National Business

TORONTO — Midway through bank earnings season, a picture is forming of a financial industry starting to feel the weight of loan deferrals and massive money allocations to cover potential defaults.

The typical pay package for CEOs at the biggest U.S. companies topped $12.3 million last year, and the gap between the boss and their workforces widened further, according to AP’s annual survey of executive compensation.

OTTAWA — The Canada Border Services Agency says it has initiated an investigation in alleged dumping of some steel imports from Taiwan, Germany, South Korea, Malaysia and Turkey.

CAMBRIDGE, Ont. — ATS Automation Tooling Systems Inc. says it is focused on its costs and the preservation of liquidity as it works to deal with disruptions caused by the pandemic.

TORONTO — BMO Financial Group reported a second-quarter profit of $689 million, down from $1.5 billion a year ago, as it increased the amount set aside for bad loans due to the pandemic.

TORONTO — Five families that built and grew media conglomerate Torstar Corp. have agreed to hand the newspapers they presided over for roughly 70 years to a Canadian investment firm that plans to take the company private.

ST. JOHN'S, N.L. — Newfoundland and Labrador's government is looking for a rapid answer from Ottawa on its request for aid for the offshore oil sector in light of a quickening exodus of exploration rigs from the province.

HONG KONG — Casino tycoon Stanley Ho, whose business empire dominated the Portuguese gambling enclave of Macao for decades, died Tuesday in Hong Kong at age 98.

TOPEKA, Kan.

NEW YORK — Stocks surged on Wall Street to their highest levels since the business shutdowns took hold in the U.S.