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Interest rates are plunging — so why aren't mortgage rates?

Central banks around the world have slashed their benchmark interest rates to pretty much zero in an attempt to stimulate the economy by making it as easy as possible to borrow, spend and invest.
But a curious thing is happening in Canada's mortgage market: rates aren't going down by as much as they probably should be.
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TORONTO -- Several of Canada's largest banks are offering reduced interest rates on personal credit cards for Canadians in financial hardship due to the COVID-19 pandemic.
CIBC credit card clients who request to skip a payment and are experiencing financial difficulties will receive a temporary lower annual interest rate of 10.99 per cent, the bank announced in a statement.
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Corona beer stops production amid coronavirus pandemic

Production of Corona beer is being temporarily suspended in Mexico because of the coronavirus pandemic.
Grupo Modelo, the company that makes the beer, posted the announcement on Twitter, stating that it's halting production and marketing of its beer because the Mexican government has shuttered non-essential businesses.
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The economy's on life support and Canadians need help now. What's the holdup?

As the COVID-19 caseload shows every sign of surging in Canada, the delivery of promised financial relief for people who've lost their jobs or closed their businesses remains maddeningly slow.
The federal government's emergency wage subsidy is at least three weeks away from being available.
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March trading volume on TSX more than doubled compared with a year ago

TORONTO -- Canada's main stock index posted a triple-digit decline in late-morning trading as the heavyweight financial and industrial sectors moved lower.
The S&P/TSX composite index was down 145.71 points at 12,952.13.
In New York, the Dow Jones industrial average was down 292.38 points at 21,121.06.
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Cannabis stores in Ontario no longer deemed essential, will close this weekend

TORONTO -- Cannabis stores across Ontario will have to close as of Saturday night after the provincial government removed them from their list of essential businesses.
Many non-essential businesses in the province have been closed under government order since March 24, but cannabis and liquor stores have remained open.
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Medical device manufacturer 3M says it is under pressure from the White House to stop exporting N95 masks it currently produces in the United States to other countries, including Canada.
The Minneapolis-based company said in a press release Friday that while it welcomes the Trump administration's invocation of the Defense Production Act (DPA) to compel domestic companies to produce critically needed medical infrastructure, it presents some problems, too.
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U.S. economy lost jobs in March for 1st time since 2010

The U.S. economy shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.
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Bombardier faces tough questions about future as share price, credit rating fall

MONTREAL -- Bombardier Inc. is confronting sobering questions about its future following new share price lows and two credit downgrades.
The plane-and-train maker's stock sunk to its lowest level in more than 25 years on Thursday, closing at 42.5 cents before falling a further six per cent in midday trading Friday.
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Vendors return in Wuhan as China prepares virus memorial

WUHAN, CHINA -- Sidewalk vendors wearing face masks and gloves sold pork, tomatoes, carrots and other vegetables to shoppers Friday in the Chinese city where the coronavirus pandemic began, as workers prepared for a national memorial this weekend for health workers and others who died in the outbreak.
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Former F1 mogul Bernie Ecclestone to be a father again at 89

Billionaire Bernie Ecclestone, 89, and wife Fabiana Flosi, 44, are expecting a baby.
Ecclestone's fourth child will be born this summer, the former Formula One chief told the UK's PA Media news agency Friday.
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Neiman Marcus may seek bankruptcy protection

Neiman Marcus Group is stepping up preparations to seek bankruptcy protection, after the coronavirus pandemic forced the debt-laden U.S. luxury department store chain to close its stores, people familiar with the matter said on Thursday.
Neiman began holding confidential discussions this week with bondholders about possible financing that would help the company continue operating while under bankruptcy protection, the sources said.
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