National Business

OTTAWA — Ottawa is reviewing its spending "from top to bottom" as Canada's closest allies call on Canada to hike defence spending to levels not seen since the height of the Cold War, Defence Minister David McGuinty said Thursday.

TORONTO — Canada's main stock index managed a slight gain Thursday while U.S. markets closed down on a choppy day that included headlines on trade tensions softening as well as a very public fallout between U.S. President Donald Trump and Elon Musk.

Prime Minister Mark Carney is said to be engaging in behind-the-scenes trade discussions with U.S. President Donald Trump.

HALIFAX — Nova Scotia search and rescue organizations are warning the public about fundraisers claiming they'll use donated cash to search for two missing children.

MONTREAL — Transat AT Inc. shares soared Thursday after the travel company announced major restructuring of pandemic-era debt in a deal that forgives hundreds of millions of dollars owed. Its stock price jumped 27 cents or 16 per cent to close at $1.

OTTAWA — The Canadian Union of Postal Workers has filed an unfair labour practice complaint against Canada Post over ongoing contract negotiations, as the union scrambles to overcome bargaining pushback from both management and its membership.

MONTREAL — Montreal is hoping to redeem itself during the upcoming Grand Prix weekend after last year's event veered off course due to heavy congestion, flooding and some ill-timed patio inspections.

WASHINGTON (AP) — Donald Trump and Elon Musk’s alliance took off like one of SpaceX’s rockets. It was supercharged and soared high. And then it blew up.

OTTAWA — Canada posted its largest merchandise trade deficit on record in April at $7.1 billion as exports fell sharply in the face of U.S. President Donald Trump's tariffs. Statistics Canada said Thursday the result, which followed a deficit of $2.

TORONTO — Tom Green says he isn’t big on political statements — but in his own way, he’s taking a stand.