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☆ African ambassador criticizes IMF, World Bank for not giving enough loans
▼ + stars: | 2023-10-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

John Wessels | Afp | Getty ImagesBEIJING — An ambassador of an African country to China has criticized the International Monetary Fund and the World Bank for restrictive lending policies. "The problem is that the ratings we are making for the African [countries] should be different," Ibrahima Sory Sylla, ambassador for the West African country of Senegal, said Thursday at an event at Peking University. The research claimed every 1% increase in Chinese loans resulted in an increase of 0.176% in African economic growth. Allan Joseph Chintedza, ambassador of Malawi to China, said the report should look also at the repayment period for Chinese loans. The East African country needs to provide a "sustainability letter" from the Chinese government in order to borrow more from the IMF, Chintedza added.

Persons: John Wessels, Sylla, Poor's, Senegal's Sylla, Fitch, Wu Peng, Jang Ping Thia, Thia, Vladimir Putin, Allan Joseph Chintedza, Chintedza Organizations: Afp, Getty, BEIJING —, International Monetary Fund, World Bank, West, Peking University, Fitch, IMF, Bank, United, Loans, Boston, Global, Policy Center, CNBC, Asian Infrastructure Investment Bank, Initiative, Peking University's Institute, New Locations: Senegal's, Dakar, BEIJING, China, Senegal, West Africa, Africa, Beijing, Malawi

☆ Putin Meets With New Wagner Boss Andrei Troshev
▼ + stars: | 2023-09-29 | by ( Charles R. Davis | Jake Epstein | ) www.businessinsider.com time to read: +5 min

Russian President Vladimir Putin met Friday with the new commander of Wagner, Andrei Troshev. At the meeting, Putin referred to Troshev leading "various combat missions," including in Ukraine. Troshev was the second in command of Wagner before the death of former boss Yevgeny Prigozhin. Andre Troshev, a former colonel in the Russian military, took over as head of the Wagner paramilitary organization following the death of previous boss Yevgeny Prigozhin in August. He had been the group's second in command but did not appear to back Prigozhin's short-lived mutiny against Russian military leadership two months earlier.

Persons: Vladimir Putin, Wagner, Andrei Troshev, Putin, Troshev, Yevgeny Prigozhin, —, Syria —, Andre Troshev, Yunus, Bek, Dmitry Peskov, Bashar al, Assad, Defense Lloyd Austin Organizations: Service, Russian, Kremlin, Financial Times, Moscow Times, Islamic, Wagner Group, Central African, Defense Locations: Ukraine, Syria, Troshev, St . Petersburg, Islamic State, Russia, Moscow, Washington, Bakhmut, Belarus, Ukrainian, Russian, Africa, Mali, Central African Republic

☆ Stagflation is 'the big bogeyman out there' — and many increasingly fear its return
▼ + stars: | 2023-09-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Oil prices surging to the brink of $100 per barrel and the specter of higher for longer inflation have renewed concern about stagflation risks, however. Kashkari reaffirmed this message when speaking to CNBC on Wednesday, saying that he was not sure if interest rates have been raised enough to successfully fight price growth. Market participants are worried that surging oil prices could keep inflation higher for longer, amplifying the risk of stagflation. "The price pressure reflects a shortage of supply, after OPEC+ cut production targets, under the leadership of Saudi Arabia and Russia. This must be seen in the context of a moving geopolitical environment, with Saudi Arabia recently joining the BRICS group," they added.

Persons: Mel Lagomasino, CNBC's, Lagomasino, Neel Kashkari, Kashkari, Jerome Powell, Chip Somodevilla, Stagflation, –, South Africa — Organizations: WE, CNBC, Federal Reserve, Getty, Brent, . West Texas Intermediate, Organization of, Petroleum, OPEC, Generali Investments, United Locations: Minneapolis, Washington ,, Saudi Arabia, Russia, OPEC, stagflation, Brazil, India, China, South Africa, Argentina, Egypt, Iran, Ethiopia, United Arab Emirates

☆ Wagner fighters, some of the best in the Russian ranks, are back in Ukraine, but they're not as much of a threat without Prigozhin running the show, Kyiv says
▼ + stars: | 2023-09-28 | by ( Jake Epstein | ) www.businessinsider.com time to read: +6 min

After a long hiatus, Wagner Group mercenaries are back on the battlefield, Ukraine's military says. AdvertisementAdvertisementWagner Group mercenaries are back in Ukraine after a lengthy absence from the battlefield. These fighters appear to be some of the best within the Russian ranks, but the threat is still low without their leader, Kyiv's military says. It's been several months since Wagner mercenaries last saw combat in eastern Ukraine. They captured the city in May, but amid the bloody campaign led to tensions flared between Wagner and the regular Russian military, ultimately leading to the mutiny.

Persons: Wagner, they're, Yevgeny Prigozhin, —, It's, Illya, REUTERS Yevlash, Yevlash, Africa —, Stringer, Mykhailo Podolyak, Volodymyr Zelenskyy, Podolyak Organizations: Wagner Group, Service, Wagner, Telegram, REUTERS, RBC, Institute for, Southern Military District, Russian Defense Ministry Locations: Belarus, Russian, Bakhmut, Ukraine, Moscow, Russia, Africa, Ukrainian, Washington, Rostov, Don

BEIJING (AP) — China and Zambia upgraded their relationship to a comprehensive strategic cooperative partnership on Friday, the latest move by America's chief global rival to forge deeper ties with the Global South. Chinese President Xi Jinping and his Zambian counterpart announced the agreement shortly after Xi had exchanged cordial words with another visitor, the new prime minister of Cambodia. China has in turn won access to natural resources and diplomatic support from many Global South countries on contentious votes at the U.N. and from Cambodia in China’s territorial disputes with other Southeast Asian nations in the South China Sea. Cambodian Prime Minister Hun Manet made China his first official foreign visit after succeeding his father, Hun Sen, who ruled Cambodia for 40 years and cultivated his country's close relationship with China. Xi told Hun Manet that his father had made historic contributions to bilateral ties.

Persons: Xi Jinping, Xi, ” Xi, Hakainde Hichilema, Hichilema, Nicolás Maduro, ”, Edward Chan, South Africa —, Hun Manet, Hun Sen, Hun, Alfred Wu, National University of Singapore's Lee, “, Wanqing Chen Organizations: BEIJING, Global, Zambian, Australian National University, “, United Arab, Initiative, Cambodian, U.S, Ream Naval Base, National University of Singapore's, National University of Singapore's Lee Kuan Yew, of Public, Associated Press Locations: China, Zambia, Cambodia, Africa, Southeast Asia, Latin America, U.S, Zambian, Brazil, Russia, India, South Africa, Saudi Arabia, Iran, United Arab Emirates, Argentina, Egypt, Ethiopia, Afghanistan, South China, Cambodian, Beijing, ASEAN

☆ Global Regulation of Essential Medicines Is a Dangerous Mess - The New York Times
▼ + stars: | 2023-09-11 | by ( Vidya Krishnan | ) www.nytimes.com time to read: +3 min

has not released more recent numbers, and there is limited data on exactly how much of this comes from India. The global drug supply system is a vast and complex network. As of 2021, India manufactured 62 percent of the raw materials for drugs, known as active pharmaceutical ingredients. in 2001 set up a groundbreaking program to monitor safety and quality, called the Prequalification of Medicines Program or P.Q.P., which set global standards for H.I.V. The program is one of those unsung policies that keep the global health structure ticking.

Persons: —, Cipla Organizations: World Health Organization, Medicines Program Locations: India, China, United States, Europe, Sri Lanka, Gambia, Africa —, Saharan Africa, Indian

But most concurred it was a foreign policy triumph for Modi as he pushes to increase India’s influence on the world stage. “India’s statement embodies the voice of the emerging Global South” said Derek Grossman, an analyst focused on the Indo-Pacific at the RAND Corporation. “It’s emerging as a successful case study of Western and non-Western powers and the Global South working together to pursue shared goals,” he said. Russian President Vladimir Putin and China's leader Xi Jinping skipped the G20 summit this year. Heading into the summit, Modi had argued that the developing countries should have more say, noting that they are disproportionately impacted by many crises including climate change, food shortages and rising energy prices.

Persons: —, Narendra Modi, Rishi Sunak, Olaf Scholz, Subrahmanyam Jaishankar, ”, Amitabh Kant, Modi, “, Derek Grossman, Michael Kugelman, Wilson, Vladimir Putin, Xi Jinping, Sergey Lavrov, India's, ” Lavrov, Michael Schuman, ” Schuman, ” Kugelman, Krutika Pathi, Adam Schreck, Joanna Kozlowska Organizations: DELHI, British, United, Russia, RAND Corporation, Beijing, ”, Union, South Asia Institute, Global, Russian, Atlantic, European Union, “, Associated Press Locations: Ukraine, Russia, China, Moscow, United Nations, India, New Delhi, Brazil, South Africa, Beijing, London

WASHINGTON (AP) — Treasury Secretary Janet Yellen is facing growing skepticism from some leading rich and developing nations as the residual impact of sanctions against Russia is deepening divisions among the Group of 20 countries. Russia and China, meanwhile, have declared a “no limits” partnership of their own. And the economic bloc of Brazil, Russia, India, China and South Africa — known as BRICS — is trying to increase its use of local currencies instead of the U.S. dollar. Russia is hoping it can use its power over Ukraine’s Black Sea exports as a bargaining chip to reduce Western sanctions. That may be difficult as G20 nations increasingly gravitate into blocs and with some leaders, including Chinese President Xi Jinping, opting to skip the summit.

Persons: Janet Yellen, —, Joe Biden, Yellen, Vladimir Putin, Putin, Rachel Ziemba, ”, Xi Jinping, Josh Lipsky, Lipsky, Xi, Mark Sobel, ” Sobel, Ziemba Organizations: WASHINGTON, —, U.S ., West, Center, New, New American Security, Treasury Department, International Fund for Agricultural Development, GeoEconomics, Fund, Center for Strategic, International Studies, U.S, New Development Bank, Monetary Fund, World Bank, ”, European Union Locations: Russia, India, U.S, Moscow, Ukraine, United States, China, Brazil, South Africa, New Delhi, New American, Argentina, Australia, Britain, Canada, France, Germany, Indonesia, Italy, Japan, Mexico, Saudi Arabia, South Korea, Turkey

Renewable energy is more reliable but its promise for the region still remains largely unmet. Most households have depended on gasoline generators for power, but recently the government removed a gasoline subsidy, prompting increased interest in solar power, according to dealers. The Nigerian government has not announced incentives to promote solar energy, such as reducing import taxes on solar equipment as demanded by dealers. “The problem was affordability, but now customers can pay installments over a period of 18 months,” said Tunde Oladipupo, an agent for Sun King, a solar power company. Another example of this shift is the Ford vehicle assembly plant in Silverton, Pretoria, which currently sources over 35% of its electricity from solar power.

Persons: Rashmi Shah, ”, William Ruto, Tunde Oladipupo, Sun King, Monsurat Qadri, ” Qadri, ” Mohammed Ettu, Shah, ” Shah, ___ Adebayo, Magome Organizations: Climate Summit, World Bank, CP Solar’s, Associated Press, Kenyan, Solutions, Ford, South, CP, Kenya Power, Lighting Company, Supersport, AP Locations: NAIROBI, Mombasa, Nairobi, Kisii County, Kenya, Africa, Nigeria, Oyo, Lagos, Saharan Africa, South Africa, Stillwater, American, Silverton , Pretoria, Mpumalanga, Kenya —, Abuja, Johannesburg

NAIROBI, Kenya (AP) — Climate change is “relentlessly eating away” at Africa’s economic progress and it’s time to have a global conversation about a carbon tax on polluters, Kenya’s president declared Tuesday as the first Africa Climate Summit got underway. He and other leaders urged reforms to the global financial structures that have left African nations paying about five times more to borrow money than others, worsening the debt crisis for many. Africa has more than 30 of the world’s most indebted countries, Kenya’s Cabinet secretary for the environment, Soipan Tuya, said. Africa’s GDP should be revalued for its assets, which include the world's second-largest rainforest and biodiversity, African Development Bank President Akinwumi Adesina said. “It is an African story, and I daresay it’s a global story, too.”___Follow AP’s coverage of the climate at https://apnews.com/climate-and-environment and of Africa at https://apnews.com/hub/africa

Persons: William Ruto, Tuya, John Kerry, Kerry, Joe Biden, ” Ruto, ”, Ruto, “ It’s, Sahle, Zewde, Akinwumi Adesina, Adesina, Martha Lusweti, Antonio Guterres, Ursula Von der Leyen, lullabies, Sierra, Julius Maada Organizations: Africa Climate Summit, European Union, Kenyan, United, United Arab Emirates, Development Bank, ”, International Monetary Fund Locations: NAIROBI, Kenya, Africa, China, United States, U.S, United Arab, United Nations, Europe, U.N, Africa's, Nigeria's Niger Delta, Uganda, Tanzania, South Africa, Nigeria, Egypt, Congo, africa

☆ Our human ancestors were almost wiped out about 930,000 years ago, leaving just a tiny group of reproductive individuals, new study suggests
▼ + stars: | 2023-09-03 | by ( Katie Balevic | ) www.businessinsider.com time to read: +3 min

A new study suggests human ancestors nearly went extinct some 930,000 years ago. Scientists in China used modern human genomes to estimate what past populations may have looked like. It turns out our human ancestors may have faced a near miss that could have changed everything. Scientists in China last week released the results of a study that used current human genomes to make predictions about populations in the past. They found that something — perhaps an ancient climate crisis, they suggest — caused the population of human ancestors to drop drastically.

Persons: —, Wangjie Hu, Nick Ashton Organizations: Service, Scientists, Icahn, of Medicine, New York Times, Africa —, Times Locations: China, Wall, Silicon, New, Mount, Africa, —, Europe, Asia

☆ Gabon Military Officers Say They Are Seizing Power
▼ + stars: | 2023-08-30 | by ( Declan Walsh | More About Declan Walsh | ) www.nytimes.com time to read: +1 min

A group of senior military officers appeared on television in the oil-rich Central African nation of Gabon early Wednesday and announced they were seizing power, hours after the incumbent president, Ali Bongo Ondimba, was declared to have won a third term in office. There was no immediate reaction from Mr. Bongo or the government. Bursts of gunfire could be heard in the capital, Libreville, shortly after the broadcast ended, Reuters reported. “We have decided to defend the peace by putting an end to the current regime,” one of the officers said on the Gabon 24 station. If it succeeds, the coup would be the latest in an extraordinary run of military takeovers in Western and Central Africa — at least nine in the past three years, including one in Niger last month.

Persons: Ali Bongo Ondimba, Bongo Organizations: Reuters, Central Africa — Locations: Gabon, Libreville, Western, Central, Niger

☆ Opinion | We Have Unfinished Business With These Three Killer Diseases
▼ + stars: | 2023-08-28 | by ( Richard Conniff | ) www.nytimes.com time to read: +3 min

As with so many infectious diseases, lack of determination is the real stumbling block. The United States and other donor nations could argue that we already do more than our share, contributing billions annually to the fight against TB and other infectious diseases. The realities of modern travel mean that none of us is protected from a TB resurgence until we have protected people everywhere. That ought to serve as a reminder that an estimated 247 million cases of malaria occurred worldwide in 2021, and 619,000 people died. They have eliminated wild poliovirus from major cities and Taliban-dominated regions where it was still circulating just a few years ago.

Persons: specter Organizations: Centers for Disease Control, World Health Organization, Malawi — Locations: United States, Great, Texas, Florida, Saharan Africa, South Asia, El Salvador, China, Africa — Ghana, Kenya, Malawi, Pakistan, Afghanistan

☆ CNBC Daily Open: Jackson Hole fears overshadow Nvidia
▼ + stars: | 2023-08-25 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally fizzles outU.S. stocks closed lower Thursday as an earlier Nvidia-sparked rally fizzled out, while Treasury yields climbed higher. Low trading volumes, economic weakness in China and high Treasury yields are all contributing to the August sell-off, writes CNBC's Fred Imbert. This ETF, however, consists of just one stock — and aims to deliver a 1.5-times return on a daily basis.

Persons: Jerome Powell, paring, Nvidia's, Fred Imbert, South Africa —, BRICS, it's Organizations: U.S . Federal Reserve, CNBC, Nvidia, AMD, Intel, Nasdaq, United, United Arab Emirates, Exchange Locations: Moran , Wyoming, Turkey, China, Brazil, Russia, India, South Africa, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, United Arab

☆ Opinion: Putin’s virtual bravado, Xi’s big win, and 6 new members. Why this was a summit like no other
▼ + stars: | 2023-08-25 | by ( Opinion Michael Bociurkiw | ) edition.cnn.com time to read: +8 min

The move breathes new life into a group set to rival the G7 and brings the world closer to multi-polarity. BRICS leaders could be forgiven for not knowing whether to exhibit exuberance or concern on Wednesday. (Summit host, South African President Cyril Ramaphosa, said it should be seen as an accomplishment for the entire BRICS bloc.) Hours later, just as BRICS leaders were sitting down to dinner, news alerts started to steal the show on the crashed private jet said to be carrying Wagner Group boss Yevgeny Prigozhin. Host South Africa just manages to pull it offThat South Africa managed to pull off hosting the summit is an accomplishment in itself.

Persons: Michael Bociurkiw, Michael Bociurkiw Chrystia, “, —, Xi Jinping, you’ve, Nicolás Maduro, Russia’s, Cyril Ramaphosa, Yevgeny Prigozhin, Wagner, couldn’t, Swagger, I’ve, Modi, Vladimir Putin’s, Sergey Lavrov, Lula da Silva, Lula, Vladimir Putin, Michele Spatari, It’s, ” Nontsikelelo, Facebook Xi, Xi, Putin Organizations: Atlantic Council, Organization for Security, Cooperation, CNN, Johannesburg CNN, United Arab, —, for Security, UN, Wagner, Getty, Democratic, Twitter, Facebook, National Congress, ANC Locations: Odesa, Europe, Johannesburg, Brazil, Russia, India, China, South Africa, Saudi Arabia, United Arab Emirates, Iran, Argentina, Egypt, Ethiopia, Africa, ”, Beijing, Donbas, Ukraine, AFP, Democratic Republic of Congo, Cameroon

☆ Opinion: Prigozhin seemed to be living on borrowed time
▼ + stars: | 2023-08-24 | by ( Opinion Daniel Treisman | ) edition.cnn.com time to read: +6 min

CNN —Wagner chief Yevgeny Prigozhin — who the Russian aviation agency confirmed was a passenger on board a plane that crashed on Wednesday evening — seemed to be living on borrowed time. Video of the plane debris taken at the purported crash site in the western Tver region of Russia matches the plane registered to Prigozhin. Investigations were started within the armed forces, and probably within the security forces as well. Any effort to paint Prigozhin as wealthy and corrupt stopped almost immediately, and no new financial investigations were announced. And in what might have been the last straw for Putin, Prigozhin released a video on Monday of himself standing in what looked like an African desert, boasting of his men’s exploits.

Persons: Daniel Treisman, “, CNN — Wagner, Yevgeny Prigozhin —, Wagner, Vladimir Putin, Prigozhin, Alexander Lukashenko, Putin, William Burns, “ I, Alexander Zemlianichenko, –, —, Sergei Surovikin, Surovikin, Viktor Afzalov Organizations: University of California, CNN, Belarus, CIA, Kremlin, Central African, Investigations, Washington, Twitter, Facebook Locations: Los Angeles, Russian, Russia, Tver, Kuzhenkino, Tver region, Moscow, Africa, Mali, Central African Republic, Mozambique, Sudan, Ukraine, Petersburg, Sahel, St . Petersburg

☆ Emerging markets group BRICS invites 6 new members, including Saudi Arabia and Iran
▼ + stars: | 2023-08-24 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

South African police officers walk in front of an event banner outside the venue for the BRICS summit at the Sandton Convention Center in the Sandton district of Johannesburg, South Africa, on Monday, Aug. 21, 2023. South African police officers walk in front of an event banner outside the venue for the BRICS summit at the Sandton Convention Center in the Sandton district of Johannesburg, South Africa, on Monday, Aug. 21, 2023. The BRICS economic coalition of emerging markets has decided to extend membership invitations to six nations, South African President Cyril Ramaphosa said Thursday. The BRICS alliance — which currently reunites Brazil, Russia, India, China and South Africa — is set to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to join, Ramaphosa said in a speech published on the X social media platform, previously known as Twitter. South Africa is presently hosting the 15th BRICS summit.

Persons: Cyril Ramaphosa, Ramaphosa Organizations: South, United, Twitter Locations: Sandton, Johannesburg, South Africa, Brazil, Russia, India, China, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, United Arab Emirates, Africa

☆ Putin can't attend the BRICS summit for fear of arrest, but he couldn't pass up taking potshots against the West and the US dollar via tape
▼ + stars: | 2023-08-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russian President Putin railed against Western sanctions and touted de-dollarization at the BRICS summit. Putin said the BRICS bloc represents the "global majority" and is an alternative to the Western order. On Tuesday, Putin slammed Western sanctions against Russia over the Ukraine war in a 17-minute prerecorded speech broadcasted at the summit in Johannesburg, South Africa. AdvertisementAdvertisementOver 40 countries have already expressed interest in joining the BRICS bloc as an alternative to Western-led international groupings. The BRICS bloc is home to 40% of the world's population and a quarter of global GDP.

Persons: Putin, Vladimir Putin, —, Putin isn't, Putin —, It's Organizations: Service, West, Russia, Associated, Criminal, Reuters Locations: Wall, Silicon, South Africa, Ukraine, Johannesburg, Brazil, Russia, India, China

☆ Over 40 countries sick and tired of the Western-led world order are clamoring to join a group where China and Russia are members
▼ + stars: | 2023-08-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Over 40 countries are interested in joining Brazil, Russia, India, China, and South Africa in the BRICS bloc, Reuters reported. However, the BRICS bloc faces challenges from rivalry between China and India, and Russia's war in Ukraine. South Africa is hosting the 15th summit of the BRICS bloc in Johannesburg from Tuesday to Thursday. Still, the BRICS group does face challenges, including the long-standing rivalry between China and India, China's economic slowdown, and Russia's war in Ukraine. The bloc was formed in 2009 with its first summit, and South Africa joined in 2011, making the grouping BRICS.

Persons: South Africa hasn't, Rob Davies, South, It's, Evan Freidin, Vladimir Putin, Putin —, Goldman Sachs, Jim O'Neill, dollarization Organizations: Reuters, Service, South, United, Australian Institute of International Affairs, Criminal, South Africa, New Development Bank Locations: Brazil, Russia, India, China, South Africa, Ukraine, Wall, Silicon, Johannesburg, Iran, Venezuela, Southeast, Indonesia, Saudi Arabia, United Arab Emirates, Russian, Shanghai, Africa's

☆ BRICS Meeting Attracts Global Interest Not Seen in Years
▼ + stars: | 2023-08-22 | by ( Lynsey Chutel | More About Lynsey Chutel | ) www.nytimes.com time to read: +1 min

The latest gathering of leaders has garnered a level of international interest rarely seen since the group was first formed 14 years ago. Dozens of countries have expressed interest in joining, including Argentina, Nigeria, Iran, Belarus, Saudi Arabia and Indonesia. The candidates are as diverse as the BRICS bloc, which represents 40 percent of the world’s population and a quarter of its economy. Prime Minister Narendra Modi of India arrived in Johannesburg in the afternoon, The Times of India reported. President Vladimir V. Putin of Russia will appear virtually, to avoid an international arrest warrant for crimes against humanity committed during the war in Ukraine.

Persons: Xi Jinping, Cyril Ramaphosa of, Narendra Modi, Vladimir V, Putin Organizations: India Locations: Brazil, Russia, India, China, South Africa, Johannesburg, Ukraine, Beijing, Washington, Argentina, Nigeria, Iran, Belarus, Saudi Arabia, Indonesia, Cyril Ramaphosa of South Africa, Pretoria, Times

☆ India's central bank urges lenders to de-dollarize trade with the UAE using local currencies
▼ + stars: | 2023-08-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

India's central bank is asking lenders to promote local currencies when trading with the UAE, Reuters reported. The central bank hopes to stem India's outflow of greenbacks and help promote the rupee internationally, according to the report. A central bank official delivered the message to foreign exchange dealers during a seminar this month, Reuters said. The request from the central bank comes as India and the UAE have set themselves on a de-dollarization path. Meanwhile, banks are also offering smaller companies discounted service charges to incentivize local currency transactions.

Persons: South Africa —, Jim O'Neill Organizations: UAE, Reuters, Service, Reserve Bank of India, United Arab, Abu Dhabi National Oil Company, — Locations: India, UAE, Wall, Silicon, United Arab Emirates, Abu Dhabi, Ukraine, Russia, — Brazil, China, South Africa

The group of nations known as BRICS — Brazil, Russia, India, China and South Africa — represents 40 percent of the world’s population and a quarter of the world’s economy. Now it is considering expanding, in a push to be seen as a credible counterweight to Western-led forums like the G7 group of advanced nations. It comprises the world’s largest authoritarian state (China) and its largest democracy (India), economies big and small, and relations with the United States that run the gamut, from friend to foe. China, under Xi Jinping, wants to expand BRICS, seeing in it a platform to challenge American power. India, locked in a territorial dispute with China, is wary of Beijing’s dominance in the club.

Persons: Xi Jinping Organizations: South Africa — Locations: Brazil, Russia, India, China, South Africa, Western, United States, Moscow, Ukraine

☆ Opinion: A powerful weapon for prosecutors is now in the hands of Fani Willis
▼ + stars: | 2023-08-20 | by ( Richard Galant | ) edition.cnn.com time to read: +18 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. In the US, prosecutors are given enormous power to apply the law as they see fit, choosing who to charge and what to charge them with. Evidence of their misdeeds can secure convictions and allow for strict sentences that otherwise couldn’t be imposed. Bill Bramhall/Tribune Content AgencyThe 97-page indictment unveiled by Willis last week cites a lot more evidence than could be arrayed against a sandwich served at lunch. “We are the chief law enforcement officers in each jurisdiction, with the weighty power to deprive others of their freedom,” Aronberg observed.

Persons: CNN — Caesar Enrico “ Rico ” Bandello, Caesar, ”, Edward G, Robinson, Rico, Rudolph Giuliani, Fani Willis, Willis, Giuliani, Donald Trump, Sol Wachtler, Bill Bramhall, Jennifer Rodgers, “, Trump, Ruby Freeman, Shaye Moss, Dave Aronberg, Attorney Alvin Bragg, Aronberg, Jack, Smith, ” Aronberg, Trump Walt Handelsman, James Antle III, ” Antle, ” Trump, Biden, Dean Obeidallah, Clay Jones, Tucker Carlson, Ron DeSantis, Lanhee Chen, Joe Biden, DeSantis, David Axelrod, Axelrod, Vivek Ramaswamy, Rich Lowry, “ Ramaswamy, … ”, Lowry, ” Carrie Sheffield, ” Lisa Benson, GoComics.com, ‘, Julian Zelizer, Jeff Zelevansky, Sandra Bullock, Leigh Anne Tuohy, Jill Filipovic, “ it’s, Michael Oher, Sean, Leigh Anne Tuohy —, … Oher, …, Facebook Filipovic, “ Oher, ” Bradley Cooper’s, ’ “, Leonard Bernstein —, Bradley Cooper, ’ —, David M, Perry, Bernstein, Felicia Montealegre, Carey Mulligan, Cooper, ‘ Maestro, ’, Joel Pett, Agency “, Celia Wexler, Joan Meyer, ” Wexler, Don’t, Ric Ward, Sigrid Fry, Alden Wicker, Jay Michaelson, Al Gore, Lauren Hersh, Rebecca Zipkin, David Andelman, Africa —, Michael Coren, Elsie Robinson, UC Berkeley Elsie Robinson, “ Robinson, Allison Gilbert, ” Gilbert, — Organizations: CNN, ”, New, Appeals, New York Daily News, Department, Electoral, Palm, Manhattan, Attorney, “, White House, of Justice, Trump, Agency, GOP, Republicans, Florida Gov, Republican, Fair, Politico, Hawaii, Federal Emergency Management Agency, FEMA, NFL, Oher, Twitter, Netflix, Rican, ” Press, Marion County, Russia, Hearst, San Francisco Examiner, Bancroft Library, UC Berkeley, Google, Smithsonian Locations: Rico, Fulton County, Atlanta, county’s, Georgia, Coffee County, Palm Beach County , Florida, “, Milwaukee, Iowa, GoComics.com Maui, Maui, Delaware, Hawaii, Tennessee, Costa, Rican American, Marion, The Kansas, Revere, Africa

☆ India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE
▼ + stars: | 2023-08-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars. The Indian Oil Corp settled a payment in rupees with the Abu Dhabi National Oil Company. Nations including India, Russia, and other BRICS members have been pushing to de-dollarize. Monday's deal marked India's first crude oil payment to the UAE in rupees. Leaders from BRICS nations — a bloc that includes Brazil, Russia, India, China, and South Africa — have made a particular push for their own non-dollar currency.

Persons: Dedollarization, Stephen Jen Organizations: United, Indian Oil Corp, Abu, Abu Dhabi National Oil Company, Nations, Service, UAE, Eurizon Locations: United Arab Emirates, Abu Dhabi, India, Russia, Wall, Silicon, UAE, China, France, Israel, Brazil, South Africa, Argentina

☆ This energy drink stock can rally more than 20% and overtake Red Bull in the U.S., HSBC says
▼ + stars: | 2023-08-14 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Monster Beverage could be the frontrunner of the global energy drink market, according to HSBC. "We forecast revenue growth for Monster in the US ahead of industry growth, achieved through more targeted marketing and brands." Revenue during this time period from the LatAm and EMEA energy beverage markets should triple from their current levels, he said. "We see room for better occasion-brand package-price-channel segmentation in LatAm, which is where Monster's LatAm bottlers are first in class," the analyst said. According to the note, the energy beverage market is worth over $20 billion in the U.S. and over $70 billion worldwide, and has been among the fastest-growing beverage categories for the past 10 years.

Persons: Carlos Laboy, Laboy, —, Michael Bloom Organizations: Beverage, HSBC, U.S, Bang Energy, America isn't, North America . Revenue, Coke, EMEA, Cola Company Locations: U.S, Canada, America, Europe, East, Africa, North America

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