National Business

FRANKFURT — The European Central Bank is stepping up its efforts to cushion the economy against a record downturn that the bank's president, Christine Lagarde, said was “of a magnitude and speed that are unprecedented in peacetime.

The English Premier League has to decide whether to approve Saudi Arabia's takeover of Newcastle while concerned that piracy of its broadcasts from the kingdom poses a “significant risk” to the competition's revenue.

TORONTO — Raymond James Ltd. has acquired Oak Trust Co., a privately held trust company based in London, Ont. Financial terms of the deal by the Canadian arm of investment dealer Raymond James Financial Inc. were not disclosed.

VICTORIA — Premier John Horgan says he will outline details next week about reopening British Columbia during the COVID-19 pandemic as workers at two additional poultry processing plants were reported to have tested positive for the virus.

REGINA — Saskatchewan Premier Scott Moe says he's confident in his government's plan to relax some restrictions around COVID-19 starting next month, despite two outbreaks of the illness and another death.

TORONTO — Food delivery app Foodora has filed for insolvency as it prepares to close its Canadian operations in a couple of weeks.

MONTREAL — Gildan Activewear Inc. says it is suspending its quarterly dividend and cutting executive compensation after losing nearly US$100 million in its first quarter due to the global impact of the COVID-19 pandemic.

EDMONTON — Premier Jason Kenney says a global oil glut means Alberta's main industry will be dealing with low prices for a year or longer after the COVID-19 crisis abates.

MONTREAL — Aimia Inc. has replaced its CEO and shaken up its board in a sweeping move to reinvent itself as a holding company that will see it shed its rewards programs and the bulk of its staff.

TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (15,228.11, up 429.82 points.) Bombardier Inc. (TSX:BBD.B). Industrials. Up five cents, or 11.63 per cent, to 48 cents on 24.