NEW YORK, N.Y. - Stocks are drifting lower on Wall Street as investors hold back ahead of a policy announcement from the Federal Reserve.

TORONTO - The Bank of Canada is likely to start raising its benchmark interest rate in July 2014, a full year before the U.S. Federal Reserve, BMO's chief economist Douglas Porter said Wednesday.

Orascom Telecom Holding announced Wednesday that it is pulling back its application to acquire full control of Wind Mobile Canada, in which it already held a partial interest.

TORONTO - Canada's growth outlook appears to be stronger than previously thought, thanks to an improving trade picture and the strength of corporate balance sheets, economists at the Royal Bank of Canada said Wednesday.

Imperial Oil is closing its refinery in Eastern Passage and converting it into a marine terminal. The company said it could not find a buyer for its facility to continue operating as a refinery.

At least two groups of American hedge funds have bought large chunks of Tim Hortons shares recently, a sign the activist investors want to push the company to make major changes to its business, or possibly give up some control over the company.

Consumer use of technology is transforming media and entertainment companies with almost 60 per cent of their revenues expected to come from digital sources by 2015, a new global survey says.

Norwegian oil giant Statoil ASA said Wednesday it made a big discovery of light oil offshore Newfoundland, the latest find in Canada's Atlantic region--a big and fast-growing petroleum play that's often overshadowed by the country's western oil-sands ...

Enbridge Inc. has rejected the national energy regulator's demand to have almost $1-billion in liability coverage set aside for the Northern Gateway project, and is calling for the creation of an industry-bankrolled fund that would help pay for cleanup in the case ...

The following is the text of Canada's wholesale trade report for April from Statistics Canada. Wholesale sales rose 0.2% in April to $49.0 billion, mainly as a result of higher sales in the computer and communications equipment and supplies industry.