National Business

WASHINGTON — The U.S. economy shrank at a 5.0% rate in the first quarter with a much worse decline expected in the current three-month economic period because of the coronavirus pandemic.

CALGARY — Canada's main beef-packing plants are returning to full capacity after COVID-19 outbreaks, but the Canadian Cattlemen's Association isn't expecting a backlog of cattle to go away soon.

WATERLOO, Ont. — BlackBerry Ltd. posted a US$636 million net loss in the first quarter ended May 31, as it recorded a non-cash accounting writedown related to its BlackBerry Spark unit. The company, which reports in U.S.

SACRAMENTO, Calif.

MONTREAL — The head of a project to build a container terminal in Quebec City says the port expansion will help Canada claw back business from U.S. harbours.

Passenger protection rules may need to be revised after hundreds of thousands of flight cancellations prompted by the COVID-19 pandemic left travellers out of pocket, the head of Canada's transportation regulator said Wednesday.

TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (15,294.38, down 270.37 points.) Bonavista Energy Corp. (TSX:BNP). Energy. Down 1.5 cents, or 21.43 per cent, to 5.5 cents on 19.

TORONTO — North American stock markets plunged midweek as investors worried about the rise in COVID-19 infections and negative polling data for U.S. President Donald Trump.

WestJet Airlines Ltd. says it will permanently lay off 3,333 employees as part of a major restructuring amid the coronavirus pandemic that has devastated the travel industry.

OTTAWA — Finance Minister Bill Morneau is defending the state of the country's finances after an international agency stripped Canada of its triple-A credit rating.