BRICS bank okays first loans, $811 million for green energy – Russian media
Apr 17, 2016
- The New Development Bank (NDB), formed by the BRICS group of emerging nations, has approved its first loans – $811 million for renewable energy projects in Brazil, China, India and South Africa, Russian news agencies reported on Saturday. The BRICS bank, with authorised capital of $100 billion, started work last year on funding initiatives for infrastructure projects in emerging markets and in its initial foray has lent $300 million to Brazil, $81 million to China, $250 million to India and $180 million to South Africa, RIA news agency said.
India and China to Collaborate on Satellite Constellation for BRICS
Apr 11, 2016
- India and China, who are currently locked in tit-for-tat space war, are entering into an unlikely space collaboration. The space agencies of both countries will collaborate on a proposed satellite constellation for BRICS (Brazil, Russia, India, China and South Africa). The new collaboration has been confirmed by Wu YanHua, deputy administrator for the Chinese National Space Agency (CNSA), who was in India last week to take part in a space summit hosted in New Delhi.
BRICS Countries Sign HQ Agreement, MOU for New Development Bank
Feb 28, 2016
- The BRICS economies signed a series of landmark agreements in Shanghai on Saturday to clear the last barriers for the New Development Bank (NDB)’s formal operation. Senior officials from Brazil, Russia, India, China and South Africa – collectively known as BRICS countries – signed the NDB headquarters agreement and a Memorandum of Understanding to make arrangement on vital issues of the bank, including the legal status, preferential treatment, exemptions, and facilities that it will enjoy.
BRICS member-states contribute first $750 mln to New Development Bank
January 14, 2016
- All five member-states of BRICS (Brazil, Russia, India, China and South Africa) made their first contributions worth a total of $750 mln to the capital of the New Development Bank BRICS (NDB BRICS), the financial institution reported on Thursday.
Russian Director Calls For “Alternative Oscars” For BRICS Countries
- Oscar-winning director Nikita Mikhalkov also said politics thwarted his latest bid to make the best foreign-language award shortlist. Russian Oscar-winning director Nikita Mikhalkov has called for the creation of an “alternative Oscar” for BRICS countries (Brazil, Russia, India, China and South Africa). “The idea was met with a lot of enthusiasm [in these countries],” Mikhalkov said earlier this week at the Russian filmmakers’ union’s conference in Moscow. “In this situation, we want other voices to be heard in the world, too.”
BRICS not content to leave West with mass media monopoly
24 Dec, 2015
- “Generating information is the most important source of power today. When you generate information, you generate perception.” Those are the words of Roberto Jaguaribe, Brazil’s Ambassador to China. He was speaking at the first BRICS Media Summit which took place in Beijing on December 1. The one-day summit was proposed by the Xinhua News Agency, China’s official press agency, and was jointly organized by media agencies from the other BRICS nations, including RT.
China hosts 1st BRICS media summit
December 1, 2015
- China has taken the initiative for creating an alternative media platform for the emerging economies by hosting the first media summit of countries belonging to the Brazil-Russia-India-China-South Africa (BRICS) grouping. A total of 25 media organisations are participating in Tuesday’s summit, which hopes to create a new institutional framework that would be tailored to benefit the media of five emerging economies, which have deep linkages with the Global South.
Kazakhstan may take part in creating Eurasian Oscar together with Russia, India and China
November 20, 2015
- Russia is negotiating the issue of Kazakhstan’s participation in setting up the Eurasian film academy, which will have its own award, Deputy Chairman of the Russian Union of Cinematographers Oleg Ivanov told TASS on Friday. Ivanov has taken part in the first Days of Russian Cinema in Mumbai, India.
BRICS nations sign ‘Moscow Declaration’ for supporting multilateral science projects
October 30, 2015
- The BRICS nations – Brazil, Russia, India, China and South Africa – have agreed for co-investment of resources for supporting multilateral Research and Development (R&D) Projects in mutually agreed areas.
Putin Says Russia May Abolish Visas for BRICS Tourist Groups
August 17, 2015
- Russia may offer visa-free entry for tourist groups from India, Brazil and South Africa as fellow members of the BRICS group of countries, President Vladimir Putin said.
New $100 bn BRICS bank opens in China to challenge US-led lenders
July 21, 2015
- A new $100 billion international bank dedicated to the emerging BRICS countries opened in China’s commercial hub Shanghai on Tuesday, officials said, as an alternative to other multilateral lenders.
BRICS group of emerging economies launch development bank
Jul 9, 2015
- Countries attending a two-day summit in Russia for the world’s emerging economies, known as BRICS, have launched their biggest initiative to date: a development bank and a currency pool. Russian president Vladimir Putin, who is hosting the meeting, encouraged the expansion of trade among the BRICS — Brazil, Russia, India, China and South Africa.
China Leads QS University Rankings: BRICS 2015
July 7, 2015
- The QS University Rankings: BRICS, which compares the Top 200 institutions in Brazil, Russia, India, China and South Africa, confirms China as the most likely of the BRICS nations to achieve its goal of developing world-class universities. China claims seven of the top 10 places, ahead of Brazil, Russia and India with one apiece. Russia with 53 institutions in the top 200 is second only to China (67). Yet only seven Russian institutions make the top 50, fewer China (21), Brazil (10), and India (9).
Russian, Chinese Navigation Systems to Accommodate BRICS Members
- Russian and Chinese global navigation satellite systems are well suited to meeting BRICS members’ civilian needs, chief analyst for GLONASS Union, Andrei Ionin, told Sputnik on Wednesday. “All the studies show that the two systems [can] solve all civilian objectives. So GLONASS and BeiDou together can cater for all such tasks within BRICS,” Ionin told Sputnik.
China ratifies the creation of BRICS bank
1 Jul, 2015
- The Chinese Parliament has ratified the creation of the BRICS Development Bank. The New Development Bank was conceived as a counterbalance to such Western-led financial institutions as the World Bank and the IMF.
BRICS Bank, AIIB Can Benefit Latin America, Caribbean – LAC Commission
- According to executive secretary of the Economic Commission for Latin America and the Caribbean, BRICS Development Bank and China-led Asian Infrastructure Investment Bank (AIIB) can help South and Central America countries develop their infrastructure.
GDP of BRICS could surpass G7 in 2-3 years – senior Duma MP
8 Jun, 2015
- The GDP of the BRICS countries may surpass that of the G7 within two or three years, as it has already hit $32.5 trillion and rising, claims State Duma Foreign Relations chief Aleksey Pushkov.
Russia and China have had enough of western banking
By Patrick Gillespie 2015/05/04
- President Vladimir Putin approved a new $100 billion reserve fund over the weekend that will specifically aid the BRICS nations: Brazil, Russia, India China and South Africa.
- BRICS leaders first agreed on the new fund — seen by many as a power play against the west — at a conference last July. The BRIC countries make up 40% of the world’s population and about 20% of the world’s economic activity.
- The reserve fund will help BRICS countries with cash problems. It will get most of its seed funding from China, which will contribute $41 billion. Russia, India and Brazil will put in $18 billion each, and South Africa will give $5 billion. The timing is critical as many emerging market nations and businesses are struggling to pay their debt for various reasons.
New BRICS bank to change world’s financial system
- The BRICS Development Bank has pretty good prospects, given the fact that the developing countries of the bloc will continue to accept new members. On March 5, special envoy of the Russian Foreign Affairs Ministry, Coordinator of the Group of Twenty and BRICS countries, Vadim Lukov, said that it goes a number of large developing countries. Argentina, Mexico, Nigeria, Indonesia and several other countries have already announced their readiness to join BRICS.
- The BRICS bank will become a significant competitor to both the World Bank Group and the International Bank for Reconstruction and Development, Associate Professor at the Department for Foreign Area Studies and International Cooperation at the Institute of Public Administration and Management, Roman Andreeschev told Pravda.Ru.
- According to the expert, the bank will work to fund joint projects, in which several BRICS members participate.
Russia to Propose BRICS Space Station
By Matthew Bodner Jan. 27 2015 17:33
- “It would be useful to explore the possibility of an international manned spaceflight project with the BRICS nations within an overall strategy of entering into technological alliances,” TASS cited an expert panel on the commission as saying in the document.
- A BRICS space station would likely emerge from a similar two-nation partnership, again with Russia in a driver’s seat. The Military-Industrial Commission recommended approaching either China or India — both countries that have well-developed and increasingly ambitious space programs. The proposal would then allow other BRICS members to join.
- India has yet to put a man in space without hitching rides on other nations’ rockets. Last year, it demonstrated its rising capabilities after launching an unmanned satellite to Mars on a shoestring budget. China is perhaps the best partner for such a project. China already launches its own astronauts into space, and is designing its own medium-sized space station. The placement of Russia’s new Vostochny Cosmodrome in Russia’s Far East also makes close cooperation with China far easier.
India Follows Russia’s Lead Ratifying $100Bln BRICS Bank
Michael Klimentyev 17:10 26.02.2015(updated 17:32 26.02.2015)
New BRICS bank to be based in China, India to have presidency
FORTALEZA, Brazil, July 15 Tue Jul 15, 2014 2:55pm EDT
Rousseff: BRICS moving forward to “new global architecture”
Published July 15, 2014
- The five big emerging economies “are moving toward a new global architecture,” Brazilian President Dilma Rousseff said here Tuesday at the start of the seventh summit of the BRICS nations.
- Regarding the contingency fund, which will be used by the BRICS nations to ameliorate international monetary turbulence, Rousseff said that “it will contribute to global financial stability.”
Beijing dominates voting rights of BRICS reserve pool
Staff Reporter 2014-07-19
- From left, Russian president Vladimir Putin, Indian prime minister Narendra Modi, Brazilian president Dilma Rousseff, Chinese president Xi Jinping and South African president Jacob Zuma converge at the 6th BRICS summit in Fortaleza, Brazil on July 15, 2014. (Photo/Xinhua)
- China will invest the most money but also gain the most control over the US$100 billion currency reserve pool set up alongside the new US$50 billion BRICS development bank.
- The founding members of the bank, to be headquartered in Shanghai, will subscribe equally to the bank’s start-up fund of US$50 billion, though the contributions to the US$100 billion CRA will vary significantly, with China investing US$41 billion to US$18 billion each from Brazil, Russia and India, and just US$5 billion from South Africa.
- Accordingly, voting rights in the CRA will also reflect the contributions, with China holding a commanding 39.95% vote compared to 18.10% each for Brazil, Russia and India, and a 5.75% vote for South Africa.
BRICS morphing into anti-dollar alliance
3 July 2014
- “We’ve done a lot of work on the ruble-yuan swap deal in order to facilitate trade financing. I have a meeting next week in Beijing,” she said casually and then dropped the bomb: “We are discussing with China and our BRICS parters the establishment of a system of multilateral swaps that will allow to transfer resources to one or another country, if needed. A part of the currency reserves can be directed to [the new system].” (source of the quote: Prime news agency)
- It seems that the Kremlin chose the all-in-one approach for establishing its anti-dollar alliance. Currency swaps between the BRICS central banks will facilitate trade financing while completely bypassing the dollar. At the same time, the new system will also act as a de facto replacement of the IMF, because it will allow the members of the alliance to direct resources to finance the weaker countries. As an important bonus, derived from this “quasi-IMF” system, the BRICS will use a part (most likely the “dollar part”) of their currency reserves to support it, thus drastically reducing the amount of dollar-based instruments bought by some of the biggest foreign creditors of the US.
- “I think the work on ruble-yuan swap line will finalized in the nearest future and the way for ruble-yuan settlement will be open. Moreover, we are not the only ones with such initiatives. We know about the statements made by Mr. Noyer, chairman of the Bank of France. As a retaliation for what Americans have done to BNP Paribas, he opined that the trade with China must be done in yuan or euro.”
BRICS countries near development bank deal to rival IMF, WB
Published time: July 09, 2014 15:51
- The emerging economies of Brazil, Russia, India, China and South Africa, are a couple of days from agreeing the $100 billion BRICS development bank, as well as a $100 billion currency pool. It could challenge global lenders like the IMF and World Bank.
- Apart from the BRICS countries other UN members may also participate in the bank’s development, but their total share won’t exceed 45 percent.
Nations harassed by US for foreign policy decisions need help: Putin
Hindustan Times July 15, 2014
- The modern world is indeed multipolar, complex, and dynamic – this is objective reality. Any attempts to create a model of international relations where all decisions are made within a single ‘pole’ are ineffective, malfunction regularly, and are ultimately set to fail.
- It is in our common interest to use the complementarity of national economies to the maximum. This is a market with almost three billion consumers. The BRICS countries have unique natural resources and a substantial technological, financial and industrial potential. On Russia’s initiative a BRICS Economic Cooperation Strategy is being drafted at the moment. It will focus on creating preconditions for accelerated economic development and strengthening the international competitiveness of our countries, the expansion and diversification of trade relations, and ensuring interaction for innovative growth. A number of prospective cooperation ventures are being studied to make sure the document is backed by concrete investment projects.
- First, this is the common intention to reform the international monetary and financial system. In the present form it is unjust to the BRICS countries and to new economies in general. The international monetary system itself depends a lot on the US dollar, or, to be precise, on the monetary and financial policy of the US authorities. The BRICS countries want to change this.
- Another long-term common interest of the association’s members is strengthening the rule of international law and the UN’s leading role in the international system. To be honest, without Russia’s and China’s principled position on Syria in the Security Council the events in that country would have followed the Libyan and Iraqi scenario.
- The BRICS countries intend to strengthen the political element of our cooperation. That is why we will develop the practice of mutual consultations and joint actions in international organisations, first of all, in the UN. In the long term, we will create a virtual BRICS secretariat. At the same time, I would like to stress that we do not have any plans to form a BRICS military and political alliance.
China Dominates the 2014 QS University Rankings: BRICS
LONDON, June 18, 2014
- China claims six of the top 10 places, ahead of Brazil (2), Russia (1) and South Africa (1). Russia with 53 institutions in the top 200 is second only to China (71). Yet only seven Russian institutions make the top 50, fewer China (21), Brazil (10), and India (9). India is the only nation without a university in the top 10, though five IIT make the top 20.
- “The development of Chinese higher education over the past 20 years has been nothing short of extraordinary,” adds Sowter. “Universities such as Tsinghua and Peking have now established themselves among the world’s major producers of scientific research.” China has increased its research and development funding by an average of 18% per year since 2008. Its ‘C9 League’ institutions have been earmarked as challengers to the US ‘Ivy League’, and six of them make the top 10 in today’s ranking.
BRICS nations hope to bankroll a changing world order
Analysis: The world’s emerging economies are soon to launch their own versions of the IMF and World Bank
June 4, 2014 7:00AM ET
- The BRICS nations — Brazil, Russia, India, China and South Africa — are reportedly close to finalizing their long-awaited development bank and currency reserve, each valued at $100 billion, in what has been billed as a historic challenge by the world’s emerging economies to a global financial architecture that has been dominated by the U.S. and Western Europe since its post–World War II inception.
- To economists in the developing world, who have long criticized the World Bank and IMF as anathema to the countries they purport to help, the New Development Bank holds tremendous promise. Critics say the West has taken advantage of its monopoly in international lending to wield outsize influence in the economic and political affairs of developing countries, dictating development models that further entrench these countries’ subservience to the West.
Russia, China to Further Develop BRICS, Group Makes Notable Progress – Russian Official
- BEIJING, June 6 (RIA Novosti) – Russia and China are continuing to work closely to strengthen the BRICS economic bloc, which has made notable progress in many aspects in the last year, Secretary of the Russian Security Council Nikolai Patrushev said in Beijing.
- “The development of the group of five is increasing. Our association remains an important driving force of the world economy, surpassing the total growth rates of the G7 BRICS has made significant progress in many aspects of its activities in the last year. We have formed unified positions on key policy issues: Syria, Iran, international terrorism, international information security,” Patrushev said on Friday at the end of the 10th round of Russian-Chinese consultations on strategic security. “I am confident that the forthcoming chairmanship of Russia in the group of five will consolidate this positive trend,” Patrushev concluded.
CrossTalk: BRICS By Brick
‘West scared of BRICS as it has no control over it’ – Ex-Indian Foreign Secretary
Bright prospects for BRICS cooperation
(People’s Daily Online) 12:45, June 04, 2014
- Since last year, most of the regions in Brazil have shown strong momentum in attracting Chinese investment, covering infrastructure, automobile and accessory parts, household appliances, mechanical equipment, oil and gas, renewable energy sources, environmental protection and other fields. The cumulative total of China’s investment in Brazil now exceeds 20 billion USD. Most investing Chinese enterprises are large-scale, some even among the fortune Global 500. China and Brazil have harvested fruitful results in infrastructure, resources and financial cooperation.
- To maintain growth momentum and become the growth engine of the world economy, the BRICS countries should enhance joint cooperation and press forward with economic restructuring through cooperation. According to statistics released by Chinese Customs, from January to April 2014 trade between China and Brazil increased rapidly, amounting to 25.9 billion USD, a year on year growth of 10.9 percent. Li Jinzhang, Chinese Ambassador to Brazil, pointed out in a recent speech that the natural resources, industrial structures, and development paths of BRICS countries are highly diversified and complementary, so these countries have a good basis for cooperation. Currently, the total foreign trade volume of the BRICS countries makes up 16 percent of the world total, while the trade volume between these countries is only 336 billion USD, making up 1.5 percent of the world total, which suggests that the potential for economic cooperation among the BRICS countries has not yet been fully released.
- To improve trade and economic cooperation, the BRICS countries should further increase two-way investment. China’s investment in its BRICS partners has expanded to infrastructure, manufacturing and other fields. As an important force in boosting employment, Chinese investment plays an active role in cooperation among BRICS countries and in economic growth throughout Latin America.
Emerging powers China, Brazil make plans to bypass U.S. dollar
AGNIESZKA FLAK and MARINA LOPES DURBAN, SOUTH AFRICA — Reuters
Published Tuesday, Mar. 26 2013, 3:20 PM EDT
- China and Brazil agreed on Tuesday to swap up to the equivalent of $30-billion in each other’s currencies if need be so that their fast-growing commercial ties will not suffer if a new banking crisis causes dollar trade finance to dry up. “Our interest is not to establish new relations with China, but to expand relations to be used in the case of turbulence in financial markets,” Brazilian Central Bank Governor Alexandre Tombini told reporters after the signing.
- At the Durban summit, the group’s fifth since 2009, the heads of state of Brazil, Russia, India, China and South Africa are expected to endorse plans to create a joint foreign exchange reserves pool and an infrastructure bank. These objectives reflect frustration among emerging market nations at having to rely on the World Bank and International Monetary Fund, which they see as still reflecting the interests of the United States and other rich nations. The reserves pool of central bank money would be available to emerging economies facing balance of payments difficulties or could be tapped to stabilize economies during periods of global financial crises, according to documents outlining the plan that were obtained by Reuters.
China Doesn’t Belong in the BRICS
Beijing is in a class of its own
Graham Allison Mar 26 2013, 9:58 AM ET
- the brute fact is that China has continued growing more than twice as fast as other members of this club. Indeed, in every year since 2001, the gap between China’s GDP and that of each of the others has widened. In the decade ahead, the gap is likely to become even more pronounced. Given this divergence, it is more appropriate to consider China separately from Russia, India, Brazil and South Africa, which, if an acronym is called for, can be called: “RIBS.”
- In 2001, China’s GDP was equal to the GDP of all the RIBS combined. In the five years since the global financial crisis, just the increment of growth in China’s economy is larger than the entire economies of Russia and India combined. Indeed, in the half decade since the financial crisis, 40 percent of all growth in the global economy has occurred in China. Last year, the economy of China expanded by $1 trillion; Russia and India grew by $100 billion; Brazil and South Africa shrank. In 2001, China ranked sixth among the world’s economies. Today it stands at number two, on track to overtake the U.S. and become the world’s largest economy in the next decade.
- In trade, China accounts for 11 percent of global merchandise exports, roughly double that of the RIBS combined. Moreover, the markets to whom China and the RIBS export and from whom they buy are the U.S., the EU, and Japan. Merchandise trade among China and the RIBS barely registers in world trade statistics. In foreign reserves, China held twice as much as the RIBS combined in 2001 (with $220 billion), and now holds three times as much as the others (with $3.3 trillion). In greenhouse gas emissions, China accounts for 30 percent of the global total, more than twice the amount of the RIBS combined.
Assad Sends Letter to Emerging Powers Seeking Help to End Syrian War
By RICK GLADSTONE and HALA DROUBI
Published: March 27, 2013
- In a letter addressed to the leaders of Brazil, Russia, India, China and South Africa — the so-called BRICS group of developing nations, which convened a summit meeting in Durban, South Africa — Mr. Assad framed his request as a plea for assistance in the fight of good against evil. He depicted the opposition forces as terrorists bent on destroying Syria with help from a conspiracy of hostile Arab and Western countries.
- “You, with all the huge political, economic and cultural weight you represent that seeks to consolidate peace, security and justice in the troubled world of today, are called upon to exert all possible efforts to end the suffering of the Syrian people,” Mr. Assad said in the letter, as reported by SANA, the official Syria news agency. He called the BRICS group “a just force that seeks to spread peace, security and cooperation among countries away from hegemony, its dictates and oppression which have lasted for decades upon our peoples and nation.”
- Russia and China, which are permanent members of the United Nations Security Council, have repeatedly thwarted attempts by Western and Arab members to punish Mr. Assad for his repression of a political uprising that began two years ago and that has turned into a civil war.
Inside Story – BRICS: Challenging the global economic order
importance of China in BRICS
‘Russia and China are BRICS’ central pillars’
Published time: March 25, 2013 20:40
- Definitely, Russia and China are the central pillars of the BRICS. If you remember they were the originators of the concept and they have in many ways brought along South Africa, India and Brazil to play a larger role. And also Russia and China are much more global in their overall approach towards the world order and trying to transform the world order. The other three I would say are a little more “status quiet”, although they too want to move towards multi-polarity.