National Business

One of Canada's largest newspaper conglomerates will lay off about 40 employees after a number of its unions would not approve a temporary salary reduction to help reduce costs amid the COVID-19 pandemic, according to a memo sent to staff.

EDMONTON — Premier Jason Kenney says Alberta has been among the world leaders in staunching the spread of the COVID-19 pandemic, but at a staggering financial cost the province cannot afford to repeat should there be a second wave.

TORONTO — Sales of mobile phones have been "very quiet" and likely won't pick up until customers return to stores and malls that have been temporarily closed due to the pandemic, the head of Canada's largest wireless business said Wednesday.

Canada's housing sector will see a retreat in prices, sales and building in the months ahead and likely won't see a return to pre-pandemic levels until at least the end of 2022, said Canada Mortgage and Housing Corp. in an outlook released Wednesday.

TORONTO — Midway through bank earnings season, a picture is forming of a financial industry starting to feel the weight of loan deferrals and massive money allocations to cover potential defaults.

The typical pay package for CEOs at the biggest U.S. companies topped $12.3 million last year, and the gap between the boss and their workforces widened further, according to AP’s annual survey of executive compensation.

OTTAWA — The Canada Border Services Agency says it has initiated an investigation in alleged dumping of some steel imports from Taiwan, Germany, South Korea, Malaysia and Turkey.

CAMBRIDGE, Ont. — ATS Automation Tooling Systems Inc. says it is focused on its costs and the preservation of liquidity as it works to deal with disruptions caused by the pandemic.

TORONTO — BMO Financial Group reported a second-quarter profit of $689 million, down from $1.5 billion a year ago, as it increased the amount set aside for bad loans due to the pandemic.

TORONTO — Five families that built and grew media conglomerate Torstar Corp. have agreed to hand the newspapers they presided over for roughly 70 years to a Canadian investment firm that plans to take the company private.