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PRESS DIGEST-Canada- Oct 18
October 18, 2012 / 10:10 AM / 5 years ago

PRESS DIGEST-Canada- Oct 18

Oct 18 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.


* After pushing back retirement benefits for millions of Canadians earlier this year, the Conservative government is shrinking the generous pensions of MPs and federal public servants.

* Ontario Premier Dalton McGuinty’s office established a high-level initiative code named Project Vapour to manage the fallout from the government’s decision to pull the plug on a multibillion-dollar power plant, documents show.

A dozen e-mails, made public days before McGuinty resigned, show that the premier’s closest advisers were directly involved in sensitive talks with TransCanada Corp, the Calgary energy giant that was to build the province’s third-largest gas-fired power plant in Oakville.

Reports in the business section:

* Exxon Mobil Corp is acquiring Celtic Exploration Ltd for $2.6-billion, capping ten years of growth for the Calgary company that has amassed large tracts of land that are rich with liquid hydrocarbons and natural gas that could one day be exported to Asia.

* The venerable Hudson’s Bay Co is accelerating its makeover for 21st-century retail, with a public share offering that would value Canada’s oldest company at up to $2.6-billion.


* A subsidiary of a Brazilian-based company that calls itself a leading animal protein processor in the U.S. and Australia says it is taking over management of XL Foods, the Alberta-based plant at the heart of the recent beef recall.

* Two months after the 23-year-old wife of Manitoba senator Rod Zimmer was thrust into the spotlight after causing a disturbance on an airliner, she is kicking off her acting career by starring in an independent film about a world ruled by women.


* During Tuesday night’s U.S. presidential debate, Mitt Romney once again painted Canada as a glowing example of a country where corporate tax rates are done right. “Canada’s tax rate on companies is now 15 percent, ours is 35 percent,” Romney said during the debate. “So if you’re starting a business, where would you rather start it?”

So is he right about Canada being a better place to start a business?

* After Potash Corp slashed its earnings guidance on Wednesday, many investors had one question: What took so long?

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