July 29 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
As many as 115 businesses are finalizing plans to move to a future commercial district near the heart of Lac-Mégantic as the removal of the toxic soup under the shattered downtown is expected to last years. Nearly a month after the devastating crash of an oil train on July 6, officials have warned that reconstruction could take five years. ()
* One of the four federal policemen accused of lying during testimony at a public inquiry into the death of Polish immigrant Robert Dziekanski will learn his fate on Monday. Constable Bill Bentley’s trial last month was the first of four perjury cases against the officers who confronted Dziekanski at Vancouver’s airport in October 2007, fatally stunning him several times with a taser. ()
Reports in the business section:
* Hudson’s Bay Co (HBC) is close to sealing a deal to buy Saks Inc, a move that would see the U.S. luxury department-store retailer being launched in Canada along with its Saks Off Fifth discount sister chain. HBC is expected to pay about $16 a share for Saks, the source said, making the purchase price $2.4 billion. ()
* A group of 150 leading Canadian CEOs is appealing to Prime Minister Stephen Harper to alter course on a wireless competition policy they say would hobble domestic companies, while giving privileged treatment to a deep-pocketed foreign wireless player such as Verizon Communications Inc. ()
* Foreign investors are increasingly snapping up stakes in Canadian hotels, attracted in part by a relatively stable economy and an increase in buying opportunities. About 24 per cent of the C$794 million ($771.29 million)that was invested in Canadian hotels during the first half of this year was foreign money, compared to about 7 per cent of the C$650 million worth of hotel deals done, a year earlier, according to real estate service firm CBRE. ()
* Toronto police are facing criticism after a video of officers fatally shooting a young man armed with a knife on an empty streetcar was posted online. ()
* Nearly half of Ontario’s jails are overcrowded, a six-year high that sees cells meant for two people at times hold three or more as the province struggles with a rising tide of inmates who have yet to have their day in court. ()
* The threat of a deep-pocketed U.S. giant such as Verizon Communications Inc entering the Canadian market and running off with half of the most valuable spectrum to become available since the 1980s, has intensified debate over how to properly manage wireless spectrum in the country. ()
* Ottawa’s finances got off to a rocky start in the current fiscal year, posting a C$2.7 billion deficit that was nearly C$1 billion more compared to the same period last year.