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Argentina announces that it will not join BRICS bloc

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The move is the latest shift in economic and foreign policy by newly elected hard-right President Javier Milei.

Argentina has announced that it will not join the BRICS bloc of developing economies, fulfilling a campaign promise by newly elected far-right President Javier Milei who has pledged to pursue closer ties with the West.

In a letter dated December 22 but released on Friday, Milei told the leaders of Brazil, Russia, India, China and South Africa that the timing for Argentina’s membership in the bloc was not opportune.

Milei said in his letter that his approach to foreign affairs “differs in many aspects from that of the previous government. In this sense, some decisions made by the previous administration will be reviewed.”

Argentina’s new president, a self-described anarcho-libertarian who has pushed forward a series of radical economic reforms since taking office in December, has said that he will pursue a foreign policy that aligns with Western countries, moving away from the previous administration’s efforts to build ties with other developing countries.

Former centre-left President Alberto Fernandez had promoted Argentina’s inclusion in BRICS as a way to foster economic relations with the bloc, whose members account for about 25 percent of world GDP. Argentina had been set to join on January 1, 2024.

Reporting from the capital city of Buenos Aires, Al Jazeera correspondent Monica Yanakiew said that Milei has already issued sweeping changes during his three weeks in office.

“He has already made dramatic changes in all walks of life, from expediting divorce procedures to deregulating prices to eliminating subsidies, everything is changing here now,” she said.

During his campaign, Milei railed against countries ruled “by communism” such as China and neighbouring economic power Brazil and said he would pursue greater alignment with “free nations of the West” such as Israel and the US in his economic and foreign policy.

However, in his letter to the BRICS leaders, Milei said that Argentina would seek to “intensify bilateral ties” in order to increase “trade and investment flows” without joining the group.

Domestically, Milei is also facing substantial pushback from the country’s powerful organised labour groups as he embarks on a programme of economic “shock therapy” and deregulation as Argentina reels from sky-high inflation.

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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)

The Canadian Press. All rights reserved.

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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)

The Canadian Press. All rights reserved.

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