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National Business

Toronto market falls to end a strong April and partially recover March weakness

Toronto market falls to end a strong April and partially recover March weakness

TORONTO — Canada's main stock index ended lower to cap one of its best months in years and partially recover the steep declines of March. The S&P/TSX composite index closed down 447.37 points or nearly three per cent at 14,780.74.

Precision Drilling employee count down almost 3,000 as rig activity stalls

CALGARY — The deep downturn in North American oil and gas drilling has resulted in nearly 3,000 fewer employees working for Precision Drilling Corp. now than at the same time last year, its CEO said Thursday.
Commercial landlords brace for May to be worst yet as tenants grapple with rent

Commercial landlords brace for May to be worst yet as tenants grapple with rent

TORONTO — For the last seven years, Jessica Carpinone has always been able to pay rent for the space her artisanal bakery and coffee shop Bread by Us uses in Ottawa. This year is different.
Johnson: UK 'past the peak' of outbreak but must be cautious

Johnson: UK 'past the peak' of outbreak but must be cautious

LONDON — Britain is past the peak of its coronavirus outbreak, Prime Minister Boris Johnson said Thursday, as he promised to reveal a “road map” out of national lockdown — but not yet.
Molson Coors expects Q2 drop in sales due to loss of bar and restaurant sales

Molson Coors expects Q2 drop in sales due to loss of bar and restaurant sales

Molson Coors Beverage Co. shares fell more than 10 per cent after the beer maker said it expects a challenging second quarter due to the COVID-19 pandemic. The company's shares fell $7.25, or 10.62 per cent, to $61.
Oil and gas drilling forecast revised to 49 year low as producers cut spending

Oil and gas drilling forecast revised to 49 year low as producers cut spending

CALGARY — The Petroleum Services Association of Canada has revised its 2020 Canadian drilling forecast to an almost 50-year record low of 3,100 oil and gas wells, a level not seen since 2,900 wells were drilled in 1972.
Whitecap Resources posts $2.1-billion loss, warns of 'involuntary' crude cuts

Whitecap Resources posts $2.1-billion loss, warns of 'involuntary' crude cuts

CALGARY — Oil producer Whitecap Resources Inc. says it is planning for "involuntary shut-ins" of production as North American crude storage levels threaten to exceed capacity and commodity prices remain at low levels.
Fed expands Main Street Lending Program for businesses

Fed expands Main Street Lending Program for businesses

WASHINGTON — The Federal Reserve announced Thursday that it was expanding a major lending program to provide support for businesses struggling to cope with the economic disruptions caused by the coronavirus pandemic.
US mortgage rates at all-time lows; 30-year loan at 3.23%

US mortgage rates at all-time lows; 30-year loan at 3.23%

WASHINGTON — Long-term mortgage rates tumbled to all-time lows this week as the economy and housing market continued to reel from the business and social shutdown spurred by the coronavirus pandemic.
Airports hammered by COVID struggle to survive; $2B in losses predicted

Airports hammered by COVID struggle to survive; $2B in losses predicted

TORONTO — Clobbered by anti-pandemic measures that have stifled travel and grounded much of the world's commercial aviation, Canada's airports are predicting around $2 billion in lost revenues this year.