May 14, 2013 / 10:04 AM / 5 years ago

PRESS DIGEST-Canada-May 14

May 14 (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

* More than seven years after the Queen of the North ferry crashed into a rocky island and sank, costing two passengers their lives, Karl Lilgert, the officer in charge of navigating the ship has been found guilty by the British Columbia Supreme Court of two counts of criminal negligence. ()

* A growing number of Arctic aboriginals have called for a moratorium on energy development in the North in a statement that seeks an end to offshore drilling and a pause in northern energy projects unless local aboriginals consent. ()

* Astronaut Chris Hadfield returned to the earth on Monday night after a five-month mission at the International Space Station that saw him become the first Canadian to command the orbiting laboratory. ()

Reports in the business section:

* When it launched its Chatr discount cellphone service in 2010, Rogers Communications Inc violated Canada’s false-advertising rules by pledging “fewer dropped calls” than its upstart wireless rivals, a lawyer for the federal Competition Bureau argued in a Toronto trial on Monday. ()

* Canadian finance minister Jim Flaherty is concerned about the sale of 30-year uninsured mortgages because the risks from some of these loans are ultimately being transferred from banks to taxpayers, and that’s part of the reason why the banking regulator is now weighing changes, sources say. ()

* Alberta’s energy sector is getting a regulatory overhaul as the province aims to burnish its environmental reputation and show it has a firm hand on the torrid pace of oil and gas development.

The revamp comes at a crucial time when the energy-rich province faces criticism for its environmental regulations, penalties, and enforcement rules and track record. ()

NATIONAL POST

* Canadian Liberal candidate Yvonne Jones won the federal by-election in Labrador on Monday, capturing a seat that became vacant when former Conservative MP Peter Penashue quit due to campaign overspending and illegal contributions during the 2011 election. ()

FINANCIAL POST

* One major factor behind Canadian banks being the envy of the financial world is that they get so much help from the federal government.

But there may be strings attached to that security, one analyst is predicting that the big banks could actually get hit with the bill in the unlikely event that Canada Mortgage and Housing Corp (CMHC), which insures about $560 billion worth of the country’s mortgages, ever needs to be bailed out. ()

* Canada’s banking regulator, Office of the Superintendent of Financial Institutions (OSFC), told industry newsletter Canadian Mortgage Trends that it is considering new rules that would limit banks from issuing any mortgages at all with amortizations of more than 25 years, in a move that could further tighten mortgage rules. ()

* Eastern gas distributors are crying foul over service changes proposed by TransCanada Corp to its cross-country natural gas mainline that would limit shippers’ ability to renew delivery contracts, as the pipeline and power giant looks to switch portions of the long-haul system to carry oil. ()

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