Powell warns that long downturn would mean severe damage

Powell warns that long downturn would mean severe damage
WASHINGTON — Federal Reserve Chairman Jerome Powell warned Tuesday that the U.S. economy faces a deep downturn with “significant uncertainty” about the timing and strength of a recovery. He cautioned that the longer the recession lasts, the worse the damage that would be inflicted on the job market and businesses. In testimony to Congress, Powell stressed that the Fed is... Read More

’60 Minutes’ aside, summertime escapism rules network TV

’60 Minutes’ aside, summertime escapism rules network TV
LOS ANGELES — Summertime escapism in the form of talent and game shows ruled on broadcast TV, with “60 Minutes” the exception. “America’s Got Talent” on NBC was the most-watched show last week, according to Nielsen company ratings out Tuesday. But the No. 2 slot was claimed by CBS’ long-running news magazine, which included reports on the pandemic’s effect on... Read More

RNC Minerals shares will begin trading Wednesday under new name Karora Resources

RNC Minerals shares will begin trading Wednesday under new name Karora Resources
TORONTO — RNC Minerals has changed its name and stock ticker. The Toronto-based mining company now known as Karora Resources Inc. will have its stock trade beginning Wednesday under new symbols. Shares and warrants will trade under the symbols KRR and KRR.WT respectively. RNC says the new name more accurately reflects its business focus on growing gold production in Western Australia.... Read More

Bank of Canada has no immediate intentions to raise interest rates, Macklem says

Bank of Canada has no immediate intentions to raise interest rates, Macklem says
OTTAWA — Canada’s new top central banker says the Bank of Canada has no intention to raise interest rates given the current economic circumstances created by the COVID-19 pandemic. Governor Tiff Macklem says the central bank is keeping rates is focused on delivering low interest rates for the foreseeable future to support an economic recovery. That should also help lower the debt-servicing... Read More

Most actively traded companies on the TSX

Most actively traded companies on the TSX
TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange: Toronto Stock Exchange (15,515.82, up 156.17 points.) Bombardier Inc. (TSX:BBD.B). Industrials. Up 3.5 cents, or 7.61 per cent, to 49.5 cents on 21.6 million shares. Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Up 38 cents, or 1.59 per cent, to $24.27 on 12.2 million shares. Baytex Energy Corp. (TSX:BTE). Energy. Unchanged at 67 cents... Read More

North American stock markets climb on economic data and potential virus treatment

North American stock markets climb on economic data and potential virus treatment
TORONTO — North American stock markets climbed as signs of a faster economic recovery and a promising potential treatment for COVID-19 offset lingering concerns about a second wave of infection. The S&P/TSX composite index closed up 156.17 points at 15,515.82. In New York, the Dow Jones industrial average was up 526.82 points or two per cent at 26,289.98. The S&P 500... Read More

EU authorities open twin Apple antitrust investigations

EU authorities open twin Apple antitrust investigations
LONDON — European Union regulators opened two investigations on Tuesday into Apple’s mobile app store and payment platform over concerns its practices distort competition, opening a new front in the EU’s battle against the dominance of big tech companies. The EU’s executive Commission said it formally launched the investigations over concerns that Apple’s way of doing business hurts consumers by... Read More

Non-mortgage debt falls for first time in more than a decade in Q1, Equifax says

Non-mortgage debt falls for first time in more than a decade in Q1, Equifax says
TORONTO — Credit rating agency Equifax Canada says consumer average non-mortgage debt dropped for the first time in more than a decade in the first quarter as a result of the COVID-19 pandemic. This debt decreased nearly 0.5 per cent, reflecting a significant drop in consumer spending in March. Equifax says the average non-mortgage debt in Canada fell to $23,386. Provincially, Saskatchewan fell the most... Read More

Facebook strikes agreement with Canadian Press to create eight reporting jobs

Facebook strikes agreement with Canadian Press to create eight reporting jobs
TORONTO — Facebook has struck an agreement with The Canadian Press that will create eight new reporting jobs. The digital giant says it will provide $1 million through a one-year fellowship initiative to allow the news agency to hire, train, equip and provide salary and benefits for reporters to be added to its newsrooms from Halifax to Vancouver. The jobs... Read More

$500-a-week COVID-19 benefit to be extended eight weeks: PM

$500-a-week COVID-19 benefit to be extended eight weeks: PM
OTTAWA — Prime Minister Justin Trudeau says his government’s signature benefit for people whose jobs have vanished amid the COVID-19 pandemic will be extended by eight weeks. The Canada Emergency Response Benefit has paid $500 a week for a maximum of 16 weeks depending on when people signed up for the help either because they lost their jobs or saw... Read More