Iran, Russia discuss BRICS, SCO summits

Russia and Iran have held consultations ahead of two major summits by members of BRICS and Shanghai Cooperation Organization (SCO) nations to call for regional integration. The BRICS and SCO summits of the world’s major emerging economies will take place on July 8-10 in the Russian city of Ufa. Russian Deputy Foreign Minister Igor Morgulov said he hoped Iranian President Hassan Rouhani would attend the events. The Russian official met Iran’s Ambassador in Moscow Mehdi Sanaei to discuss pre...
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Video: SPIEF & RT Host Panel Discussion on BRICS

http://www.youtube.com/watch?v=98FxNusCVq4 RT and SPIEF have jointly held a panel discussion titled ‘THE NEW DEVELOPMENT BANK: A STRONGER ROLE FOR BRICS IN THE GLOBAL FINANCIAL ARCHITECTURE’. The BRICS economies have established a USD 100 billion development bank to be based in Shanghai. What does this new institution mean for global economic management? What are some of the key areas of focus over the medium term? RT presenter Peter Lavelle was joined by a set of very distinguished gue...
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BRICS New Development Bank Gains Traction Quietly

While Beijing's Asian Infrastructure Investment Bank (AIIB) has won overwhelming support (to the surprise of many, including China itself), another bank headquartered in China seems to be flying under the world's radar. Few people have heard of the BRICS New Development Bank (NDB). This was the strong impression I got after visiting Washington, Sydney and Canberra over the last couple of months. The NDB idea was proposed in 2011 by the Nobel Laureate Joseph Stiglitz, and it initially encou...
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US Fears Losing Greece to Russia

Throughout the prolonged showdown between Greece and its creditors, the Obama administration has largely sat on the sidelines, issuing the occasional warning about the potential economic impact of a default. But with Greece now on the verge of bankruptcy, the US is also beginning to worry about the political fallout from a deeper crisis and the potential for Russia to gain increased influence over a Nato member. As Washington tries to maintain a united western front in support of sanctions on ...
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Asia-Pacific to be World’s Richest Region by 2016

The Asia-Pacific region has overtaken Europe in terms of global wealth management for the first time, becoming the world’s second wealthiest region with $47 trillion says a report released by BCG. It’s on the way to overtaking North America next year. In 2019 private wealth in the countries in the Asia-Pacific area is expected to account for one-third of global wealth, according to the report published Monday. North America, where private wealth amounted to $51 trillion in 2014, remained t...
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BRICS Nations & the Global Nuclear Power Industry

The BRICS nations (Brazil, Russia, India, China and South Africa) are major drivers for the global nuclear power industry was the unanimous view of the panelists at the 7th ATOMEXPO 2015 held here on Sunday. "Forty out of 76 nuclear power plants under construction are in BRICS. Out of the 358 reactors that are operational in the world 86 are in BRICS," Aleksey Khokhlov, partner, PwC Strategy & Services (Rus) said. Speaking on "Nuclear Power Industry in the BRIC countries" he said: "In ...
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The building of the BRICS bank

Last week, India named veteran banker K.V. Kamath to be the first President of the New Development Bank, popular as the BRICS bank. The focus of this bank will be to invest in infrastructure. Mr. Kamath, 67, is a veteran banker, who was credited with developing ICICI Bank into India’s second-largest lender. He headed the bank for 13 years until 2009 and is now its Non-Executive Chairman. He is also Non-Executive Chairman of India’s second-biggest software services exporter Infosys. What is BRIC...
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Russia Invites Greece to Join BRICS

As if the discussions in Brussels and Athens were not mired in enough uncertainty, Bloomberg reports that a Greek official confirms: *STORCHAK ASKED TSIPRAS FOR GREECE TO JOIN BRICS BANK: OFFICIAL The pivot appears to continue. Reportedly, Tsipras was pleasntly surprised by the proposal. As Bloomberg reports, Russian Deputy Finance Minister Sergei Storchak spoke with Greek PM Alexis Tsipras today, proposed that Greece become 6th member of New Development Bank set up by Brazil, Russia,...
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Asian & African Leaders to form New Rival Bank to IMF

Leaders of emerging countries in Africa and Asia have pushed for the establishment of a new development bank to rival the World Bank. The new bank idea was discussed during the 60th commemoration of the Asia-Africa conference last month in Jakarta, Indonesia. The leaders agreed that, to succeed, the bank must be totally separated from the World Bank and the International Monetary Fund (IMF) because the two could no longer be trusted to fully fund development infrastructure projects. Pre...
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BRICS Development Bank to Compliment AIIB

The BRICS New Development Bank and the Asian Infrastructure Investment Bank (AIIB), both seen as alternatives to US – led institutions, will not compete, but rather complement each other, said the head of the Central Bank of Russia Elvira Nabiullina. Nabiullina made the statement Thursday in Washington where she is attending the spring meetings of the International Monetary Fund and World Bank. "I don't think there's less energy (around the BRICS bank). We didn't feel that. To the contrary, ...
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Russia to Chair BRICS Business Council

As Russia assumes the chairmanship of the BRICS business council, the launch of the New Development Bank for its members will begin as an alternative to the US-dominated International Monetary Fund (IMF). Sergey Katyrin, President of the Russian Chamber of Commerce, took over the chairmanship of a business council of BRICS, an economic association made up of Brazil, Russia, India, China and South Africa, on Wednesday. The seventh summit of BRICS will be held in the southern Russian city of...
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