Tag Archives: BRICS
BRICS: Latest News
Peter Pedroncelli, 5:50 am
South Africa and Russia have reportedly signed a cybersecurity cooperation agreement that will see the two BRICS nations working closer together in an effort to strengthen their defenses against cyber threats. The deal was officially signed at the BRICS summit in Xiamen, with high level diplomats from both countries, Sergey Lavrov of Russia and Maite Nkoana-Mashsbane of South Africa, putting pen to paper on the agreement.
Dana Sanchez, 5:24 pm
Credit ratings agency Fitch on Friday revised its outlook for South Africa from stable to negative, citing political risks. Moody’s was also expected to release its outlook Friday, but had not done so by late afternoon. There are fears that South Africa will be downgraded to junk status. Junk status means high risk, and therefore, high borrowing costs. For fund managers representing investors, a downgrade to junk status means they will have to sell the assets (bonds) they hold. Their mandates require that they only invest in investment-grade assets. For ordinary South Africans it means paying more interest, leaving less money for savings or food.
Staff, 3:04 pm
Efforts to set up a BRICS credit rating agency hit a roadblock Sunday. China is concerned and not in favor. Some members worry about lack of credibility and access to dependable data as they take on Wall Street’s Big 3 — S&P, Fitch and Moody’s. Fraud charges against South African Finance Minister Pravin Gordhan have raised fears the country is moving closer to a junk rating by Wall Street credit ratings services.
Staff, 6:52 pm
South Africa is looking to increase and diversify its exports to India and has identified new areas for market access. Indian Prime Minister Modi said the ties between South Africa and India have grown stronger in the past two decades. Trade between the two countries grew more than 300 percent in the past 10 years. President Jacob Zuma said South Africa is keen to explore opportunities for training from India.
Dana Sanchez, 5:01 pm
Egypt and Algeria are on Obama’s annual list of countries with worst records of preventing intellectual property theft — a list that aims to shame governments. They’re not the only offenders. BRICs countries Brazil, China, Russia and India and 28 other countries are on the list. A new law empowers the U.S. president to “take appropriate action” if countries don’t improve IP protection. So who is the world’s authority on intellectual property? And why does it fail to mention traditional knowledge — something that’s important in Africa?
Staff, 12:01 am
The size of an economy has no role in the tradeability of its currency. Recent volatility in South African politics can’t be blamed on the fact that the rand punches above its weight in the foreign exchange market. There are a number of countries with big economies whose currencies are traded very little. This is because they don’t have a well-developed financial market. South Africa’s BRICS partners Brazil and India have much bigger economies than South Africa, but their foreign exchange markets are smaller.
Staff, 12:01 am
Simultaneous slowdowns in BRICS economies will jeopardize chances of a pick-up in global growth in 2016, World Bank reports. In a scenario unmatched since the ’80s, most of the largest emerging market economies are slowing at the same time. Benefits from reforms to governance and business conditions are potentially large and could help offset the effects of slow growth, said bank President Jim Yong Kim.
Staff, 1:49 pm
The long dispute over chickens has become a lightning rod for South Africa’s attitude to trade and investment. Trade disputes are commonplace, as are concerns about health and phytosanitary issues. SA wasn’t necessarily wrong to put up a fight. However, it can’t afford to be arrogant or tardy in trade talks. The bulk of SA trade still goes to Asia and Europe. Both are slowing down. The U.S., by contrast, is a growth market.
Dana Sanchez, 5:52 pm
Most people never heard of former South African Finance Minister Nhlanhla Nene. Now headlines all over the world are questioning South African President Jacob Zuma’s leadership for firing him. Zuma’s action generated almost unprecedented media interest. Forbes implied South Africa is dragging down its BRICS trade partners. GulfNews underscored Zuma’s lack of transparency. Everyone is weighing in. Here are some of the headlines.
Staff, 12:08 am
India and South Africa want the same thing for their economies, said South African Minister of International Relations Maite Nkoana Mashabane at the India-Africa Forum Summit. “We have proven to the world that democracy and development can go together,” she said. Now the two developing nations need to build on their economic relations. “People cannot eat just democracy,” she said. “We will defend what is important for us.”
- Real Estate