National Business

TORONTO — North American stock markets dropped Thursday despite efforts by the chairman of the Federal Reserve to reassure investors that interest rates aren't about to increase. The S&P/TSX composite index closed down 194.95 points at 18,125.

HALIFAX — An Atlantic Canadian undergarment company that quickly retooled its factory last spring to make personal protective equipment is laying off 150 workers after failing to win a new federal contract. Stanfield's Ltd.

CALGARY — The move by U.S. President Joe Biden to cancel the Keystone XL pipeline in January continues to plague Canadian oil companies, with Canadian Natural Resources Ltd.

MONTREAL — While the business jet market will take "several years" to return to pre-pandemic levels, Bombardier Inc. plans to capitalize on growth of after-sales service to achieve its goal of US$7.5 billion in sales in 2025.

GATINEAU, Que. — The CRTC says that consumers with smartphone-financing plans of three years or longer will be protected by a policy that caps cancellation fees.

SAN FRANCISCO — Financial technology company Square, Inc. said Thursday that it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z.

DETROIT — General Motors says it's looking for a site to build a second U.S. battery factory with joint venture partner LG Chem of Korea.

LONDON — U.K. authorities have launched an investigation into Apple's App Store over concerns it has a dominant role that stifles competition and hurts consumers.

Ottawa has come up with a simpler way to claim expenses for that spare room or corner that became a makeshift office last spring when pandemic lockdowns went into effect across the country.

WASHINGTON — U.S. productivity fell at an annual rate of 4.2% in the fourth quarter, the largest quarterly decline in nearly four decades. The revised figure released by the Labor Department Thursday was slightly smaller than the 4.