National Business

MONTREAL — Gildan Activewear Inc. smashed through expectations as its net profit soared nearly 50 per cent in its latest quarter on record revenue due to stronger demand in North America.

TORONTO — North American stock markets surged Wednesday afternoon after the U.S. Federal Reserve announced its largest interest rate hike in 22 years but extinguished fears of even bigger increases to come. The U.S.

Canada's big three grocers say rising food prices are shaping shopping habits, with Loblaw Companies Ltd. the latest to offer insight into how people are saving money on their grocery bill amid soaring inflation.

MONTREAL — A Quebec real estate organization says last month's Montreal home sales dropped by 17 per cent since last year, making it the least active April the market has seen since 2017.

TORONTO — Shares in Iamgold Corp. were down more than 25 per cent in afternoon trading after the company warned its Côté Gold project will cost more than expected.

VANCOUVER — The company behind the Coastal GasLink liquefied natural gas pipeline across northern British Columbia says it is nearing 65 per cent overall completion of the project.

OTTAWA — Canada posted a $2.5-billion merchandise trade surplus for March as both imports and exports climbed to record highs, Statistics Canada said Wednesday. The result compared with a revised surplus of $3.

NEW YORK (AP) — The company behind the TurboTax tax-filing program will pay $141 million to customers across the United States who were deceived by misleading promises of free tax-filing services, New York's attorney general announced Wednesday.

CALGARY — ATCO Group says it has reached a deal with Canadian Pacific Railway Ltd. to build two hydrogen production and refuelling stations in Alberta.

TORONTO — DesRosiers Automotive Consultants says auto sales were down 13.3 per cent in April compared to the same month a year earlier when the semiconductor shortage first started to significantly hamper sales.