National Business

MONTREAL — Transcontinental Inc. says its net profit attributable to shareholders dropped more than 20 per cent to $28.3 million in its latest quarter with the ending of a COVID-19 wage subsidy.

VANCOUVER — West Fraser Timber Co. Ltd. is raising its quarterly dividend by 20 per cent. The company says it will now pay a quarterly dividend of 30 cents US per share starting with its July 8 payment to shareholders of record on June 22.

LONDON (AP) — Russia's war in Ukraine and the energy and food crises it worsened will severely drag down global economic growth and push up inflation this year, the Organization for Economic Cooperation and Development said Wednesday.

TORONTO — When the COVID-19 pandemic struck and many abandoned in-person shopping and dining out, brick-and-mortar retail became one of the most undesirable assets in Canada.

NEW YORK (AP) — Banks and technology companies are leading stocks lower in morning trading on Wall Street early Wednesday, but major indexes are still holding on to gains for the week. The S&P 500 slipped 0.

VAUGHAN, Ont. — Bausch + Lomb Corp. reported its first-quarter profit fell compared with a year ago as its revenue edged higher. The company, which is being spun off from Bausch Health Companies Inc.

NEW YORK (AP) — Meltdowns in the cryptocurrency space are common, but the latest one really touched some nerves. Novice investors took to online forums to share tales of decimated fortunes and even suicidal despair.

WASHINGTON (AP) — Treasury Secretary Janet Yellen acknowledged Tuesday that she and Federal Reserve Chair Jerome Powell “could have used a better word” than “transitory” when describing the expected run of inflation in the U.S. economy.

MONTREAL — Stingray Group Inc. capped a challenging year with net profits plunging to $4.5 million in the fourth quarter despite higher revenues.

TORONTO — Grocery giant Empire Company Ltd. is moving forward with a new loyalty program after becoming a co-owner of the Scene+ program operated by Cineplex Inc. and Scotiabank. The three parties announced the new partnership on Tuesday.