October 19, 2011 / 10:04 AM / 6 years ago

PRESS DIGEST - CANADA - Oct 19

Oct 19 (Reuters) - The following are top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

THE GLOBE AND MAIL:

-- Rules that forbid non-lawyers from owning law firms are “outdated” and have become “shackles” on the ability of U.S. law firms to expand and compete globally, a New York firm argues in a suit challenging a long-established tenet of the legal profession in the U.S. and Canada.

-- Moody’s is considering downgrading the debt of Sun Life Financial Inc’s U.S. unit , and is more pessimistic about the Canadian insurer’s rating, following the company’s surprising announcement that it expects to lose $621-million in the third-quarter.

While the rating agency affirmed Sun Life’s main Aa3 rating, it shifted its outlook on the company to “negative” from “stable” on Tuesday evening.

Report on Business Section:

-- Research In Motion Ltd has a plea for its legion of application developers: Stick with us.

The Canadian technology giant spent its annual get-together with developers reassuring them that the BlackBerry platform has a bright future that will bring profit for those who tag along.

-- Canadian business leaders are issuing a call for Ottawa to make hard choices now and chart a long-term strategy for Asia, warning that the country’s long-term prospects will suffer unless companies can penetrate deeper into the next generation’s “global centre of economic gravity.”

NATIONAL POST:

-- The Ontario government expects to gain fewer new seats in the House of Commons than anticipated once the federal government introduces legislation this fall to expand the number of MPs.

On Tuesday, Ontario officials said the province will receive 13 additional seats under the new formula, down from the 18 seats expected under a previous expansion proposal that failed to pass before the May 2 election.

-- Canada’s MPs returned to their seats in the House of Commons on Monday, geared up for a fall session expected to be dominated by boisterous debate on key issues such as the economy, crime, Libya, gun control, and security at the Canada-U.S. border.

Financial Post section:

-- 7-Eleven Inc , the largest convenience store operator in the world, is planning on taking a “Big Gulp” of the Ontario marketplace.

The company is set to announce this week at the International Council of Shopping Centres conference that from 2012 to 2016 it will open up to 200 new corporate stores in Ontario, with a major focus on the Greater Toronto Area. The expansion is worth hundreds of millions of dollars.

-- Starbucks Corp is going “Blonde,” expanding its coffee lineup with its lightest roast to date in a move aimed at wooing more customers and capturing a bigger share of the U.S. coffee market.

The world’s biggest coffee company is known for its dark roasts, which have prompted some critics to say the chain’s coffee tastes burned.

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