PRESS DIGEST- Canada-May 24

Tue May 24, 2016 6:45am EDT
 
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May 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

** Canada's economy is on the ropes again, believed to be contracting in this second quarter of the year, though observers predict a fast, sharp rebound. Toronto-Dominion Bank believes the economy will shrink by a mild 0.2 percent, annualized, this quarter, while BMO Nesbitt Burns forecasts a deeper contraction of 1 percent or more. (bit.ly/1U7z5uG)

** Eight years after the start of the financial crisis, the Italian bank bloodbath continues unabated even as other European banks are returning to health. The latest indication that the Italian banks are still in trouble is to come on Tuesday, when UniCredit, Italy's biggest bank, is set announce the ouster of its CEO, Federico Ghizzoni. (bit.ly/1qGdqT0)

** One of Canada's longest-running jury trials involving former Cinar Corp executive Ronald Weinberg is approaching a close, with jury members set to begin their deliberations this week. Weinberg, the co-founder of Canada's largest children's animation company, is accused of fraudulently funnelling $120 million out of Cinar and into offshore accounts. (bit.ly/1sNK5YO)

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