National Business

TORONTO — North American markets ended the trading day in positive territory after a 0.75-point interest rate hike and dovish comments from U.S. Federal Reserve chair Jerome Powell Wednesday sparked a rally in stocks.

Shopify Inc.'s president is arguing the company is in an "enviable" position, even as it continues to express regret over misjudging the growth of the e-commerce market — a move that forced a dramatic number of job cuts Tuesday.

TORONTO — Mining and energy entrepreneur Lukas H. Lundin, who worked with his family to start and build a string of successful resource companies, has died at 64 years old. Lundin Mining Corp.

VANCOUVER — The long-running chief executive of Teck Resources Ltd. is stepping down from the position on a high note as the mining company reports a fourth consecutive quarter of record profits.

Cargojet Inc. reported high-flying revenues in its latest quarter despite falling e-commerce demand, as the air cargo outfit seized on the mess of delays plaguing passenger airlines — which also carry freight on board — to shore up its business.

WASHINGTON (AP) — A bill designed to encourage more semiconductor companies to build chip plants in the United States passed the Senate on Wednesday as lawmakers raced to finish work on a key priority of the Biden administration.

Loblaw Companies Ltd.'s sales growth is softening as inflation continues to grip the economy and shape consumer shopping habits, the company's president and chairman said Wednesday.

TORONTO — Rogers Communications Inc. acknowledged Wednesday it has work to do in building customer trust after its massive network outage earlier this month and that it expects to spend $150 million on customer credits related to the outage.

CALGARY — Precision Drilling Corp. says it had a net loss of $24.6 million for the second quarter, down from a net loss of $75.9 million in the same quarter last year. The net loss for the quarter ending June 30 worked out to $1.

CALGARY — Crescent Point Energy Corp. says it had a net income of $331.5 million in the second quarter, down from a $2.1 billion net income for the same quarter last year when earnings were boosted by a large reversal of a non-cash impairment.