National Business

TORONTO — North American stock markets were pummelled midweek by the Federal Reserve chairman's warning about a prolonged economic downturn amid growing concerns about a second wave of COVID-19 infections.

WASHINGTON — Federal Reserve Chair Jerome Powell warned Wednesday of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent long-lasting economic damage.

TORONTO — Rideshare and cab companies operating in Canada are retooling their apps and services to help stop the spread of COVID-19 as the economy reopens. Uber Technologies Inc., Lyft Inc.

MONTREAL — Aimia Inc. made its biggest move yet under its new strategy as an investment holding firm, scooping up a 10 per cent stake in one of China's largest outdoor advertising firms.

HALIFAX — A team of chemists at Saint Mary's University in Halifax is looking at methods to help East Coast mills produce pulp that can be used in the N95 respirator masks that have been in high demand during the global pandemic.

MONTREAL — Desjardins Group says the COVID-19 pandemic weighed on its results last quarter, as surplus earnings before member dividends dropped 29 per cent year over year.

Salons and barbershops are starting to reopen in some parts of Canada with more on the way, but the industry says the measures needed to keep everyone safe while getting a haircut will mean a big financial hit.

VANCOUVER — The chief executive of Vancity is stepping down as head of the credit union to become chief executive of the Vancouver Airport Authority. Tamara Vrooman, who will continue at Vancity until June 30, takes over the new job effective July 1.

OTTAWA — Statistics Canada is suspending the pre-release of its jobs report to a select group of government officials after a leak of the numbers last week.

MONTREAL — Three months after selling his stake, Cirque du Soleil's founder is considering the possibility of getting involved in the rescue of the entertainment company that's been greatly weakened by the COVID-19 global pandemic.