National Business

TORONTO — BMO Financial Group reported a second-quarter profit of $689 million, down from $1.5 billion a year ago, as it increased the amount set aside for bad loans due to the pandemic.

TORONTO — Five families that built and grew media conglomerate Torstar Corp. have agreed to hand the newspapers they presided over for roughly 70 years to a Canadian investment firm that plans to take the company private.

ST. JOHN'S, N.L. — Newfoundland and Labrador's government is looking for a rapid answer from Ottawa on its request for aid for the offshore oil sector in light of a quickening exodus of exploration rigs from the province.

HONG KONG — Casino tycoon Stanley Ho, whose business empire dominated the Portuguese gambling enclave of Macao for decades, died Tuesday in Hong Kong at age 98.

TOPEKA, Kan.

NEW YORK — Stocks surged on Wall Street to their highest levels since the business shutdowns took hold in the U.S.

MONTREAL — National Bank of Canada's net income plunged 32 per cent in its second quarter as it put aside five times the provisions for credit losses than it did a year ago due to the economic storm triggered by the COVID-19 pandemic.

MONTREAL — Air Canada is hoping to raise more than $1 billion in share and debt offerings to bolster its cash position amid the financial devastation of the COVID-19 pandemic.

KINGSEY FALLS, Que. — Cascades Inc. says it will close its Brown containerboard plant in Burlington, Ont., by the end of July, a decision that will affect the 45 employees. The Kingsey Falls, Que.

TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange: Toronto Stock Exchange (15,148.12, up 72.70 points.) HEXO Corp. (TSX:HEXO). Health care. Down 12 cents, or 11 per cent, to 97 cents on 16.8 million shares.