Bankruptcies up in April
There were 11,465 bankruptcies in Canada in April, a 32.9 per cent increase over the same month last year. The Superintendent of Bankruptcies reports there were 106,459 bankruptcies in the 12 months ending this April, 21 per cent more than the 87,929 filed in the 12 months ending in April 2008. There were 10,936 personal bankruptcies filed in April, up 36.1 per cent from the 8,035 in the same month a year earlier. There were 100,587 personal bankruptcies in the 12 months ending in April, 23.2 per cent more than in the 12 months ending in April 2008. There were 529 business bankruptcies, down 10.6 per cent from April 2008, when 592 businesses failed. Compared to the 12 months ending in April 2008, the number of businesses that filed for bankruptcy in the 12 months ending this April fell 6.2 per cent to 5,872.
Building permits down
Contractors took out $4.3 billion in building permits in April, down 5.4 per cent from March. Statistics Canada reports a 14.4 per cent decline in non-residential permits in April more than offset a 4.1 per cent increase in the value of residential permits. The agency says the value of non-residential permits fell 14.4 per cent to $2 billion, largely due to lower commercial construction intentions in Ontario and lower institutional construction intentions in British Columbia. Residential permits rose 4.1 per cent to $2.3 billion on increases in single-family permits in eight provinces.
Bank profits drop
Second-quarter profit fell 15 per cent at Canadian Western Bank (TSX:CWB) as shrinking margins and the fallout of a stumbling economy weighed on earnings. The bank said Thursday its net earnings for the period ended April 30 were $21.6 million or 30 cents per share, reduced from a year-earlier 25,302 or 39 cents per share. The results included $1.7 million (three cents per share) in non-cash, stock-based compensation expenses.