National Business

TORONTO — North American stock markets sank midweek as the hottest U.S. inflation numbers in more than 30 years had investors worrying that central banks will speed up interest rate hikes. The S&P/TSX composite index closed down 132.

WASHINGTON (AP) — A worsening surge of inflation for such bedrock necessities as food, rent, autos and heating oil is setting Americans up for a financially difficult Thanksgiving and holiday shopping season. Prices for U.S. consumers jumped 6.

MONTREAL — CGI Inc. said new bookings were the driving force behind a 37 per cent profit increase last quarter, as continued need for IT services in the COVID-19 pandemic boosted revenue.

The U.S. monthly budget deficit fell in October as the government collected more taxes from individuals and corporations thanks to a much improved economy emerging from the coronavirus pandemic.

TORONTO — Leon's Furniture Ltd. says it earned a record $63.8 million in its latest quarter, up from $49.1 million a year earlier, as revenue also set a record high.

CALGARY — Drilling activity in the Canadian oilpatch will return to pre-pandemic levels in 2022, according to a new industry forecast.

Tim Hortons has teamed up with pop superstar Justin Bieber to launch three new Timbit flavours — called Timbiebs — along with co-branded merchandise.

CALGARY — Canadian Natural Resources Ltd. (CNRL) says it has reached a deal to acquire Calgary-based oil and gas explorer Storm Resources Ltd. for $6.28 per share, a price that pegs Storm's enterprise value at $960 million.

TORONTO — Lifting COVID-19 restrictions helped one of Canada's most prominent commercial landlords collect more rent in its most recent quarter than at any other point during the pandemic.

OSHAWA, Ont. — General Motors has restarted vehicle production at its Oshawa Assembly Plant after shutting operations down at the end of 2019.