National Business

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 — Magna International Inc. has withdrawn its 2020 outlook because of the "high degree of business uncertainty" caused by the COVID-19 pandemic.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

MONTREAL — Reitmans (Canada) Ltd. is laying off 90 per cent of its Canadian retail store workers and 30 per cent of its Montreal head office employees after closing stores amid the spread of COVID-19.

MONTREAL — Molson Coors Beverage Co. says it is withdrawing its financial outlook for the 2020 financial year and beyond due to uncertainty about the impacts of the ongoing COVID-19 outbreak. The company released its guidance on Feb.

MONTREAL — Quebecor Inc. says it has temporarily laid off 10 per cent of its workforce as it deals with the impact of COVID-19. The Quebec-based telecommunications and media company employs more than 10,000 people in Canada.