National Business

OTTAWA — Nav Canada saw profits and air traffic plummet in its first quarter as fallout from the COVID-19 pandemic continues to batter the air traffic control company.

TORONTO — Canada's main stock index dipped on energy weakness and a negative reaction to a potential Alimentation Couche-Tard acquisition. The S&P/TSX composite index closed down 51.06 points to 17,934.74. The second impeachment of U.S.

New York City will terminate business contracts with President Donald Trump after last week's insurrection at the U.S. Capitol, Mayor Bill de Blasio announced Wednesday.

WASHINGTON — A Federal Reserve survey of U.S. business conditions has found modest economic gains at the start of the year, although some parts of the country saw slowdowns stemming from a renewed surge of COVID-19 cases.

HALIFAX — On the factory floor, masks were optional. Until last month, workers at TEC Business Solutions's corrugated packaging plant in Mississauga, Ont.

Intel is replacing its CEO after only two years in what had been a rough stretch for the chipmaker. Bob Swan, who became the company's chief executive in early 2019, will be replaced in mid-February by tech industry veteran Pat Gelsinger.

CALGARY — The owner of Canada's largest group of newspapers is reporting a 25.4 per cent decrease in revenue in the three months ended Nov. 30 compared to the same period in 2019 as it continues to cope with economic affects of the COVID-19 pandemic.

WASHINGTON — The U.S. government's deficit in the first three months of the budget year was a record-breaking $572.9 billion, 60.7% higher than the same period a year ago, as spending to deal with the COVID-19 pandemic surged while revenue declined.

MONTREAL — Air Canada is cutting 1,700 jobs and scaling down its operations as the cumulative effects of lockdown restrictions, slumping travel demand and new COVID-19 testing rules take their toll on the airline industry.

FREDERICTON — NB Liquor and Cannabis NB are both reporting third quarter revenue increases. The two Crown corporations released their third quarter figures Wednesday for the period ending Dec. 27, 2020.