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Iranian leader visits Indonesia to deepen economic ties amid global geopolitical challenges

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BOGOR, Indonesia (AP) — Iranian President Ebrahim Raisi will meet his Indonesian counterpart Joko Widodo on Tuesday during a two-day trip aiming to strengthen economic ties between the Muslim-majority nations amid heightened global geopolitical tensions.

Indonesia’s Foreign Affairs Ministry said Raisi is visiting at Widodo’s invitation as Indonesia aims to speed up its post-pandemic recovery by increasing its exports.

The visit is expected to deepen Iran’s ties with Indonesia as Tehran seeks alternatives to the United States-led Western domination of international affairs and seeks further cooperation after the two nations concluded negotiations on the Indonesia-Iran Preferential Trade Agreement this month, Indonesia’s Trade Ministry said.

The ministry’s data showed that trade between Indonesia and Iran amounted to $54.1 million between January and March, while the bilateral trade value last year increased by more than 23% to $257.2 million.

Iran was a nontraditional trade partner for Indonesia, said Johni Martha, the director of bilateral negotiations at Indonesia’s Trade Ministry. “With this PTA, we hope to widen our market reach and export opportunities in the Middle East and Persia,” he said.

Southeast Asia’s largest economy is seeking new markets to diversify its export options and to reduce its reliance on traditional trade partners, many of which have been affected by a weakened global economy and geopolitical risks.

In February, Raisi met with his Chinese counterpart Xi Jinping to seek further cooperation following their meeting last September in Uzbekistan, when Xi underscored China’s support for Iran.

Both countries have had tense relations with the U.S. and have sought to project themselves as a counterweight to American power alongside Russia.

Washington has accused Iran of selling hundreds of attack drones to Russia for its war in Ukraine and has sanctioned executives of an Iranian drone manufacturer. At that same time, ties between Moscow and Beijing have grown stronger.

While in Indonesia, Raisi is scheduled to lay a wreath at the Kalibata Heroes Cemetery in Jakarta to honor Indonesia’s war dead before he meets with Widodo in the presidential palace in Bogor. They will witness the signing of the PTA and other agreements.

Before leaving Jakarta on Wednesday, Raisi will also meet with Indonesia’s House Speaker Puan Maharani, religious figures and business people. He’ll visit Jakarta’s Istiqlal Grand Mosque, the largest in Southeast Asia, and give public lectures in an Islamic university.

Widodo’s last trip to Iran was in 2016 while the last official state visit from Iran was in 2015 when Hassan Rouhani attended the 50th commemoration of the Asia-Africa Conference in Bandung.

 

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Economy

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

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September 13, 2024

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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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September 13, 2024

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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.

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Economy

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

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September 12, 2024

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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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