National Business

WASHINGTON — The head of the International Monetary Fund said Friday it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn.

MONTREAL — Air Canada's proposed acquisition of Transat AT Inc., which owns Air Transat, likely will hinder competition and result in less choice for Canadian travellers, the Competition Bureau says.

TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange: Toronto Stock Exchange (12,687.74, down 683.43 points.) Aurora Cannabis Inc. (TSX:ACB). Health care. Up 20 cents, or 15.87 per cent, to $1.46 on 27.

TORONTO — Canada's main stock index capped its first winning week since mid-February despite snapping a three-day rally as cases of COVID-19 continue to soar. The S&P/TSX composite index closed down 683.43 points, or 5.1 per cent, at 12,687.74.

Wall Street closed lower Friday but still notched big gains for the week as investors held out hope that a $2 trillion rescue package will cushion businesses and households from the economic devastation being caused by the coronavirus.

CALGARY — Record low prices for oilsands crude could result in up to 20 per cent of Canada's thermal bitumen production being shut down over the next few months, according to analyst Matt Murphy of Tudor Pickering Holt & Co.

TORONTO — With the use of web-based video conferences proliferating during the COVID-19 crisis, cyber security experts warn they pose a threat as well as an opportunity in the age of telework.

TORONTO — Indigo Books & Music Inc. is laying off temporarily 5,200 of its retail employees starting today after deciding to keep its stores closed indefinitely during the COVID-19 outbreak.

TORONTO — Small and medium business owners and entrepreneurs got a boost from Prime Minister Justin Trudeau on Friday as he handed more out relief for companies grappling amid COVID-19.

AURORA, Ont. — Magna International Inc. has withdrawn its 2020 outlook because of the "high degree of business uncertainty" caused by the COVID-19 pandemic. The Aurora, Ont.