Company releases, economic news, and business coverage.
COVID-19 continued its unforgiving march into new areas of the country on Monday, sweeping through long-term care homes and religious communities, as two provinces reported their first deaths linked to the virus.
Ontario reported its largest single-day increase by far, while hard-hit Quebec soared well past the 3,000-case mark. Newfoundland and Labrador, as well as Saskatchewan, added to the country's death toll for the first time. Meanwhile, Alberta added five more deaths to bring the province's total to eight.
NEW YORK - Macy's, Kohl's and Gap Inc. all said Monday they will stop paying tens of thousands of employees who were thrown out of work when the chains temporarily closed their stores and sales collapsed as a result of the pandemic.
Macy's said the majority of its 125,000 employees will be furloughed this week and that it is transitioning to an "absolute minimum workforce" needed to maintain basic operations. Macy's said it has lost the bulk of its sales due to the temporarily closing of more than 600 stores starting March 18.
Truckers are increasingly being denied warm meals, hot showers or even a place to wash their hands as rest stops close and service stations bar access to washrooms amid the COVID-19 pandemic.
Industry representatives say shuttered truck stops and off-limits gas stations are a growing challenge across the continent for workers who form an integral part of the supply chain — from hospital goods to grocery stores, distribution centres and home delivery — at a time when millions of Canadians are staying home and non-essential businesses closing their doors.
OTTAWA - Businesses of any size that have seen sharp and sudden drops in revenues due to COVID-19 will be eligible for a new federal wage subsidy program, the federal government said Monday, just as it signalled more help for some of the country's major employers.
The 75-per-cent subsidy on wages meant to cushion the blow from the pandemic will be available to employers that can show their revenues have fallen by at least 30 per cent due to COVID-19. It will be capped at $847 a week, backdated to March 15, and the number of workers a company or other organization employs won't be a factor.
MONTREAL - Air Canada will temporarily lay off 16,500 employees starting this week as the airline struggles with fallout from the COVID-19 pandemic.
Effective this Friday, the layoffs of 15,200 unionized workers and 1,300 managers will last through April and May amid drastically reduced flight capacity from the Montreal-based airline.
OTTAWA - Canada's charities say they have begun laying off staff and shutting down their services, which are usually in high demand during economic downturns, as the sector feels the financial sting from COVID-19.
Now the almost-86,000 registered charities in Canada are looking to the federal government to help, with multiple groups calling for immediate cash injections.
TORONTO - Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (13,038.50, up 350.76 points.)
TORONTO - Canada's main stock index moved higher on gains by the key energy sector even though the price of crude oil dropped to its lowest level since 2002.
"The reaction in the stock market is consistent with what I would call a deep breath that we're seeing in the financial markets at the moment after the huge down draft that occurred from mid-February until mid-March," said Craig Fehr, Investment Strategist, Edward Jones.
DONKIN, N.S. - A troubled underground coal mining operation in Cape Breton has been permanently closed by its owners.
In a statement released Monday, Kameron Collieries ULC said it was ceasing production operations at the Donkin mine due to "adverse geologic conditions."
CALGARY - Oilsands producers are likely losing money or barely breaking even as prices for Western Canadian Select bitumen-blend crude dipped as low as US$3.82 per barrel on Monday, analysts said.
Realized prices for bitumen likely crossed into negative territory as they tested new record low levels late last week after deducting the cost of the lighter oil blend required to allow the sticky bitumen to flow in a pipeline, said Michael Dunn with Stifel FirstEnergy in Calgary.