March 31st, 2020

Business

Feds working to get 248 Canadians stranded on COVID-19-infected cruise ship home

By The Canadian Press on March 28th, 2020

TORONTO – More than 200 Canadians remain stranded on a cruise ship off the coast of Panama where some passengers have tested positive for COVID-19 and four others have died. The federal government is working with the Panamanian government and Holland America, which operates the Zaandam, in an effort to get 248 Canadians home. Two ... Read More »

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On Wall Street, some optimism penetrates the uncertainty

By Alex Veiga And Damian J. Troise, The Associated Press on March 28th, 2020

Stocks rallied this week as Washington acted to provide $2.2 trillion of relief to an economy shocked by the coronavirus outbreak, leaving some on Wall Street cautiously optimistic that the panicky selling that had gripped the market earlier may have come to an end. Even after a loss on Friday, the S&P 500 had its ... Read More »

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Some restaurateurs get rent relief, while others stress over April bills

By Aleksandra Sagan, The Canadian Press on March 28th, 2020

Grace An nearly cried after the landlord for her downtown Toronto restaurant called with a compromise: pay half the roughly $5,000 rent in April and May, and pay back the other half over time when business, hopefully, returns to normal. “This will stretch it out for me to not file for bankruptcy in like a ... Read More »

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Federal doctor says COVID-19 battle will last ‘months, many months’ as cases soar

By The Canadian Press on March 28th, 2020

TORONTO – Canada’s deputy chief public health officer has delivered a sobering assessment of the country’s struggle with the COVID-19 pandemic. Dr. Howard Njoo says the fight is far from over, that it could include a second wave, and that we are certainly in it “for the long haul.” “It’s definitely months. Many months,” Njoo ... Read More »

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IMF head says global economy now in recession

By Martin Crutsinger, The Associated Press on March 27th, 2020

WASHINGTON – The head of the International Monetary Fund said Friday it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn. IMF Managing Director Kristalina Georgieva said the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a ... Read More »

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Trump signs $2.2T stimulus after swift congressional votes

By Andrew Taylor, Alan Fram, Laurie Kellman And Darlene Superville, The Associated Press on March 27th, 2020

WASHINGTON – President Donald Trump signed an unprecedented $2.2 trillion economic rescue package into law Friday, after swift and near-unanimous action by Congress to support businesses, rush resources to overburdened health care providers and help struggling families during the deepening coronavirus epidemic. Acting with unity and resolve unseen since the 9-11 attacks, Washington moved urgently ... Read More »

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B.C. measures appear to have slowed the increase in COVID-19: health officer

By The Canadian Press on March 27th, 2020

VICTORIA – British Columbia’s provincial health officer says she’s starting to see “glimmers of hope” in an apparent shift toward flattening the curve of COVID-19 cases in the province. The provincial government released its current and worst-case scenario data on the COVID-19 pandemic Friday. The numbers show the province more closely mirrors the South Korean ... Read More »

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Competition watchdog warns against Air Canada’s proposed deal to buy Transat

By The Canadian Press on March 27th, 2020

GATINEAU, Que. – The Competition Bureau says Air Canada’s proposed acquisition of Transat AT Inc., which owns Air Transat, likely will hinder competition and result in less choice for Canadian travellers. In a report delivered to Transport Minister Marc Garneau, the watchdog says eliminating the rivalry between the two carriers would result in higher prices, ... Read More »

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Five things about Ottawa’s support for Canadians, businesses during COVID-19

By Lee Berthiaume, The Canadian Press on March 27th, 2020

OTTAWA – The federal government capped an unprecedented week Friday by announcing a slew of measures to help small businesses cope with the COVID-19 crisis, bringing Ottawa’s total planned support in response to the pandemic to at least $200 billion. The Bank of Canada also pitched in with a surprise cut to its benchmark interest ... Read More »

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Trump seeks to force General Motors to produce ventilators

By Tom Krisher, The Associated Press on March 27th, 2020

DETROIT – President Donald Trump issued an order Friday that seeks to force General Motors to produce ventilators for coronavirus patients under the Defence Production Act. Trump said negotiations with General Motors had been productive, “but our fight against the virus is too urgent to allow the give-and-take of the contracting process to continue to ... Read More »

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Stock markets cap first winning week since February despite snapping rally

By The Canadian Press on March 27th, 2020

TORONTO – Canada’s main stock index capped its first winning week since mid-February despite snapping a three-day rally as cases of COVID-19 continue to soar. The S&P/TSX composite index closed down 683.43 points or 5.1 per cent at 12,687.74. In New York, the Dow Jones industrial average was down 915.39 points at 21,636.78. The S&P ... Read More »

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