National Business

TORONTO — Financial markets have flip-flopped all week as a global crisis in confidence over the banking sector has led to a dramatic shift in expectations for central banks' fight against inflation, and has made a recession more likely.

TORONTO — Canada's main stock index closed down over 150 points Friday, with U.S. indexes also posting losses, as the globe continued to grapple with a crisis of confidence in the financial system triggered by two U.S. bank failures.

FREDERICTON — The Spanish company behind a proposal to export liquefied natural gas to Europe through a terminal in Saint John, N.B., has announced it will not go ahead with the project because the costs are too high.

WASHINGTON (AP) — In early March, President Joe Biden met with members of Alaska's bipartisan congressional delegation as they implored him to approve a contentious oil drilling project in their state.

HALIFAX — A seafood giant that is half-owned by a coalition of East Coast First Nations is reporting a leap in annual sales, as 2022 revenues rose by $71.6 million compared to the year before.

WASHINGTON (AP) — President Joe Biden on Friday called on Congress to allow regulators to impose tougher penalties on the executives of failed banks, including clawing back compensation and making it easier to bar them from working in the industry.

CALGARY — An Indigenous-led initiative is still pursuing ownership of the Trans Mountain pipeline, in spite of the project's ballooning price tag. "We are not going away, just because it's $30.9 billion.

TORONTO — Canada's two banking complaints agencies say there were a record number of inquiries and cases opened last year.

Hexo Corp.'s chief executive says he's seen a "price war" take shape over the last five months that could cause "significant" damage to Canada's cannabis industry. "No one wins in a price war," Charlie Bowman told analysts on a Friday call.

NEW YORK (AP) — Wall Street is opening modestly lower as worries persist about the banking industry despite the lifelines it’s been getting. The S&P 500 was down 0.3% in early trading Friday. The Dow lost 0.6% and the Nasdaq was little changed.