National Business

TORONTO — A coalition of Ontario developers has written to three levels of government to ask for a reduction in taxes on new housing, saying it will pass on those savings dollar for dollar to homebuyers.

MONTREAL — Lion Electric Co. says it is laying off hundreds more workers as part of a plan to staunch its financial losses. The announcement sent the electric bus company's shares into a tailspin, leaving them a penny stock by day's end.

TORONTO — TMX Group Ltd. says it earned $100 million in the second quarter of 2024, up from $97.3 million during the same quarter last year. Revenue for the company that operates the Toronto Stock Exchange totalled $367.1 million, up from $306.

WINNIPEG — NFI Group Inc. says it earned US$3 million in its second quarter, up from a net loss of US$48 million a year earlier. The Winnipeg-based company says its revenue for the quarter totalled US$851 million, up from US$660 million last year.

Boeing named an aerospace industry veteran with a background in mechanical engineering as its next chief executive Wednesday, looking to open a new chapter at a company rocked by legal, regulatory and production problems and mounting financial reperc

VANCOUVER — Western Forest Products Inc. says it lost $5.7 million during the second quarter, compared with a loss of $20.7 million a year earlier. The Vancouver-based company says revenues were $309.

SAN FRANCISCO (AP) — Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading.

TORONTO — Gains in energy stocks and base metals led Canada's main stock index up almost 300 points in a broad-based rally Wednesday, while major tech names led a rally on U.S. stock markets, and the U.S.

NEW YORK (AP) — Big technology stocks drove a rally for U.S. indexes, as Wall Street grew even more convinced long-sought cuts to interest rates will be arriving soon. The S&P 500 jumped 1.6% Wednesday for its best day in five months.

CALGARY — Canada's largest drilling rig contracting company has seen such surprising growth in customer demand after the opening of the Trans Mountain pipeline expansion that its CEO believes a rig shortage could be possible by next year.