economy

Senior Deputy Governor Carolyn Wilkins answers a question during a press conference at the Bank Of Canada in Ottawa on Thursday, May 16, 2019. Wilkins, the second-in-command at the Bank of Canada says maintaining the independence of the central bank will be key to aiding the economy during and after the COVID-19 pandemic.THE CANADIAN PRESS/Sean Kilpatrick

Bank of Canada’s independence key to aiding post-COVID recovery, Wilkins says

The bank’s balance sheet has more than tripled from around $120 billion in early March

Senior Deputy Governor Carolyn Wilkins answers a question during a press conference at the Bank Of Canada in Ottawa on Thursday, May 16, 2019. Wilkins, the second-in-command at the Bank of Canada says maintaining the independence of the central bank will be key to aiding the economy during and after the COVID-19 pandemic.THE CANADIAN PRESS/Sean Kilpatrick
An empty Air Canada check-in counter is seen at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. THE CANADIAN PRESS/Paul Chiasson

Air Canada reports $1.05B first-quarter loss due to impact of COVID-19 pandemic

The airline has reduced its second quarter capacity by 85 to 90 per cent

An empty Air Canada check-in counter is seen at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. THE CANADIAN PRESS/Paul Chiasson
FILE – The Toronto Stock Exchange Broadcast Centre is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim

Toronto stock market soars to near eight-week high on surging energy sector

Stock markets also rose in the U.S. even though its economy slipped into recession

FILE – The Toronto Stock Exchange Broadcast Centre is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim
A pedestrian walks past an empty store front in Montreal, Wednesday, Jan. 29, 2020. THE CANADIAN PRESS/Ryan Remiorz

More than half of Canadian companies seeing sales drop at least 20%: StatCan

Survey suggests nearly one in five businesses have laid off 80 per cent or more of their workforce

A pedestrian walks past an empty store front in Montreal, Wednesday, Jan. 29, 2020. THE CANADIAN PRESS/Ryan Remiorz
A man walks through a near deserted Convention Centre in Montreal on Thursday, March 19, 2020. The cancellation of business conferences and conventions across the country is costing cities hundreds of millions of dollars in lost revenues as the COVID-19 pandemic craters the broader tourism industry. THE CANADIAN PRESS/Paul Chiasson

Plummeting business tourism costing cities hundreds of millions in lost revenues

Vancouver has 84 business bookings cancelled through December amid border shutdowns and bans on gatherings

A man walks through a near deserted Convention Centre in Montreal on Thursday, March 19, 2020. The cancellation of business conferences and conventions across the country is costing cities hundreds of millions of dollars in lost revenues as the COVID-19 pandemic craters the broader tourism industry. THE CANADIAN PRESS/Paul Chiasson
Two men wearing protective face masks as they walk past boarded up shops in downtown Vancouver, Monday, April 6, 2020. THE CANADIAN PRESS/Jonathan Hayward

Businesses must be part of the re-opening plan when COVID-19 rules relax: Dr. Henry

Staying home when sick will be key, B.C.’s top doctor says

Two men wearing protective face masks as they walk past boarded up shops in downtown Vancouver, Monday, April 6, 2020. THE CANADIAN PRESS/Jonathan Hayward
People wearing face masks walk past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, April 20, 2020. Shares were mixed in Asia on Monday, while oil prices have fallen back. (AP Photo/Vincent Yu)

Oil price goes negative as demand collapses; stocks dip

Brent crude, the international standard, was down $1.78 to $26.30 per barrel

People wearing face masks walk past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, April 20, 2020. Shares were mixed in Asia on Monday, while oil prices have fallen back. (AP Photo/Vincent Yu)
The Ottawa headquarters of Canadian e-commerce company Shopify are pictured on Wednesday, May 29, 2019. Shopify Inc. is offering merchants interest-free, cash advances to help businesses using its e-commerce products cope with the impacts of COVID-19. THE CANADIAN PRESS/Justin Tang

E-commerce giants offer cash advances, waive fees and more amid COVID-19

The moves come as companies across Canada are struggling to stay afloat

The Ottawa headquarters of Canadian e-commerce company Shopify are pictured on Wednesday, May 29, 2019. Shopify Inc. is offering merchants interest-free, cash advances to help businesses using its e-commerce products cope with the impacts of COVID-19. THE CANADIAN PRESS/Justin Tang
Bank of Canada keeps key interest rate target at 0.25%, early data shows economy plunged

Bank of Canada keeps key interest rate target at 0.25%, early data shows economy plunged

The central bank says the downturn tied to COVID-19 will be the worst on record

Bank of Canada keeps key interest rate target at 0.25%, early data shows economy plunged
A person wearing protective equipment looks out of a window at the Herron seniors residence Monday April 13, 2020 in Dorval near Montreal’s Trudeau airport. Thirty-one residents are confirmed to have died in the past month.THE CANADIAN PRESS/Ryan Remiorz

More older Canadians die as COVID-19 toll passes 800; economy could shrink 6.2%

Ninety per cent of the deaths so far have been among those aged 60 and above

A person wearing protective equipment looks out of a window at the Herron seniors residence Monday April 13, 2020 in Dorval near Montreal’s Trudeau airport. Thirty-one residents are confirmed to have died in the past month.THE CANADIAN PRESS/Ryan Remiorz
March job losses just ‘a tiny snapshot’ of full impact of COVID-19: B.C. professor

March job losses just ‘a tiny snapshot’ of full impact of COVID-19: B.C. professor

Some sectors and demographics likely to be hardest hit

March job losses just ‘a tiny snapshot’ of full impact of COVID-19: B.C. professor
Statistics Canada’s offices at Tunny’s Pasture in Ottawa are shown on Friday, March 8, 2019. The Canadian economy posted its biggest monthly job loss since the financial crisis as the unemployment rate also pushed higher in November. THE CANADIAN PRESS/Justin Tang

Canada lost 1,011,000 jobs in March, unemployment rate up to 7.8%: StatCan

Unemployment rate hits levels not seen since 2010

Statistics Canada’s offices at Tunny’s Pasture in Ottawa are shown on Friday, March 8, 2019. The Canadian economy posted its biggest monthly job loss since the financial crisis as the unemployment rate also pushed higher in November. THE CANADIAN PRESS/Justin Tang
(The Canadian Press)

Business outlook soft even before shock of COVID-19, Bank of Canada says

Over the last two weeks, more than two million people have applied for employment insurance benefits

(The Canadian Press)
FILE – Prime Minister Justin Trudeau addresses Canadians on the COVID-19 pandemic from Rideau Cottage in Ottawa on Thursday, March 26, 2020. THE CANADIAN PRESS/Sean Kilpatrick

Liberals delay release of 75% wage subsidy details, costs: Morneau

Program will provide up to $847 per week for each worker

FILE – Prime Minister Justin Trudeau addresses Canadians on the COVID-19 pandemic from Rideau Cottage in Ottawa on Thursday, March 26, 2020. THE CANADIAN PRESS/Sean Kilpatrick
Deputy Prime Minister Chrystia Freeland listens to Minister of Finance Bill Morneau as he speaks at a press conference on COVID-19 at West Block on Parliament Hill in Ottawa, on Wednesday, March 25, 2020. THE CANADIAN PRESS/Justin Tang

Crucial details of Ottawa’s proposed wage subsidy program expected today

The government has rolled out a bailout package totalling more than $200 billion

Deputy Prime Minister Chrystia Freeland listens to Minister of Finance Bill Morneau as he speaks at a press conference on COVID-19 at West Block on Parliament Hill in Ottawa, on Wednesday, March 25, 2020. THE CANADIAN PRESS/Justin Tang
Bank of Canada (The Canadian Press)

Bank of Canada cuts key interest rate target to 0.25%

Bank governor Stephen Poloz said the goal of the decision Friday is to restore market functioning

Bank of Canada (The Canadian Press)
Ottawa seeking lower credit card interest rates amid COVID-19 crisis

Ottawa seeking lower credit card interest rates amid COVID-19 crisis

Lower-interest credit could be made available for Canadians

Ottawa seeking lower credit card interest rates amid COVID-19 crisis
(The Canadian Press)

North American stock markets open higher after strong showing Tuesday, loonie up

The Canadian dollar traded for 69.88 cents US compared with an average of 69.01 cents US on Tuesday

(The Canadian Press)
A Toronto Stock Exchange ticker is seen at The Exchange Tower in Toronto on Thursday, August 18 2011. THE CANADIAN PRESS/Aaron Vincent Elkaim

North American stock markets start the trading week down, loonie falls

S&P/TSX composite index was down 225.93 points at 11,625.88, shortly after the start of trading

A Toronto Stock Exchange ticker is seen at The Exchange Tower in Toronto on Thursday, August 18 2011. THE CANADIAN PRESS/Aaron Vincent Elkaim
A sign board in Toronto displays the TSX close on Monday March 16, 2020. THE CANADIAN PRESS/Frank Gunn

COVID-19: It could take 3 years for stock market to recover, says B.C. economist

But true financial impact will depend on how long pandemic lasts

A sign board in Toronto displays the TSX close on Monday March 16, 2020. THE CANADIAN PRESS/Frank Gunn