National Business

WATERLOO, Ont. — Open Text Corp. is temporarily reducing the salaries of its executives, senior leadership and other employees, and cutting its overall workforce by up to five per cent, the multinational software company announced Thursday.

DALLAS — American Airlines and United Airlines lost a combined $4 billion in the first quarter as the coronavirus pandemic triggered a sharp drop in air travel, and the airlines are busy borrowing enough money to survive until passengers return in la

MONTREAL — Resolute Forest Products Inc. is temporarily laying off more than 1,000 workers mainly in Quebec because of the COVID-19 pandemic.

HAMILTON — Stelco Holdings Inc. says it has entered into a long-term agreement with United States Steel Corp. to purchase iron ore pellets from the largest iron ore mine in the U.S.

OTTAWA — Canada's top central banker says monetary stimulus on the scale that the country is seeing now must ultimately reach the average Canadian to help an economic recovery from the COVID-19 crisis.

TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange: Toronto Stock Exchange (14,780.74, down 447.37 points.) Bombardier Inc. (TSX:BBD.B). Industrials. Up one cent, or 2.08 per cent, to 49 cents on 19.

TORONTO — Canada's main stock index ended lower to cap one of its best months in years and partially recover the steep declines of March. The S&P/TSX composite index closed down 447.37 points or nearly three per cent at 14,780.74.

CALGARY — The deep downturn in North American oil and gas drilling has resulted in nearly 3,000 fewer employees working for Precision Drilling Corp. now than at the same time last year, its CEO said Thursday.

TORONTO — For the last seven years, Jessica Carpinone has always been able to pay rent for the space her artisanal bakery and coffee shop Bread by Us uses in Ottawa. This year is different.

LONDON — Britain is past the peak of its coronavirus outbreak, Prime Minister Boris Johnson said Thursday, as he promised to reveal a “road map” out of national lockdown — but not yet.