National Business

CALGARY — Shares in Imperial Oil Ltd. rose Friday after it raised its dividend by nearly 23 per cent and announced accelerated share buybacks as it continues to prioritize returns to shareholders over spending on big growth projects.

OTTAWA — The Canadian economy grew at an annual rate of 6.5 per cent through the first quarter of the year, Statistics Canada said Friday, bringing the country tantalizing close to reaching pre-pandemic output.

Ongoing stay-at-home orders in Canada are continuing to dampen sales at Tim Hortons, with the impact on morning coffee routines the single largest drag on the chain's sales, the head of the restaurant's parent company said Friday.

The hit video app TikTok said Friday that an executive at its Chinese parent company, ByteDance, will now also serve as TikTok CEO. The new CEO, Shouzi Chew, is the chief financial officer of ByteDance.

LONDON — European Union regulators accused Apple on Friday of violating the bloc's antitrust laws, alleging the iPhone maker distorts competition for music streaming by imposing unfair rules for rival services in its App Store.

A strike at a Volvo plant in Virginia has ended following a tentative deal between the workers' union and automaker. The UAW Volvo Truck Council said Friday that Volvo Truck workers will be scheduled to return to their regular shifts on Monday.

DETROIT — An announcement by General Motors that it would invest more than $1 billion at a Mexican factory that will build electric vehicles has angered the United Auto Workers union.

FRANKFURT — Europe's economy shrank 0.

WASHINGTON — Wages and benefits grew quickly for U.S. workers in the first three months of the year, a sign that businesses are starting to offer higher pay to fill newly-opened jobs. U.S. workers’ total compensation rose 0.

MONTREAL — Bell has signed a deal to buy the promoter of the Formula 1 Canadian Grand Prix in a move it says will bring financial stability to the race. Financial terms of the agreement for Montreal's Octane Racing Group Inc.