National Business

OTTAWA — Canadian homeowners may be in for a shock when it's time to renew their mortgages, since rising interest rates mean their monthly loan payments will likely climb higher, too.

LONDON (AP) — The Bank of England raised interest rates by a quarter-percentage point Thursday, shrugging off pressure for a bolder move to combat price increases that have pushed inflation to a 40-year high .

OTTAWA — Statistics Canada says wholesale sales fell 0.5 per cent in April to $79.8 billion as the miscellaneous goods and the building materials and supplies subsectors posted the largest declines.

LOS ANGELES (AP) — Mo'Nique and Netflix reportedly have settled her lawsuit that accused the streaming service of racial and sexual discrimination for allegedly making her a lowball offer for a proposed comedy special.

ISLAMABAD (AP) — A minister in Pakistan's newly elected government faced criticism Wednesday following his plea to the nation to drink less tea to help save on imports amid a deepening economic crisis.

TOKYO (AP) — Asian shares advanced Thursday after the Federal Reserve raised its key interest rate by three-quarters of a point and signaled more rate hikes were coming to fight inflation.

TORONTO — Wealthsimple is laying off 13 per cent of its workforce as the financial services company joins the slew of global technology businesses facing market "immense volatility.

MONTREAL — Canadian National Railway Co. says it has been given 72-hour strike notice by the International Brotherhood of Electrical Workers. CN says the union represents about 750 of its signals and communications employees across the country.

WASHINGTON (AP) — The Biden administration proposed Wednesday that future planes produce lower levels of greenhouse gas emissions before they can be certified by federal regulators.

OTTAWA — Investor advisory firm Glass Lewis & Co. says Shopify Inc.’s plan to augment founder Tobi Lütke's power in the e-commerce company only passed because of the support from an early company investor and director.