China’s plan to become Costa Rica’s main energy ally through the joint reconstruction of an oil refinery has been revived after the presidents of the two countries agreed to review the conditions of the project during a meeting in the Brazilian capital.
While this week's BRICS summit might have been off the radar of Western powers, the leaders of its five member countries launched a financial system to rival Bretton Woods institutions and held an unprecedented meeting with the governments of South America.
Neat rows of pampered-looking rose plants, drip-irrigated and ‘misted’ by tiny sprinklers, grow inside temperature-controlled greenhouses with high domes opened periodically for fresh air, offering 10 million cut-rose stems for export each year.
The creation of BRICS’ (Brazil, Russia, India, China and South Africa) own financial institutions was “a disappointment” for activists from the five countries, meeting in this northeastern Brazilian city after the group’s leaders concluded their sixth annual summit here.
The Sixth BRICS Summit which ended Wednesday in Fortaleza, Brazil, attracted more attention than any other such gathering in the alliance’s short history, and not just from its own members – Brazil, Russia, India, China and South Africa.
The BRICS alliance (Brazil, Russia, India, China and South Africa) launched the New Development Bank (NDB) and Contingency Reserve Arrangement (CRA) during its sixth summit, institutionalising a new financial architecture for the emerging powers.
Amid deteriorating relations with the West, Russian President Vladimir Putin is looking to diversify a Russian economy that is tightly linked to European markets. Fittingly, an old Soviet-era satellite state seems eager to lend a helping hand.
The growing vitality of the group of countries made up of Brazil, Russia, India, China and South Africa (BRICS), which is beginning to formalise its institutions even as it tries to bridge very disparate realities, seems to be partly cemented by increasing links between its companies.
The first common institutions to be set up by Brazil, Russia, India, China and South Africa – the BRICS – are financial, and have arisen as a result of reforms to an international system that continues to largely ignore the growing influence of emerging countries.
Intense competition during harvest season for a fungus dubbed ‘Himalayan Viagra’ – coveted for its legendary aphrodisiac qualities – has sparked violence in Nepal’s remote western mountains, causing concern among security officials here about the safety of more than 100,000 harvesters.
As Argentina starts to mend fences with the international financial markets, the emerging powers that make up the BRICS bloc invited it to their next summit. This could be a step towards this country’s reinsertion in the global map, after its ostracism from the credit markets since the late 2001 debt default.
In April 2004, Argentina began to steadily cut natural gas exports to neighbouring Chile, triggering a major energy crisis and revealing structural problems in this vital sector.
In the past 15 years, China has gone from being a relatively insignificant economic partner in Latin America to the number-one trading partner of some of the largest economies in the region.
Mukhtar Ali is one of the many Pakistanis who are furious at politicians and authorities for failing to provide citizens with a regular supply of electricity during the smouldering summer months.
The Congress Party took a beating in India’s recent parliamentary election and has been now been sidelined by the Hindu nationalist Bharatiya Janata Party (Indian People’s Party, or BJP).