October 25, 2012 / 10:18 AM / 5 years ago

PRESS DIGEST-Canada-Oct 25

Oct 25 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

THE GLOBE AND MAIL

* Billionaire entrepreneur and Edmonton Oilers owner Daryl Katz gave Alberta’s Progressive Conservatives nearly half a million dollars -- almost one third of the party’s total fundraising in a single donation -- as Premier Alison Redford’s cash strapped campaign was staring down defeat at the ballot box in the spring election.

* Finance Minister Jim Flaherty confirmed Wednesday that the recession has derailed Ottawa’s long-term debt plans and new targets won’t be set until the government starts posting yearly surpluses again -- which is not forecast to happen for three more years.

Reports in the business section:

* Buffeted by volatile markets for the commodities it produces, Teck Resources Ltd is deferring some C$1.5 billion ($1.50 billion) in capital spending over the next year or so, the latest in a string of Canadian resource companies to rewrite its plans in response to rising costs and an unpredictable outlook for the economy.

* The jockeying for Astral Media Inc’s highest-profile assets has begun, as Rogers Communications Inc signalled the company would consider buying some of Astral’s specialty channels if the company is sold off following a failed takeover attempt by BCE Inc

NATIONAL POST

* A disgraced Montreal bureaucrat told a public inquiry Wednesday why he never reported the rampant corruption he witnessed at city hall: It wasn’t his job.

Gilles Surprenant, a retired city engineer, took to the stand for a fourth day and was questioned about hundreds of thousands of dollars he received in kickbacks on rigged sewer contracts.

* Ontario’s opposition parties reacted with disbelief Wednesday after Premier Dalton McGuinty dismissed a contempt motion against his minority government as “phoney” and blamed them for his sudden decision to prorogue the legislature.

FINANCIAL POST

* An influential Canadian business association on Wednesday sought to quell domestic objections over the development of Alberta’s oil sands by releasing a study showing country wide economic benefits.

* Agnico Eagle Mines Ltd increased its production guidance for the year as it reported a swing back to profitability in the third quarter.

The gold miner said it now expects to produce 1.025 million ounces of gold for the year, up from an earlier estimate of 975,000.

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