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.

NEW YORK--Stocks opened slightly lower, as investors looked ahead to the afternoon's Federal Reserve policy announcement. The Dow Jones Industrial Average slipped 11 points, or 0.1%, to 15397.

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.

Verizon Communications Inc. is looking at a move into Canada's cellular telephone business, one of several possible new entrants whose arrival would salvage the federal government's ambitions for a fourth wireless player across the country.

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.