National Business

TORONTO — A more pessimistic outlook on interest rates and the economy led CIBC to boost how much it set aside for bad loans in its latest quarter, a move echoed by other banks as they prepare for slower growth ahead.

TORONTO — Scotiabank announced a raft of changes in its senior executive ranks, including a new head for the group overseeing its Tangerine online banking business and a new chief human resources officer.

MONTREAL — Laurentian Bank of Canada reported a dip in third-quarter profits as it continues to work through a strategic review.

TORONTO — Two of the e-commerce world’s biggest rivals have brokered a surprise deal helping their merchants better take advantage of one another’s offerings. Shopify Inc. and Amazon.com Inc.

WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve remained low last month, adding to signs of cooling price increases and raising the likelihood that the Fed will leave interest rates unchanged when it next meets in late Sep

U.S. applications for unemployment benefits fell slightly last week as companies held on to employees in an economy that has largely withstood rapidly rising interest rates, intended to cool hiring and spending, for more than a year.

BRAMPTON, Ont. — MDA Ltd. has signed an agreement to buy the digital payload division of SatixFy Communications Ltd. in a deal valued at US$40 million. MDA chief executive Mike Greenley says the deal for SatixFy Space Systems UK Ltd.

CALGARY — Tidewater Midstream and Infrastructure Ltd. has signed a deal to sell its Pipestone natural gas plant and expansion project as well as its Dimsdale natural gas storage facility to AltaGas Ltd. for $650 million in cash and shares.

DETROIT (AP) — Tesla is allowing some drivers to use its Autopilot driver-assist system for extended periods without making them put their hands on the steering wheel, a development that has drawn concern from U.S. safety regulators.

NEW YORK (AP) — The Biden administration proposed a new rule Wednesday that would make 3.6 million more U.S. workers eligible for overtime pay, the most generous such increase in decades.