National Business

WASHINGTON — The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago.

TORONTO — Indigo Books & Music Inc. expects at least 10 to 12 months of a "damaging set of conditions" from the COVID-19 pandemic, said chief executive Heather Reisman, the day after the company reported a fourth-quarter loss of $171.3 million.

NEW YORK — A flood of donations following the death of George Floyd have left racial equality and social justice groups in a position they might never have expected to be in: figuring out what to do with a surplus of cash.

HALIFAX — The Sobeys grocery chain is pulling the "Sweet Sixteen" brand of candy from its shelves over a problematic slogan. Display stands for the product, produced by a Quebec-based company, advertised its "barely legal" level of sweetness.

TOKYO — Asian shares were mostly higher on Wednesday with another mood boost from Wall Street, but fears persist over the surge in coronavirus cases in parts of the world. Japan's benchmark Nikkei 225 edged 0.1% higher to 22,576.63.

HALIFAX — SaltWire Network says it is letting go 109 employees who have been permanently laid off because of the hit to advertising caused by the COVID-19 pandemic.

TORONTO — Indigo Books & Music Inc. is reporting a surge in losses caused by non-cash charges in the quarter that closed out its fiscal year ended March 28. The Toronto-based book, gift and specialty toy retailer says it lost $171.

WestJet Airlines Ltd. says it has halted its pursuit of a labour code exemption that would have facilitated mass layoffs.

TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange: Toronto Stock Exchange (15,564.75, up 47.85 points.) Hexo Corp. (TSX:HEXO). Health care. Up seven cents, or 7.07 per cent, to $1.06 on 9.3 million shares.

TORONTO — The tech-heavy Nasdaq composite set new records Tuesday while other stock markets rose after U.S. President Donald Trump confirmed a trade deal with China remains intact.