December 4, 2013 / 10:45 AM / in 4 years

PRESS DIGEST- Canada - Dec 4

Dec 4 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.


* Conservative senators are blocking Liberal efforts to hear the testimony of an auditor, a partner at Deloitte, who is alleged to have intervened in a review of Senator Mike Duffy’s expenses at the behest of the Prime Minister’s Office. ()

* Toronto Mayor Rob Ford says he had no idea three men he posed with for a picture at last weekend’s Buffalo Bills football game had ties to the Hells Angels. ()

Reports in the business section:

* Potash Corp of Saskatchewan is laying off staff and slashing output capacity in a bid to become a lower-cost producer amid falling prices and slumping demand from key customers. ()

* CNOOC Ltd’s financial performance is being hurt by its purchase of Nexen Inc, a situation exacerbated by its pledge to Ottawa that it will not reduce its newly-acquired Canadian staff, the Chinese company’s own leading analyst says. ()

* Bank of Montreal’s latest quarterly results served as a sharp pinch for those who had been lulled into a slumber by the recent rally in bank stocks.

Despite strong wealth management earnings, encouraging Canadian loan growth and a solid profit of $1.1 billion for the quarter, BMO’s results included rising provisions for bad loans and a deteriorating outlook for U.S. personal and commercial banking. ()


* As Detroit finalizes the terms of the largest public bankruptcy in U.S. history this week, its across-the-river Canadian neighbor, the city of Windsor, is boasting a fiscal record the envy of any city its size on the continent: five years without a tax hike, an eight-figure paydown of municipal debt, all while weathering the effects of Ontario manufacturing’s collapse. ()


* Before embarking on a controversial expansion of the Canada Pension Plan, the Canadian government should consider Australia’s successful experience closing gaps in retirement savings through mandatory workplace pensions, according to the authors of a paper published on Tuesday by the Fraser Institute.

Canada’s finance ministers will be meeting this month to discuss whether there is consensus to move ahead with expansion of the Canada Pension Plan. ()

* Tax-loss selling opportunities are slim heading into the last month of the year, resulting in an especially potent headwind for those unlucky stocks that have not participated in this year’s market rally.

BlackBerry Ltd, Potash Corp and Barrick Gold Corp are among 10 Canadian stocks that are bound for bruising in tax-loss selling, according to Pierre Lapointe, head of global strategy and research at Pavilion Capital Markets in Montreal. ()

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