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.

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.

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.

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.