National Business

WASHINGTON — The U.S. economy shrank at a 5.0% rate in the first quarter and a vastly worse performance is expected in the current three-month period, when the coronavirus pandemic began to spread across the U.S.

ISLAMABAD — Pakistan’s state-run airline said Thursday it will ground 150 pilots, accusing them of obtaining licenses by having others take exams for them, an accusation that followed a probe into last month’s crash that killed 97 people in Karachi.

TORONTO — Seven-year-old Stanley has been donning a wet suit to swim in his pool since March to keep busy while shut-in at home during the COVID-19 pandemic.

THE HAGUE, Netherlands — Consumer products giant Unilever said Thursday it is aiming for a “more inclusive vision of beauty” in its skin care products and will remove words such as “fair,” “whitening” and “lightening” from its products, a move that c

NEW YORK — Macy's said Thursday it's laying off 3,900 people corporate staffers, roughly 3% of its overall workforce, as the pandemic takes a financial toll on the iconic department store chain's sales and profits.

CALGARY — Calfrac Well Services Ltd. is reporting a sharply deeper loss on lower revenue as demand for its oil and gas well completion services slumped in the first quarter.

Canopy Growth Corp. is shaking up its Acreage Holdings Inc. acquisition deal because of "broader market and economic factors." Smiths Falls, Ont.

LEAMINGTON, Ont. — Aphria Inc. has reached a deal worth $29.1 million to settle a dispute with Emblem Cannabis Corp. and Aleafia Health Inc.

WASHINGTON — Orders to American factories for big-ticket goods rebounded last month from a disastrous April and March as the U.S. economy began to slowly reopen.

OTTAWA — Export Development Canada says trade confidence among Canadian exporters hit all-time low in its latest survey due to the economic shock as a result of the COVID-19 pandemic.