National Business

CALGARY — Canada has no hope of reaching its 2050 climate goals unless it can find a way to speed up the approvals process for major projects in this country, a new report states.

WASHINGTON (AP) — Inflation may be cooling — just not yet fast enough for the Federal Reserve.

MONTREAL — Reitmans (Canada) Ltd. reported a net loss of $3.8 million in its first quarter, compared with a net loss of $1.7 million a year earlier. The Montreal-based retailer says sales for the quarter ended April 29 were $165.0 million, up 7.

PORTLAND, Ore. (AP) — A jury in Oregon says the electric utility PacifiCorp must pay punitive damages for causing devastating wildfires in 2020 — on top of an earlier verdict already expected to amount to billions of dollars.

TORONTO — Strength in industrials and metals helped buoy Canada's main stock index amid energy weakness Wednesday, while U.S. stock markets were mixed after the country's central bank held interest rates steady.

TORONTO — BCE Inc. is cutting 1,300 positions, shutting or selling nine radio stations and closing two foreign bureaus as the company plans to "significantly adapt" how it delivers the news in the face of rising financial pressure.

NEW YORK (AP) — Stocks swung to a mixed close on Wall Street after the Federal Reserve hinted it may raise interest rates two more times this year. The S&P 500 ended less than 0.

TORONTO — BCE Inc. announced Wednesday that it is cutting 1,300 positions, around three per cent of its workforce, and closing or selling nine radio stations as the company plans to "significantly adapt" how it delivers the news.

TORONTO — Oxford Properties Group says it's acquired the 330-room Rimrock Resort Hotel in Banff National Park. The real estate firm says hospitality group Accor has signed with Oxford to operate the hotel, effective immediately.

OTTAWA — Canadians have less cash to spend even as they are taking on more debt, Statistics Canada reported Wednesday, at a time when interest rates are the highest they've been in decades.