- Canada has joined countries ranging from the United States to Hong Kong in banning foreign nationals from seven southern African countries, citing concerns about a new Covid-19 variant.
- Air Canada, Canada’s largest airline, suffered a loss of up to 11%, the most since June 2020, but the damage was widespread.
Concerns about the variant sent markets worldwide tumbling on Friday, fueling fears that the latest threat will derail the fragile global recovery. There are no direct flights in Canada from the country.
We are “moving quickly to protect Canadians’ health and safety.” “Jean-Yves Duclos, Minister of Health, told reporters in Ottawa. “We are banning foreign nationals from entering Canada who has traveled through southern Africa within the last 14 days.”
The S&P/TSX Composite Index fell 2.3 %, the most in 13 months, with each sector falling. Energy stocks led the way in losses as oil prices plummeted, with the sector losing 3.7 %.
The seven countries are South Africa, Mozambique, Botswana, Lesotho, Zimbabwe, Namibia, and Eswatini.
Air Canada announced a week ago that it no longer required assistance under a C$5.9 billion ($4.6 billion) state rescue package. On the same day, Prime Minister Justin Trudeau’s government announced that it would relax testing requirements for vaccinated Canadians traveling to the United States for a short period.
Some economists are concerned that the spread of the variant will have a significant impact on economic activity.
“Some countries have already banned flights from Africa, but this variant may be already in the works elsewhere.” “In a report to investors on Friday, Avery Shenfeld, chief economist at the Canadian Imperial Bank of Commerce, stated. “What isn’t clear is whether vaccines or antibody treatments can still protect against severe outcomes, which would be critical in determining whether it can put us back on the path to physical and economic healing.”
Source: livemint News