BUSINESS INSOLVENCIES SWELL
4.6 per cent in the third quarter, the sharpest increase in at least six years, a sign higher borrowing costs may be taking a toll on businesses. Some 826 firms filed for insolvency in the three months through September, compared with 790 in the same period a year earlier, the Office of the Superintendent of Bankruptcies reported Friday. Quebec, Alberta and Manitoba saw the biggest hikes. By sector, retail trade, transportation, construction and manufacturing were among the hardest hit. Insolvencies jumped 17.5 per cent in September, the last month of the quarter. Interest rates have been on the rise since mid-2017, increasing costs for businesses that may also be suffering from a decrease in consumer spending as households divert more disposable income toward servicing debt. The latest figures mark a shift from a long-standing decline. Bloomberg