritage & Netaji Subhas Chandra Bose’s life & contributions in our freedom struggle on Republic Day”

Night curfew: 470 booked for Covid violations in Delhi

Sikkim logs 369 new COVID-19 cases, two fresh fatalities

Corona is a unique virus as it has a very high rate of mutation. I hope as we move forward in this year probably we will come out of the pandemic very soon. We have to take vaccine, booster doses to contain its spread

– Dr Kutub Mahmood

India’s COVID-19 vaccination coverage crosses 156 crore

It’s a great achievement for India. Indian vaccines are globally used. So this is a great feat to celebrate as Indis has completed over 60{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of vaccination coverage

– Dr Kutub Mahmood, Scientific Director, Immunology & Microbiology, PATH, Washington DC, US

Maharashtra | 81 police personnel tested positive for COVID in the last 24 hours

Total 126 personnel died so far; Active cases 1,312: Mumbai Police

COVID19 | 42,462 new cases & 23 deaths reported in Maharashtra today

  • Active caseload stands at 2,64,441
  • 125 Omicron infections were reported in the state today, taking the case tally to 1,730.

COVID19 | Chhattisgarh reports 5,525 new cases and 8 deaths

Active caseload at 32,139

COVID19 | Goa reports 3,274 new cases & 4 deaths today

Active caseload at 20,078

14 cases of Omicron variant found in Jharkhand today

87 samples had been sent to Bhubaneswar for genome sequencing. Out of 87, 14 are confirmed cases of Omicron and 1 Delta variant detected: Arun Kumar Singh, Additional Chief Secretary

Assam COVID cases | 3,390 new cases, 4 deaths and 876 recoveries reported today

Active cases 17,777

Punjab CM Charanjit S Channi wrote to Chief Election Commissioner on Jan 13, requesting him “to postpone Feb 14 State Assembly polls for at least six days as many people from SC community from the State likely to visit Varanasi,in view of Guru Ravidas birth anniversary on Feb 16”

Samyukta Kisan Morcha calls for observing a nationwide “Day of Betrayal” on 31 January against the government’s reneging on its assurances to the farmers

31 more police personnel test COVID19 positive today in Pune city. The number of infected police personnel in the city rises to 465: Pune Police

Tsunami advisory issued for the US West Coast, Hawaii following large volcanic eruption near Tonga: US media

Uttar Pradesh assembly polls: Election Commission issues notice to Samajwadi Party over violation of Covid norms

We’ve arrested a person named Jagdish Singh Sagar (main accused of Vyapam case) yesterday under Arms Act. During screening of his bag at airport, CISF found a live cartridge and informed us. He told us that he had a license which he couldn’t renew after 2012

– Soumya Jain, Indore ACP

Maharashtra | 5,705 new cases and 2 deaths reported in the Pune Municipal Corporation area today

The total number of active cases has reached 31,907.

PV Sindhu bows out after losing the semi-final clash against Thailand’s Supanida Katethong 14-21, 21-13, 10-21 in India Open 2022

Bengal’s COVID-19 tally rises to 18,82,761 with 19,064 new cases, 3,581 less than previous day; 39 fresh fatalities push toll to 20,052: Health Dept

Jharkhand extends ongoing COVID-19 restrictions till Jan 31: Chief Secretary Sukhdev Singh

Congratulations to Virat Kohli on a tremendous tenure as Team India captain. Virat turned the team into a ruthless fit unit that performed admirably both in India and away. The Test wins in Australia & England have been special

– Jay Shah, BCCI Secretary

Central Bureau of Investigation has filed FIR against ES Ranganathan, Director (Marketing), GAIL for allegedly demanding bribes through middlemen for granting discounts on petrochemical products marketed by GAIL; further investigation underway

COVID19 | 23,989 new cases & 11 deaths in Tamil Nadu today

Active cases stand at 1,31,007

COVID19 | Mumbai reports 10,661 new cases & 11 deaths today

Active cases 73,518

I have always believed in giving 120 per cent in everything I do, and If I can’t do that, I know it’s not right thing to do

– Virat Kohli

Cricketer Virat Kohli steps down as India Test captain

Test positivity rises to 15{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in Karnataka with 32,793 new cases reported today

Only sick patients requiring emergency care may visit hospitals & autonomous institutions, in view of the prevailing COVID19 situation. All other patients with mild illness shouldn’t visit hospitals for the next 2 weeks or until further orders to prevent crowding

– Karnataka govt

Odisha logs 10,856 new COVID-19 cases, Omicron tally mounts to 202

Odisha’s COVID-19 caseload mounted to 11,22,735 on Saturday with 10,856 fresh infections, while two more fatalities pushed the death toll to 8,478, the Health Department said in a bulletin. The state also reported 32 new Omicron cases taking the tally of the new strain of coronavirus in Odisha to 202, a health department official said.

In today’s Covid19 review meeting, it has been decided that no changes are required in ongoing guidelines and restrictions. We have ordered medical stores to maintain a record of persons who purchase the COVID19 antigen self test kits

– Maharashtra Dy CM Ajit Pawar

Army Chief General MM Naravane released a commemorative postage stamp on ‘Permanent Commission to Women Officers’ in the Force

Chandigarh reports 1,795 new cases today

  • Active cases at 8,511
  • Positivity rate at 26.71{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

After Model Code of Conduct came into force in Punjab for Assembly elections, enforcement teams seized valuables, including cash, psychotropic substances & 2.72 lakh litres of liquor, worth Rs 40.31cr in violation of code till Jan 14:State Chief Electoral Officer Dr S Karuna Raju

Kerala reports 17,755 new COVID19 cases & 17 deaths today

  • Active caseload stands at 90,649
  • Death toll: 50,674

Movement of trains through the derailment affected site of Bikaner-Guwahati Express has resumed today

The restoration work started immediately after the rescue & relief operation was completed, after 9 passengers died & 36 got injured on Jan 13: CPRO, Northeast Frontier Railway

COVID19 | Delhi reports 20,718 new cases & 30 deaths in last 24 hours

  • Active cases rise to 93,407
  • Positivity rate remains at 30.64{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

GoI’s position on the India-Nepal boundary has been communicated to the Nepal Govt

Till now, Centre has neither formed a committee on MSP nor approached us on it. Govt hasn’t removed the MoS whose son is involved in Lakhimpur Kheri incident. If govt doesn’t respond to our demands then we’ll celebrate ‘Virodh Diwas’ on Jan 31

– Yudhvir Singh, Bhartiya Kisan Union

Election Commission further bans poll rallies & roadshows in poll-bound states till 22nd January

COVID-19: Mizoram reports 477 new cases today; Active case tally at 8,048

Mexico sees fake molnupiravir, 1 week after drug approved

Mexico said Friday it is already seeing black market or fake versions of molnupiravir circulating for sale, just one week after authorities approved the drug to treat those at risk of severe COVID-19. The real medication is produced by US pharmaceutical company Merck. But Mexico’s health regulatory agency found versions labelled molnupiravir for sale from an array of companies like “Merit,” “Molaz” and “Azista.”

I will contest the election from the Khatima constituency. We all are together and ready to contest polls. This time, we have given a slogan ‘Abki Baar 60 Paar’. The candidates’ list will be announced soon

– Uttarakhand CM Pushkar Singh Dhami after the BJP Core Committee meeting

Unilever offered 50 billion pounds for GSK unit

Consumer goods giant Unilever made a bid towards the end of last year for pharmaceutical group Glaxosmithkline’s consumer goods business worth roughly 50 billion pounds ($68.4 billion), Britain’s Sunday Times reported. GSK and Pfizer, which owns a minority stake in the division, were understood to have rejected the offer on the basis that it was too low, the newspaper said. The approach by Unilever, which owns brands such as Dove soap and Marmite, for Glaxo’s portfolio of household brands including Panadol painkillers and Sensodyne toothpaste was understood to have been unsolicited, it added.

Olympic medallist Mirabai Chanu joins Manipur Police

COVID-19 cases rising in poll-bound Manipur

Manipur Health and Family Welfare Department’s Additional Director Khoirom Sasbeekumar Mangang said that the daily positivity rate of the Covid cases in Manipur has been fluctuating during the past one week. “During the holidays the positivity rate is little less and during the working days the Covid-19 positivity rate is increasing,” Mangang, who is the spokesperson of the Health and Family Welfare Department, told IANS.

Senior Bihar Congress leader Vijay Shankar Mishra, a two-term former MLC, has died at the age of 76 after prolonged illness. CM Nitish Kumar calls Mishra’s demise an irreparable loss, says he was an able politician and social worker.

A crematorium for animals is proposed in BMC’s budget which will be constructed in 2500 square feet space in Dahisar. There was no crematorium for pets in Mumbai. This initiative is for the animals who can’t speak for themselves: Mumbai Mayor Kishori Pednekar

Delhi Health Minister Satyendar Jain: We can say that Delhi has reached its peak in terms of cases. Cases have started slowing down. Let’s see when the decline happens.

Congress fields Punjab deputy CMs — Sukhjinder Randhawa from Dera Baba Nanak and Om Prakash Soni from Amritsar Central for state polls.

Punjab Assembly Elections list released, here are some contestants:

  • Navjot Singh Sidhu: Amritsar East
  • Charanjit Singh Channi: Chamkaur Sahib
  • Malvika Sood: Moga
  • Pratap Singh Bajwa: Qadian
  • Sidhu Moosewala: Mansa

New combat uniform of Indian Army

10 seats for women, 44 seats for OBC candidates and 19 seats for SC, in upcoming assembly polls: BJP

HDFC Bank posts 18{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} rise in standalone net profit to Rs 10,342.20 cr in December 2021 quarter: Company filing

I appeal to the leaders party workers to abide by EC guidelines, COVID protocols whenever they come to the office…I have also heard that a notice was also put up at our office today: SP chief Akhilesh Yadav

BJP names 107 candidates for UP polls in first list; 63 of 83 sitting MLAs repeated, 20 dropped

  • Yogi Adityanath: Gorakhpur
  • Keshav Prasad Maurya: Sirathu
  • Tejendra Singh Nirwal: Shamli
  • Umesh Malik: Budhana

Deputy CM Kesav Prasad Maurya to contest UP Polls from Sirathu in Prayagraj district: BJP

CM Yogi Adityanath to contest UP Polls from Gorakhpur: BJP

Top Stock Market News For Today January 13, 2022

Stock Market Futures Steady After Another Green Day For Stocks

Stock market futures are edging up today following a session where stocks climbed marginally higher. For some, this slight movement in markets could be a welcomed sign. Before the release of December’s Consumer Price Index (CPI) figures yesterday, there were some bouts of volatility in the stock market. Following the results, things appear to be relatively calm. Given that the CPI reading is within economists’ estimates, this is understandable. Nevertheless, investors still have interest rate hikes to consider this year as inflation remains at highs last seen decades ago. 

Among the economists commenting on this is Christian Scherrmann from the DWS Group U.S. He posits, “Persistent high inflation rates together with the recent strong labor market data reinforce the hawkish narrative provided by the Fed.” Furthermore, Scherrmann adds, “Looking ahead, Omicron looks set to dictate the fate of the economy in January and maybe in February, but current indications on how the new variant plays out suggest that the Fed will remain on track to reduce its accommodative monetary policy, most likely as early as in March this year, by hiking rates for the first time since December 2018.

As of 7:36 a.m. ET, the Dow, S&P 500, and Nasdaq futures are trading higher by 0.12{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, 0.07{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, and 0.10{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} respectively.

TSM Reports Solid Fourth Quarter Earnings Figures

The Taiwan Semiconductor Manufacturing Company (NYSE: TSM) or TSM for short, is among the notable names reporting earnings today. Earlier today, the firm announced its fourth-quarter results. In detail, TSM raked in an earnings per share (EPS) of about $1.15 for the quarter. This marks a respectable 16.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase year-over-year. Additionally, the company also reported a net income of about $6.01 billion on revenue of $15.84 billion. Year-over-year, this translates to gains of 16.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 21.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} respectively.

On top of that, the company also provided a breakdown of its revenue streams as well. Throughout the fourth quarter, TSM’s 5-nanometer chips, and 7-nanometer chips accounted for 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 27{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of total wafer revenue respectively. Also, “advanced technologies” defined as 7-nanometer and more advanced tech, made up the remaining 50{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Overall, the company seems to be going from strength to strength as it sees steady demand for semiconductor chips. Considering the ongoing supply shortages and TSM’s leading position in the industry, this could persist. As a result of all this, investors may want to keep an eye on TSM stock in the stock market today.

TSM Stock
Source: TD Ameritrade TOS

[Read More] Best Monthly Dividend Stocks To Buy Now? 5 For Your List

Tesla Co-Founder JB Straubel Sees EV Sales Taking Off Through 2025

Speaking of semiconductors, a booming market that relies on these chips now would be the electric vehicle (EV) industry. In fact, providing his outlook on EV sales is Tesla (NASDAQ: TSLA) co-founder JB Straudel. Namely, Straudel says that consumer demand for EVs has and continues to pick up. So much so that he is questioning industry estimates of EVs accounting for only 12.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of all U.S. auto sales by 2025. Straubel argues, “If you look at how fast adoption is growing in parts of Europe and other parts of the world, I think it points to a path of potentially even higher percentages than that by mid-decade.” With all this momentum, the top EV stocks in the market could be more appealing to investors now.

At the same time, it is also important to note that Straubel is currently the CEO of a battery-recycling firm, Redwood Materials. This is relevant to the current update from him as well. Notably, Redwood Materials is allocating $1 billion towards building a new EV battery recycling plant in Nevada. The company cites this very demand as a key reason behind the current facility. Subsequently, Redwood will employ the factory to produce necessary materials used at the Tesla Gigafactory in Nevada.

In other news, Bank of America (NYSE: BAC), or BofA for short, now offers a forecasting tool for both its corporate and commercial clients. The tool in question is an artificial intelligence (AI)-powered forecasting solution. Ideally, the tool serves to help BofA customers better manage their cash flows. To highlight, the current news comes from talks between executives and Bloomberg. More importantly, BofA clients will need to be using the bank’s CashPro app to benefit from this new service. In turn, the app gathers data and predicts future cash positions. This will apply to a client’s bank accounts across the board through AI.

For one thing, such a tool would be relevant given the Fed’s plans to raise interest rates this year. CashPro Global Product Head Tom Durkin also weighs in on this. He says, “We’re going into a raising-rate environment, so you need an effective tool that sets your cash position.” Not to mention, the company is also planning to reduce overdraft fees and eliminate non-sufficient fund fees. BofA plans to implement these changes to its core services in May 2022. All in all, the bank seems to be aggressively optimizing its operations amidst rising competition and challenging times. The question now is whether or not all this is enough to make BAC stock stand out among its peers.

BAC stock
Source: TD Ameritrade TOS

[Read More] Top Stocks To Buy Now? 4 Cruise Line Stocks Making Headlines

Lithium Mining Stocks Gain Amidst Supply Shortages And Increasing Government And Analyst Support

Elsewhere, companies in the lithium mining space are gaining in the stock market now. For the most part, this could be thanks to rising lithium prices amidst dwindling supplies. To explain, the current scarcity is likely from the rising use of lithium as a core component in EV batteries. In a time where the shift towards clean energy resources is coming hard and fast, this is understandable. Evidently, the global price for lithium almost quadrupled throughout 2021.

This year, the price for this increasingly precious commodity continues to rise. As of yesterday, the price per ton of lithium carbonate in China is now at a record high of $49,600. Because of all this, lithium stocks such as Sociedad Quimica (NYSE: SQM) and Lithium Americas (NYSE: LAC) are in the green this week. Moreover, there is no shortage of exciting news from these two firms as well.

On one hand, SQM recently won a lithium development contract with the Chilean government. On the other hand, Lithium Americas received rosy analyst updates from Cowen (NASDAQ: COWN), Deutsche Bank (NYSE: DB), and Piper Sandler (NYSE: PIPR) this week. In particular, Piper Sandler notes that the company “holds the keys to a multitude of game-changing catalysts”. As such, it would not surprise me to see investors turning their radars to lithium mining stocks now.


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Top Stock Market News For Today January 12, 2022

Stock Market Futures Edging Up Ahead Of December’s Consumer Price Index Readings

Stock market futures are marginally higher in early morning trading today. This comes after a recovery rally on Tuesday following a whipsaw-like start to the trading week. All in all, this volatility in stocks is not all that surprising. Especially after comments from Federal Reserve Chairman Jerome Powell ensuring that the central bank is working on reeling in inflation. He said, “If we see inflation persisting at high levels, longer than expected, if we have to raise interest rates more over time, then we will.

If that wasn’t enough, there is also more inflation-related data on tap today. At 8:30 a.m. ET, the Bureau of Labor Statistics is going to release the Consumer Price Index (CPI) figures for December. As it stands, economists are projecting a 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year-over-year CPI increase, its highest since 1982. For reference, this is versus a year-over-year jump of 6.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in November.

Providing some insight into all this is Brian Belski, BMO Capital Markets chief investment strategist. Belski notes, “I think the biggest comment on most investors’ minds that we talk to around the world would be a ‘policy mistake’ that the Fed might be too aggressive.” He continues, “Mr. Powell basically came out today and said this is going to be a process … with respect to how long this is going to take, and I think that’s what’s calming investors.”

As of 7:13 a.m. ET, the Dow, S&P 500, and Nasdaq futures are trading higher by 0.06{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, 0.03{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, and 0.05{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} respectively.

ExxonMobil Selling Ohio Shale Gas Properties Valued At About $200 Million; Invests In Biofuels Firm Biojet

Oil giant ExxonMobil (NYSE: XOM) is making several notable plays this week. As of yesterday, the company is currently trying to sell its shale gas properties in Ohio’s Appalachian Basin. The likes of which could be worth about $200 Million, given the current natural gas prices and production. In detail, the news came from Reuters who cited a marketing document alongside company confirmation. Now, Exxon’s current shale gas properties in the region span a whopping 27,000 acres. To highlight, 61 oil wells make up this asset. All of which produced around 81 million cubic feet per day equivalent of natural gas. Moreover, 274 wells being operated by other companies are also included in the current sale.

Also, while the company is divesting in this conventional energy asset, it is making investments in clean energy. On the same day, Exxon announced that it bought a 49.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} stake in Biojet, a Norwegian biofuels company. Through the current deal, Exxon can purchase up to 3 million barrels of Biojet’s biofuel a year. Ideally, this would serve to help the company grow its investments in low-carbon businesses. Additionally, Biojet is currently planning to develop five facilities to produce biofuels from forestry and wood-based construction waste. 

In the larger scheme of things, this would be crucial in Exxon’s efforts to achieve net-zero greenhouse gas emissions. It aims to do so for its working assets in the U.S. Permian basin by 2030. As a result of all this, XOM stock is currently up by over 12{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year-to-date. It seems that Exxon is looking to adapt to the times and investors are eager to tag along for now.

XOM stockSource: TD Ameritrade TOS

[Read More] Best Lithium Battery Stocks To Buy Now? 4 To Know

Oil Prices Soar As Fed Sees Omicron Having Short-Lived Impact On Economy

At the same time, oil prices are on the rise following the latest comments from Federal Reserve Chair Jerome Powell yesterday. The price per barrel of Brent crude gained by a solid 3.52{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, settling at $83.72. Furthermore, U.S. West Texas Intermediate (WTI) rose by 3.82{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, ending the day with a price of $81.22 per barrel. Notably, both are at their highest levels since November. Overall, this is likely due to a positive outlook regarding energy demands. Yesterday, Powell argued that the economic impacts from the Omicron Covid variant will be “short-lived”.

On top of that, Powell also added that the upcoming quarters could be good for the recovering economy as Omicron subsides. Weighing in on the current price movement of oil in general is Phil Flynn, senior analyst at Price Futures Group. Flynn says, “Combination of facts – that demand is going to be stronger than anticipated and that OPEC’s supply may not grow as fast as the demand – is why prices are climbing.” All this alongside oil companies making notable plays continues to put the industry on investors’ radars this week.

[Read More] Best Monthly Dividend Stocks To Buy Now? 5 For Your List

Nio Pops On News Of Supply Agreement And HSBC Price Target Bump

In other news, Chinese electric vehicle (EV) maker Nio (NYSE: NIO) appears to be making a rebound. For the most part, this comes as Nio continues to power through on the operational front. To begin with, the company is now working with Chinese steel producer Baoshan Iron & Steel. This deal will see the duo collaborate via a product and supply chain partnership. According to Nio CEO William Li, “Nio needs a global partner like Baosteel to work hand-in-hand on products, supply chain, technology innovation, new material applications, and zero-carbon pathways.”

On top of that, analysts over at HSBC (NYSE: HSBC) are also bullish on NIO stocks’ growth prospects. Just this week, analyst Yuqian Ding reiterated a Buy rating on it with a price target of $54 per share. This would suggest a possible upside of 79.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from its closing price of $30.02 at yesterday’s closing bell. Generally, the firm cites Nio introducing more models this year and strong demand for its ET5 EVs as driving factors. The real question now is whether investors should be buying into NIO stock’s current weakness or not.

NIO stock chartSource: TD Ameritrade TOS

[Read More] Which Stocks To Buy Now? 4 Biotech Stocks To Know

Walgreens Conducting “Strategic Review” Of U.K-Based Operations

Walgreens (NASDAQ: WBA) is currently conducting a “strategic review” of its Boots pharmacy chain in the U.K. This announcement comes from CEO Roz Brewer at the virtual JPMorgan (NYSE: JPM) Healthcare Conference this week. She said, “While the process is at an exploratory stage, we do expect to move quickly.” As it stands, the company is not giving a definite answer as to whether it would be selling its U.K.-based drugstore chain. If anything, a potential sale of the business would help fund the company’s ongoing push to bolster its health care offerings in the U.S.

To put things into perspective, Boots currently operates a network of 2,200 stores in the U.K. They provide for U.K. consumers’ day-to-day health, optical, and hearing needs. Moreover, Boots also sells a wide array of beauty products alongside its drugstore essentials. Not to mention, there is also the ongoing surge in Omicron cases in the U.S. to consider. Analysts from Mizuho believe that demand for Covid vaccines and test kits could continue to bolster sales for the quarter. Given all this exciting news about Walgreens, I could see investors eyeing WBA stock in the stock market today.

WBA stockSource: TD Ameritrade TOS


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Coronavirus news and updates for Tuesday, Jan. 11, 2022

The latest coronavirus news from Canada and around the world Tuesday. This file will be updated throughout the day. Web links to longer stories if available.

6:20 p.m.: The province has distributed 9.1 million N95 masks for teachers and education staff in preparation for schools reopening next week, and there are plans to “regularly send new shipments over the coming weeks and months.”

“We have been preparing for the return of in-class learning on Monday, Jan. 17 by doing as much as we can to improve ventilation, provide high quality PPE and expand access to vaccinations,” Education Minister Stephen Lecce said in a written statement Tuesday, adding the province has also already shipped more than 4 million three-ply masks for students.

Lecce and Dr. Kieran Moore, the province’s chief medical officer of health, will hold a news conference Wednesday afternoon to discuss kids returning to schools.

“We have accelerated access to booster shots for education and child care staff by standing up over 10 more clinics in the past several days alone, in addition to providing access through mass-vaccination sites, pharmacies and other dedicated clinics. We are deploying an additional 3,000 stand-alone HEPA filter units to schools boards on top of the existing 70,000 HEPA filter units and other ventilation devices already in schools.,” Lecce also said.

Read the full story here: Ontario ships 9.1 million N95 masks to schools to prepare for Monday’s reopening

5:50 p.m.: Ontario is throwing hundreds of internationally trained nurses into the fight against COVID-19 as thousands of hospital staff call in sick or isolate daily and an Omicron wave of hospitalizations is expected to peak in early February.

About 300 nurses are being deployed to 50 high-need hospitals “immediately” to care for patients under supervision and work toward getting their licences in the province, Ontario Health chief executive Matthew Anderson said Tuesday.

They will be among the 6,000 extra health-care workers — including nursing students, medical students and other students from health-care programs — to join the COVID-19 effort by March 31, Health Minister Christine Elliott told a news conference as Ontario reported 80 new admissions to intensive care units, the highest daily increase of the pandemic.

“Every nurse matters. Every person that we can get to that front line of care makes a difference,” said Anderson, whose agency co-ordinates the many parts of Ontario’s health-care system.

Read the full story here: Ontario adds hundreds of foreign-trained nurses to pandemic-battered hospitals

5:40 p.m.: Prince Edward Island is reporting a series of outbreaks across the province as officials announced the second day of more than 300 new COVID-19 cases.

Chief medical officer Dr. Heather Morrison says nine early learning child-care centres across the province have reported outbreaks of the disease, seven of which were closed Tuesday.

Morrison also says clusters of cases have been found in a long-term care facility and within the population that regularly accesses shelters in the Charlottetown area.

She also reported 304 new cases of the disease, bringing the active case count in the province to 1,694.

Over the last seven days, P.E.I. has seen an average daily case count of 190.

There are now six people in hospital, including one in intensive care.

5:20 p.m.: With the Omicron variant raging throughout the province, the government has decided to hold firm and reopen schools on Jan. 17. The decision has split many parents. Some are happy schools are going to reopen quickly, while others are concerned they may not be safe. The government says it is taking measures to ensure safety for kids, but outbreaks and staff shortages are likely with the Omicron variant’s increased transmissibility. Are open schools better than the homebound alternative? That’s the question every parent of school age children in the province is wrestling with.

Listen to this episode of This Matters here: Today’s lesson: Why Ontario decided to reopen schools

4:45 p.m.: The Black Health Alliance says Quebec’s proposal to bring in a financial penalty for unvaccinated residents risks further entrenching inequities in Canada’s pandemic response and eroding trust in the government.

Quebec Premier François Legault announced Tuesday the province is working on a health-care “contribution” that would be charged to all adults who refuse to get vaccinated against COVID-19.

Provinces do not keep socioeconomic or race-based data about who has or hasn’t received a full slate of shots, but several health equity experts say there is evidence some have fallen through the cracks.

Black Health Alliance executive director Paul Bailey says the tax could punish people who have been hesitant to receive vaccines because of historic and present-day injustices, or face systemic barriers to accessing the vaccine.

He suggests instead doubling down on proven measures of combating vaccine hesitancy by engaging with people in a culturally responsive way.

He says a tax would only set those efforts backwards.

4:15 p.m.: New Brunswick’s chief epidemiologist says if current trends continue, the province could see 5,500 people testing positive each day for COVID-19 by the end of the month.

Mathieu Chalifoux told a news conference in Fredericton today that could result in nearly 220 people in hospital.

There are currently a record 88 people hospitalized with COVID-19 in the province, including 14 in intensive care and 11 on a ventilator.

Chief medical officer of health Dr. Jennifer Russell says New Brunswickers can help flatten the curve by further limiting their contacts.

The Edmundston Regional Hospital and the Saint John Regional Hospital are closing units and reallocating staff in an effort to deal with outbreaks in the hospitals.

There are currently 377 health-care workers who have tested positive for COVID-19 and are isolating, and officials say they expect the impact on front-line staff will increase in the coming weeks.

3:40 p.m.: Scientists are seeing signals that COVID-19′s alarming omicron wave may have peaked in Britain and is about to do the same in the U.S., at which point cases may start dropping off dramatically.

The reason: The variant has proved so wildly contagious that it may already be running out of people to infect, just a month and a half after it was first detected in South Africa.

“It’s going to come down as fast as it went up,” said Ali Mokdad, a professor of health metrics sciences at the University of Washington in Seattle.

At the same time, experts warn that much is still uncertain about how the next phase of the pandemic might unfold. The plateauing or ebbing in the two countries is not happening everywhere at the same time or at the same pace. And weeks or months of misery still lie ahead for patients and overwhelmed hospitals even if the drop-off comes to pass.

Read the full story here: Omicron may be headed for a rapid drop in US and Britain

3:30 p.m.: A Nova Scotia government official says 25 of the province’s 133 nursing homes are currently not accepting new admissions because of staffing issues partly caused by the COVID-19 pandemic.

Katelyn Randell, director of long-term care, told the legislature’s health committee today that the “pause” on admissions is to allow facilities to address what she says are “staffing gaps.”

Randell didn’t say how many workers are missing, saying the number changes almost daily.

She says the Department of Seniors and Long-Term Care has assigned more than 19 short-term replacement nurses to help at various facilities.

Meanwhile, health officials reported one new death in the province as a result of novel coronavirus — a man in his 80s in the Halifax area.

They also reported 15 new hospital admissions and 16 discharges bringing the total number of people in hospital due to an infection to 58, with four patients in intensive care.

2:25 p.m. (Update): Quebec is looking at taxing residents who don’t get vaccinated.

Premier François Legault dropped that bombshell Tuesday during a news conference ostensibly arranged to address the resignation a day earlier of his top public health official, Dr. Horacio Arruda.

But after briefly thanking Arruda and naming his replacement, Dr. Luc Boileau, the premier turned his thoughts to the surge in COVID-19 hospitalizations in his province and the number of Quebecers who remain unvaccinated.

“I’m announcing that we are currently working on a health-care contribution that will be charged to all adults in Quebec who refuse to get vaccinated,” said Legault.

“All people who are not vaccinated for non-medical reasons will have to pay a contribution,” Legault said.

He likened the contribution to the drug insurance coverage in Quebec, where, if a person’s employer doesn’t cover drug insurance, the person pays a contribution when they pay their taxes.

Legault said he would be working with his finance minister to sort out the logistics of such a contribution but that it would be a “significant amount.”

“Fifty dollars or $100, for me, is not significant,” said Legault. “But we haven’t yet set the amount.”

Read the full story here from Steve McKinley.

2:13 p.m.: Parents in Ontario are exhausted.

With schools closed yet again, working families everywhere have had to deal with the emotional rollercoaster of COVID-19 in schools. It’s been an education no one asked for.

The province has confirmed the province’s 2 million students will be back in classrooms next Monday. Ontario is distributing masks for teachers and students and working to improve filtration in classrooms, the education minister said on Tuesday.

New provincial guidance says that only students and teachers who show symptoms of COVID-19 while at school will have access to PCR tests once schools reopen to in-person learning.

The seven-page document from the Ministry of Health offers guidance on case, contact, and outbreak management for schools and child care settings, and includes new advice on PCR and and rapid antigen testing (RAT).

So, what are some of the things parents want to know before kids head back to school in-person? Send us your questions here.

Check out the reader submission form here.

2 p.m.: Teachers’ unions are expressing safety concerns ahead of schools reopening in Ontario next week, as the government sharply limits access to PCR tests for students and teachers.

Karen Brown, president of the Elementary Teachers’ Federation of Ontario, said while many teachers want to return to in-person learning and feel it is the “best way” to engage with students, some are still concerned about whether there will be enough safety measures in place by Monday to prevent the spread of COVID-19 in schools.

Her union and the Ontario Secondary School Teachers’ Federation are calling for more HEPA filters in schools, reduced class sizes to promote physical distancing, along with COVID-19 testing, tracing and monitoring to ensure a safe return to schools.

Brown said she thinks parents should brace themselves “for a lot of interruptions.”

“What they’ve announced so far is not enough,” Brown added.

“We’re almost two years into this pandemic. Why are we still asking for those things? And we need to have testing, we need the rapid antigen testing happening, and the contract tracing to occur.”

1:55 p.m. Quebec Premier Francois Legault says adult residents who refuse to get vaccinated against COVID-19 will be charged a financial penalty.

Legault made the announcement to reporters today in Montreal, adding that the levy will only apply to people who do not qualify for medical exemptions.

It is the first time a government in Canada has announced a financial penalty for people who refuse to be vaccinated against COVID-19. Legault says the amount of the penalty hasn’t been decided but will be “significant.”

More to come.

1:47 p.m. New Orleans will reinstitute an indoor mask mandate to fight the spread of COVID-19 while readying for an influx of visitors for the Mardi Gras season, the city health director said Tuesday.

Dr. Jennifer Avegno said the mandate takes effect Wednesday at 6 a.m. and will apply to participants in the annual Mardi Gras balls that take place in the city.

Avegno said Louisiana’s statewide coronavirus daily hospitalization numbers have grown in three weeks “by a factor of seven.” She said those cases have put a strain on hospitals, with emergency room waits as long as 12 hours in some facilities.

1:11 p.m. The province has distributed 1.9 million N95 masks for teachers and education staff in preparation for schools reopening next week, and there are plans to “regularly send new shipments over the coming weeks and months.”

“We have been preparing for the return of in-class learning on Monday, Jan. 17 by doing as much as we can to improve ventilation, provide high quality PPE and expand access to vaccinations,” Education Minister Stephen Lecce said in a written statement Tuesday, adding the province has also already shipped more than 4 million three-ply masks for students.

Lecce and Dr. Kieran Moore, the province’s chief medical officer of health, will hold a news conference Wednesday afternoon to discuss kids returning to schools.

Read the full story from the Star’s Robert Benzie and Kristin Rushowy

12:50 p.m. Ontario Health Minister Christine Elliott says the province is deploying internationally educated nurses, nursing students and other health care professionals into hospitals and long-term-care homes which need staffing support.

More than 1,200 applicants have expressed interest in participating in the program.

Elliott says 2,500 ICU beds are available and can add another 500.

Ontario Health’s Matt Anderson says there has been a reduced demand on the PCR testing network in recent days.

Elliott says there will be PCR tests available for staff and students who are symptomatic while in the school setting itself. Take home PCR tests will be limited.

12:10 p.m. Toronto Zoo will be holding a mass booster vaccination clinic. The initiative will add over 5,000 daily jabs to the province’s booster campaign.

Education and child care staff will be prioritized. Priority time slots will be made available to education and child care staff outside of school hours. A special booking link is available on fhvax.com for education and child care staff to access.

The clinic will start on Jan. 12 and run seven days a week. Appointments are required in advance and can be booked at fhvax.com

“Your Toronto Zoo plays a vital role in supporting our community, and one of the best ways we can do that right now is by offering our Zoo as a mass booster vaccination location” says Dolf DeJong, Chief Executive Officer of the Toronto Zoo, in a release.

11:55 a.m. Quebec is reporting 62 more deaths attributed to coronavirus, pushing the total number of people killed by COVID-19 in the province to 12,028, the most in Canada.

The new data comes a day after the province’s public health director, Dr. Horacio Arruda, submitted his resignation to Premier François Legault.

Legault is scheduled to hold a news conference in Montreal at 1 p.m. today, where he will be accompanied by Arruda’s temporary replacement, Dr. Luc Boileau, the head of a government health-care research institution called the Institut national d’excellence en santé et services sociaux.

The Health Department says COVID-19-related hospitalizations rose by 188, to 2,742, after 433 people were admitted to hospital in the past 24 hours and 245 were discharged.

11:22 a.m. New school guidance from the Ontario government says that only certain students and teachers who show symptoms of COVID-19 will have access to PCR tests when schools reopen to in-person learning next week.

The Ministry of Health document says take-home PCR self-collection kits will only be provided to elementary and secondary students as well as education staff who become symptomatic while at school.

The test kits will only be given to students or staff who have fever or chills, a cough, shortness of breath or a loss of taste or smell, or two or more of the less common symptoms such as a runny nose, sore throat or muscle aches.

The ministry says PCR kits will not be provided to entire cohorts or school populations.

The document says those waiting for the result of a COVID-19 test, or who cannot access a test, must isolate at home regardless of vaccination status, along with others in their household.

10:35 a.m. (updated) Ontario is reporting 3,220 patients hospitalized with COVID-19 and 477 people in intensive care.

There are 250 patients on ventilators due to COVID-19; 21 new virus-related deaths were reported.

The province reported 7,951 new cases, but Public Health Ontario says the real number is likely higher due to the current testing policy.

Health Minister Christine Elliott says the province will now distinguish between people admitted to the hospital due to a COVID-19 infection and people admitted for other reasons with COVID-19.

9:45 a.m. Justin Trudeau says Canada will have enough COVID-19 vaccines for all those eligible to receive a fourth dose if needed.

The prime minister spoke with provincial and territorial leaders yesterday, and a statement issued by his office says he assured them Canada has secured enough shots for a third and potential fourth round of vaccinations.

The statement says Ottawa will do all it can to help provinces and territories cope with the fifth wave of the COVID-19 pandemic, as infections fuelled by the Omicron variant threaten to overwhelm health systems.

The federal government has said provinces and territories will receive a combined 140 million rapid tests this month, although the statement did not provide any new details on when the deliveries will be scheduled.

9:30 a.m. The Ontario government is expected to give an update Tuesday on the capacity of the province’s health-care system in the face of the fast-spreading Omicron variant of COVID-19.

Health Minister Christine Elliott is set to speak on the issue at 12:30 p.m., alongside the Matthew Anderson, the CEO of Ontario Health.

The province’s health-care system has been under growing strain in recent weeks due to the highly transmissible variant, which has also caused staffing shortages across several sectors.

The number of people in hospital with COVID-19 has skyrocketed, and there has been an overall surge in infections, even as the government limited access to testing to groups deemed more at risk.

Earlier this month, Premier Doug Ford invoked the potential for a “tsunami” of cases as he announced a temporary return to online learning for students.

9:20 a.m. According to the Ontario Hospital Association, Critical Care Services Ontario (CCSO) is now reporting at least 465 adult ICU patients with COVID-19 at provincial hospitals.

80 adults are newly admitted to intensive care with COVID-related critical illness, a single-day pandemic record for Ontario.

More people are now in Ontario ICUs with COVID-related critical illness than at the peak of the province’s deadliest second wave, around this time last year.

9:15 a.m. Between the deep freeze and the deluge of new COVID-19 cases connected to the Omicron variant, Mike Brown and his family thought it best to hunker down over the holidays.

There was a sense of relief on Dec. 30 when he heard his daughter would have a little more time before returning to her Grade 3 classroom after the Alberta government delayed reopening until Jan. 10.

The relief didn’t last long. This week, his daughter is back in school.

“I was hoping that there’d be some kind of a change … Why was last week not OK for her to go back and this week is as if, in my view, nothing has changed?” said Brown, whose daughter attends King George School in Calgary.

Read the full story from the Star’s Omar Mosleh and and Jeremy Nuttall

8:55 a.m. Poland has become the latest European nation to reach the sad milestone of 100,000 deaths related to the coronavirus.

Nearly a quarter of those deaths — some 24,000 — occurred in the most recent wave of infection that began in October, a period in which vaccines have been widely available in the European Union nation of 38 million people.

Health Minister Adam Niedzielski said Tuesday that 493 more people with COVID-19 had died, pushing the overall pandemic death toll to 100,254 in the central European nation.

8:45 a.m. British Prime Minister Boris Johnson faced a wave of public and political outrage on Tuesday over allegations that he and his staff flouted coronavirus lockdown rules by holding a garden party in 2020 while Britons were barred by law from mingling outside the home.

Opposition politicians called for a police investigation after broadcaster ITV published a leaked email invitation to “socially distanced drinks” in the garden of the prime minister’s Downing Street office and residence in May 2020. The email from the prime minister’s private secretary, Martin Reynolds, was sent to dozens of people and urged attendees to “bring your own booze.”

The event was scheduled for May 20, 2020 — the same day the government at a televised news conference reminded people they could only meet up with one person outside their household. London’s Metropolitan Police force also published reminders about the rules that day.

8:20 a.m. The urgent care centre at Peel Memorial Centre for Integrated Health and Wellness will be closed for at least three weeks, to direct staff and physicians to sites where demand is greatest.

William Osler Health System announced on Sunday, Jan. 9 the hospital would be closed until at least the end of day on Monday, Jan. 10. On Monday night, Osler announced Peel Memorial would be closed until at least Feb. 1.

Osler explained the decision was made as a result of “increasing volumes in Osler’s emergency departments and patients who require admission for care, further compounded by extreme capacity and staffing pressures.”

8:10 a.m. Novak Djokovic held a practice session on Tuesday, a day after he left immigration detention, focusing on defending his Australian Open title even while he still faces the prospect of deportation because he’s not vaccinated against COVID-19.

The top-ranked tennis star hit the show courts of Melbourne Park, where the tournament is held, within hours of winning a legal battle that allowed him to stay in the country.

At issue is whether he has a valid exemption to rules requiring vaccination to enter Australia since he recently recovered from COVID-19. A judge ruled Monday he could stay, but the immigration minister could still send him home.

There were also new questions raised Tuesday over an immigration form, on which he said he had not traveled in the 14 days before his flight to Australia. The Monte Carlo-based athlete was seen in Spain and Serbia in that two-week period.

7:20 a.m. As COVID-19 hospitalizations in Ontario hit pandemic highs, hospitals are racing to care for an influx of patients sick with a wider variety of symptoms and conditions, making this surge different from previous waves and placing additional stresses on a system already struggling to cope.

While patients are still being admitted with plummeting oxygen levels requiring breathing support — the typical COVID presentation seen in prior waves — a broader range of patients with the virus are also needing care.

Hospital leaders report COVID is now sickening greater numbers of elderly patients, people who are immunocompromised, those considered medically fragile and patients for whom the virus has exacerbated an underlying medical condition, such as heart failure, chronic obstructive pulmonary disease (COPD) or insulin-dependent diabetes.

Read the full story from the Star’s Megan Ogilvie

7:03 a.m. As Omicron sweeps through Ontario, it could take billions of dollars out of the province’s economy.

Economists say that’s the potential toll if 20 to 30 per cent of Ontario workers book off sick with the rapidly-spreading COVID-19 variant, as predicted by the province’s chief medical officer of health Dr. Kieran Moore.

“It’s certainly in the billions,” said David Macdonald, senior economist at the Canadian Centre for Policy Alternatives.

While Moore’s prediction was meant to be across all sectors, some will fare worse than others when it comes to the economic impact from Omicron-related worker absences, Macdonald argued.

Read the full story from the Star’s Josh Rubin

5:32 a.m.: Justin Trudeau says Ottawa will do all it can to help provinces and territories cope with the fifth wave of the COVID-19 pandemic, as infections fuelled by the Omicron variant threaten to overwhelm health systems.

The prime minister spoke with provincial and territorial leaders yesterday, and a statement issued by his office says he assured them that there are enough vaccine doses available for all eligible Canadians to receive third booster shots.

The federal government has said provinces and territories will receive a combined 140 million rapid tests this month, although the statement did not provide any new details on when the deliveries will be scheduled.

The statement says Trudeau also emphasized the need to promote support programs, such as the federal wage subsidy, to help people and businesses survive the latest lockdowns and public health restrictions.

The call with the First Ministers came as COVID-19 case numbers and hospitalizations continue to surge throughout Canada.

5:31 a.m.: A new poll suggests a slim majority of Canadians support the latest round of lockdowns and other government-imposed restrictions as the Omicron variant continue to fuel an explosion in new COVID-19 infections.

Fifty-six per cent of respondents in the poll conducted by Leger and the Association of Canadian Studies agreed governments are making the right decisions to limit the spread of Omicron and keep the health system from being overrun.

Another 31 per cent said they did not believe Omicron poses a serious health risk to most of those who are infected, and that governments should leave things open and let Canadians live with the risk.

The remaining 14 per cent said they did not know.

The results suggest there is a growing level of fatigue among Canadians when it comes to lockdowns, including among those who have been fully vaccinated, said Leger executive vice-president Christian Bourque.

5:31 a.m.: As Quebec officials consider tightening the rules for the unvaccinated, health experts in the province say expanding the vaccine passport system is justified because of the high number of COVID-19 patients in hospital who have refused to be jabbed.

Others, however, say the people who are rejecting COVID-19 vaccines are doing so out of ideology and likely won’t be swayed by the government’s latest restrictions.

Last week, Health Minister Christian Dubé said proof of vaccination will be required to shop at Quebec’s cannabis and liquor monopolies starting Jan. 18 and that the passport could be expanded further to include businesses such as shopping malls and personal care salons. Quebec’s College of Physicians on Friday said the vaccine passport should be required for places such as large department stores, libraries and museums.

Dubé has repeatedly said that about 10 per cent of Quebec adults are unvaccinated but represent about 50 per cent of COVID-19-related hospitalizations. But data published by the Health Department on Monday indicated that 32 per cent of the 4,094 people hospitalized with COVID-19 in the past 28 days had either been unvaccinated or were fewer than 14 days removed from their first dose.

Dr. Donald Vinh, an infectious disease specialist at McGill University Health Centre, said he supported an expanded vaccine passport system because it could encourage more people to get vaccinated. Any reduction in the number of COVID-19 patients in Quebec’s hospitals would help, he added.

5:29 a.m.: British Prime Minister Boris Johnson faced more allegations that he and his staff flouted coronavirus lockdown rules, this time by holding a garden party in 2020 while Britons were barred by law from mingling outside the home.

Opposition politicians called for a police investigation after broadcaster ITV published a leaked email invitation to “socially distanced drinks” in the garden of the prime minister’s Downing Street office and residence in May 2020. The email from the prime minister’s private secretary, Martin Reynolds, was sent to dozens of people and urged attendees to “bring your own booze.”

The event was scheduled for May 20, 2020 — the same day the government at a televised news conference reminded people they could only meet up with one person outside their household. London’s Metropolitan Police force published reminders about the rules on the same day.

During Britain’s first lockdown, which began in March 2020, gatherings were banned with a few exceptions, including work and funerals.

Johnson’s Conservative government has repeatedly been accused of flouting the rules it imposed on others.

5:29 a.m.: The head of the Serbian Orthodox Church Patriarch Porfirije has tested positive for COVID-19, the church said on Tuesday, amid a surge in infections in the country and elsewhere in the Balkan region.

Porfirije has developed “very mild symptoms of the virus infection” and remains in home isolation, said the statement. It added that Porfirije is carrying out administrative duties entirely without problems.

The 60-year-old patriarch became the head of the Serbian Orthodox Church after the previous patriarch, Irinej, died in November 2020 after contracting the coronavirus.

Porfirije on Sunday attended a mass ceremony in Republika Srpska, the Serb-run part of neighbouring Bosnia, where few people wore face masks.

5:28 a.m.: Poland has become the latest European nation to reach the grim milestone of 100,000 deaths related to the coronavirus.

Nearly a quarter of those deaths — some 24,000 — occurred in the most recent wave of infection that began in October, a period in which vaccines have been widely available in the European Union nation.

Health Minister Adam Niedzielski said early Tuesday that 493 deaths of people with COVID-19 had been registered in the past day, pushing the death toll to over 100,000.

The vast majority of the deaths are among people who have not been vaccinated. The vaccination rate in Poland is 55.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Poland now joins Italy, the U.K, France and Germany as those European nations that have recorded 100,000 deaths.

Tuesday 5:26 a.m.: A third Chinese city has locked down its residents because of a COVID-19 outbreak, raising the number confined to their homes in China to about 20 million people.

It wasn’t clear how long the lockdown of Anyang city, home to 5.5 million, would last as a notice said it was being done to facilitate mass testing but did not indicate if it would end when the testing is completed.

Another 13 million people are locked down in the city of Xi’an and 1.1 million in Yuzhou.

Read Monday’s coronavirus news.

Nutson’s Auto News Weekly Wrap-up


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AUTO CENTRAL CHICAGO – January 9, 2022; Every Sunday Larry Nutson, The Chicago Car Guy and Executive Producer, with able assistance from senior editor Thom Cannell from The Auto Channel Michigan Bureau, compile The Auto Channel’s “take” on this past week’s automotive news, condensed into easy to digest news Nuggets.

LEARN MORE: Full versions of today’s news nuggets along with thousands of pages of relevant news and opinions, information stored in a million page library published and indexed on The Auto Channel during the past 25 years. Complete information can be found by copying a bold headline and then inserting into any Site Search Box.

Nutson’s Automotive News Wrap-up – Week Ending January 8, 2022; Below are the past week’s important, relevant, semi-secret, or snappy automotive news, opinions and insider back stories presented as
expertly crafted easy-to-digest news nuggets.

* General Motors has been the top-selling automaker in the United States since 1931. Toyota now holds the No. 1 spot in the U.S. market for 2021, selling 2.3 million vehicles to GM’s 2.2 million. This is largely due to the supply chain issues that crippled GM production for much of the year. But it’s more than that, as Reuters points out. GM has been diminishing itself by choice. The company largely abandoned the compact car segment, and cut production of midsize Malibu sedans to favor trucks during the worst of the chip shortage. Result: Toyota sold more than 729,000 passenger cars in the United States during 2021. GM sold about 162,000 cars. Toyota’s lead in cars overcame its deficit to GM in U.S. truck sales.

* Ford, Toyota, Honda, Hyundai, Kia all had sales declines in December. GM slid 43{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in Q4. 2021 closed on a down note with total sales just over 15 million vehicles, up 3.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from 2020, the year the pandemic took hold in the U.S.

* Tesla global sales is evidence of the rapidly rising acceptance of electric cars, especially in China. Tesla Inc. delivered 308,600 vehicles worldwide in the fourth quarter, smashing the previous record for the electric-car maker and setting a capstone on a year in which the company joined the exclusive $1 trillion market valuation club. The better-than-expected results pushed Tesla’s total sales for the year to more than 936,000, up about 87{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} over 2020’s deliveries of just under half a million vehicles.

* More than 2200 exhibitors were planning to be at CES 2022 this week. However, overall, the show got scaled down due to concerns over the Covid Omnicon variant. In the automotive space, General Motors, BMW, Stellantis and Mercedes all canceled their physical presence. Fisker, BrightDrop, and Blink Charging still were at the show. The Chevrolet Silverado EV, Mercedes-Benz Vision EQXX concept and the 2023 BMW iX M60 were unveiled through online events during CES.

* At CES 2022, the Chrysler brand revealed the Chrysler Airflow Concept, giving a glimpse at the leading-edge drive-system technology, fully connected customer experiences and advanced mobility features, wrapped in inspiring, dynamic design, which will fuel the Chrysler brand’s future. Chrysler plans to be an all-electric producer by 2028.

* Sony revealed plans at CES to get into the auto business with a new business unit, Sony Mobility Inc. And, Sony showed another new concept vehicle: Vision-S 02. This is follows along from two years ago at CES when Sony showed a functional electric vehicle concept. The Vision-S 01 has been under testing in Europe for the past year.

* At CES 2022 a new player, the Vietnamese auto startup VinFast introduced three new battery-electric vehicles. This follows the debut of two other all-electric models at the Los Angeles Auto Show just two months ago. They expect to be selling in the U.S. later in 2022.

* Joe White writing for Reuters commented regarding CES: ‘once again the auto industry has proven you don’t need to gather hundreds of reporters in a convention hall to make news. Though it is fitting, given the huge wagers auto and tech companies are making, that the biggest U.S. auto show is now nominally taking place in Las Vegas.”

* In a new study GasBuddy forecasts the nationwide average price for gas will be $3.41 in 2022. The current price nationwide averages about $3.29. GasBuddy thinks prices could near $4 a gallon by June as drivers take to the roads for the summer. California is seen as primed for more gas price inflation in 2022. GasBuddy thinks gas prices could approach $6 a gallon in San Francisco, while hovering around $5.50 in Los Angelos and Sacramento. The average price for gas in California is currently $4.65, per data from AAA. In total, the average U.S. household may spend $2,341 next year on gas, compared to $1,977 in 2021. It would be the most spent on gas by households since 2014, according to GasBuddy.

* A new NBC sitcom “American Auto” will bring you inside the corporate headquarters of a Detroit auto maker. “American Auto,” which aired two episodes in December as a sneak peek, officially premiered this week in its regular time slot at 8 pm Tuesday. Set in Detroit, but filmed in the former Toyota headquarters building in Los Angeles, the comedy explores the day-to-day ongoings of Payne Motors, a fictional 100-year-old car company that’s struggling at a time when the future of the entire industry is up for grabs. Tune in.

* Electric pickups are hot. In September, due to huge demand for the F150 Lightning, Ford doubled its production plan from 40,000 to 80,000 trucks per year. The demand keeps growing, so Ford is doubling it again and now plans to produce 150,000 annually. Of note, nearly half of those ordering the new F150 Lightning do not own a Ford now.

* Joe White writing for Reuters points out that automakers and many Americans really like big trucks and SUVs, as sales figures and pricing data from the last couple of years prove. But keep an eye on criticism that big trucks pose an outsized safety risk, particularly to pedestrians. The Detroit Three have had a nearly decade-long vacation from significant challenges from safety advocates to the large, heavy vehicles that pay the bills. Climate concerns and rising traffic deaths could change that.

* Reuters reports Robo-semi company TuSimple said one of its trucks drove 80 miles on public highways in Arizona with no human driver on board and no human intervention. The Dec. 29 announcement appears to be a first for the nascent robo-trucking industry. Other robo-truck companies – including Gatik – are targeting 2022 to take out drivers and start scaling up automated, commercial goods delivery.

* A panel of world-renowned car designers, engineers, auto industry titans, motorsport legends, specialist journalists, broadcasters and media professionals voted for their Best Cars of the Year 2021/2022. The Kia EV6 and Hyundai IONIQ 5 tied for first place and were declared joint winners in this, the first-ever judging verdict from a new, revolutionary evaluation process. The 10 models voted for by those judges into this year’s Best COTY Top 10 are from 10 separate brands, based in six countries spread across the world’s Top 3 car-producing continents – Asia, Europe and North America. Vehicles will be displayed at the Best Cars of the Year stand at the British Motor Show this coming August, when the selection, evaluation, test driving and voting process for the Best Cars of the Year 2022/23 project will begin.

* Axalta, a leading global supplier of liquid and powder coatings, released its 69th annual Global Automotive Color Popularity Report revealing most cars on today’s roads are white (35{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}), black (19{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}) and gray (19{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}). White vehicles have been found in the most abundance on the roads since 2011 worldwide, with Asia leading in white vehicle builds. Overall, the popularity of white hit a long-term high of 39{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in 2017. For the third year in a row, Europe is the only major region to report gray as the most popular color at 27{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Silver is most popular in South America as it ranks second place with 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} usage. Black is most found in Europe at 22{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and continues to lead in the luxury segment. North America has the most amount of new red cars on the road at 8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

* A good bellwether of the eventual three NACTOY “vehicles of the year” is the Detroit Free Press winners as chosen by Auto Editor and NACTOY juror Mark Phelan. The Free Press Car, Truck and SUV of the year are the Honda Civic, Ford Maverick and Ford Bronco, respectively. NACTOY winners will be announced on January 11.

* VW CEO Herbert Diess on Twitter sketched out the contours of the new design retro-microbus EV which draws on the lines of the original model. March 9 is the date set for it to be unveiled.

* American Amy Lerner is underway for her second Dakar, piloting her 1982 Porsche 911 SC through the prologue and the first stage of the 2022 Dakar Rally in Ha’il, Saudi Arabia. She and co-pilot Sara Bossaert of Spain, joined 409 teams from around the globe taking the official start on Jan 2. It is the third time the rally has been held in KSA and the second year for the “Classic” class that is open to vehicles of the same type that have competed in any pre-2000 Dakar race. Last year saw 24 entries in the class for vintage models while there are 142 competitors this year. Hearty vehicles, experienced off-road drivers and talented navigators are required to succeed in the 14-day rally that covers more than 6,000 kilometers of terrain with a substantial amount of sand, dunes and rocky tracks. The Dakar Rally is the longest and most grueling off road competition in the world.

* The 100th anniversary of famed Route 66 will be celebrated in 2026. A new exhibition honoring one of the original highways in the United States is in the works at the Illinois State Museum. The museum has received contributions from the estate of Bob Waldmire, an artist and cartographer known for his Route 66 art pieces. Throughout the 1970s, ’80s, and ’90s, Waldmire drove Route 66 and stopped win towns along the way to create and se his art. The museum is seeking items from anyone who lived, worked and travel Route 66.

Stay safe. Be Well.