Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Management teams and boards of directors are being tested like never before by the COVID-19 pandemic, and every day brings a long list of updates ranging from forecast suspensions, to job cuts, and more. And we want to make it easier for you to track those disclosures. So every morning, in this space, you can look forward to a quick snapshot of some of the notable updates from Corporate Canada on how they’re managing COVID-19 uncertainty.

-The employment outlook among small businesses is rapidly deteriorating. According to the Canadian Federation of Independent Business’s latest confidence barometer, 63 per cent of business owners now say they’re planning layoffs, compared to 50 per cent who were eyeing cuts when the last index was released on March 25. The CFIB’s overall index has, however, inched up seven points to 37.7 at the start of this month – albeit still below levels registered in past recessions.

-Telus said today its CEO, Darren Entwistle, is forgoing three months’ worth of salary and directing those funds instead to Canadian healthcare workers

-Maple Leaf Foods says it is suspending operations at its poultry plant in Brampton, Ont. “out of an abundance of caution” as a result of three COVID cases in the facility.

-Cameco today said it will put it conversion facility in Port Hope, Ont. in safe shutdown mode for approximately one month. As a result, it will also suspend operations at its Blind River refinery. All told, 125 employees are being sent home as a result.

-Cogeco Communications has withdrawn its full-year forecasts, while saying it doesn’t expect the pandemic to have a significant impact on its free cash flow. Separately, the company reported a dip in second-quarter adjusted profit, with its CEO acknowledged it faced “greater investments in promotions and sales and marketing activity.”

-Héroux-Devtek withdrew its full-year forecast late yesterday as a result of the pandemic’s impact on the aerospace industry.