Investment

U.N. chief calls for debt relief, post-COVID investment on West Africa trip – Reuters.com

Published

3 years ago

May 1, 2022

DAKAR, May 1 (Reuters) – U.N. Secretary-General Antonio Guterres on Sunday urged debt relief for African countries and more investment to help their economies recover from the COVID-19 pandemic and weather the impacts of the Ukraine war.

The United Nations chief spoke in Senegal on the first leg of a trip that will also include Niger and Nigeria, where he will visit communities affected by conflict and climate change.

Supply disruptions due to Russia’s invasion of Ukraine have caused simultaneous food, energy and finance crises in Africa and beyond, Guterres said. read more

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The coronavirus pandemic pushed many poor countries into debt distress and the Ukraine war has disrupted their economic recovery, according to the International Monetary Fund (IMF). Public debt ratios in sub-Saharan Africa are at their highest in more than two decades, the IMF said last week.

“International financial institutions must urgently put in place debt relief measures by increasing liquidity and fiscal space, so that governments can avoid default and invest in social safety nets and sustainable development,” Guterres said.

The United Nations has made proposals to the World Bank and the IMF regarding the mobilization of various funds and debt relief instruments, but so far the measures taken have been insufficient, he added.

He called on wealthy countries and pharmaceutical companies to accelerate donations of COVID-19 vaccines and invest in local vaccine production, with almost 80% of the African population still not vaccinated against COVID-19.

“Beyond vaccination, we see big imbalances when it comes to investments in post-COVID recovery,” he said, adding that economic growth per capita is projected to be 75% lower in Africa than in the rest of the world over the next five years.

Guterres said he visited a vaccine manufacturing unit in Dakar with Senegal’s president Macky Sall which will soon be equipped to produce vaccines against COVID-19 and other diseases.

An executive at South Africa’s Aspen Pharmacare (APNJ.J) told Reuters earlier, however, that Africa’s first COVID-19 vaccination plant, touted as a trailblazer last year, now risks shutting down after receiving not a single order. read more

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Reporting by Nellie Peyton; Editing by Hugh Lawson

Our Standards: The Thomson Reuters Trust Principles.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

3 weeks ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

4 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

4 weeks ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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