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).
China’s massive urbanisation has been built, literally, by metal, supplied mostly by Latin American countries (LAC). Yet now China’s slowing economic growth and falling commodity prices threaten Latin American commodity booms.
Victory Day on May 9 was an occasion for Russians to indulge in patriotic flag waving in Moscow. Russian President Vladimir Putin used the previous day to muster a show of diplomatic support for his efforts to bring formerly Soviet states closer together.
The visit by United Arab Emirates Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan to Uruguay, Paraguay and Peru brings to an end 10 days of unusually intense diplomatic activity by the Gulf nation in Latin America.
Latin America is one of the regions in the world suffering from “hidden hunger” - a chronic lack of the micronutrients needed to ward off problems like anaemia, blindness, impaired immune systems, and stunted growth.
Some of the technological excellence that revolutionised Brazil’s tropical agriculture is reaching small producers in Mozambique. But it is not enough to compensate for the underfinancing of the sector.
As the concept of South-South cooperation (SSC) continues to strengthen worldwide, some of the richest countries in the Arab world have been reaching out to the poor and the needy in the developing world.
Rodolfo Razão, an elderly small farmer in Mozambique, obtained an official land usage certificate for his 10 hectares in 2010, but he has only been able to use seven. The rest was occupied by a South African company that grows soy, maize and beans on some 10,000 hectares in the northeast of the country.
Developing countries are likely losing more than a trillion dollars a year in "illicit financial flows" stemming from crime and corruption, according to new estimates. This fast-rising figure is already 10 times the total amount of foreign aid these countries are receiving.
Only 16 percent of Africa’s population of over a billion is online. But as Internet and mobile phone connectivity grows rapidly, the continent wants to join forces with Asian powerhouses to change its digital landscape.