National Business

OTTAWA — The Bank of Canada contemplated not raising interest rates last month but with the economy outperforming expectations, its governing council ultimately decided in favour of one more rate hike before taking a pause.

NEW YORK (AP) — Wall Street gave back some of its recent gains as uncertainty about interest rates and inflation continued to reign. The S&P 500 fell 1.1% Wednesday, the Nasdaq fell 1.7% and the Dow Jones Industrial Average gave back 0.6%.

OTTAWA — In a first for the Bank of Canada, it has released a summary of deliberations by its governing council regarding its policy decision to raise its key interest rate target by a quarter of a percentage point to 4.5 per cent in January.

TORONTO — Protracted labour shortages in Canada could fuel more rapid wage growth and inflation over time, potentially prompting the need for higher interest rates long-term, a new RBC Economics report released Wednesday said.

PARIS (AP) — France's TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia’s invasion of Ukraine . Adjusted net income rose to $36.

TORONTO — Urgency was the key word at an electric vehicle conference Wednesday as manufacturers emphasized the need for more coordination and government support in order to take advantage of the tectonic shift underfoot in the automotive industry.

TORONTO — Hot off winning two Grammys on Sunday, Canadian singer-songwriter Tobias Jesso Jr. has sold the rights for part of his song catalogue to a prominent music investment company.

TORONTO — The parent company of the master franchisee of Tim Hortons coffee shops in China says it has signed a deal for the exclusive development of Popeyes in mainland China and Macau. TH International Ltd.

TORONTO — Brookfield Asset Management Ltd. says its share of the latest quarterly profit of the asset management business it owns with Brookfield Corp. amounted to US$19 million.

TORONTO — Automakers have made high-profile price cuts for some of the most well-known electric cars this year, but experts say the overall sticker shock of buying vehicles will prove harder to remove.