National Business

WASHINGTON (AP) — Veering away from a default crisis, the House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans a

Quebec's government has officially tapped Michael Sabia as the next head of Hydro-Quebec. In a tweet, Premier François Legault announced Sabia would serve as president and CEO of the Crown corporation, succeeding Sophie Brochu.

OTTAWA — Former Quebec finance minister Carlos Leitão has been appointed to the Bank of Canada's board of directors. Leitão was Quebec's finance minister between 2014 and 2018.

TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (19,572.24, down 167.46): Suncor Energy Inc. (TSX:SU). Energy. Down 77 cents, or 1.99 per cent, to $38.03 on 23.2 million shares.

TORONTO — Canada's main stock index was down almost 170 points Wednesdayin a broad-based decline led by losses in energy and base metals, while U.S. markets also moved lower. The S&P/TSX composite index was down 167.46 points at 19,572.24.

TORONTO — Meta Platforms Inc. has begun allowing "up-and-coming creators" in Canada to pay to be verified on Facebook and Instagram. The social media company says in a release that the pay-for-verification program is called Meta Verified.

NEW YORK (AP) — Wall Street closed lower as worries rise about the strength of the global economy and inflation. The S&P 500 fell 0.6% Wednesday. The Nasdaq composite fell a similar amount, and the Dow Jones Industrial Average fell 0.4%.

ST. JOHN'S, N.L. — The premier of Newfoundland and Labrador played it cool Wednesday as Norwegian energy giant Equinor announced it was suspending plans to develop a $16-billion oil project in the province's offshore.

OTTAWA — The Canadian economy grew faster than expected in the first three months of the year and likely expanded again in April, fuelling speculation that the Bank of Canada will raise interest rates again when it meets next week.

Health Canada's new regulations that require warning labels to be printed on individual cigarettes are set to come into effect this summer.