National Business

TORONTO — A recession is coming later this year as the economy is derailed by the impact of COVID-19 and a plunge in oil prices, economists said Friday. Royal Bank of Canada forecasts the economy will grow at an annualized pace of 0.

NEW YORK — Calls to close the nation's biggest public school system grew Friday in a subdued New York City, where the coronavirus has already turned the lights out on Broadway and shuttered big gathering spots from arenas to museums.

WASHINGTON — The Federal Reserve and the European Central Bank have taken large steps this week to try to calm financial markets and restore some degree of confidence. So far, it hasn't quite worked.

LONDON — A barber in Beijing is supporting his wife and child by charging food and other expenses to a credit card while he waits for his employer's shop to reopen.

CALGARY — Canada's oil and gas producers are continuing to cut billions of dollars from capital spending budgets and reduce payouts to investors in the wake of this week's sharp plunge in oil prices. Calgary-based ARC Resources Ltd.

OTTAWA — Statistics Canada says household debt as a percentage of disposable income edged down in the fourth quarter. The agency says Canadian households owed an average of $1.763 for every dollar of disposable income, down from the $1.

CALGARY — ARC Resources Ltd. cut its capital budget and slashed its dividend to help deal with the plunge on commodity markets.

BANGKOK — European stocks rose Friday and Wall Street was set to gain on the open after turbulent trading in Asia and a day after the market's worst session in over three decades. Shares rose in Paris and London but fell 6.

NEW YORK — The entertainment industry prepared Thursday for an unprecedented shutdown to curb the spread of the coronavirus, cancelling upcoming movies, suspending all Broadway performances and scuttling concert tours until it's safe to welcome crowd

TORONTO — Businesses are ramping up their efforts to stop the spread of the novel coronavirus after a string of cases cropped up at Canadian workplaces in recent days.