“Guests are required to wear a mask or face covering while in the store,” Longo’s said in a statement on its website. “Please bring one with you to keep everyone safe.
“If you have forgotten your face covering or need a mask, please speak with a team member at the store entrance.”
The mask requirement does not apply to children under two, the grocery chain said.
Longo’s said it will have masks for purchase if a customer does not bring a mask or face covering.
“If somebody has a medical condition where they can’t wear a face covering at all, we are going to ask them to provide a list to our store manager of what they need,” President & CEO Anthony Longo told Global News Radio 640 Toronto’s Kelly Cutrara. “Wherever possible, we will shop for that customer and get the products for them.”
“It’s really to protect our team members, and to protect our customers,” the CEO added.
All staff members are also required to wear masks and/or plexi-face shields, Longo’s said.
© 2020 Global News, a division of Corus Entertainment Inc.
Scotiabank profit plunges 40% as bad loans more than double amid COVID-19 – CBC.ca
Scotiabank posted a profit Tuesday morning of $1.32 billion in the three months up to the end of April, a fall of more than 40 per cent from last year’s level as the bank set aside twice as much money for bad loans.
The bank’s provisions for credit losses totalled nearly $1.85 billion for the quarter. That’s up 111 per cent from the $873 million worth of bad loans the bank revealed in the same three months last year, well before the COVID-19 pandemic crushed the economy.
Higher loan loss provisions don’t necessarily mean that all of those loans will end up defaulting. Rather, it just means that they aren’t being actively being paid back as planned.
The bank revealed on Tuesday that 300,000 of its Canadian customers have applied for some sort of financial relief on the $60 billion they collectively owe to the bank. That would include mortgagees who asked for interest rate deferrals.
Scotiabank has a huge presence in Latin America, and the bank says it has processed two million applications for loan relief from its international customers.
Not all of those loans will necessarily end up defaulting, but some may. So the uptick in loan loss provisions is troubling.
Scotia is the first of Canada’s big banks to reveal its financial performance through the current pandemic, numbers which will be closely scrutinized as they are considered to be a bellwether for the broader economy. That’s because pain at other businesses tends to show up on the books of the banks that lend to them.
Canada’s other big banks — Royal, Toronto-Dominion, Canadian Imperial Bank of Commerce and Bank of Montreal — will report earnings in the next few days.
On an adjusted basis, Scotiabank’s profit for the quarter came in at $1.04 per diluted share. That’s well down from $1.70 per diluted share a year ago, but ahead of the 98 cents that analysts who cover the bank were expecting.
Not all bad news
But not all parts of the bank’s business saw tough times. Indeed, some did even better than usual.
Scotia’s global wealth management business posted a profit of $314 million, an increase of four per cent over last year’s level. That uptick came about with investors around the world becoming much more active than usual as global stock markets plummeted.
“This quarter saw record results for both new client account openings and trading volumes in Scotia iTRADE,” the bank said.
Similarly, the global banking and markets business posted a profit of $523 million, up 25 per cent from a year earlier.
Scotiabank's loan-loss provisions double on coronavirus risks – The Globe and Mail
Bank of Nova Scotia on Tuesday reported quarterly profit that beat analysts’ estimates due to a strong performance in the capital markets business, but the bank’s loan loss provisions jumped two-fold.
Provisions for loan losses at Scotia more than doubled to $1.85 billion from a year earlier as it set aside more money to meet future losses.
Canadian banks are expected to face loan defaults as the coronavirus pandemic drives the world into a recession, leaving small and medium-sized businesses scrambling to meet their debt payments.
The bank said commercial and corporate performing loan provisions increased by $275 million, hurt by the poor macroeconomic outlook and a plunge in oil prices that impacted the energy sector globally.
Adjusted net income at its global wealth management segment rose 3 per cent to $314 million, while profit at the global banking and markets business jumped 25 per cent to $523 million.
Canada’s third-biggest lender said net income fell to $1.24 billion, or $1 per share, in the quarter ended April 30, from $2.13 billion, or $1.73 per share, a year earlier.
On an adjusted basis, the lender earned $1.04 per share, compared with analysts’ estimate for profit of $0.98 per share, according to IBES data from Refinitiv.
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