Aid coming for seniors facing ‘real’ cost increases due to COVID-19, Duclos says

Aid coming for seniors facing ‘real’ cost increases due to COVID-19, Duclos says
OTTAWA — One of Prime Minister Justin Trudeau’s top ministers says federal assistance is on the way for seniors on fixed incomes who have faced an increase in the cost of living as a result of the COVID−19 pandemic. The Liberals have promised help for seniors, particularly those whose income is derived from public and private pensions, although the details... Read More

Shopify overtakes RBC as most valued Canadian company as online services in demand

Shopify overtakes RBC as most valued Canadian company as online services in demand
OTTAWA — Shopify Inc. overtook RBC as the most valuable Canadian company Wednesday after the company’s share price climbed on signs demand for online commerce is higher than ever. The stock price of the Ottawa-based online merchant platform was up $67.17 or 6.94 per cent to $1,034.42 Wednesday as its results beat analyst expectations, vaunting its market capitalization to $121.26 billion — and ahead... Read More

Frontera suspends dividend, withdraws guidance as it reports $388-million loss

Frontera suspends dividend, withdraws guidance as it reports $388-million loss
CALGARY — Frontera Energy Corp. says it has suspended its dividends, withdrawn its guidance for the year and won’t repurchase shares because of difficult operating conditions. The Calgary-based oil producer says it lost nearly $388 million or $4.04 per diluted share in the first quarter due to lower oil prices. That compared with a profit of $46.2 million or 47 cents per... Read More

Most actively traded companies on the TSX

Most actively traded companies on the TSX
TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (14,830.74, up 19.18 points.) Freegold Ventures Ltd. (TSX:FVL). Materials. Up nine cents, or 112.5 per cent, to 17 cents on 26.5 million shares. Enbridge Inc. (TSX:ENB). Energy. Up 21 cents, or 0.49 per cent, to $43.27 on 25 million shares. Bombardier Inc. (TSX:BBD.B).... Read More

Shopify reorients for increased demand due to pandemic, reports Q1 revenue up

Shopify reorients for increased demand due to pandemic, reports Q1 revenue up
OTTAWA — The COVID-19 pandemic has pushed Shopify Inc.’s share price up on anticipated increased demand for online sales, while also pushing the company to reorient priorities and standards. The company says it has quickly reoriented to offer newer options like curbside pickup, while also suspending its brand campaign and shift its marketing team towards producing online tutorials such as how... Read More

ADP: More than 20 million jobs vanished in April

ADP: More than 20 million jobs vanished in April
BALTIMORE — U.S. businesses cut an unprecedented 20.2 million jobs in April, an epic collapse with coronavirus outbreak closing the offices, factories, schools, construction sites and stores that propel the U.S. economy. The Wednesday report from payroll company ADP showed the tragic depth and scale of job losses that left no part of the world’s largest economy unscathed. The losses... Read More

Barrick Gold removes suspended Papua New Guinea gold mine output from guidance

Barrick Gold removes suspended Papua New Guinea gold mine output from guidance
TORONTO — Barrick Gold Corp. has withdrawn production guidance for its Porgera gold mine in Papua New Guinea after suspending operations amid a dispute with the national government over an extension of its expired mining permit. The company now expects its 2020 overall gold production to be between 4.6 and 5.0 million ounces, about 200,000 ounces lower than its previous estimate that... Read More

Suncor CEO predicts slow recovery for sector from pandemic demand crunch

Suncor CEO predicts slow recovery for sector from pandemic demand crunch
CALGARY — The CEO of oilsands and refining giant Suncor Energy Inc. says he sees signs of a slight rise in consumer demand for fuel, but he doesn’t expect a full recovery in the Canadian energy sector until at least 2022. The Calgary-based company surprised analysts by cutting its quarterly dividend by 55 per cent — after 18 years of consecutive annual dividend... Read More

Canada to do millionth COVID-19 test but numbers still falling short

Canada to do millionth COVID-19 test but numbers still falling short
OTTAWA — Canada is on track to complete its millionth test for COVID-19 sometime in the next 24 hours even as the country’s biggest province continues to struggle to hit its own testing target. Dr. Theresa Tam, the chief public health officer of Canada, reported that as of Wednesday morning, more than 970,000 tests had been completed nationwide since the start of... Read More

Tech sector helps lift S&P/TSX composite, U.S. stock markets mixed

Tech sector helps lift S&P/TSX composite, U.S. stock markets mixed
TORONTO — Gains in the technology sector led by better-than-expected results from Shopify Inc. helped lift Canada’s main stock index in late-morning trading even as the price of oil slipped lower and the energy sector lost ground. The S&P/TSX composite index was up 39.81 points at 14,851.37 as shares in Shopify rose more than five per cent. In New York,... Read More