National Business

NEW YORK (AP) — Stocks dipped as Wall Street braced for interest rates to stay higher for longer with inflation remaining stubbornly sticky. The S&P 500 fell 0.5% Wednesday.

MONTREAL — National Bank of Canada said Wednesday that it would take a cautious approach to growth as it reported first quarter profits that were down as provisions for credit losses ticked up.

CALGARY — Investment in oil and gas production in Canada will jump by 11 per cent to hit $40 billion in 2023, the country's largest fossil fuel industry group said Wednesday.

TORONTO — TD Bank Group's US$13.4-billion takeover of First Horizon is in doubt as it looks to further extend the closing date of the deal.

CALGARY — The Calgary Real Estate Board says last month's inventory levels were among the lowest the market has seen in February since 2006 as sales were almost halved from a year ago.

CALGARY — A U.S. Gulf Coast gas storage facility and a stake in a company developing fuel from waste food are among a string of new investments announced by Canadian energy giant Enbridge Inc. on Wednesday.

OTTAWA — Shopify Inc. is revamping its staffing and compensation model. The Ottawa-based e-commerce company says staff will now be split into two career tracks: managers and crafters.

TORONTO — Royal Bank of Canada saw profits slip in the first quarter as it joined other banks in setting more money aside for tougher economic conditions ahead, though like others it also benefited from higher capital markets revenue as the uncertain

OTTAWA — Insolvencies in Canada surged by a third in January compared with a year ago as consumers struggled with rising prices and higher interest rates, the Office of the Superintendent of Bankruptcy said Wednesday.

TORONTO — Some Canadians will pay more to use their cellphones while travelling abroad beginning next week. Telus and Bell say they are raising roaming rates, effective March 8 and 9, respectively.