A United Arab Emirates (UAE) newspaper reports that Saskatchewan’s latest trade and development office has been officially opened in Dubai as of Jan. 17.
Saskatchewan Minister of Trade and Export Development Jeremy Harrison was in Dubai on Monday to open the new office, which will be co-housed with the Canadian Consulate in the city. It will have three employees: one Canadian managing director and two local employees.
As reported in August 2021, the province is proceeding with a major expansion of its foreign-trade-promoting office network. Saskatchewan’s Chinese office has been operating since 2010. The offices in Japan, India, and Singapore, however, have only been open since January 2021.
Dubai is the first of four additional trade and investment offices, including London, England; Mexico City, Mexico; and Ho Chi Minh City, Vietnam. A spokesperson for the Government of Saskatchewan’s Ministry of Trade and Export Development said those offices will be fully operational by the end of the fiscal year. The ministry’s statement also confirmed that the information in the Gulf News article is accurate – it was supplied to Gulf News by the ministry in cooperation with Global Affairs Canada and the UAE Ministry of Foreign Trade.
Gulfnews.com quotes Jean-Philippe Linteau, Consul General of Canada in Dubai and the Northern Emirates, as saying that “I am very pleased to see the opening of a Saskatchewan trade office in Dubai. This is the demonstration of the growing trade and investment relationship between the UAE and Canada. The UAE is an import partner and business hub for Canada in the MENA region.”
The Middle East and North Africa (MENA) region includes countries such as the UAE, Saudi Arabia, Israel, Iraq, and Iran. The region is vital for its oil and gas production.
The province’s international office site has not yet been updated to reflect the office’s opening, saying only that it is coming soon. The purpose of the office as stated on that page is to support:
diversifying markets;
facilitating connections between Saskatchewan businesses and international buyers;
increasing foreign direct investment (FDI) in Saskatchewan;
establishing ongoing relationships and business partnerships; and
providing exporters an understanding of the business environment, rules and regulations in these markets.
At the office’s inauguration ceremony, Harrison touted the “incredible trade and investment opportunities in Saskatchewan,” and said that he was excited for the boost the office would provide to the economic relationship between the province and the UAE.
“Although Saskatchewan’s relationship with the UAE has mostly been in agriculture,” Harrison added, “we share many common goals and interests, particularly in the energy sector. We see huge potential for cooperation in a number of areas to help the UAE meet its goal of achieving net-zero emissions by 2050 particularly through carbon capture, utilisation and storage; hydrogen production; the development of small modular nuclear reactors; and the supply of uranium.”
In 2020, Saskatchewan was Canada’s largest UAE export partner. Exports increased 52 per cent over 2019, with a total value of C$627.6 million. Agri-food products made up 99 per cent of SK’s exports to the UAE, including canola seed (C$348 million), lentils (C$208 million), meslin wheat (C$26 million), durum wheat (C$22million), and peas (C$15.6 million).
Canola seed from Saskatchewan makes up 57 per cent of the UAE’s total canola seed imports, and 91 per cent of its lentil imports.
According to the provincial government’s trade statistics, Saskatchewan is a world-leading exporter of agricultural products such as potash, lentils, durum wheat, canary seed, and peas. The UAE is Saskatchewan’s fifth-largest agri-food export destination.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
