Fed minutes show concerns about severity of downturn

Fed minutes show concerns about severity of downturn
WASHINGTON — Federal Reserve officials last month expressed concerns about the severity of the economic downturn triggered by the coronavirus pandemic, saying the drop in economic activity in the spring would likely be the steepest in the post-World War II period. The minutes of the June 9-10 discussions, which were made public Wednesday, show officials grappling with economic disruptions that... Read More

Surge in sales ahead of Canada Day helping fireworks companies in difficult year

Surge in sales ahead of Canada Day helping fireworks companies in difficult year
Fireworks companies say they’re experiencing a surge in consumer sales as people try to recreate Canada Day displays that were cancelled because of COVID-19. Gary Colquhoun, owner of Fireworks Atlantic in Yarmouth, N.S., said he’s received five months worth of orders in the past two weeks after a slow start to the year. Colquhoun, who sells across the country, says he’s running three shifts a... Read More

NYC delays resumption of indoor dining at restaurants

NYC delays resumption of indoor dining at restaurants
NEW YORK — Indoor dining at New York City restaurants will be delayed out of fear it would cause a spike in coronavirus infections, Mayor Bill de Blasio and Gov. Andrew Cuomo said Wednesday. De Blasio, a Democrat, said he was concerned that if the city welcomed diners back into the enclosed spaces of its restaurants, it might experience the... Read More

Asia Today: Thailand lets in some foreigners, opens schools

Asia Today: Thailand lets in some foreigners, opens schools
BANGKOK — Thailand has begun a fifth phase of relaxations of COVID-19 restrictions, allowing the reopening of schools and high-risk entertainment venues such as pubs and massage parlours that had been shut since mid-March. It also is allowing in foreign visitors on a controlled basis, limiting entry to those with existing family or work ties to the country, students, technical... Read More

US construction spending fell 2.1% in May

US construction spending fell 2.1% in May
WASHINGTON — U.S. construction spending fell 2.1% in May with both home building and nonresidential activity declining. The Commerce Department said on Wednesday the May decline followed an even larger 3.5% fall in April. Construction spending was also down in March, falling 0.3%. The construction industry has been rocked by the shutdowns triggered by the coronavirus pandemic and with cases... Read More

Mexico’s legacy airline Aeromexico files for bankruptcy

Mexico’s legacy airline Aeromexico files for bankruptcy
MEXICO CITY — Mexico’s oldest legacy airline, Aeromexico, said Tuesday it has filed for Chapter 11 reorganization, a form of bankruptcy in which the carrier can keep operating while its debts and obligations are sorted out. The airline said “this legal process will not interrupt the airline’s operations” and that all tickets, reservations and bonus points would continue to be... Read More

Fitch reduces Alberta credit rating, cites concerns on heavy borrowing

Fitch reduces Alberta credit rating, cites concerns on heavy borrowing
EDMONTON — Alberta’s plan to relaunch its economy is taking a hit right out of the starting gate. The United States-based Fitch rating agency has announced it’s reducing Alberta’s credit rating to AA- from AA. Fitch cites a concern with sharply higher borrowing done by the province to deal with the economic fallout of the COVID-19 pandemic. Premier Jason Kenney is... Read More

TSX has best quarter in more than a decade as gold hits nine-year high

TSX has best quarter in more than a decade as gold hits nine-year high
TORONTO — Canada’s main stock index ended its best quarter in more than a decade as the price of gold hit its highest level since 2011. The S&P/TSX composite index closed up 125.50 points at 15,515.22. In New York, the Dow Jones industrial average was up 217.08 points at 25,812.88. The S&P 500 index was up 47.05 points at 3,100.29, while the Nasdaq... Read More

Order restricting entry to Canada extended to July 31 as COVID-19 worries remain

Order restricting entry to Canada extended to July 31 as COVID-19 worries remain
OTTAWA — The federal government says it has extended tight rules barring most foreign travellers from entering Canada until the end of July as part of efforts to slow the spread of COVID-19. The restrictions covering people seeking to enter Canada from countries other than the United States were set to expire at midnight Tuesday, the end of June. The... Read More

Statistics Canada to release April GDP report today, record plunge expected

Statistics Canada to release April GDP report today, record plunge expected
OTTAWA — Statistics Canada will release its reading for gross domestic product for April this morning. The report is expected to show a record plunge as the COVID-19 pandemic brought non-essential businesses to a halt. April is expected to be the bottom for the economy with non-essential businesses shut for the full month before they started reopening in May. Statistics Canada’s... Read More