Prep-Business-Report

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(Markets)

Canada's main stock index lost almost 150 points Thursday, led by weakness in utilities and base metals, while U-S stock markets also fell.

The S-and-P T-S-X composite index closed down 145.97 points at 22,200.79.

In New York, the Dow Jones industrial average was down 605.78 points at 39,065.26. The S-and-P 500 index was down 39.17 points at 5,267.84, while the Nasdaq composite was down 65.51 points at 16,736.03.

The Canadian dollar traded for 72.98 cents U-S compared with 73.13 cents on Wednesday.

The July crude contract was down 70 cents U-S at $76.87 per barrel and the June natural gas contract was down 19 cents U-S at $2.66 per one-thousand cubic feet.

The June gold contract was down $55.70 U-S at $2,337.20 an ounce and the July copper contract was down six cents U-S at $4.79 a pound. (The Canadian Press)

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(Cda-US-NATO)

A bipartisan group of U-S senators wants Prime Minister Justin Trudeau to meet the NATO spending target that Canada agreed to a decade ago.

NATO allies pledged to spend at least two per cent of G-D-P on defence.

But Canada is spending well below that at around 1.33 per cent.

Ottawa estimates defence spending will rise to 1.7 per cent of G-D-P by 2029, under its new defence policy. (The Canadian Press)

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(BKW-WNBA-Toronto-Business)

Experts say the arrival of a Toronto W-N-B-A team comes at critical moment in history for women's sports.

A marketing professor at Queen's University's Smith School of Business says it also creates new opportunities to capitalize on long pent-up demand from local basketball fans.

The professor says the W-N-B-A will likely find its footing by offering more affordable ticket options than squads like the Maple Leafs or Raptors.

Toronto's new women's basketball team will tip off in 2026, playing its home games at the Coca-Cola Coliseum. (The Canadian Press)

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(Nvidia-Stock-Price)

The market value for artificial intelligence chipmaker Nvidia (en-VID'-ee-ah) has increased by more than one-trillion dollars.

As of today's close in New York, Nvidia's stock price has jumped 116 per cent so far this year.

The company's revenue more than tripled in its latest quarter, rising to about 26-billion dollars U-S from roughly seven-billion-dollars in the previous year.

The chip giant has seen soaring demand for its semiconductors, which are used to power artificial intelligence applications. (The Associated Press)

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(NS-Northern-Pulp)

The Nova Scotia government has reached a deal with the owner of the Northern Pulp mill in Pictou County.

The agreement with Paper Excellence addresses the 450-million dollar lawsuit the company launched against the province over the 2020 closure of Northern Pulp.

It also sorts out the 99-million-dollars in loans the firm owes the province.

If the courts approve the agreement, Paper Excellence will pursue a new kraft pulp mill near the former Bowater mill in Brooklyn, Nova Scotia. (The Canadian Press)

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(China-Tesla)

Electric vehicle maker Tesla has begun construction of a 200-million-U-S-dollar factory in Shanghai to make its Megapack energy storage batteries.

Chinese state media says it will be the first Tesla battery plant outside the United States.

Each Megapack can store more than 3.9 megawatt hours of energy -- that's enough to power more than three-thousand homes for one hour. (The Associated Press)

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(Business Report by Brenda Molina-Navidad)

The Canadian Press