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June 12 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
** Financial returns in the oil sands stand to weaken under the most sweeping efforts to fight global climate change, Statoil ASA's chief economist said on Thursday, as some of the industry's leading companies call for increased carbon fees. (bit.ly/1I8yfbn)
** Canadian towns could see a number of bank branch closures as customers shift away from entering local branches for everyday banking, Bank of Nova Scotia CEO Brian Porter said at an event on Thursday. (bit.ly/1B7jZ5T)
** The Senate is defending the secrecy of the arbitration process that will allow senators to challenge the federal Auditor-General's findings on their expenses, despite the Red Chamber's recent promise of increased disclosure and oversight of its activities. (bit.ly/1JK2Amp)
** Toronto Mayor John Tory won a narrow victory at City Hall on Thursday, riding a wedge of suburban support to overcome fierce opposition to his plan for the Gardiner Expressway. (bit.ly/1MO902f)
** Canada's Office of the Superintendent of Financial Institutions is assessing the growing practice among some firms of reinsuring commercial risks offshore, often through unregistered affiliates, with little capital retention in Canada. (bit.ly/1FXFWQj)
** A report commissioned by Canadian regulators considering overhauling mutual fund fees says there is "conclusive evidence that commission-based compensation creates problems that must be addressed." (bit.ly/1FXGk18) (Compiled by Mirza Mohammed Ali Khan in Bengaluru)