Reuters: Regulatory News: PRESS DIGEST - Canada - Aug 10

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PRESS DIGEST - Canada - Aug 10 Aug 10th 2012, 10:44 Fri Aug 10, 2012 6:44am EDT Aug 10 (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 * Businesses located near national parks, historic sites and canals run by Parks Canada could be asked to pay fees to help offset upkeep and operating costs. Environment Minister Peter Kent openly talked about the potential fees this week, while also suggesting that a plan to cut the operating hours of those sites - in some cases by half - could be reversed or scaled back. * Toronto city council is getting a 3 percent pay increase next week, an automatic raise that would have added more than $5,000 to Rob Ford's annual salary if he hadn't decided to reject it. The mayor's salary was set to rise to $172,803 from $167,770, while councillors' pay is scheduled to increase to $102,608 from $99,620, according to a briefing note sent to councillors this week and obtained by The Globe and Mail. Report in the business section: * Libor benchmark interest rates are no longer "fit for purpose" and must be changed or replaced, Britain's regulator said on Friday as he set out proposals to restore their credibility. The initial review by the Financial Services Authority is the first concrete step to reforming Libor after a rigging scandal that has dragged in global banks and hurt the reputation of regulators on both sides of the Atlantic. * Auto parts giant Magna International Inc has reached a deal to buy the remaining 27 percent stake in Magna E-Car Systems for $74.7-million. Magna's purchase in the stake of E-Car, formerly owned by an affiliate of the Stronach Group, values the company at almost $300-million. FINANCIAL POST * British Columbia will be the biggest beneficiary of the construction and operation of the Northern Gateway and TransMountain Expansion projects, raking in more than half of the $16.9-billion the two pipelines could contribute to the nation's gross domestic product over the next 25 years, according to the Canadian Energy Research Institute. Link this Share this Digg this Email Reprints

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