National Business

CALGARY — Natural gas producer Birchcliff Energy Ltd. is reporting a $39.5-million second-quarter loss compared with a loss of $9.5 million in the year-earlier period.

TORONTO — The Toronto Stock Exchange's main index surged to its highest level since early March on the strength of the energy sector, while the S&P 500 fell just shy of an all-time high. The S&P/TSX composite index moved up 78.

TORONTO — The COVID-19 pandemic continues to take a heavy toll on Ontario, the province's finance minister said Wednesday as he announced the government has nearly doubled its deficit projection in just three months.

Sumner Redstone, who joined his family's drive-in movie chain in the 1950s and used it to build a vast media empire that included CBS and Viacom, has died. He was 97.

TORONTO — Shoppers Drug Mart is opening medical clinics in Toronto where family physicians will be available to take on a roster of patients and accept appointments for walk-in services.

With a coronavirus vaccine still months off, companies are rushing to test what may be the next best thing: drugs that deliver antibodies to fight the virus right away, without having to train the immune system to make them.

MONTREAL, Ont. — CAE Inc. plans to lay off 350 employees before November, part of a restructuring program slated to cost $100 million following a loss of more than that in its latest quarter as revenue fell by a third.

Metro Inc. expects to continue to benefit from COVID-19 thanks to strong sales and decreasing coronavirus-related costs as the grocer recently ended its temporary wage bump for employees who worked through the early days of the pandemic.

CALGARY — Bonavista Energy Corp. says it has completed a recapitalization plan that will result in a nickel-per-share payout for its shareholders and its delisting from the Toronto Stock Exchange.

WASHINGTON — A top official at the Federal Reserve criticized the decision by many states to reopen businesses this spring before getting the virus fully under control, and said those choices have hindered an economic recovery in the U.S.