BRICS News

Maduro is hoping that his new measures, including raising minimum wages by 3,000 per cent, will curb the economic downward spiral [PPIO]
Calm returned to the streets of the Brazilian border town of Pacaraima Monday after President Michel Temer ordered the military and security forces to the area.
On Saturday, Pacaraima residents clashed with Venezuelans who had streamed across the border, particularly through the border town of Santa Elena de Uairen.

BRIC tourist numbers to South Africa rose by 6.1% in 2017, but still 23.4% below 2013 levels

South African recently hosted tourism exhibitors from 23 African countries [PREUSS]

The release of the Tourism 2017 report by Statistics South Africa (Stats SA) this week showed that although there was a strong rebound in 2016 and 2017, the country was still suffering from the misguided imposition of more stringent visa requirements in October 2014, as the number of overseas tourists from South Africa’s BRICS partners, remained below their 2013 levels.

Can’t we just get along? File photo of US President Donald Trump with Chinese President Xi Jinping. It is unclear how the tariffs and the NDAA will affect their warm relationship

The Chinese Defense Ministry has protested the National Defense Authorization Act (NDAA) for 2019 which was signed into law in the US by President Donald Trump earlier this week.

The $717 billion act includes several sections on China, some of which violate the One-China policy, a ministry spokesperson said.

The Prime Minister Narendra Modi delivering his keynote speech, at the plenary session of the World Economic Forum, in Davos on January 23, 2018 [PMO, India]
India’s benchmark Bombay Stock Exchange SENSEX has continued to break records this week.
On Wednesday the 30-share exchange broke its record to reach 38,061 before settling just below the 38,000 mark. At press time Thursday it is at 38,012, marking the first time ever it has reached this level.

With BRICS espousing multilateralism, a number of African and Asian leaders were invited to Johannesburg [PPIO]
South Africa’s business community said yesterday that it strongly supported BRICS commitment to endorse multilateralism while standing against protectionist trade policies that hurt global growth.
During a meeting of industry leaders and government officials in Johannesburg, CEOs and senior business pundits stressed that emerging economies should reject unilateralist initiatives and work instead toward an inclusive agenda that promotes free trade.

South Africa will host the BRICS Vaccine Research Centre
BRICS leaders say multilateralism is facing unprecedented challenges [PPIO]
 
South African President Cyril Ramaphosa in his media briefing wrapping up the progress of the Tenth BRICS Summit mentioned the defence of the multilateral trading system first, but also highlighted the importance of the BRICS outreach programme as South Africa had hosted 31 countries in addition to its BRICS partners.

In order to deal with new technologies like AI and cryptocurrencies, BRICS nations must work together, Ramaphosa, center, said [PPIO]
 
BRICS countries are being urged to embrace the rapidly developing technologies which have carved a fourth industrial revolution but to do so in a fully collaborative approach.
South African President Cyril Ramaphosa says that while this digital revolution is the next threshold for BRICS countries, they should work together to ensure that emerging economies have a level playing field.

BRICS is no longer in need of proving to the naysayers its sustainability and viability. The time has now come for it to expand its membership and reach among emerging markets.
South Africa today hosts the 10th BRICS Summit amid growing global trade tensions[PREUSS]
 
The world was in the grips of a growing financial crisis when Brazil, Russia, India and China first agreed to form an economic bloc in 2008.

Davies said the delegates who will comprise captains of industry, heads of state-owned entities and government leaders will deliberate on strategic economic matters affecting the future of BRICS. [BRICS5]
More than 1,000 delegates from Brazil, Russia, India, China and South Africa (BRICS) will gather at the Sandton Convention Centre in Johannesburg tomorrow, Wednesday, 25 July 2018 for the BRICS Business Forum which will takes place as part of the 10th BRICS Summit.

“These actions are accompanied by growing disdain for multilateralism and global trade rules.”
Davies says US unilateral policies will disrupt global trade [Photo courtesy: DTI]
The South African Minister of Trade and Industry, Dr Rob Davies, told the BRICS Business Council meeting in Durban South Africa that the US was creating global economic turbulence by ignoring long standing world trade rules and imposing unilateral actions.