September 17, 2015 / 11:28 AM / 2 years ago

PRESS DIGEST- Canada - Sept 17

Sept 17 (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

** The dispute between United States Steel Corp and its stakeholders over the future of U.S. Steel Canada Inc has been sent to mediation by the Ontario Superior Court judge overseeing the Canadian unit's restructuring. The mediation will also address a business plan for the Canadian unit, its potential sale and the shift of production of high value-added steel to the U.S. (bit.ly/1LiB13K)

** As Quebecor Inc prepares to ramp up investment in its data centre business, Chief Financial Officer JeanFrançois Pruneau told an investor conference in Montreal on Wednesday the company is not considering "building a new wireless network from scratch in the rest of Canada." (bit.ly/1LiBDq3)

** Canada Pension Plan Investment Board is taking an 18 percent stake in Entertainment One Ltd, pledging to help the media company succeed in its bold global ambitions. The investment is valued at 142.4 million pounds ($221.15 million) (bit.ly/1LiBSla)

NATIONAL POST

** A federal court judge dismissed an attempt to put an early stop to a program in which the Canadian government agreed to share financial information of an estimated one million "U.S. persons" living in Canada with the Internal Revenue Service. Judge Luc Martineau ruled Wednesday that the collection and automatic disclosure of personal and account information from Canadian financial institutions is "legally authorized" and is "not inconsistent" with a tax treaty between Canada and the U.S. (bit.ly/1P2ctLp)

** The Organization for Economic Cooperation and Development has cut its outlook for the Canadian economy because weak commodity prices are generating "strong headwinds". The OECD reduced its economic forecast for the global economy for both 2015 and 2016 ahead of the slowdown it expects if the U.S. Federal Reserve raises interest rates for the first time in nearly a decade. (bit.ly/1P2dmDP)

** Large integrated oil producers, which have so far escaped the worst of the oil price rout, will need to make further cuts as earnings and cash flows are expected to drop 20 percent this year, says a report from Moody's Investor Service. Released Wednesday, the report said those producers face continued pressure as oil prices will remain "lower for longer". It also said refineries won't be able to fully offset the oil price collapse.(bit.ly/1P2ekjj) ($1 = 0.6439 pounds) (Compiled by Mansi Goenka in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below