National Business

CALGARY — The deep downturn in North American oil and gas drilling has resulted in nearly 3,000 fewer employees working for Precision Drilling Corp. now than at the same time last year, its CEO said Thursday.

TORONTO — For the last seven years, Jessica Carpinone has always been able to pay rent for the space her artisanal bakery and coffee shop Bread by Us uses in Ottawa. This year is different.

LONDON — Britain is past the peak of its coronavirus outbreak, Prime Minister Boris Johnson said Thursday, as he promised to reveal a “road map” out of national lockdown — but not yet.

Molson Coors Beverage Co. shares fell more than 10 per cent after the beer maker said it expects a challenging second quarter due to the COVID-19 pandemic. The company's shares fell $7.25, or 10.62 per cent, to $61.

CALGARY — The Petroleum Services Association of Canada has revised its 2020 Canadian drilling forecast to an almost 50-year record low of 3,100 oil and gas wells, a level not seen since 2,900 wells were drilled in 1972.

CALGARY — Oil producer Whitecap Resources Inc. says it is planning for "involuntary shut-ins" of production as North American crude storage levels threaten to exceed capacity and commodity prices remain at low levels.

WASHINGTON — The Federal Reserve announced Thursday that it was expanding a major lending program to provide support for businesses struggling to cope with the economic disruptions caused by the coronavirus pandemic.

WASHINGTON — Long-term mortgage rates tumbled to all-time lows this week as the economy and housing market continued to reel from the business and social shutdown spurred by the coronavirus pandemic.

TORONTO — Clobbered by anti-pandemic measures that have stifled travel and grounded much of the world's commercial aviation, Canada's airports are predicting around $2 billion in lost revenues this year.

McDonald's says it has likely reached the trough of global restaurant closures due to COVID-19, with 25% still shuttered. But business has been slow to return as lockdown orders continue to disrupt consumers' routines.