Feb 20 The following are the top stories from
selected Canadian newspapers. Reuters has not verified these
stories and does not vouch for their accuracy.
THE GLOBE AND MAIL
* Canadian Imperial Bank of Commerce Chief Executive
Gerry McCaughey said Canada should reform its pension plan to
allow people to make voluntary contributions that are beyond
what they already pay through their salaries.
The move could give many Canadians something they do not
have with Registered Retirement Savings Plans and other
investment vehicles tied to the markets: a predictable payout
when they retire.
* Alberta's projected deficit is on track to be four times
larger than its original forecast, and the government argues it
could not have predicted how quickly oil markets would swing
against the province.
The Progressive Conservatives, led by Alison Redford, expect
to run a deficit of between C$3.50 billion ($3.47 billion) and
C$4 billion in the fiscal year, up C$1 billion from the forecast
they reiterated in December.
Reports in the business section:
* The British Columbia government will take another year to
finalize details of its proposed tax on exports of liquefied
natural gas, casting uncertainty over the fledgling industry
just as it contemplates major new investments.
The B.C. Liberal government last week announced plans to
introduce the new LNG tax, but didn't provide details about how
it would work or how much it will cost companies.
* Great-West Lifeco Inc is buying Ireland's biggest
life insurer for $1.75 billion, a bet that the end of the
European economic crisis - which killed the same deal more than
a year ago - is in sight. The Winnipeg-based insurer first eyed
Irish Life Group Ltd in 2011, but walked away as waves of
downgrades, bailouts and government spending cuts swept across
* Presenting the B.C. government's new budget and three-year
fiscal plan on Tuesday, provincial finance minister Mike de Jong
said he plans to win over skeptics and "fill the gap" between
billion-dollar deficits and a $197-million surplus he projects
for fiscal 2013-2014. Under his plan, the surplus would more
than double by 2015 to $460 million.
* Montreal's city hall has been locked down and is being
swept by police in one of numerous raids being conducted across
the city. These latest raids in Quebec are part of a
two-year-old investigation related to fraud, breach of trust,
and falsified documents. A number of arrests have already been
made in connection with construction corruption, which is also
the subject of an ongoing public inquiry. ())
* Up to C$35 million in grants will be made available over
five years through Alberta's climate fund "to produce multiple
technologies that will provide significant net reductions in
greenhouse gas emissions," according to a news release.
* Royal Bank of Canada is shutting down the consumer
accounts of Ally Financial and integrating its operations, after
acquiring the Canadian auto finance and deposit business earlier
this month. The bank said customers will no longer be able to
open new accounts with Ally, effective immediately. It also
plans to close down the high-interest savings accounts operated
by Ally on April 30.