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Economy

Nepalis cast their votes for a new government to revive economy

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KATHMANDU — Millions of Nepalis went to the polls on Sunday to choose a new government to steer the Himalayan country through a time of economic peril.

Many women clad in saris and men in jeans and baseball caps stood in long queues to vote in the general election, which pits the centrist Nepali Congress party, led by Prime Minister Sher Bahadur Deuba, against the Nepal Communist Unified Marxist Leninist party.

Rising prices and poor job prospects were top of the agenda.

“I voted for economic development, ensuring jobs, food, clothes, education and health services,” said Rajesh Kumar Subedi, 52, who was the first person to cast their ballot at a voting center in Phaimlamchuli, a suburb of the capital Kathmandu.

After polling closed, Chief Election Commissioner Dinesh Thapalia said 61% of the country’s 18 million eligible voters had cast their ballots, according to preliminary estimates, down from the 68% seen at the last election in 2017.

“It is less than our expectations,” he said.

One person was killed in a clash during the voting, which was largely peaceful, Thapalia added.

Vote-counting in many places will start late on Sunday, the Election Commission said. It could take up to two weeks to declare final results.

There were no pre-election polls, though political analysts expect the ruling alliance of the Nepali Congress and some former Maoist rebels to retain power.

Political stability has proven elusive for the poor nation, wedged between China and India, discouraging many investors. Nepal has had 10 governments since the abolition of a 239-year-old monarchy in 2008.

A new government will face the challenge of reviving the economy and curbing high prices at a time of fears that a global recession might reduce remittances, which account for about a quarter of gross domestic product (GDP).

Tourism, which contributed 4% to GDP before the pandemic, has yet to fully recover. In the first 10 months of this year, roughly 450,000 tourists visited Nepal, less than half the number seen in the whole of 2019, before the COVID pandemic.

Foreign reserves are shrinking and the retail inflation rate has been hovering at six-year highs of about 8% in the Himalayan nation, where one in five people live on less than $2 a day.

“We need political stability for faster growth of the economy and a government that can guarantee security to investors,” said Prakash Thapa, 25, another voter in the Phaimlamchuli suburb.

Nepal’s 275-member parliament and the 550 members of seven provincial assemblies are elected through a mix of first-past-the-post and proportional representation systems. (Reporting by Gopal Sharma; Writing by Manoj Kumar; Editing by Gerry Doyle, Christopher Cushing and Pravin Char)

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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