National Business

TORONTO — Drugstore chain Rexall Pharmacy Group and online retailer Well.ca are due to land under Canadian ownership after a Toronto-based private equity firm announced Thursday that it would purchase both brands from McKesson Corp.

TORONTO — DesRosiers Automotive Consultants says August auto sales were up 5.6 per cent compared with the same time last year but predicts sales gains will be tougher to come by in the coming months.

VANCOUVER — First Majestic Silver Corp. has signed a deal to buy Gatos Silver Inc. in a transaction valued at US$970 million. Under the agreement, Gatos shareholders will receive 2.55 shares of First Majestic for each Gatos share held.

OTTAWA — The decision by the Bank of Canada to cut its key interest rate target this week was good news for borrowers with variable-rate mortgages, bringing back some of the shine for the once popular loans.

The number of Americans filing for unemployment benefits fell to its lowest level in two months last week, signaling that layoffs remain relatively low despite other signs of labor market cooling.

The number of Americans filing for unemployment benefits fell last week as layoffs remain relatively low despite other signs of labor market cooling. Jobless claims fell by 5,000 to 227,000 for the week of Aug.

TORONTO — CIBC is making changes to its senior executive ranks in a move chief executive Victor Dodig says will broaden the opportunities for a number of the bank's leaders.

Verizon is buying Frontier Communications in a $20 billion deal to strengthnen its fiber network. Verizon Communications Inc. said Thursday that the transaction will also help it in the areas of artificial intelligence and the Internet of Things.

Corner stores across Ontario are now legally allowed to sell certain types of alcohol.

CALGARY — Alberta's government says it's pulling $1.53 billion in funding from a massive Calgary Green Line light rail transit project already deep in sunk costs.