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 Eastrern 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.

TORONTO -- The Toronto stock market was lower Wednesday as traders hoped the U.S. Federal Reserve will shed some light on what it intends to do about curbing some of its economic stimulus.

Statoil says it has discovered light, high-quality oil in the Flemish Pass basin 500 kilometres northeast of St. John's, raising hopes for an as-yet-untapped part of the Newfoundland offshore.

TORONTO - The Canadian dollar was slightly higher Wednesday ahead of the mid-afternoon release of the U.S. Federal Reserve's latest policy statement and economic projections.

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.

OTTAWA (Reuters) - Canada's net foreign debt dropped almost 25 percent in the first quarter of 2013 as higher foreign stock markets boosted the value of Canadian assets abroad, Statistics Canada said on Wednesday.

A campaign that raised $200,000 dollars to purchase an alleged video appearing to show Toronto Mayor Rob Ford smoking crack was a �beautiful example� of the fundraising power of the Internet, says the website that hosted the controversial crusade.

tim-hortons A row of Tim Hortons coffee cups are lined up for customers at Penn Station in New York in this July 13, 2009 file photo.

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.