JERUSALEM, Feb. 13 (Xinhua) — Israel’s economy is “strong” and “on a good track”, Israeli Prime Minister Naftali Bennett on Sunday told visiting Secretary-General of the Organization for Economic Cooperation and Development (OECD) Mathias Cormann.
While the COVID-19 pandemic has taken a toll on the Israeli economy, the country still recorded “an extraordinary growth of almost 7 percent,” Bennett said at the beginning of a special cabinet meeting, which was attended by Cormann.
The country is still recovering from the fifth wave of the pandemic, which was led by the ultra-infectious Omicron variant, but “the economy is on a good track,” Bennett noted.
He attributed the country’s high growth rates to the government’s choice to keep the economy open during the fourth and fifth COVID-19 waves while combating the virus with mass vaccination campaigns and the social distancing protocol.
“Our high-growth ‘open Israel’ policy has allowed us to raise soldiers’ salaries, look after the elderly and ease pressures for working families by lowering taxes,” he said.
He also pointed out that the country’s hi-tech sector was the “first and foremost” growth engine of the economy.
Meanwhile, the Abraham Accords, a set of agreements signed in 2020 to normalize ties between Israel and several Arab countries, have had a significant impact on the Israeli economy and served as another engine for the country’s economy, he said.
Another important engine for growth is the integration of populations with historically low employment rates into the workforce, the prime minister added.
Bennett’s government, which took office in June last year, has promoted plans to integrate ultra-Orthodox Jewish men and Arab women into the workforce.
Referring to the challenges of the Israeli economy, Bennett said the country needs to reform the stagnant sectors of its economy and promote competition.
Israel’s market does not allow for enough domestic competition and has to be opened up to more players, he said. ■
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.
