Temer has vowed since replacing Dilma Rousseff as president that he will make sure austerity and reform packages are passed through the Senate in a bid to revive the economy and boost business confidence [Xinhua]
A combination of falling interest and inflation rates and a boost in consumer and business confidence is signalling that the Brazilian economy, one of the worst faring in BRICS for the past four years, is finally turning a corner.
Despite weakness in the construction and government services sector, is the South African economy finally turning a corner? [Xinhua]
The South African economy grew by 2.5 per cent in the second quarter after two quarters of contraction
The second quarter 2017 gross domestic product data released by Statistics South Africa on Tuesday exceeded the consensus forecast of 2.1 per cent as it came in at a 2.5 per cent growth rate at a seasonally adjusted annualised (saa) pace.
Russian oil giant Rosneft will increase direct supplies of crude oil to China [XInhua]
On the sidelines of the BRICS Summit in China, Rosneft, Russia’s largest oil producer, and Chinese energy investor CEFC China Energy Company have inked a cooperation agreement for joint energy exploration in Siberia.
“The Agreement also provides for a joint activity in such areas as refining, petrochemicals and crude and product trading,” according to a statement from Rosneft.
Rosneft also signed a contract with CEFC for Russia to increase direct supplies of crude oil to China.
The BRICS Business Forum opens in Xiamen, southeast China’s Fujian Province, Sept. 3, 2017 [Xinhua]In an address at the opening session of the BRICS Business Forum on Sunday, Chinese President Xi Jinping said the global economy is “still not healthy enough” and that economic globalisation is facing many uncertainties.
1200 industry representatives from the BRICS nations and other countries were in attendance at the Xiamen business forum. Brazilian President Michel Temer and South African President Jacob Zuma also attended the meet.
Special Report on 9th BRICS Summit in Xiamen, China
Chinese Finance Minister Lou Jiwei (C), Shanghai Mayor Yang Xiong (R) and President of the New Development Bank (NDB) of BRICS K.V. Kamath attend the launching ceremony of the bank in Shanghai, east China, July 21, 2015 [Xinhua]
The BRICS New Development Bank is hoping to increase the size of its loans in 2017, a Chinese Ministry of Finance official said on Thursday.
The statements by Zhou Qiangwu reiterate remarks made last year by the NDB Vice-President Zhu Xian.
File photo: A Worker pastes stickers on bicycle parts at a factory at Ludhina in Indian state of Punjab [Xinhua]India’s gross domestic product grew 5.7 per cent in the latest quarter, according to data released by the central statistics office on Thursday.
Economic growth dropped to a three-year low of 5.7 per cent during April-June as manufacturing slowed.
“GDP data throws up challenges for the economy,” India’s Finance Minister Arun Jaitley said while addressing a press conference in New Delhi.
File photo: Demonetisation had forced millions into lengthy bank queues [Xinhua]Indians have deposited nearly all the currency bills outlawed at the end of the deadline last year, dealing a blow to Prime Minister Narendra Modi’s drive to unearth unaccounted wealth and fight corruption.
The Central Bank said on Wednesday that 99 per cent of the estimated 15.4 trillion rupees ($242 billion) banned last year has made its way back into the banking system.
File photo of US President Donald Trump with Chinese President Xi Jinping [Xinhua]China, on Thursday, expressed “strong dissatisfaction” with the US decision to probe its intellectual-property practices.
“We will take all the necessary measures to resolutely defend the interests of China and Chinese firms,” China’s Ministry of Commerce spokesman Gao Feng said at a briefing Thursday.
The spokesperson said China is disappointed with the “unilateral and protectionist” US action.
China’s economic growth averaged 10 percent for three decades through 2010 [Xinhua]China’s top economic planner said Friday that it approved 22 fixed-asset investment projects with total investment of 165.5 billion yuan (about $25 billion) in July.
The projects were mainly in energy, water conservation, transportation and high-tech, according to Meng Wei, spokesperson with the National Development and Reform Commission.
China’s FAI saw slower growth in the first seven months of this year, but the overall situation remains steady.
A freight train from Yiwu City in east China’s Zhejiang Province, arrives in Barking, east London, Britain, on Jan. 18, 2017 [Xinhua]China’s “Belt and Road Initiative” (BRI) has met with increasing acceptance from both developing and developed countries as the total number of countries, regions, and international organizations signing up for it have reached 69.
Countries along the routes account for 43 per cent of the world’s population.
