National Business

MONTREAL — BRP Inc. says it will cut 650 jobs or about five per cent of its global workforce as the recreational product maker stops producing outboard motors that have been "hard hit" by the COVID-19 pandemic.

TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange ( 15,272.03, up 123.91 points.) Air Canada (TSX:AC). Industrials. Down $1.23, or 6.96 per cent, to $16.44 on 17.4 million shares.

TORONTO — Canada's main stock index recovered from early trading weakness Wednesday to move to its highest closing in nearly three months on the strength of the heavyweight financials sector. It surged for a second straight day, gaining 3.

One of Canada's largest newspaper conglomerates will lay off about 40 employees after a number of its unions would not approve a temporary salary reduction to help reduce costs amid the COVID-19 pandemic, according to a memo sent to staff.

EDMONTON — Premier Jason Kenney says Alberta has been among the world leaders in staunching the spread of the COVID-19 pandemic, but at a staggering financial cost the province cannot afford to repeat should there be a second wave.

TORONTO — Sales of mobile phones have been "very quiet" and likely won't pick up until customers return to stores and malls that have been temporarily closed due to the pandemic, the head of Canada's largest wireless business said Wednesday.

Canada's housing sector will see a retreat in prices, sales and building in the months ahead and likely won't see a return to pre-pandemic levels until at least the end of 2022, said Canada Mortgage and Housing Corp. in an outlook released Wednesday.

TORONTO — Midway through bank earnings season, a picture is forming of a financial industry starting to feel the weight of loan deferrals and massive money allocations to cover potential defaults.

The typical pay package for CEOs at the biggest U.S. companies topped $12.3 million last year, and the gap between the boss and their workforces widened further, according to AP’s annual survey of executive compensation.

OTTAWA — The Canada Border Services Agency says it has initiated an investigation in alleged dumping of some steel imports from Taiwan, Germany, South Korea, Malaysia and Turkey.