National Business

BALTIMORE — The U.S. economy shrank at an alarming annual rate of 31.7% during the April-June quarter as it struggled under the weight of the viral pandemic, the government estimated Thursday. It was the sharpest quarterly drop on record.

WASHINGTON — Just over 1 million Americans applied for unemployment benefits last week, a sign that the coronavirus outbreak continues to threaten jobs even as the housing market, auto sales and other segments of the economy rebound from a springtime

TORONTO — Canadian Imperial Bank of Commerce's earnings took a tumble as it allocated an increasing amount of money towards bad loans triggered by the COVID-19 pandemic. The Toronto-based bank said Thursday that it earned $1.17 billion or $2.

NEW YORK — The energy industry braced Wednesday for catastrophic storm surges and winds as Hurricane Laura cut a dangerous path toward the coastlines of Texas and Louisiana.

TORONTO — A technology-driven rally on markets in the United States spilled across the border to boost the tech sector in Canada and help drive the country's main stock index higher on Wednesday. The S&P/TSX composite index closed up 172.

TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (16,789.97, up 172.49 points) Northern Dynasty Minerals Ltd. (TSX:NDM). Materials. Up 40 cents, or 51.95 per cent, to $1.17 on 13.

Bolstered by early successes, drugstores are accelerating their push into traditional health care amid the COVID-19 pandemic. Loblaw Companies Ltd.

OAKLAND, Calif. — Facebook is pushing back on new Apple privacy rules for its mobile devices — and putting app developers in the middle.

TORONTO — Royal Bank of Canada believes the next few months will be difficult for the economy, despite detecting signs of a rebound.

WASHINGTON — Orders to U.S. factories for big-ticket manufactured goods jumped 11.2% in July, the third consecutive monthly gain. And the jump last month was even larger than the 7.7% increase in June, the Commerce Department reported Wednesday.