National Business

Shares of Resolute Forest Products Inc. surged as much as 48 per cent Thursday after the lumber, pulp and paper producer beat analyst profit expectations in the second quarter despite a 19 per cent decrease in revenues.

CALGARY — Shaw Communications Inc.

MONTREAL — DavidsTea Inc. will shrink its retail store network to 18 Canadian locations as the insolvent beverage chain shutters 82 more stores in the country while dealing with the impact of COVID-19.

CALGARY — Crescent Point Energy Corp. is reporting a $145.1 million loss in its latest quarter on a 73-per-cent decrease in revenues amid lower crude oil prices.

MONTREAL — Gildan Activewear Inc. missed expectations as it reported a large second-quarter loss after sales plunged 71 per cent amid widespread closures of customer stores because of COVID-19. The Montreal-based company, reporting in U.S.

WASHINGTON — More than 1.4 million laid-off Americans applied for unemployment benefits last week, further evidence of the devastation the coronavirus outbreak has unleashed on the U.S. economy.

FRANKFURT — Germany’s economy, Europe's largest, took a massive hit during the pandemic shutdowns, shrinking by 10.1% per cent during the April-June period from the previous quarter as exports and business investment collapsed.

CALGARY — French energy giant Total says it is writing off $9.3-billion (US$7 billion) worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based Canadian Association of Petroleum Producers.

WASHINGTON — The Latest on testimony before a congressional committee by the CEOs of Facebook, Apple, Amazon and Google (all times local): 6:30 p.m.

WASHINGTON — Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring.