National Business

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.

TORONTO — Canadians' combined outstanding debt hit a new record in the first quarter, reaching $2.32 trillion, TransUnion said Wednesday.

Statistics Canada says fewer fresh fruits and vegetables were available to Canadians in 2022, due to factors such as ongoing supply chain issues, labour shortages and price increases.

CALGARY — Superior Plus Corp. has agreed to sell eight propane distribution hubs in northern Ontario to address the concerns of the Competition Bureau about its deal to buy Certarus Ltd.

TORONTO — Furniture retailer Ikea has announced the appointment of Selwyn Crittendon as the new Ikea Canada chief executive and chief sustainability officer effective Aug. 1.

WASHINGTON (AP) — U.S. job openings rose unexpectedly in April, illustrating the resilience of the American labor market and complicating Federal Reserve efforts to fight inflation. Employers posted 10.1 million job openings last month, up from 9.

TORONTO — Canada's venture capitalists settled into a new normal marked by fewer and more cautious investments last year — and a new report suggests the pattern will continue.