October 29, 2015 / 10:50 AM / 3 years ago

PRESS DIGEST- Canada-Oct 29

Oct 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.


** The oil patch is cutting ever deeper to cope with the longest crude-price rout in more than 15 years. Royal Dutch Shell Plc took the drastic step of halting its multibillion-dollar Carmon Creek oil sands development in Alberta after it had already started construction. The oil major blamed weak crude markets and insufficient pipeline capacity to export the eventual production. (bit.ly/1MVUALT)

** Spending by Chinese travelers to Canada is up sharply, as China closes in on second place among the country's largest sources of foreign tourists. The most recent report on debit and credit card spending in Canada, released by payment processor Moneris Solutions Corp, shows that Chinese visitors increased their use of credit cards by 30.2 percent in the third quarter of 2015 compared with the year-earlier period. (bit.ly/1MVUmnQ)

** Under heavy fire and facing a possible audit, Premier Kathleen Wynne has pulled an abrupt U-turn, telling a surprised legislature she will force teachers' unions to provide receipts before they receive multi-million dollar payments to cover negotiating expenses. Education Minister Liz Sandals previously insisted no receipts from the unions were necessary. (bit.ly/1RBx0Yh)


** Barrick Gold Corp delivered solid third-quarter earnings, generating positive cash flow for the second straight quarter after a long period of negative cash flow. The world's biggest gold producer also reduced its cost guidance and said it is close to meeting its $3 billion debt reduction target for 2015. (bit.ly/1GLRJs0)

** Alberta's NDP government is taking bold steps to reduce its reliance on oil, including borrowing heavily to boost infrastructure and sponsoring economic diversification. Alberta still needs an oil-price recovery to balance its books or it could end up in a risky spot. The likely unintended outcome would be higher the debt, the more Alberta will need oil and gas to be its reliable cash cow. (bit.ly/1kdgjHX) (Compiled by Sangameswaran S in Bengaluru)

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