Skip to content

National Business

Oil and gas drilling forecast revised to 49 year low as producers cut spending

Oil and gas drilling forecast revised to 49 year low as producers cut spending

CALGARY — The Petroleum Services Association of Canada has revised its 2020 Canadian drilling forecast to an almost 50-year record low of 3,100 oil and gas wells, a level not seen since 2,900 wells were drilled in 1972.
Whitecap Resources posts $2.1-billion loss, warns of 'involuntary' crude cuts

Whitecap Resources posts $2.1-billion loss, warns of 'involuntary' crude cuts

CALGARY — Oil producer Whitecap Resources Inc. says it is planning for "involuntary shut-ins" of production as North American crude storage levels threaten to exceed capacity and commodity prices remain at low levels.
Fed expands Main Street Lending Program for businesses

Fed expands Main Street Lending Program for businesses

WASHINGTON — The Federal Reserve announced Thursday that it was expanding a major lending program to provide support for businesses struggling to cope with the economic disruptions caused by the coronavirus pandemic.
US mortgage rates at all-time lows; 30-year loan at 3.23%

US mortgage rates at all-time lows; 30-year loan at 3.23%

WASHINGTON — Long-term mortgage rates tumbled to all-time lows this week as the economy and housing market continued to reel from the business and social shutdown spurred by the coronavirus pandemic.
Airports hammered by COVID struggle to survive; $2B in losses predicted

Airports hammered by COVID struggle to survive; $2B in losses predicted

TORONTO — Clobbered by anti-pandemic measures that have stifled travel and grounded much of the world's commercial aviation, Canada's airports are predicting around $2 billion in lost revenues this year.
McDonald's says 25% of stores closed as 1Q sales fall

McDonald's says 25% of stores closed as 1Q sales fall

McDonald's says it has likely reached the trough of global restaurant closures due to COVID-19, with 25% still shuttered. But business has been slow to return as lockdown orders continue to disrupt consumers' routines.
Looking for car? Vehicle market likely to look very different due to pandemic

Looking for car? Vehicle market likely to look very different due to pandemic

TORONTO — Motorists are advised to fasten their seatbelts for a very different spring car-buying season. In addition to complicating the shopping experience, the COVID-19 pandemic could have an impact on selection, price and financing, say experts.
Economic growth stalled in February ahead of pandemic-related downturn

Economic growth stalled in February ahead of pandemic-related downturn

OTTAWA — Economic growth in Canada stalled in February ahead of the collapse in March due to the COVID-19 pandemic, Statistics Canada said Thursday.
With European economy in record drop, central bank gives aid

With European economy in record drop, central bank gives aid

FRANKFURT — The European Central Bank is stepping up its efforts to cushion the economy against a record downturn that the bank's president, Christine Lagarde, said was “of a magnitude and speed that are unprecedented in peacetime.
EPL's Saudi piracy concerns as Newcastle takeover assessed

EPL's Saudi piracy concerns as Newcastle takeover assessed

The English Premier League has to decide whether to approve Saudi Arabia's takeover of Newcastle while concerned that piracy of its broadcasts from the kingdom poses a “significant risk” to the competition's revenue.