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PRESS DIGEST- Canada-May 24
May 24, 2016 / 10:46 AM / a year ago

PRESS DIGEST- Canada-May 24

May 24 (Reuters) - 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

** Canada's economy is on the ropes again, believed to be contracting in this second quarter of the year, though observers predict a fast, sharp rebound. Toronto-Dominion Bank believes the economy will shrink by a mild 0.2 percent, annualized, this quarter, while BMO Nesbitt Burns forecasts a deeper contraction of 1 percent or more. (bit.ly/1U7z5uG)

** Eight years after the start of the financial crisis, the Italian bank bloodbath continues unabated even as other European banks are returning to health. The latest indication that the Italian banks are still in trouble is to come on Tuesday, when UniCredit, Italy's biggest bank, is set announce the ouster of its CEO, Federico Ghizzoni. (bit.ly/1qGdqT0)

** One of Canada's longest-running jury trials involving former Cinar Corp executive Ronald Weinberg is approaching a close, with jury members set to begin their deliberations this week. Weinberg, the co-founder of Canada's largest children's animation company, is accused of fraudulently funnelling $120 million out of Cinar and into offshore accounts. (bit.ly/1sNK5YO)

NATIONAL POST

** Bank stocks in Canada have been chugging along of late, buoyed in part by signs of improvement in the price of oil, and climbing out of a trough they hit in February. But analysts are warning that the impact of low oil prices will be front and centre when the banks report second-quarter financial results beginning on Wednesday. (bit.ly/1UaZN8A)

** The Canada Border Services Agency is looking into tracking detainees electronically, rather than keeping them in custody. A government tender posted online this month asks industry for feedback on how to manage alternatives to detention, "including a community supervision program supported with electronic supervision tools," for detained people. (bit.ly/25dHfts) (Compiled by Bhanu Pratap in Bengaluru)

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