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'This is not a garden-variety recession,' says Scotiabank CEO as Q2 profit falls

'This is not a garden-variety recession,' says Scotiabank CEO as Q2 profit falls

TORONTO — COVID-19 weighed down Bank of Nova Scotia's second quarter, causing its profit to plunge and the company to increase its reserves to cover bad loans. The Toronto-based bank reported Tuesday a profit of $1.
Under-fire UK government aide Cummings has Johnson's loyalty

Under-fire UK government aide Cummings has Johnson's loyalty

LONDON — Dominic Cummings helped Boris Johnson win power by pitting the people against the elite. Johnson’s Conservative administration has branded itself “the People’s Government.
Latam Airlines seeks bankruptcy protection as travel slumps

Latam Airlines seeks bankruptcy protection as travel slumps

BANGKOK — Latam Airlines, South America’s biggest carrier, sought U.S. bankruptcy protection Tuesday as it grapples with a sharp downturn in air travel sparked by the coronavirus pandemic.

Survey of manufacturers finds output down, expected to last months yet

TORONTO — A survey of Canadian manufacturers shows a widespread drop in output as demand falls during the COVID-19 pandemic with no quick rebound in sight.
US new-home sales post slight gain in April

US new-home sales post slight gain in April

BALTIMORE — U.S. new home sales ticked up 0.6% in April, a surprising gain amid the coronavirus outbreak that hints at the relative health of potential buyers.
Consumer confidence up slightly but remains near 6-year low

Consumer confidence up slightly but remains near 6-year low

WASHINGTON — U.S. consumer confidence inched up this month, showing signs of stabilizing, but remained near a six-year low in the face of the widespread business shutdowns that have sent the economy into recession.
Porter Airlines extends suspension of flights another month to July 29

Porter Airlines extends suspension of flights another month to July 29

TORONTO — Porter Airlines is extending the suspension of all of its flights by another month until July 29.
US home price gains quickened in March as sales plunged

US home price gains quickened in March as sales plunged

WASHINGTON — U.S. home prices accelerated in March even though sales plummeted, as those Americans still house shopping were forced to bid for a sharply diminished supply of homes. The S&P CoreLogic Case-Shiller 20-city home price index rose 3.
George R.R. Martin joins group to buy historic railway

George R.R. Martin joins group to buy historic railway

SANTA FE, N.M. — George R.R. Martin, the famed author of the “Game of Thrones” fantasy series, has joined a group to buy the historic Santa Fe Southern Railroad.
Clothing retailer Roots names Meghan Roach as new chief executive

Clothing retailer Roots names Meghan Roach as new chief executive

TORONTO — Clothing retailer Roots Corp. has named Meghan Roach as its new chief executive. Roach, who has been interim chief executive since January, replaces Jim Gabel, who left the company after the board expressed a need for "renewed leadership.
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