PRESS DIGEST - Canada - June 24
June 24 |
June 24 (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:
- The NHL has been underfunding its players' pension plans by millions of dollars, shortchanging widows over a number of decades, an Ontario Superior Court judge has found. The decision means the league will have to top up its pension fund by as much as C$30-million and may have to make retroactive payments to the widows of deceased players.
- The Federal Court of Canada is to hear arguments against the election call last fall by Prime Minister Stephen Harper. Democracy Watch, a citizens group that monitors ethics in government, is scheduled to argue before the court on Sept. 8 that Harper violated his own legislation by calling the election before he had served four years in office.
Report on Business Section:
- The aircraft unit of Bombardier Inc (BBDb.TO) and the Canadian Auto Workers averted a work stoppage at Bombardier's assembly plant near Toronto Tuesday, reaching a tentative agreement after the union extended its strike deadline in a last-ditch attempt to hammer out a deal. - Canadian businesses are increasingly scaling back bank borrowing for everything from expansion to buying inventory, reinforcing expectations that there will be further hurdles for the economy to surmount before a recovery begins in earnest. NATIONAL POST
- The Treasury Board says that the cost of Canada's military mission in Afghanistan for the next two years will be C$1.35-billion higher than projected a year ago by the Defence Department.
- Strike activity has intensified across Canada, most notably in the public sector, as workers fight to hold on to perks that have come under threat due to the recession. But the relative inflexibility of unions to scale back on fringe benefits, particularly in times of economic crisis, could come back to haunt those involved by making it harder to compete in an increasingly global economy.
Financial Post section:
- Agrium Inc (AGU.TO) is weighing all its options, including legal recourse, as it tries to forge a merger with CF Industries Holdings Inc (CF.N) that a majority of CF's own shareholders have now endorsed. But it believes a turning point has now been reached.
- China's Sinopec Group agreed to buy Addax Petroleum Corp AXC.TO for about C$8.27-billion in a bid to gain access to the Swiss oil and gas explorer's high potential oil blocks in West Africa and the Taq Taq field in Iraq.
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