Take Stock – June 26

Total non-farm payroll employment fell by 51,400 in April, down 0.4 per cent from March. Statistics Canada reports the number of employees has fallen every month since they peaked in October 2008, bringing total losses over this period to 376,500.

Payroll employment down in April: Statscan

Total non-farm payroll employment fell by 51,400 in April, down 0.4 per cent from March. Statistics Canada reports the number of employees has fallen every month since they peaked in October 2008, bringing total losses over this period to 376,500. There were job losses in 64 per cent — or 195 of 305 — industries, unchanged from a month before. The agency says the highest number of industries cutting payroll employment during this current economic downturn took place in January, when 229, or 75 per cent, shed jobs.

StatsCan reports most of April’s job decline came in the service sector, particularly in universities; food services and drinking places; and in truck transportation — the first month since the start of the decline in which service-sector job losses outpaced those in the goods sector. April losses in the goods sector came mainly in support activities for mining, oil-and-gas extraction and specialty trade contractors. The provinces with the largest declines in non-farm payroll employment in April were Ontario, Alberta, British Columbia and Manitoba.


Viterra says Abb grain deal gets ok from review board

Viterra Inc. (TSX:VT) said Wednesday that the Australian foreign investment review board has said there are no objections to the company’s proposed takeover of Australian company ABB Grain Ltd. and the deal remains subject to other regulatory, shareholder and court approvals, as well as other conditions, the company said. Viterra has offered C$1.4-billion, or A$1.6 billion, in cash-and-stock deal for the Australian company in a bid to expand its global reach. The combination of Canada’s largest grain-handling enterprise and the former Australian Barley Board will make the company one of the largest exporters of wheat, canola and barley in the world.

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