National Business

NEW YORK — Exxon Mobil said Thursday it plans to reduce the number of oil rigs operating in an oil-rich region in the Southwest and may cut planned capital expenditures as the spreading coronavirus saps energy demand.

Long-term U.S. mortgage rates have sunk to a record low, giving many homeowners an opening to refinance their loans to free up money to spend or save. The average rate on a 30-year fixed mortgage hit a record low of 3.29% this week from 3.

The economic affects of the coronavirus have preceded the spread of the virus itself, with financial markets swinging wildly, companies closing offices or asking employees work from home in affected areas, and throttling air travel across the globe.

DETROIT — Prosecutors on Thursday charged the former president of the United Auto Workers with corruption, alleging he plotted with others to embezzle more than $1 million to splurge on private villas, golf outings, boozy meals and horseback rides on

TORONTO — Martinrea International Inc. is raising its dividend after its fourth quarter profit increased despite the negative effects of the GM strike in the United States. The autoparts manufacturer says its payout will increase half a cent to 4.

WHITEHORSE — The Yukon government is forecasting a $4.1 million surplus in its 2020-21 budget, which includes funding for new schools and tax cuts.

TORONTO — Canada's largest airlines are waiving change fees in light of concerns about the novel coronavirus.

TORONTO — The federal government is giving Canada's three largest wireless carriers two years to bring prices down by 25 per cent and is setting aside spectrum in an upcoming auction in order to further boost competition.

TORONTO — North American stock markets were on edge again Thursday, plunging amid new concerns about the spreading of novel coronavirus and uncertainty over the upcoming U.S. presidential election.

TORONTO — Shares of Spin Master Corp. plunged nearly 40 per cent Thursday after the toy maker reported a loss in its latest quarter and warned it expected its gross product sales to decline this year.