National Business

TORONTO — Canada's main stock index lost more than two per cent on Tuesday on a broad-based decline, following U.S. markets as they slid on news that inflation in January was hotter than expected. U.S. prices rose 3.

NEW YORK (AP) — Stocks fell sharply after disappointing data on inflation made investors confront the bitter possibility that interest rates will stay high for months longer than they were hoping. The S&P 500 fell 1.

Police in British Columbia say an investigation spanning several communities has led to the largest one-time seizure of contraband cigarettes in the province, with a retail value of $11 million, along with guns, ammunition and illegal drugs.

WASHINGTON (AP) — Consumer inflation in the United States cooled last month yet remained elevated in the latest sign that the pandemic-fueled price surge is only gradually and fitfully coming under control.

A national framework that allows smaller internet providers to offer services to customers by using rivals' fibre networks would give residents of remote regions more affordable options, the industry regulator heard on Tuesday.

Costco has decreased the prices of hundreds of items since the start of 2023, according to executive Pierre Riel. The chief operating officer of Costco Wholesale Corp.

TORONTO — Magna International Inc. says it may buy back up to 300,000 of its common shares under its normal course issuer bid over the coming year. The auto parts company says the bid will start on Thursday and will end no later than Feb. 14, 2025.

TORONTO — Restaurant Brands International Inc.

Canadians are continuing to be laid off as part of a wave of job cuts that began in 2023 as companies assessed their operations after the height of the COVID-19 pandemic passed.

KINGSEY FALLS, Que. — Cascades Inc. is closing three plants as part of changes to its containerboard operations that will affect 310 employees. The paper and packaging company says its corrugated medium mill in Trenton, Ont.