Conference Board says Canada to avoid technical recession despite hit

Conference Board says Canada to avoid technical recession despite hit
TORONTO — The Conference Board of Canada expects the country will avoid a technical recession as the economy rebounds from a 2.7 per cent contraction in the second quarter. It expects business investment and exports to substantially decline and consumer spending to ease in the second quarter as the impact of COVID-19 takes hold. However, it forecasts growth to resume... Read More

Streaming platforms boost offers, studios release movies at home in response to COVID-19

Streaming platforms boost offers, studios release movies at home in response to COVID-19
TORONTO — Streaming platforms are joining Hollywood in throwing away the rule book in hopes of attracting viewers stuck inside during the COVID-19 pandemic. There was already a shakeup in how viewers consumed film and TV entertainment before the outbreak, driven by the growing number of streaming platforms and a slowdown in movie ticket sales. But as the entertainment industry scrambles... Read More

Grocers reassure customers about food supply as demand soars during coronavirus

Grocers reassure customers about food supply as demand soars during coronavirus
Canada’s grocery stores won’t run out of food and essentials despite unprecedented demand amid the novel coronavirus outbreak, the chief executives of the company’s big grocers say, though it may take a bit of time to restock certain products in some stores. “The issue of course is that we’re seeing demand in our stores of historic proportions — never before seen,”... Read More

More retailers shutter doors, limit services amid coronavirus outbreak

More retailers shutter doors, limit services amid coronavirus outbreak
More retailers are closing their doors or shifting to take-out orders only as concerns around the novel coronavirus outbreak increase. Fast-fashion retailer H&M announced Tuesday it would close all its American and Canadian retail locations starting Tuesday until April 2. The company said it will support workers impacted by the closure with two weeks’ pay. Montreal-based DavidsTea Inc. says it... Read More

Airports poised to lose $1.3 billion amid travel collapse, says industry group

Airports poised to lose $1.3 billion amid travel collapse, says industry group
OTTAWA — The head of the Canadian Airports Council says airports are poised to lose $1.3 billion due to COVID-19. Daniel-Robert Gooch says many major airlines will be operating at half capacity by next month amid border closures and slashed flight schedules, causing airport fees to dry up. The council president is asking Transport Minister Marc Garneau for relief on... Read More

China to restrict US journalists after US curbs on its media

China to restrict US journalists after US curbs on its media
BEIJING — China says it will revoke the credentials of Americans at three U.S. newspapers in response to new U.S. restrictions on Chinese media. In a news release posted online, the foreign ministry said early Wednesday that China demands American journalists working for the New York Times, the Wall Street Journal and the Washington Post whose credentials are due to... Read More

Fed will buy short-term loans to try to ease flow of credit

Fed will buy short-term loans to try to ease flow of credit
WASHINGTON — In its latest emergency action, the Federal Reserve is establishing a lending facility to buy short-term loans from banks and companies to ease the flow of credit as the economy grinds to a halt from the viral outbreak. The Fed announced Tuesday that it’s reviving a program it first used during the 2008 financial crisis to unclog a... Read More

S&P/TSX composite edges lower, while U.S. markets gain ground; Loonie down

S&P/TSX composite edges lower, while U.S. markets gain ground; Loonie down
TORONTO — Canada’s main stock index edged lower in early trading today after plunging more than 1,300 points on Monday. The S&P/TSX composite index was down 6.50 points at 12,353.90. In New York, the Dow Jones industrial average was up 12.53 points at 20,201.05. The S&P 500 index was up 18.13 points at 2,404.26, while the Nasdaq composite was up... Read More

Big banks working together to limit branch hours, reduce number of branches

Big banks working together to limit branch hours, reduce number of branches
TORONTO — The Canadian Bankers Association says the country’s six biggest banks are working together in their efforts to limit the spread of COVID-19 by temporarily limiting branch operating hours and reducing the number of branches, while maintaining critical services. The association says special care will be given to branches in rural communities. It says many banking services will continue... Read More

Cinemas close nationwide, studios push new movies into homes

Cinemas close nationwide, studios push new movies into homes
NEW YORK — U.S. movie theatres have closed nationwide due to the coronavirus pandemic, turning dark nearly all of the country’s 40,000-plus screens in an unprecedented shutdown. The largest chains had tried to remain open even as Hollywood postponed its upcoming release plans and guidelines for social distancing steadily diminished the recommended size of crowds. But after President Donald Trump... Read More