National Business

TORONTO — Food delivery app Foodora has filed for insolvency as it prepares to close its Canadian operations in a couple of weeks.

MONTREAL — Gildan Activewear Inc. says it is suspending its quarterly dividend and cutting executive compensation after losing nearly US$100 million in its first quarter due to the global impact of the COVID-19 pandemic.

EDMONTON — Premier Jason Kenney says a global oil glut means Alberta's main industry will be dealing with low prices for a year or longer after the COVID-19 crisis abates.

MONTREAL — Aimia Inc. has replaced its CEO and shaken up its board in a sweeping move to reinvent itself as a holding company that will see it shed its rewards programs and the bulk of its staff.

TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (15,228.11, up 429.82 points.) Bombardier Inc. (TSX:BBD.B). Industrials. Up five cents, or 11.63 per cent, to 48 cents on 24.

TORONTO — Canada's main stock index soared to a near eight-week high Wednesday as the energy sector surged despite producers posting big losses as they cut oil production amid low crude prices. The S&P/TSX composite index closed up 429.

VANCOUVER — A&W restaurant sales have fallen sharply since the COVID-19 pandemic started to grow in Canada in mid-March, according to the A&W Revenue Royalties Income Fund.

WASHINGTON — Devastated by the coronavirus, the U.S. economy is sinking. And the plunge is accelerating.

Boeing outlined plans Wednesday to cut 10% of its workforce, slow production of new planes and raise more cash to survive a downturn in business that started with the grounding of its bestselling jet and has accelerated with a deep slump in air trave

TORONTO — The association representing Ontario's energy producers and distributors says the province should stop subsidizing the price of hydro and instead offer targeted help to customers who need it most.