National Business

TORONTO — A number of Canadian workers have been laid off by Meta Inc. as the tech giant announced plans to cut 13 per cent of its workforce in a bid to become "leaner and more efficient.

TORONTO — BMO Financial Group will record a $1.12-billion provision after a U.S. jury found it liable in relation to a Ponzi scheme alleged to have been facilitated by a bank it bought.

CALGARY — TC Energy Corp. is looking to divest $5 billion in assets next year, as the Calgary-based pipeline operator seeks to pay down debt and fund new projects.

Statistics Canada says consumer insolvencies rose 22.5 per cent in the third quarter compared with a year earlier, marking the largest percentage increase in 13 years. The federal agency says consumer insolvency filings increased 2.

TORONTO — Rogers Communications Inc. said Wednesday that the business impact from its July network outage was "very isolated" as it reported its third-quarter profit fell compared with a year ago while revenue crept higher.

TORONTO — Turquoise Hill Resources Ltd. is postponing its shareholder meeting to vote on Rio Tinto's plan to take the company private as it works to resolve concerns about Rio Tinto's deal with a pair of shareholders who had opposed the deal.

BERLIN (AP) — The German government on Wednesday blocked the sale of a chip factory to a Swedish subsidiary of a Chinese company, a decision that comes as Berlin grapples with its future approach to Beijing.

MONTREAL — CGI Inc. says it earned a fourth-quarter profit of $362.4 million, up from $345.9 million in the same quarter last year as its revenue rose eight per cent compared with a year ago.

LOS ANGELES (AP) — The most expensive ballot proposition gamble in U.S. history went bust Tuesday as California voters overwhelmingly rejected sports betting initiatives by Native American tribes and the gaming industry.

SACRAMENTO, Calif. (AP) — California’s wealthiest residents won’t see a tax increase after voters rejected a measure Tuesday that would have boosted rates on incomes above $2 million to help put more electric cars on the roads.