PRESS DIGEST – Canada – May 19

May 19 (BestGrowthStock) – 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 Obama administration says it has won powerful backers
– including China and Russia – to punish Iran with tough new
sanctions for its continuing defiance over nuclear safeguards.

“The ultimate target is to stop Iran’s nuclear weapon
program,” President Barack Obama’s deputy spokesman Bill Burton
said as Washington rallied the big powers to its cause.

BUSINESS SECTION:

– The Alberta government is moving to rekindle the dying
dream of processing heavy oil sands bitumen in Canada, choosing
one of the country’s most important energy companies to build a
major new upgrader.

The province, which is using its own bitumen supplies to
revitalize near-dormant efforts to draw more revenue and jobs
from its oil sands, has picked a multibillion dollar project
proposed by Canadian Natural Resources (CNQ.TO: ) and North West
Upgrading.

NATIONAL POST:

– Germany showed signs Tuesday of cracking under
Canadian-led pressure to ditch advocacy of a global bank tax,
as its finance minister suggested Europe could find its own
solution should the Group of 20 summit in Toronto fail to
endorse the universal levy.

The signals from Germany emerged after a series of federal
Canadian Cabinet ministers spanned the world, reiterating the
message that it is time to stop pressing for a global bank levy
because it has become a “distraction” on financial reform
talks.

FINANCIAL POST:

– George Cope, chief executive of BCE Inc (BCE.TO: ),
cautioned that government should carefully weigh a decision to
change or scrap foreign-ownership restrictions in the
telecommunications sector, an area of the economy he says is
already flush with investment.

This follows comments last week from Industry Minister Tony
Clement further suggesting Ottawa is moving toward a policy
shift to promote competition.

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PRESS DIGEST – Canada – May 19