Showing posts with label BRICS. Show all posts
Showing posts with label BRICS. Show all posts

Thursday, September 05, 2013

Obama faced growing pressure from world leaders on Thursday not to launch military strikes in Syria at a summit on the global economy that was hijacked by the conflict

    Thursday, September 05, 2013   No comments

The Group of 20 (G20) developed and developing economies met in St. Petersburg to try and forge a united front on how to revive economic growth, but failed to heal divisions over a U.S. plan to wind down a program to stimulate the world economy.
The club that accounts for two thirds of the world's population and 90 percent of its output looked as divided over therapy for the economy as it is over possible military action following a chemical weapons attack in Syria.

Obama arrived in Russia's former imperial capital with a showdown looming at a dinner hosted by President Vladimir Putin, with a debate on Syria the main course on the menu.
Obama wore a stiff smile as he approached Putin and grasped his hand. Putin also wore a businesslike expression and it was only when they turned to pose for photographers that Obama broke into a broader grin. There was no clutching of arms or hugs.
The first round at the summit went to Putin, as China, the European Union, the BRICS emerging economies and Pope Francis - in a letter - warned of the dangers of military intervention without the approval of the U.N. Security Council.
"Military action would have a negative impact on the global economy, especially on the oil price - it will cause a hike in the oil price," Chinese Vice Finance Minister Zhu Guangyao said.
The BRICS - Brazil, Russia, India, China and South Africa - echoed that remark, and the Pope, who leads the world's 1.2 billion Roman Catholics, urged the G20 leaders to "lay aside the futile pursuit of a military solution".
European Union leaders described the August 21 attack near Damascus, which killed up to 1,400 people, as "abhorrent" but said: "There is no military solution to the Syrian conflict."
 

Wednesday, March 27, 2013

BRICS plan new 50bn bank to rival World Bank and IMF

    Wednesday, March 27, 2013   No comments
BRICS leaders, 2013

The ‘big five’ of the developing world will discuss creating their own global World Bank as their 5th annual summit kicks off Tuesday in sunny Durban.

The move is linked to the developing world’s disillusionment with the status quo of world financial institutions. The World Bank and IMF continue to favor US and European presidents over BRICS nations, and in 2010, the US failed to ratify a 2010 agreement which would allow more IMF funds to be allocated to developing nations.

"Not long ago we discussed the formation of a developmental bank... Today we are ready to launch it," South African President Jacob Zuma said on Monday.

The ‘big five’- Brazil, Russia, India, China, and its newest addition, South Africa, come together for the annual conference this year in Durban, South Africa in hopes of establishing a new development bank which will fund infrastructure and development projects in the five member states, and will pool foreign currencies to fend off any impending financial crisis.

“We will discuss ways to revive global growth and ensure macroeconomic stability, as well as mechanisms and measures to promote investment in infrastructure and sustainable development,” Indian Prime Minister Manmohan Singh said on Monday, before heading to Durban.

The BRICS have called for a reconstruction of the World Bank and IMF, which were created in 1944, and want to put forth their own ‘Bretton Woods’ accord. And they are serious.

"Brics is not a talk show. It is a serious grouping," Zuma told reporters at the presidential guest house in Pretoria.


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