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US GDP fell at 5.0% rate in Q1; worse is likely on the way

US GDP fell at 5.0% rate in Q1; worse is likely on the way

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.
Pakistan to ground 150 pilots for cheating to get licenses

Pakistan to ground 150 pilots for cheating to get licenses

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.
Canadians outfitting backyards with pools to deal with COVID-19 pandemic

Canadians outfitting backyards with pools to deal with COVID-19 pandemic

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.
Unilever to drop terms like 'whitening' from beauty products

Unilever to drop terms like 'whitening' from beauty products

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
Macy's cuts corporate headcount by 3,900 as virus takes toll

Macy's cuts corporate headcount by 3,900 as virus takes toll

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.
Well completion firm Calfrac reports deeper loss on 36% drop in revenue

Well completion firm Calfrac reports deeper loss on 36% drop in revenue

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.
Cannabis company Canopy Growth signs deal to amend Acreage Holdings deal

Cannabis company Canopy Growth signs deal to amend Acreage Holdings deal

Canopy Growth Corp. is shaking up its Acreage Holdings Inc. acquisition deal because of "broader market and economic factors." Smiths Falls, Ont.
Aphria, Emblem and Aleafia settle dispute over cancelled supply agreement

Aphria, Emblem and Aleafia settle dispute over cancelled supply agreement

LEAMINGTON, Ont. — Aphria Inc. has reached a deal worth $29.1 million to settle a dispute with Emblem Cannabis Corp. and Aleafia Health Inc.
Orders for US big-ticket factory goods surge 15.8% in May

Orders for US big-ticket factory goods surge 15.8% in May

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.
Trade confidence plunges due to pandemic, EDC index hits all-time low

Trade confidence plunges due to pandemic, EDC index hits all-time low

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.
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