National Business

CALGARY — There's a famous saying that 'the cure for high prices is high prices,' but when it comes to gasoline, that may not necessarily be the case.

BEIJING (AP) — Asian stock markets were mostly lower Friday after Wall Street fell on fears interest rate hikes will depress global economic activity. Tokyo, Seoul and Sydney fell. Shanghai and Hong Kong advanced.

NEW YORK (AP) — Revlon, a cosmetics maker that broke racial barriers and dictated beauty trends for much of the last century, has filed for Chapter 11 bankruptcy protection.

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell has pledged to do whatever it takes to curb inflation, now raging at a four-decade high and defying the Fed's efforts so far to tame it.

TORONTO — The federal government is prepared to take further action to address more severe economic volatility, but Finance Minister Chrystia Freeland wouldn't say if a hard landing for Canada's housing market would be the trigger for such moves.

TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange: Toronto Stock Exchange (19,004.06, down 607.50 points.) Athabasca Oil Corporation (TSX:ATH). Energy. Down seven cents, or 2.3 per cent, to $2.96 on 11.

North American markets faced a harsh reckoning Thursday following the U.S. Federal Reserve's outsize rate hike a day earlier, with Canada's main stock index dropping more than 600 points at closing time.

HALIFAX — A guaranteed basic income in Canada would help alleviate poverty but could also put the fiscal sustainability and labour supply of some provinces at risk, a new study published Thursday says.

SANTA ANA, Calif.

CALGARY — The WestJet Group says it plans to refocus its routes and fleet on Western Canada. The Calgary-based airline says in the wake of a strategic review, it has decided to shift resources to grow its presence in the West.