National Business

NEW YORK — Two American oil giants lost more than $9 billion in the second quarter as the pandemic kept households on lockdown, cutting a gaping hole into a once-thriving business as the need for oil diminished around the world. Exxon lost $1.

BRUSSELS — The European Commission has given its go-ahead to the acquisition of the rail business of Canadian engineering firm Bombardier by French train maker Alstom.

MONTREAL — The head of Air Canada on Friday accused the federal government of imposing "one of the most severe aviation lockdown regimes in the world" and called for lighter travel restrictions after the airline suffered a $1.

CALGARY — The CEO of Imperial Oil Ltd. says the company will be cautious in ramping up spending despite a recovery in fuel demand following the collapse earlier this year amid the COVID-19 pandemic lockdowns.

MONTREAL — Laura's Shoppe (P.V.) Inc. says it has started a restructuring process under creditor protection amid the unprecedented challenges the retail industry has faced during the COVID-19 pandemic.

DETROIT — Fiat Chrysler overcame coronavirus-related factory shutdowns to post losses that were not as bad as feared, and the company predicted improving conditions for the remainder of 2020. The Italian-American automaker lost just over $1.

FAIRLESS HILLS, Pa. — Surging sales of cancer medicines and reduced spending across the board helped Merck overcome a big hit from the coronavirus pandemic and pushed second quarter profits up by 12%.

MONTREAL — SNC-Lavalin Group Inc. is restructuring its money-losing resources business with a plan to sell off or shut down the non-profitable parts and fold the remnants into its engineering services division.

MONTREAL — Quebec's pension fund manager, the Caisse de depot, has hired Canada's United Nations ambassador as a senior executive.

TORONTO — Fairfax Financial Holdings Ltd. says its net income attributable to shareholders decreased 12 per cent in its latest quarter as COVID-19 losses in the first six months of the year approached US$400 million.