National Business

WASHINGTON — More than 1.4 million laid-off Americans applied for unemployment benefits last week, further evidence of the devastation the coronavirus outbreak has unleashed on the U.S. economy.

FRANKFURT — Germany’s economy, Europe's largest, took a massive hit during the pandemic shutdowns, shrinking by 10.1% per cent during the April-June period from the previous quarter as exports and business investment collapsed.

CALGARY — French energy giant Total says it is writing off $9.3-billion (US$7 billion) worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based Canadian Association of Petroleum Producers.

WASHINGTON — The Latest on testimony before a congressional committee by the CEOs of Facebook, Apple, Amazon and Google (all times local): 6:30 p.m.

WASHINGTON — Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring.

TORONTO — Canada's struggling independent businesses in the arts, entertainment and recreational sectors are at the highest risk of permanently closing due to COVID-19, according to the Canadian Federation of Independent Business.

TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (16,294.66, up 173.34 points) Aphria Inc. (TSX:APHA). Healthcare. Down $1.50, or 18.7 per cent, to $6.52 on 9.98 million shares.

TORONTO — Canada's main stock index gained nearly 200 points Wednesday as Shopify Inc. buoyed the tech sector with its strong quarterly results. The S&P/TSX composite index gained 173.34 points to 16,294.66.

TORONTO — RioCan REIT is doubling down on its strategy to divest from brick-and-mortar apparel retailers in favour of grocery stores, pharmacies and e-commerce.

MISSISSAUGA, Ont. — Bird Construction Inc. will acquire Calgary-based construction services company Stuart Olson Inc. in a deal valued at $96.5 million. The combined business would employ about 5,000 people across Canada and generate about $2.