National Business

WASHINGTON — Treasury Secretary Steven Mnuchin said Wednesday he has no idea who wrote a confidential Internal Revenue Service legal memo that says that tax returns must be given to Congress unless the president asserts executive privilege.

TORONTO — Canadian household debt reached a record high at the end of last year even as mortgage activity slowed, the Canada Mortgage and Housing Corp. said in a report out Wednesday. The debt to income ratio of Canadians hit a record high of 178.

TORONTO — Canadian Imperial Bank Of Commerce saw slow growth in personal and small business banking, offsetting its gains in capital markets and U.S. commercial banking as total earnings fell short of analysts' expectations.

NEWPORT NEWS, Va. — The leader of an ill-fated effort to revive the People Express airline has been indicted on fraud and tax evasion charges. The Daily Press reports Michael D.

OTTAWA — Statistics Canada says retail sales rose 1.1 per cent to $51.3 billion in March boosted by higher sales at gas stations and sellers of building materials, garden equipment and supplies. Economists had expected an increase of 1.

MONTREAL — Aimia Inc. says it will buy back 22.9 per cent of its outstanding shares at a price of $4.30 each under a plan announced last month. The loyalty rewards company says it will buy back roughly 34.

SMITHS FALLS, Ont. — Canopy Growth Corp. has signed a deal to buy skin-care company This Works for $73.8 million in cash.

TORONTO — Barrick Gold Corp. has made a proposal to acquire the shares in Acacia Mining that it does not already own. Under the proposal, Barrick, which holds a majority stake in the African gold miner, would swap 0.

LONDON — British Steel has been ordered into compulsory liquidation after talks with the government failed to secure a bailout, Britain's Insolvency Service said Wednesday.

SACRAMENTO, Calif. — California sued Tuesday to block the Trump administration from cancelling nearly $1 billion for the state's high-speed rail project, escalating the state's feud with the federal government.