PRESS DIGEST - Canada - May 6

Thu May 6, 2010 6:46am EDT

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May 6 (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:

- Canada's most populous province Ontario sets the trend for the rest of the country by planning to halve its annual generic drug tab of more than C$1 billion. However, this eclipses initiatives in other provinces and is fuelling a debate on a single national system. Many fear that Ontario's move could set off a chain reaction of higher prices elsewhere and impede access to generic prescription drugs for many consumers.

BUSINESS SECTION:

- The recession has prompted a transformation in Canada's charitable sector, with many non-profits either shutting down or considering mergers to stay afloat. Vancouver-based Smart Growth B.C., a charity that had 12 employees and $800,000 in annual revenue shut down. Last December, Canadian Policy Research Networks, an Ottawa-based think tank, closed after 15 years in operation.

- Sears Canada (SCC.TO) is embroiled in an unusual fight with its suppliers over the rapidly rising dollar, after the company informed them that it will retroactively take thousands of dollars from each of them. But suppliers are outraged as the retailer plans to recover the money that Sears calculates the vendors made as the loonie has climbed against the U.S. dollar over the past year. Some are seeking legal advice and even considering dropping the Sears business.

NATIONAL POST:

- Transit City's four provincially approved light rail lines will suffer substantial cuts in length and number of stops, according to a revised Metrolinx plan revealed to city councillors on Wednesday. The plan also calls for the scrapping of a light-rail link to Pearson International Airport.

- Bank of Montreal (BMO.TO) is suing hundreds of people -- lawyers, mortgage brokers, its own employees and even a member of Parliament -- over what the bank says is a mortgage fraud involving C$120 million in property. The bank said it lost more than C$30 million during the real-estate boom in fraudulent mortgages given to properties all around southern Alberta. No criminal charges have been laid, but the RCMP has received a complaint.

FINANCIAL POST:

- Pipeline giant Enbridge Inc (ENB.TO) is looking at North America's electrical power transmission business as a way to grow after its traditional oil-pipe division peaks. It is also considering moves into gas-powered power generation, Pat Daniel, the company's chief executive, said during Enbridge's first-quarter conference call on Wednesday.

- Torstar Corp (TSb.TO) deflected questions on Wednesday from wary shareholders over the publishing company's bid for the newspaper and digital division of media rival Canwest Global Communications Corp CGS.V. But the company deflected questions by saying that it could not comment on the bidding process, which is backed by Fairfax Financial Holdings (FFH.TO).

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