Temer, center, and Meirelles say their goal is to lower public spending and the primary deficit [Xinhua]
A leading Brazilian politician is urging Congress to quickly pass pivotal austerity measures and fiscal reforms to avoid a financial disaster in the country.
President Michel Temer has made the reforms a cornerstone of his administration and pledged to work diligently to see that they are passed through Congress.
South African President Jacob Zuma, Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, Russian President Vladimir Putin and Brazilian President Michel Temer at the BRICS Summit in Goa, India on 16 October 2016 [Image: BRICS2016]The New development bank set up by the BRICS will lend $2.5 billion in 2017, the President of the new lender told the leaders of the bloc who had gathered in the Indian state of Goa for the annual summit during the weekend.
6th BRICS Trade Ministers meet in New Delhi, India on 13 October 2016 [Image: Commerce Ministry, India]At a key meeting of the BRICS Trade Ministers in New Delhi on Thursday, comprehensive deliberations were held on cooperation in key economic sectors, the Indian Commerce Ministry said.
Indian Commerce and Industry Minister Nirmala Sitharaman hosted her BRICS counterparts: Russia’s Denis Manturov, China’s Vice Minister for Commerce and Finance Wang Shouwen, South Africa’s Trade Minister Rob Davies and Brazil’s Foreign Trade Minister Marcos Pereira.
China’s exports in yuan-denominated terms fell 5.6 percent year on year in September, while imports increased 2.2 percent, customs data showed Thursday [Xinhua]China’s January-September trade with BRICS partners Russia and India climbed 14 per cent and 7.8 per cent, respectively, year on year, customs data showed on Thursday.
Trade turnover between Russia and China grew in annual terms to $50.27 billion over the first three quarters of 2016, China’s General Administration of Customs said in a report released on Thursday.
Zuma, left, and Kenyatta presided over the signing of six essential MoUs [Xinhua]
Kenya and South Africa on Tuesday agreed to remove any hurdles and barriers to boost trade between them.
South African President Jacob Zuma arrived in the Kenyan capital Nairobi earlier Tuesday on a state visit he hopes will strengthen economic, political, cultural and social ties in several sectors such as agriculture, tourism and infrastructure and investment.
This is the second consecutive month that the manufacturing PMI is in growth territory, signaling China’s corrective economic policies are working [Xinhua]
Chinese stocks on the Hang Seng Index in Hong Kong rallied on Monday rising 1.13 per cent to 23,559.9 following a positive manufacturer’s report over the weekend.
The National Bureau of Statistics (NBS) on Saturday reported that China’s manufacturing Purchasing Managers’ Index (PMI) for September was level and unchanged at 50.4 from a month earlier.
The yuan is the currency of choice for the BRICS New Development Bank. It is the fourth most used currency in the world [Xinhua]
In what local media has heralded as an “important and historic milestone”, the Chinese renminbi (yuan) currency has been included in the International Monetary Fund’s (IMF) new Special Drawing Right (SDR) currency basket.
The decision to add the yuan to the IMF’s basket of four reserve currencies, known as Special Drawing Rights, or SDRs, was taken last December.
India and China are the best performing BRICS economies according to the Global Competitiveness scale [Xinhua]
Most BRICS countries have moved up in the World Economic Forum’s Global Competitiveness Report 2016-2017.
India’s 16-point jump to 39th position is the most notable.
The report measures how well the 138 countries in focus manage all their resources and competencies to facilitate long-term value creation.
The four principal factors of measure are economic performance, government efficiency, business efficiency and infrastructure.
The Mexican peso broke through the wall and regained from its worst record this year as Donald Trump was believed to have fared poorly in his face-off with Clinton [Xinhua]
Call it the mother of all ironies.
Hours after the first US presidential debate between Democrat Hillary Rodham Clinton and Republican Donald Trump, emerging markets regained from an earlier slump, largely led by the strengthening of the Mexican peso.
Indian Minister of Information and Technology speaks at the launch of the Huawei manufacturing unit in New Delhi on 23 September 2016 [Image: Twitter @rsprasad]Chinese telecom giant Huawei Technologies said on Friday it will begin manufacturing smartphones in India next month. This comes as a boost to Indian Prime Minister Narendra Modi’s ambitious “Make in India” campaign.
The plant will be operated with the Indian arm of electronics manufacturer Flextronics International Ltd in Chennai, Huawei said in a statement.
