National Business

CALGARY — Cenovus Energy Inc. chief executive Alex Pourbaix will step down from his CEO role later this year to devote more time to his evolving role as an outspoken champion of Canada's oilsands industry and its decarbonization ambitions.

NEW YORK (AP) — Stocks fell on Wall Street, posting their biggest drop in four weeks, after another reading on inflation came in hotter than expected. The S&P 500 fell 1.

TORONTO — In a bid to help retailers compete with the illicit pot market, the Ontario Cannabis Store will lower its price margins this fall — but its chief executive warns the move won't solve all the industry's woes.

Canadian Tire Corp. Ltd. capped its centennial year with strong growth in its automotive business as demand for auto parts and service helped offset softer spending on non-essential items, the company said Thursday.

OTTAWA — As the Bank of Canada monitors the economy's response to higher interest rates, governor Tiff Macklem says it is still overheated and the labour market is too tight.

ST. JOHN'S, N.L. — After handing oil companies more than $280 million in cash during the COVID-19 pandemic, Newfoundland and Labrador's energy minister says it's tough to watch those same companies rake in record-shattering profits.

VANCOUVER — Teck Resources Ltd. is evaluating alternatives for its steelmaking coal business, including the possible spin-out of an interest in that business to its shareholders.

CALGARY — Nutrien Ltd. will slightly delay the timing of its plan to ramp up potash production, due to slumping sales.

TORONTO — A new report says that while home prices are down compared with last year, higher mortgage rates mean affordability hasn't improved for Canadians. The report by Ratehub.

WASHINGTON (AP) — Wholesale prices in the United States reaccelerated in January, indicating that inflation pressures continue to underlie the U.S. economy despite longer-term signs of improvement.