Tag Archives: BRICS
BRICS: Latest News
Staff, 3:58 pm
The West’s fragile economies are not in the position to bail out BRICS and the motivation is not there, especially since BRICS burned a lot of bridges by claiming the mantle of the future of global leadership. If BRICS is going to turn around its sinking economies, it needs to give its people more freedom, shrink the size of government, make regulations less onerous, and cut taxes. Otherwise the West will continue dominating global affairs for the foreseeable future.
Makula Dunbar, 2:10 pm
The five-member block of emerging economies, BRICS, should consider drawing Kenya into its fold to become ‘BRICKS’, World Bank’s Chief Economist and India’s former Chief Economic Advisor Kaushik Basu has said. Originally this grouping was known as BRIC, after global financial giant Goldman Sachs’ Jim O’Neill coined this term in 2001 for Brazil
Dana Sanchez, 7:54 pm
Putin is turning to South Africa for help after his tit-for-tat agricultural sanctions against the U.S. and E.U. made some foods disappear from Russian stores. Deluged with bad publicity over the intensifying war in Ukraine in which Russia has been branded the aggressor, Putin made time to receive South African President Jaocb Zuma last week. Zuma’s six-day visit to Russia was described by news media as a mysterious mission and shrouded in secrecy.
Jeffrey Cavanaugh, 11:38 am AFKI Original
BRICS countries want their own bank — an alternative to the World Bank and IMF. China, unlike the West, is playing for Africa’s leaders, not its people. Cheap, no-strings finance is great for Africa’s political incumbents because it gives them control over a source of funds and development they can use at their discretion.
Dana Sanchez, 3:00 pm
Protesters burned tires and overturned cars in Brazil, blocking a major highway as BRICS summit leaders arrived in Fortaleza to kick off the Sixth BRICS summit. A proposed BRICS New Development Bank will open in Shanghai, China, in 2016 if approved at the summit. It will engage mainly in infrastructure projects — mainly in BRICS countries of Brazil, Russia, India, China and South Africa.
Protesters in Brazil are demanding more housing for the homeless. Brazilians also protested over excessive government spending on stadiums and infrastructure for the 2014 World Cup.
Dana Sanchez, 10:42 am
BRICS countries decided to create a BRICS bank in 2013 when they saw investors pull money away from emerging economics — hurting their currencies — amid expectations the U.S. would scale back its economic stimulus program, WallStreetJournal reports. It is hoped a BRICS bank will create an alternative to the International Monetary Fund — a mini IMF — to support BRICS economies. Mostly, the bank will fund infrastructure in BRICS countries.
Dana Sanchez, 3:22 pm
Airports Company South Africa’s involvement in BRICS markets includes a partnership for the management of Mumbai International Airport in India. The airport development and management company is majority owned by the South African government. In April, it signed a memo of understanding with Ghana Airports Co. to provide consulting on all airport-related matters in Ghana as part of the country’s ongoing focus and expansion into emerging markets.
Dana Sanchez, 1:41 pm
When it comes to acronyms of the global economy, South Africa, Egypt and Nigeria have repeatedly represented Africa. There’s BRICS, MINT and now maybe a new one for East Africa. One analyst said he might start working on his own East Africa grouping. “You’ve got Kenya, you’ve got Ethiopia, Tanzania, Uganda,” he said, which would give him KETU, or KUTE.
Makula Dunbar, 4:15 pm
Zimbabwe is courting the BRICS grouping (Brazil, Russia, India, China and South Africa) to finance its ambitious $27 billion economic blueprint, the ZimAsset, after admitting that the resources could not be raised locally. Vice President, Joyce Mujuru, said at the ongoing Zimbabwe International Trade Fair (ZITF) in Bulawayo on Wednesday that the grouping provided most realistic chance of funding after relationship with Western countries continues to be strained.
D.A. Barber, 11:22 am AFKI Original
Rebasing Nigeria’s GDP may be easier than changing investors’ perceptions when it comes to doing business in the country, experts say. “Just revising your GDP upward doesn’t mean that you are structurally more important as a location for investment, as a producer, as an exporter, as a trading partner, or a voice in the global economy,” said Peter M. Lewis, director of African Studies at Johns Hopkins University.
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