July 24, 2015 / 11:53 AM / 2 years ago

PRESS DIGEST- Canada - July 24

3 Min Read

July 24 (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

** Encana Corp is expected to announce staff cuts on Friday along with sharply weaker financial results as the company copes with the extended skid in oil prices. The cuts affect "a little over 200" staff, according to an internal memo from Chief Executive Doug Suttles, issued late Thursday. (bit.ly/1Imjztk)

** Loblaw Companies Ltd will close 52 unprofitable stores over the next year as it prepares to sacrifice sales for a better bottom line after its 2014 takeover of Shoppers Drug Mart, the country's largest grocer said on Thursday. (bit.ly/1JClnet)

** AGF Management Ltd is parting ways with the head of its retail mutual fund business, marking the first major personnel shakeup at the company since appointing a new chief investment officer. Gordon Forrester is leaving the firm in less than two weeks, according to an internal memo sent to employees. (bit.ly/1JClDKj)

National Post

** Acasta Enterprises Inc, on Thursday, filed a final prospectus for its initial public offering, a transaction that raised $350 million via the sale of units. (bit.ly/1JClPcK)

** The war between taxi drivers and Uber Technologies Inc shows no signs of abating as a class-action lawsuit was launched against the company on the same day that its controversial UberX service expanded to four more Canadian cities. The lawsuit seeks $400 million in compensatory damages, $10 million in punitive damages and an injunction prohibiting UberX from continuing to operate in Ontario. (bit.ly/1JClYN8)

** Despite posting a large quarterly loss on sharply reduced demand for its services, Precision Drilling Corp, one of Canada's largest oil and gas drilling companies, boosted its capital spending plans Thursday. Precision announced it was boosting its capital budget to $546 million for 2015, up from the $506 million the company had planned to spend. (bit.ly/1JCmieK) (Compiled by Mansi Goenka in Bengaluru)

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