3 Min Read
Sept 15 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
** Moody's Investors Service slashed Teck Resources Ltd's credit to junk status, citing weak commodity prices along with the miner's spending on its oil sands joint venture. The downgrade to speculative or junk status is a blow to the Vancouver-based miner, whose two main businesses - copper and metallurgical coal - have suffered from the steep drop in prices. (bit.ly/1QexQtb)
** SNC-Lavalin Group Inc is parting ways with its chief executive officer as the Canadian engineering giant puts faith in a new leader who it says can better drive earnings after several unsteady quarters. Robert Card has agreed to step down as CEO after a three-year tenure. He'll be replaced by current chief operating officer Neil Bruce as of Oct. 5.(bit.ly/1QexWBd)
** The Ontario Liberals are on the verge of launching their initial public offering for Hydro One, proving they are wasting little time post-Labour Day to market the deal to investors. The massive offering, expected to be worth C$2.25 billion, is one step closer to reality now that the full underwriting syndicate has been chosen, according to people familiar with the deal. (bit.ly/1QeGPe0)
** Bombardier Inc's stock spiked last week, gaining nearly 58 percent, but analysts at Macquarie say a "significant correction" is looming. Investors rushed back into Bombardier's shares after Reuters reported the company rejected a Chinese offer for its train-making business that valued the unit at $7 billion to $8 billion - significantly higher than the estimates of most analysts and bankers. (bit.ly/1QeD7ku)
** The party that takes the reins after October's federal elections must make pipelines a top priority, says the president of the Canadian oil industry association. "After the election (pipelines) will continue to be one of the biggest impediments to the Canadian economy - and affect our ability to access markets," said Tim McMillan, president of the Canadian Association of Petroleum Producers.(bit.ly/1QeDA6r)
** Mayor John Tory is expected to reject Toronto's prospective bid for the 2024 Summer Olympics, a source familiar with the matter told the National Post on Monday. Tory is scheduled to officially announce his decision outside City Hall early Tuesday - the last day for potential entrants to indicate their interest in a bid to the International Olympic Committee. (bit.ly/1QeGcRK) (Compiled by Mansi Goenka in Bengaluru)