National Business

WASHINGTON (AP) — The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in more than three decades to tame high inflation .

VANCOUVER — West Fraser Timber Co. Ltd. posted a net profit of US$762 million in its latest quarter as the acute transportation challenges facing the company in recent quarters showed signs of improvement.

TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (19,254.56, up 281.88 points.) Manulife Financial Corp. (TSX:MFC). Financials. Up 42 cents, or 1.86 per cent, to $22.99 on 8.

TORONTO — Kinross Gold Corp. reported a net loss of US$9.3 million in the second quarter due to a decrease in operating earnings and an increase in income tax expenses. The loss compares with net earnings of US$30.

TORONTO — North American markets ended the trading day in positive territory after a 0.75-point interest rate hike and dovish comments from U.S. Federal Reserve chair Jerome Powell Wednesday sparked a rally in stocks.

Shopify Inc.'s president is arguing the company is in an "enviable" position, even as it continues to express regret over misjudging the growth of the e-commerce market — a move that forced a dramatic number of job cuts Tuesday.

TORONTO — Mining and energy entrepreneur Lukas H. Lundin, who worked with his family to start and build a string of successful resource companies, has died at 64 years old. Lundin Mining Corp.

VANCOUVER — The long-running chief executive of Teck Resources Ltd. is stepping down from the position on a high note as the mining company reports a fourth consecutive quarter of record profits.

Cargojet Inc. reported high-flying revenues in its latest quarter despite falling e-commerce demand, as the air cargo outfit seized on the mess of delays plaguing passenger airlines — which also carry freight on board — to shore up its business.

WASHINGTON (AP) — A bill designed to encourage more semiconductor companies to build chip plants in the United States passed the Senate on Wednesday as lawmakers raced to finish work on a key priority of the Biden administration.