March 31st, 2020

Business

Air Canada to temporarily lay off 15,000 workers due to COVID-19 fallout

By The Canadian Press on March 30th, 2020

MONTREAL – Air Canada will temporarily lay off more than 15,000 unionized workers beginning this week as the airline struggles with fallout from the COVID-19 pandemic. The layoffs will continue through April and May amid drastically reduced flight capacity from the Montreal-based airline. Air Canada says the two-month furloughs will affect about one-third of management ... Read More »

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Energy sector pushes TSX higher despite big drop in price of crude oil

By The Canadian Press on March 30th, 2020

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 S&P/TSX composite index was up 350.76 points or 2.8 per cent at 13,038.50. In New York, the Dow Jones industrial average was up 690.70 points ... Read More »

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Wall Street’s rally rolls on, led by health care stocks

By Stan Choe And Alex Veiga, The Associated Press on March 30th, 2020

NEW YORK – U.S. stocks climbed Monday, led by big gains for health care companies announcing developments that could aid in the coronavirus outbreak. The rally tacked more gains onto a recent upswing for the market, which is coming off the best week for the S&P 500 in 11 years. Nascent optimism is budding that ... Read More »

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Major residential landlords signal flexibility for tenants in need

By Ian Bickis, The Canadian Press on March 30th, 2020

TORONTO – Some of Canada’s biggest residential landlords say they’re committed to working with tenants who have lost their job because of the novel coronavirus pandemic. The signals come as efforts to contain the outbreak have led to huge business disruptions and surging unemployment that have made many Canadians worried about how they will pay ... Read More »

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Air Canada memo says it will lay off 15,000 workers due to COVID-19

By The Canadian Press on March 30th, 2020

MONTREAL – Air Canada will start to temporarily lay off more than 15,000 workers this week as the airline struggles with closed borders and the fallout of the COVID-19 pandemic, according to an internal memo. This report by The Canadian Press was first published March 30, 2020. Companies in this story: (TSX:AC)... Read More »

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No adverse impacts from tritium spill at nuclear reactor, Bruce Power says

By Colin Perkel, The Canadian Press on March 30th, 2020

TORONTO – About 20 litres of heavy water containing radioactive tritium spilled in a weekend mishap at the nuclear plant near Kincardine, Ont., Bruce Power said on Monday. The spill on the floor of the idled Unit 6 at Bruce B occurred during replacement of the reactor’s major components. “Crews were flushing a system as ... Read More »

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Macy’s to furlough majority of its 125,000 workers

By Anne D'Innocenzio, The Associated Press on March 30th, 2020

NEW YORK – Macy’s says it will temporarily stop paying tens of thousands of employees who were thrown out of work when the chain closed its stores in response to collapsing sales during the pandemic. The majority of its 125,000 employees, including stock people and sales clerks, will still collect health benefits, but the company ... Read More »

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Major residential landlords signal flexibility for tenants in need during outbreak

By The Canadian Press on March 30th, 2020

TORONTO – Some of Canada’s biggest landlords say they’re committed to working with tenants who have lost their job because of the coronavirus pandemic. The signals come as efforts to contain the outbreak have led to huge business disruptions and surging unemployment levels that have made many Canadians worried about how they will pay next ... Read More »

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Rest stops barring washroom access to truckers a ‘huge problem’ as virus spreads

By The Canadian Press on March 30th, 2020

Truck drivers face an uphill challenge as rest stops shut and owners bar access to washrooms amid the COVID-19 pandemic. Teamsters Canada says truckers are increasingly being denied warm meals, hot showers or even a place to wash their hands. Union spokesman Christopher Monette says the shuttered truck stops are a “huge problem” across Canada ... Read More »

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Oilsands producers in the red as blended bitumen price dips below $4 per barrel

By The Canadian Press on March 30th, 2020

CALGARY – Analysts say 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. Michael Dunn with Stifel FirstEnergy in Calgary estimates realized prices for bitumen crossed into negative territory late last week after deducting the cost of ... Read More »

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Ontario court rules against CIBC in overtime class-action lawsuit

By The Canadian Press on March 30th, 2020

TORONTO – An Ontario Superior Court judge has ruled against the Canadian Imperial Bank of Commerce in an overtime class-action lawsuit filed more than a decade ago. Judge Edward Belobaba found the bank liable for breaching its overtime obligations to a class of about 31,000 current and former tellers, personal bankers and other front-line workers ... Read More »

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