Loblaw Cos. Ltd. (TSX:L) said it opened the new 10,000-square foot store a few weeks ago in Calgary.

The location, named Box by No Frills, offers “hard discounts and an everyday low price” on groceries and other merchandise, Sarah Davis, Loblaw’s chief financial officer said in a conference call Wednesday.

“We are trying that as a pilot to see, ‘Is it something that we can infill in a lot of areas of Canada because it’s only 10,000 square feet?’ ” she told investors from the company’s Brampton, Ont., headquarters.

Loblaw’s discount chain of stores, No Frills, are typically 25,000 square feet. The company also operates a number of other banners, including Real Canadian Superstore, which has a large format and wide range of general merchandise in addition to groceries.

The new Box format is being tested as the company creates one of Canada’s largest commercial real estate trusts with its grocery property assets, and prepares for stiffer competition from Target, Wal-Mart Canada and Sobey’s, which recently announced a $5.8-billion deal to buy Safeway Inc. in Western Canada.

Davis said if the small-box format is successful, the grocery chain will buy new property to develop them into more locations under the Box banner.

“From that perspective, it’s not reformating properties that have gone into the REIT, but trying out new formats with new real estate,” said Davis.

Loblaw first announced plans to turn its properties into a REIT last December.

It values its property holdings at $7 billion and said the trust will help the company optimize the value its real estate portfolio, lower the cost of capital for real estate and increase the speed of development of new retail sites.

The new Choice Properties Real Estate Investment Trust will hold 415 retail properties, one office complex and nine warehouse properties totalling 35.3 million square feet of gross leasable area.

Loblaw, which will own a stake in Choice, is Canada’s largest grocer with more than 1,000 corporate and franchised stores from coast to coast. The company and its franchisees employ approximately 134,000 full-time and part-time employees.

Among the companies banners are: Loblaws, Zehrs, Provigo, Fortinos, Liquorstore and SaveEasy and among its brands are President’s Choice, No Name and the Joe Fresh line of clothing.

ABC said Wednesday that Moran will head overseas late this summer. Moran was ABC’s chief White House correspondent from 1999 to 2005 and has done many overseas and domestic stories for “Nightline,” most recently from Syria.

It’s a revived position at ABC News. The late Peter Jennings spent several years as a London-based correspondent before becoming the network’s chief news anchor.

There was no immediate word on who would replace Moran alongside Cynthia McFadden and Bill Weir at “Nightline.”

The company says in a news release today that it couldn’t find a buyer for the facility after searching for a year.

Rich Kruger, the chief executive of Imperial Oil (TSX:IMO), says the conversion to a terminal operation shows the challenges of operating a refinery in competitive conditions.

The news release says the conversion is planned for later this year, depending on the progress of the modifications.

About 200 employees and 200 contractors work at the refinery and related terminals in the Halifax, Sydney, N.S., Corner Brook, N.L., Sept-Iles, Que. and Cap aux Meules in the Magdalen Islands.

The refinery began production in 1918 and has a capacity of about 88,000 barrels a day.

A non-recurring after-tax charge of between $260 million and $280 million is expected to be included in Imperial Oil’s second quarter reported financial results.

It is hoped the Fed will shed some light on what it intends to do about curbing some of its economic stimulus.

The loonie was up 0.06 of a cent to 98.02 cents US as markets also looked to a speech later in the day by Bank of Canada governor Stephen Poloz. The topic is “Recovery: Rebuilding Business Confidence in Canada”.

Poloz has only been on the job since June 3 and traders will want to see how he potentially differs in tone from his predecessor, Mark Carney, who left the central bank’s top job to take over as governor of the Bank of England.

Meanwhile, the Fed statement has been much anticipated as a cloud of uncertainty settled over markets after Bernanke first mentioned the possibility of tapering the Fed’s monthly purchases of US$85 billion of bonds during congressional testimony May 22. Analysts don’t expect the Fed to make a move on tapering just yet. But uncertainty over whether the Fed feels economic conditions are appropriate for such easing, along with questions about how much the bank might cut back, has resulted in volatility where daily, triple-digit moves have become almost routine.

The bond purchases, the third round of quantitative easing embarked on by the Fed in the wake of the 2008 financial collapse and subsequent recession, have kept interest rates and bond yields low. They have also helped keep a strong rally on most stock markets going for all this year.

Commodity prices were mixed with the July crude contract on the New York Mercantile Exchange ahead 18 cents to US$98.62.

July copper was a cent higher to US$3.16 a pound while August bullion rose $5.10 to US$1,372 an ounce.

The 737-MAX 8 planes have a list price of $100.5 million, although most customers negotiate steep discounts. Aircraft leasing company CIT Aerospace, which placed the order Wednesday, is responsible for a fleet of 350 aircraft, including 128 Boeing jets, according to the company.

Smaller jet purchases have made up the bulk of the orders this year as airlines renew their fleets or expand into new markets, notably in Asia and Latin America.

The 737 carries between 150 and 200 passengers and is Boeing’s most popular model. First deliveries of the MAX are expected in 2017.

The Calgary-based oil company (TSX:CVE) is expecting to finish 2014 by moving 30,000 barrels by rail — up from the 10,000 it’s anticipating by the end of 2013.

As part of the strategy, Cenovus has signed multi-year leases for 800 railcars.

Of those, 500 will be equipped with heated coils so that they can carry thick oilsands bitumen.

Cenovus and many of its peers are looking at rail as an alternative to get their oil to the most lucrative markets, as environmental opposition has led to delays in building pipeline projects such as Keystone XL and Northern Gateway.

CEO Brian Ferguson says trains have been carrying materials much more hazardous than oil through North America for decades, so he doubts there will be much public outcry to increasing crude transport by rail.

Earlier this month the company defiantly refused the government’s request to recall the Jeeps. But Chrysler now says it will go ahead with the recall after getting calls from concerned customers.

The National Highway Traffic Safety Administration contended that the Jeep’s gas tank could rupture if hit from the rear, causing a fire. NHTSA said 51 people had died in fiery crashes in Jeeps with gas tanks positioned behind the rear axle.

The recall covers Jeep Grand Cherokees from model years 1993 through 2004 and Jeep Libertys from 2002 through 2007.

Chrysler said Tuesday that dealers will inspect the vehicles and install trailer hitches to protect the gas tanks. The company said vehicles without hitches will get them, as will those with broken hitches or hitches that aren’t from Chrysler.

In a statement, Chrysler maintained that the vehicles aren’t defective, despite prior statements to the contrary from NHTSA.

Chrysler wouldn’t say how much the trailer hitches would cost.

The business, Aliya’s Foods Ltd., took effect on Monday.

Aliya’s Foods Ltd. is a ready-to-eat red meat and poultry establishment.

The agency says Aliya’s Foods Ltd. has failed to document and address product cooling issues during pre-shipment review, and failed to address allergen control issues.

No product has been recalled, but the CFIA says it will take action if any potentially contaminated product be identified.

The federal agency says Aliya’s Foods Ltd. will not be able to resume operations until the company has put in place corrective actions and those actions must be approved by the CFIA.

Both positions report to HBC chairman and chief executive officer, Richard Baker.

The Toronto-based company says the changes are in effect immediately.

Brooks has been featured in The Bay’s radio ads for several years and president of HBC since 2008, while Rodbell has been an HBC vice-president since February 2012.

The retailer says Brooks will have an “advisory capacity” to the company’s board of directors in her new role.

Founded in 1670 as a trading company with rights to large portions of what is now Canada, HBC currently has 90 Hudson’s Bay department stores across the country.

HBC also owns 69 Home Outfitters houseware stores and 48 Lord & Taylor department stores in the United States.

“This new structure will continue to drive our long term growth strategy, as we build upon the company’s momentum toward revitalizing its banners and product offerings, and strengthening the customer experience,” Baker said in a statement.

Lynn Good, 54, has been CFO since 2009. She will also take a seat on the company board.

Rogers will retain his board chairman seat until he steps down at the end of the year.

The board plans to name one of its independent directors as chair-elect in the coming weeks. That person will become chairman when Rogers departs.

Rogers, 65, has been president and CEO at Duke Energy Corp. since 2006. In November, he announced plans to retire from the Charlotte, N.C., company by the end of 2013 after the contentious takeover of Progress Energy.