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A Taliban ban on women in the workforce can cost economy $1bn – Aljazeera.com

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A full recovery of the Afghan economy will not happen without female participation, according to a new UNDP report.

By Bloomberg

The Taliban’s move to restrict women from working could immediately cost the Afghan economy up to $1 billion, or 5% of GDP, the United Nations Development Programme said in a new report as the militant group seeks global help to avert a deepening crisis.

The UN report painted a grim picture of Afghanistan’s economy which is under strain with soaring inflation and an ongoing cash crunch. Women account for 20% of the country’s workforce and preventing them from working could shave half a billion dollars alone from household consumption, it said.

Over the weekend the Taliban’s acting Prime Minister Mullah Mohammad Hassan sought global help in preventing a further crisis and gave assurances that the women’s rights would be protected based on Sharia law, under which they can study and work. While Hassan isn’t the first official from the new Afghan government to seek help, his administration hasn’t given clear directions on how they will support women.

The UN report found that the militant group had told all female government employees to stay at home and banned most girls from going to school after they swept into power in August. Only a small number of women in essential services like nursing have been asked to resume work.

“I want to say very clearly that there isn’t a real full recovery of the Afghan economy without female participation,” Abdallah al Dardari, the head of UNDP, said in an interview. “Our initial results show that the contribution of educated women to the Afghan productivity is higher than that of men with the same level of education.”

Restricting women from social life, including employment, adds more uncertainty to Afghanistan as it grapples with a sudden freeze in international aid which contributes as much as 40% of its GDP and 80% of the budget spending, the report said. The country’s GDP will contract 20% within a year and the decline may accelerate to 30% in the following years, it added.

Over $9 billion in Afghanistan reserves overseas remain frozen by the U.S. and its Western allies on concerns over the Taliban’s continued links with terrorism, human rights abuses and failure to build an inclusive government. The Taliban have constantly asked for these funds to be released — a request echoed by acting prime minister Hassan.

Afghanistan would need $6 billion to $8 billion in international grants annually to fund basic services, support growth and sustain peacemaking efforts, Al Dardari said. The country would require an estimated $2 billion to just lift the incomes those in extreme poverty to avoid a humanitarian catastrophe, he added.

The Taliban’s plea for the world to release the assets and resume aid could help “in the very short term,” although the bigger issue is to strengthen Afghanistan’s weak institutions said Adnan Mazarei a senior fellow at the Washington-based Peterson Institute for International Economics.“The de facto authorities are shooting themselves in the foot in many ways, including with the restrictions on women and others.”

Here’s some key facts and figures on women in Afghanistan:

  • The economic impact of educating a girl in Afghanistan is more than double that for educating a boy, according to the UN report.
  • The country was ranked 166 out of 167 countries on the UN’s gender development index in 2019.
  • More a quarter of the 400,000 civil servants in Afghanistan are women. They have been banned from working until there are sharia-related procedures in place to ensure their safety.
  • Millions of women voted in the last elections and 89 of the 352 members of parliament were female.
  • Taliban unveiled a 53-member cabinet in September, which did not include any woman. In the previous government, there were 13 women ministers and deputy ministers.

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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)

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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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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)

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