WASHINGTON (Reuters) – President Joe Biden will hold his first event with other leaders from the Group of Seven nations in a virtual meeting on Friday to discuss the coronavirus pandemic, the world economy and dealing with China, the White House said on Sunday.
FILE PHOTO: U.S. President Joe Biden delivers remarks on the political situation in Myanmar at the White House in Washington, U.S., February 10, 2021. REUTERS/Carlos Barria
The meeting is the first by top leaders from the G7 group of rich democracies since April, it said.
“This virtual engagement with leaders of the world’s leading democratic market economies will provide an opportunity for President Biden to discuss plans to defeat the COVID-19 pandemic, and rebuild the global economy,” the White House said in a statement.
The White House said Biden would focus his remarks on a global response to COVID-19 vaccine production and distribution as well as “continued efforts to mobilize and cooperate against the threat of emerging infectious diseases by building country capacity and establishing health security financing.”
Biden, a Democrat who took over from Republican former President Donald Trump on Jan. 20, has sought to project a message of re-engagement with the world and with global institutions after four years of his predecessor’s “America First” mantra.
Trump withdrew the United States from the World Health Organization and the Paris climate accord and largely scoffed at multilateral organizations and groups.
Biden brought the United States back into the WHO and rejoined the Paris accord and has signaled a desire to work with allies in confronting China on a host of thorny issues.
“President Biden will also discuss the need to make investments to strengthen our collective competitiveness and the importance of updating global rules to tackle economic challenges such as those posed by China,” the White House said.
Trump challenged China over its trade policies by imposing punishing tariffs, an instrument he also used on traditional allies, drawing criticism for not taking a more unified approach with U.S. friends to stand up to Beijing on issues such as intellectual property theft and other economic practices.
Domestically, Biden is pressing Congress to pass a $1.9 trillion stimulus package to boost the U.S. economy and provide relief for those suffering from the pandemic.
The White House said he would discuss his economic agenda with G7 counterparts and encourage them and all industrialized countries to maintain “economic support for the recovery” and other collective measures.
Climate change would also be on the agenda.
U.S. Treasury Secretary Janet Yellen spoke to her G7 counterparts last week and called for continued fiscal support to secure the economic recovery.
Reporting by Jeff Mason; Editing by Daniel Wallis and Peter Cooney
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.
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.
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.
