BRICS

P.D. Lawton
21st Century Wire
Whose economic ideas are obsolete and whose corruption are we talking about?

Originally appeared at Vineyard of the Saker
Beijing is turbo-charging its infrastructure connectivity across the region and the Caribbean
A sharp, geoeconomic shift took place last month in Santiago, Chile at the second ministerial meeting of a forum grouping China and the 33-member Community of Latin American and Caribbean States.

“This is the challenge of our time, to build a South Africa in which all people have a decent standard of living, access to economic opportunities and opportunity to pursue their dreams.” – Malusi Gigaba Budget Speech February 2018
Minister of Finance Knowledge Malusi Nkanyezi Gigaba says South Africa must confront and overcome a number of challenges if it is to sustain growth [GCIS]

IMAGE: South African politician Cyril Ramaphosa waiting in the wings.

P.D. Lawton
21st Century Wire
This week, South African President Jacob Zuma was forced to step-down as president of South Africa, following years of attempts to remove him on the grounds of corruption and mismanagement. How did we get here, and what does this mean going forward?

“Send me” is his call as he invokes the legacies of South African icons Nelson Mandela, Albertina Sisulu and Hugh Masikela
Ceremonial parade ahead of the State of the Nation Address in South Africa, February 16, 2018 [GCIS]
As analysts told The BRICS Post in mid-December, the recall of President Jacob Zuma by the African National Congress (ANC) will be the first test of its new leader, Cyril Ramaphosa.

Brazil’s unions have planned a day of struggle to protest Temer’s proposed social security reform bill. The president is already very unpopular in Brazil; polls show voters want him to be accountable for alleged corruption [Xinhua]
Brazilian President Michel Temer is facing a tide of opposition regarding his promise to reform the social security program.
Many among his supporters see the reform initiative as damaging to their relection bids in the general election next October.

Major cities in Brazil, China and India are witnessing rapid urbanization [Xinhua]
The Malaysian capital of Kuala Lumpur will next week host the Ninth Session of the World Urban Forum to discuss the challenges societies as more people move to the cities.
The forum titled, Cities 2030, Cities for All: Implementing the New Urban Agenda, will focus on the efforts of major countries, such as China, India, and Brazil to overcome the challenges posed by rapid urbanization.

Economic growth forecasts for 2018 have been ratcheted higher as data exceeds expectations
Growth rates in BRICS nations such as China and Russia have exceed expectations of the IMF and other forecasts [Xinhua]
The news that China’s GDP growth in 2017 was 6.9 per cent as opposed to the government target of 6.5 per cent and the January 2017 international Monetary Fund (IMF) projection of 6.5 per cent is merely the latest in a sequence of economic data releases that has pushed economists to play catch-up with economic reality.

The RMB is the currency of choice for the BRICS New Development Bank. It is the fifth most used currency in the world [Xinhua]
The People’s Bank of China on Friday said that it encouraged cross-border and overseas use of the renminbi (RMB) currency to settle accounts and boost investment.
It acknowledged that Chinese banks have been looking to trade in offshore RMB and that there was a growing need for foreign-funded companies in China to be able to transfer investment revenue overseas.

The TPP has not been popular among many Republicans and some sectors of the US workforce, giving Trump the ammunition to proceed with withdrawal.