National Business

Michigan officials approved a $500 million plan Friday to encase in a protective tunnel a portion of an aging oil pipeline that runs beneath a channel connecting two Great Lakes, leaving just one more regulatory hurdle for the contentious project.

PANAMA CITY (AP) — Canada’s First Quantum Minerals Ltd. announced Friday it has requested arbitration proceedings to fight a Panamanian decision to halt a major open-pit copper mine concession in Panama or obtain damages.

TORONTO — Some of the most active companies traded Fridayon the Toronto Stock Exchange: Toronto Stock Exchange (20,452.87, up 216.58 points): Suncor Energy Inc. (TSX:SU). Energy. Down 21 cents, or 0.47 per cent, to $44.53 on 19.2 million shares.

TORONTO — Canada's main stock index gained more than 200 points Friday on broad-based strength led by base metals, industrials and telecom stocks, while U.S. markets also rose.

NEW YORK — Stocks gained ground on Wall Street as the market comes off its best month in more than a year. The S&P 500 rose 0.6% Friday, marking its fifth straight week of gains.

CALGARY — The Calgary Real Estate Board says the city saw 1,787 home sales in November, marking an 8.8 per cent increase compared with the same month last year as the ratio of sales to new listings remained high at 80 per cent.

TORONTO — Fewer employees and more money set aside for bad loans were two of the dominant themes of Canadian bank earnings this past quarter as they prepared for whatever may come next year.

OTTAWA — Canada's unemployment rate continues to trend higher as the Bank of Canada's steep interest rate hikes weigh down the economy leaves workers with fewer options in the job market.

Walmart Canada says it will invest nearly $1 billion this fiscal year on a slew of projects meant to modernize the retail giant's Canadian footprint. The spending will include more than $300 million for store remodels and renovations.

TORONTO — BMO Financial Group said Friday it expects higher cost savings from its US$16.3 billion Bank of the West acquisition as part of a wider focus on efficiencies to weather the economic slowdown.