National Business

TORONTO — North American stock markets broke multi-day losing streaks after the U.S. Federal Reserve adopted the largest interest rate increase since 1994 and vowed to remain aggressive in tackling soaring inflation.

The Federal Reserve raising its key interest rate by three-quarters of a percentage point — its largest hike since 1994 — increases the odds of the Bank of Canada following suit next month, economists say. The U.S.

NEW YORK (AP) — Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items. U.S.

Dairy industry observers are raising concerns about a lack of transparency in how the price of milk is set in Canada as a Crown corporation considers a rare request to raise prices for the second time this year.

Canada's housing market continued to cool last month with the country's real estate association finding home sales dropped by nearly 22 per cent since last year and almost nine per cent between April and May.

WASHINGTON (AP) — President Joe Biden said Wednesday the U.S.

GATINEAU, Que. — Hexo Corp. says its ongoing plan to streamline the cannabis business and cut costs includes the reduction of 450 jobs. The Gatineau, Que.

BRUSSELS (AP) — The European Union sued Britain on Wednesday over its move to rewrite the trade rules agreed to when the country left the EU two years ago, ratcheting up tensions between the major economic partners.

GATINEAU, Que. — The Canadian Radio-television and Telecommunications Commission (CRTC) is imposing $7.5 million in penalties on Bell Canada, owned by BCE Inc., for violations of the Telecommunications Act.

BERLIN (AP) — Russia's Gazprom announced a reduction in natural gas flows through a key European pipeline for the second day in a row Wednesday, creating further energy turmoil for Europe as it ties to reduce its extensive use of Russian oil and natu