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☆ Algeria applies to join BRICS, would contribute $1.5 bln to group bank
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

TUNIS, July 21 (Reuters) - Algeria has applied to join the BRICS group and submitted a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion, Ennahar TV quoted Algerian President Abdelmadjid Tebboune as saying. It added that Tebboune said at the end of his visit to China that Algeria had sought to join the BRICS to open new economic opportunities. The BRICS group of nations comprises Brazil, Russia, India, China, and South Africa. "We officially applied to join the BRICS group, we sent a letter asking to be shareholder members in the bank ... Algeria's first contribution in the bank will be $1.5 billion," Ennahar quoted Tebboune as saying. More than 40 countries have expressed interested in joining the BRICS group of nations, South Africa's top diplomat in charge of relations with the bloc said this week.

Persons: Abdelmadjid Tebboune, Tebboune, Algeria's, Ennahar, Tarek Amara, Louise Heavens, Alison Williams Organizations: BRICS Bank, United Arab, Democratic, Thomson Locations: TUNIS, Algeria, China, North Africa, Brazil, Russia, India, South Africa, South, Argentina, Iran, Saudi Arabia, United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, Kazakhstan

The planned recipient of the colorful batik top was Chinese foreign minister Qin Gang, who has not been seen in nearly a month and is set to miss at least one other important meeting, in South Africa, next week. It is not clear whether even then Borrell would meet Qin as initially planned, the official said. The former aide to President Xi Jinping was appointed foreign minister in December after serving less than two years as ambassador to the United States. Qin's absence has also been widely discussed in the diplomatic community, with some saying it is another example of China's lack of transparency. Some diplomats have even started to speculate on who may replace Qin, with three telling Reuters the ranking vice foreign minister, Ma Zhaoxu could be a candidate.

Persons: Qin Gang, Qin, Yun Sun, Mao Ning, Wang Yi, Josep Borrell, Wen, Xi Jinping, Antony Blinken, Ma Zhaoxu, Ma, Wang, Xie Feng, Xie, Laurie Chen, Martin Quin Pollard, Yew, Tian, Kate Lamb, Gabriela Baczynska, Andrew MacAskill, John Geddie, Robert Birsel Organizations: China Program, Stimson, Reuters, EU, Australian National University, Qin, Baidu, London School of Economics, United, Aspen Security Conference, Thomson Locations: BEIJING, JAKARTA, China, Indonesia, Jakarta, South Africa, Washington, Johannesburg, Britain, United States, Beijing, Sri Lankan, United Nations, Brussels, London

JOHANNESBURG, July 20 (Reuters) - A BRICS currency will not be on the agenda of the bloc's summit in South Africa next month, but Brazil, Russia, India, China and South Africa will continue to switch away from the U.S. dollar, South Africa's senior BRICS diplomat said on Thursday. "There's never been talk of a BRICS currency, it's not on the agenda," Anil Sooklal, South Africa's Ambassador at Large: Asia and BRICS, told a media briefing. "What we have said and we continue to deepen is trading in local currencies and settlement in local currencies." This has pushed countries to find alternatives to the dollar, especially among non-U.S. allies. "BRICS started a process that has been expedited as a result of the conflict, as a result of unilateral sanctions," Sooklal said.

Persons: There's, it's, Anil Sooklal, Luiz Inacio Lula da Silva, Sergei Lavrov, BRICS, Sooklal, Rachel Savage, Carien du Plessis, Tim Cocks, Angus MacSwan Organizations: U.S ., South, Thomson Locations: JOHANNESBURG, South Africa, Brazil, Russia, India, China, South, Asia, Russian, Ukraine, U.S

☆ Facing Possible Arrest, Putin Won’t Attend Brics Summit in South Africa
▼ + stars: | 2023-07-19 | by ( Gabriele Steinhauser | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, putin Locations: africa

☆ BRICS summit: Putin will not attend conference in South Africa, as ICC arrest warrant overshadows key talks
▼ + stars: | 2023-07-19 | by ( David Mckenzie Catherine Nicholls Sana Noor Haq | David Mckenzie | Catherine Nicholls | ) edition.cnn.com time to read: +3 min

President Cyril Ramaphosa’s office said Putin will not attend the conference “by mutual agreement,” adding that Russian Foreign Minister Sergei Lavrov would visit instead. In the months following, South African lawmakers have made contradictory statements over the country’s obligation to arrest Putin should he attend the summit. As a signatory to the Rome statute, the treaty governing the Hague court, South Africa is compelled to arrest individuals indicted by the ICC. Western diplomats have criticized South African lawmakers for their perceived solidarity with Russia since the start of that conflict. “I must highlight, for the sake of transparency, that South Africa has obvious problems with executing a request to arrest and surrender President Putin,” Ramaphosa said, according to the court’s document.

Persons: Vladimir Putin, Cyril Ramaphosa’s, Putin, Sergei Lavrov, Maria Lvova, Ramaphosa, “, ” Ramaphosa, Dmitry Peskov, Ramaphosa’s, ” Peskov, ”, Omar al, Bashir Organizations: CNN, Kremlin, Russian, Criminal Court, ICC, Hague, United Nations General, Cape Town Locations: Johannesburg, Ukraine, Brazil, India, China, Russian, Russia, Rome, South Africa, Cape, Africa, Darfur

☆ South Africa says Putin agreed not to attend BRICS summit
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, July 19 (Reuters) - Russian President Vladimir Putin will not attend the summit of the BRICS group of emerging economies in South Africa in August "by mutual agreement", South Africa's presidency said on Wednesday. Russia will instead be represented by its Foreign Minister Sergei Lavrov at the Johannesburg summit, alongside the leaders of Brazil, India, China and South Africa, the presidency said in a statement. South Africa faced a dilemma in hosting the summit because, as a member of the International Criminal Court (ICC), it would theoretically be required to arrest Putin for alleged war crimes if he were to attend. The ICC in March issued an arrest warrant for Putin, accusing him of the war crime of illegally deporting children from Ukraine. On Wednesday, the Kremlin said Russia did not tell South Africa that arresting Putin on an ICC arrest warrant would mean "war".

Persons: Vladimir Putin, Sergei Lavrov, Putin, Cyril Ramaphosa, Dmitry Peskov, Nellie Peyton, Anait, Alexander Winning, William Maclean Organizations: Criminal Court, ICC, South, African National Congress, Thomson Locations: JOHANNESBURG, South Africa, South, Russia, Johannesburg, Brazil, India, China, Ukraine, Moscow, Kremlin

Rising tensions between Washington and President Nayib Bukele's government, dwindling prospects of a financing deal with the International Monetary Fund (IMF) and the fallout from bitcoin becoming legal tender against a wider difficult macro backdrop had seen El Salvador bonds drop to a quarter of face value last July. "In the summer of 2022, El Salvador bond prices were divorced from fundamentals," said Aaron Stern, managing partner and chief investment officer at Converium Capital in Toronto, who has been holding the country's bonds since last year. "The market was concerned about the administration's willingness to pay," he said, but even now El Salvador offers attractive value when compared to a number of better priced emerging market sovereigns. These were the best performing among sovereign bonds in the first half of the year, with total returns near 60%. "In a year where carry is the main driver of total returns, investors are going to be reticent to take profits too early," said BNP Paribas' Nathalie Marshik, a managing director for Latin America fixed income.

Persons: Nayib Bukele's, buybacks, Aaron Stern, Alejandro Werner, Bukele, there's, Shamaila Khan, Nathalie Marshik, Marshik, Rodrigo Campos, Karin Strohecker, William Maclean Organizations: YORK, Central, International Monetary Fund, El, IMF, Converium Capital, Reuters, Emerging Markets, Asia Pacific, UBS Asset Management, Reuters Graphics JPMorgan, Thomson Locations: El Salvador, Central American, Washington, Toronto, it's, America

☆ Welcome to the Dollar War: a Global Fight Over America's Economic Dominance
▼ + stars: | 2023-07-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +17 min

The US even reminded everyone just how influential the buck is when it effectively froze Russia out of the global financial system with sanctions last year. Becoming the issuer of the global reserve currency is about trust. The US has controlled the global reserve currency for 102 years — giving it a special status in the world economy. Still, given that the country controlling the global reserve currency holds that status of an average of 94 years, history seems to indicate it's high time for a successor. Why shouldn't the financial world resemble something closer to the mosaic of cultures, politics, and nations that exists today?

Persons: Chenzi Xu, there's, Xu, —, Ron Temple, Gregory Brew, Eurasia's Brew, dollarizing, Stephen Jen, Jen, we've, Stanford's Xu, Luiz Inácio Lula da Silva, Josh Lipsky, " Lipsky, It's, Alexander Wise, Jan Loeys, Loeys, dollarization, Wise, Lazard's Temple, isn't, Phil Rosen Organizations: Stanford, Federal, European Central Bank, People's Bank of China, Lazard, Publishing, Getty Images, International Monetary Fund, Bank of International Settlements, Eurasia Group, Sandman's, Eurizon, IMF, Atlantic Council, JPMorgan Locations: Russia, Israel, France, China, America, Saudi Arabia, Brazil, India, Pakistan, Bolivia, Iraq, South Africa, Beijing

Russia said at the time that the warrant was "outrageous" and legally void because Russia is not an ICC member. The Kremlin has yet to say publicly if Putin intends to go to the summit. In Saturday's statement it said Ramaphosa had briefed Putin about preparations for the event, but did not give details of their exchange. On the grain deal, which expires on Monday unless Russia agrees to extend it, Putin reiterated to Ramaphosa that commitments to remove obstacles to Russian food and fertiliser exports had not yet been fulfilled, the Kremlin said. Russia has threatened to quit the deal before, however, only to renew it at the last minute.

Persons: Ramaphosa, Putin, S.Africa, Vladimir Putin, Cyril Ramaphosa, Volodymyr Zelenskiy, Kopano, Clelia Organizations: Kremlin ICC, South, Kremlin, Putin, International Criminal Court, ICC, Ukraine, Thomson Locations: Russia, South Africa, Brazil, India, China, Ukraine, Moscow

☆ South Africa says it doesn't want Putin to visit later this summer because it doesn't want to have to arrest him
▼ + stars: | 2023-07-15 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +3 min

South African officials are hoping Russian President Vladimir Putin does not visit next month. "We would be happy if he doesn't come," South African Deputy President Paul Mashatile said Friday. "We would be happy if he doesn't come," South African Deputy President Paul Mashatile told the Mail & Guardian. In February, it held joint naval exercises with China and South Africa just off the latter's coast. A spokesperson for Mashatile later told the Financial Times that the South African government is "speaking to President Putin directly on the ICC problem."

Persons: Vladimir Putin, Putin, Paul Mashatile, BRICS, Mashatile Organizations: Service, Mail, Guardian, Financial Times, ICC Locations: Russian, Johannesburg, Wall, Silicon, South Africa, Brazil, Russia, India, China, United States, Europe, Ukraine, Rome

☆ The weaponization of the dollar will reverse globalization and kill the WTO, it was warned. That's a real threat today as dedollarization gathers force.
▼ + stars: | 2023-07-14 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +6 min

US economic sanctions have spawned something of a global backlash, in the form of the dedollarization movement. This was anticipated as early as 2019, by an expert who warned the weaponization of the dollar could have serious consequences for the global economic system. Back in 2023, dedollarization is a thingFast forward to 2023, and some of the recent rumblings across the global currency and monetary landscape are strikingly in line with Sen's prognostications. All that could come at a huge cost to the global economy – and drive a "complete reversal of global economic integration," he wrote. The dollar's share of global reserves could slowly decline, but no alternatives exist that could completely displace the US currency, Treasury Secretary Janet Yellen said last month.

Persons: Julius Sen, Donald Trump, Sen, prognostications, Emmanuel Macron, Elon Musk, –, optimists, Paul Krugman, Janet Yellen, Putin Organizations: London School of Economics, Service, UN, SWIFT, Allianz, WTO, FX Locations: Wall, Silicon, China, Brazil, Iran, Tehran, Russia, Ukraine, India, Europe

☆ Dedollarization of global FX reserves? Not so fast, Allianz says
▼ + stars: | 2023-07-13 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Recent moves led by China and Russia to challenge the dollar's global dominance has attracted much attention. But Allianz says the greenback's supremacy faces no serious threat, saying "any significant switch will take a long time to evolve". Dollar assets' unmatched liquidity and the private sector's heavy reliance on the greenback will support it over the longer term, according to the German financial services giant. But the greenback's status as the world's reserve currency faces no real threat for the foreseeable future, according to Allianz. The dollar still makes up almost 60% of all global reserves – while China's yuan accounts for just 3%, according to the International Monetary Fund.

Persons: Ludovic Subran, It's Organizations: Allianz, Service, International Monetary Fund Locations: China, Russia, Wall, Silicon, Argentina, Beijing

"We first need to see Zambia's updated macroeconomic package, which is in part why we have to get restricted," one of the sources said. There will be a restriction period of two weeks, with the option to extend it if both sides agree, two sources added. Amia Capital, Amundi, BlueBay Asset Management, Farallon Capital Management, Greylock Capital and T. Rowe Price comprise the steering committee. Besides net present value (NPV) reductions, talks will focus on how to incorporate the impact of a potential improvement of Zambia's debt carrying capacity, or its ability to handle debt payments. Including in the overhaul a mechanism that would allow for higher payments through coupon payments, debt maturities or a combination of both if Zambia's debt capacity improves was "sacrosanct", one of the sources said.

Persons: Weil, Rowe Price, Jorgelina, Rodrigo Campos, Karin Strohecker Organizations: Paris Club, Newstate Partners, BlueBay Asset Management, Farallon Capital Management, Greylock, Monetary Fund, Bank, IMF, World Bank, Thomson Locations: China, Ghana, Sri Lanka, Zambia, U.S, Amia, Rosario, London, New York, Lincoln

☆ S&P Global's top economist sees dollar dominance diminishing
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 11 (Reuters) - The dollar's grip as the dominant global currency is loosening, credit rating agency S&P Global's top economist said on Tuesday. The dollar "doesn't have quite the pull it used to," Paul Gruenwald, S&P's chief economist, said at a conference hosted by the ratings firm in London. Gruenwald pointed to a number of examples where countries were now circumventing the dollar: "We've got other things happening outside of the dollar world". "The U.S. (dollar) will continue to be a leading world currency, (but) it will no longer be the dominant world currency," Gruenwald said. Reporting by Libby George; Editing by Marc Jones and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Gruenwald, We've, Gruenwald, Libby George, Marc Jones, Alexander Smith Organizations: Asia Infrastructure Investment Bank, New Development Bank, Thomson Locations: London, China

☆ Yellen sees 'progress' in rocky U.S.-China ties, expects more communication
▼ + stars: | 2023-07-09 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

"But President (Joe) Biden and I do not see the relationship between the U.S. and China through the frame of great power conflict. Secretary of State Antony Blinken visited Beijing last month, the first visit by the top U.S. diplomat of the Biden presidency, while climate envoy John Kerry is expected to visit China this month. Yellen met with senior Chinese officials during her visit, including Premier Li Qiang, as well as U.S. companies doing business in China, climate finance experts and women economists. But I expect that this trip will help build a resilient and productive channel of communication," Yellen said. Reporting by Andrea Shalal; Writing by Andrea Shalal and John Geddie; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yellen, Joe, Biden, Antony Blinken, John Kerry, Xi, they're, Washington, Li Qiang, Andrea Shalal, John Geddie, William Mallard Organizations: . Treasury, U.S ., U.S, Biden, Economic Cooperation, Thomson Locations: BEIJING, Beijing, United States, China, U.S, Taiwan, New Delhi, Asia, San Francisco, Washington, Brazil, India, Russia, Ukraine

☆ Nouriel Roubini says the idea that BRICS countries will create a new world order is wrong as they are a 'mishmash' of systems
▼ + stars: | 2023-07-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The BRICS bloc is challenged by its own mixture of political and economic types, Nouriel Roubini said. "The idea that the BRICS are going to take over the world turned out not to be right." "The idea that the BRICS are going to take over the world turned out not to be right," Roubini said. "This BRICS is a bit of a mishmash that, by itself, has very different countries: economically, socially, politically, and geopolitically," Roubini said. Meanwhile, a rival currency may provide protection from Western sanctions, but by itself isn't sufficient for growth, he added.

Persons: Roubini, —, Nouriel Roubini, Mikhail Zygar, Vladimir Putin Organizations: Service, Argentina Locations: India, Brazil, Russia, China, South Africa, Ukraine

Kenyan shipments of tea - its major export - have fallen by a fifth over the last year, according to the local regulator. The spike in global interest rates has already tipped Sri Lanka and Ghana into defaulting. Reuters GraphicsBLACK MARKETAlthough the dollar's share as a global reserve currency has dropped to 59% from 70% over a decade, it continues to dominate global trade. Nigeria has long had a web of multiple exchange rates which it is now trying to untangle, having also devalued its naira currency again last week. A plunge of around 70% in Bolivia's reserves has spawned queues at banks and currency exchange shops as some merchants stopped accepting local currency.

Persons: Wilson Muthaura, KTDA, Charlie Robertson, Muthaura, David Willacy, Ojo, Chaucer, Ronal, Luiz Inacio Lula da Silva, Kristalina Georgieva, William Ruto, Duncan Miriri, Marc Jones, Macdonald Dzirutwe, Monica Machicao, Mayela Armas, David Sherwood, Catherine Evans Organizations: Bank, FIM Partners, Reuters Graphics, Workers, REUTERS, La Paz, West, Reuters, JPMorgan, Monetary Fund, IMF, Fund, Thomson Locations: NAIROBI, LONDON, Pakistan, COVID, Russia, Ukraine, London, Islamabad, Egypt, Sri Lanka, Ghana, Tunisia, teetering, Nigeria, Kenya, StoneX, Nigeria's, Lagos, British, Cuba, Venezuela, Githunguri, Kiambu County, United States, Lebanon, Turkey, Ethiopia, China, India, Johannesburg, Saudi Arabia, Africa, Argentina, Nairobi, La Paz, Caracas, Havana

☆ Ethiopia asks to join BRICS bloc of emerging economies
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Ethiopia, one of Africa's fastest-growing economies, has asked to join the BRICS bloc of emerging markets, the foreign ministry said on Thursday. The term BRIC was coined by Goldman Sachs economist Jim O'Neill in 2001 to describe the rise of Brazil, Russia, India and China. South Africa joined in 2010. Ethiopia will continue to work with international institutions that can protect its interests, he said. BRICS countries account for more than 40% of the world's population and about 26% of the global economy.

Persons: Goldman Sachs, Jim O'Neill, Meles Alem, Vladimir Putin, Hereward Holland, Deepa Babington Organizations: International Monetary Fund, West ., Thomson Locations: Ethiopia, Brazil, Russia, India, China, South Africa, ENA, Africa, Argentina, West, West . South Africa

☆ South Africa to host BRICS summit despite Putin arrest warrant
▼ + stars: | 2023-06-29 | by ( Carien Du Plessis | ) www.reuters.com time to read: +2 min

South Africa has a duty as a signatory to the International Criminal Court (ICC) to arrest Putin if he attends the talks between the leaders of Brazil, Russia, India and China, due to an arrest warrant over the deportation of children from Ukraine. "South Africa will host the 15th BRICS Summit at the Sandton Convention Centre in Sandton, Johannesburg, from 22 to 24 August 2023," the Department of International Relations said in a statement. Presidency spokesperson Vincent Magwenya confirmed to Reuters in a text message that this meant the whole summit, including the main part involving the BRICS heads of state, would take place in South Africa. He and a spokesperson for the international relations department declined to comment on whether or not Putin will attend. On Tuesday, South Africa's Minister of International Relations Naledi Pandor said Putin had not yet replied to an invitation, sent before the ICC charged him on March 18.

Persons: Vladimir Putin, Putin, Cyril Ramaphosa, Vincent Magwenya, International Relations Naledi Pandor, Xi Jinping, Narendra Modi, Luiz Inacio Lula da Silva, Pandor, Sergey Lavrov, Tim Cocks, Andrew Cawthorne Organizations: International Criminal Court, ICC, African National Congress, ANC, Department of International Relations, Reuters, South Africa's, International Relations, India's, Thomson Locations: JOHANNESBURG, South Africa, China, Brazil, Russia, India, Ukraine, Africa, Sandton, Johannesburg

☆ Brazil's Lula discusses Ukraine war, BRICS with South African leader
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, June 22 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Thursday he had discussed the war between Russia and Ukraine and an upcoming BRICS summit with his South African counterpart Cyril Ramaphosa as they met in Paris. Lula has also pitched himself as a peace broker to end the war, which began when Russia invaded its neighbor in February 2022. The Brazilian leader irritated Western countries earlier this year when he suggested the West had been "encouraging" war by arming Ukraine. "We talked about the next BRICS summit and about President Ramaphosa's trip to Kyiv and Saint Petersburg, as well as the conversations he had with Zelenskiy and Putin," Lula wrote on Twitter after their meeting. Brazil, South Africa and Russia are all members of the BRICS group of emerging nations, which will hold a summit in the African nation in August.

Persons: Luiz Inacio Lula da Silva, Cyril Ramaphosa, Ramaphosa, Vladimir Putin, Lula, Ramaphosa's, Zelenskiy, Putin, Gabriel Araujo, David Gregorio Our Organizations: SAO PAULO, Twitter, New, Pact, Thomson Locations: Russia, Ukraine, Paris, Kyiv, Saint Petersburg, Brazil, South Africa, India, China

BUENOS AIRES/NEW YORK, June 18 (Reuters) - Argentina and the International Monetary Fund (IMF) have a $44 billion dilemma, with the two sides set to meet for crunch talks to revamp the country's huge, wobbling debt deal, key to avoiding default on billions in looming debt payments. Economy Minister Sergio Massa is expected in Washington as early as this week to try to unlock talks to accelerate IMF disbursements and ease economic targets attached to the deal, with investors and traders watching closely. "The fund knows that Argentina is a problem, it is its main debtor, but it seems to me that the negotiation has stagnated. Reuters Graphics'DAMAGE CONTROL'The government is hoping to bring forward over $10 billion in IMF disbursements scheduled for this year, though is reluctant to agree to tough austerity measures with an eye on October general elections where it faces likely defeat. "Investors are paying real attention to signs from the IMF negotiations," said economist Gustavo Ber.

Persons: Sergio Massa, Ricardo Delgado, Massa, Hugo Godoy, Gustavo Ber, Walter Bianchi, Rodrigo Campos, Adam Jourdan, Daniel Wallis Organizations: BUENOS AIRES, International Monetary Fund, Economy, IMF, Reuters Graphics, Reuters, Institute of International Finance, Reuters Graphics Reuters, Thomson Locations: BUENOS, Argentina, Washington, Argentine, Buenos Aires, China

☆ A China-based bank that's trying to de-dollarize global lending is now having trouble repaying its dollar debts, report says
▼ + stars: | 2023-06-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The New Development Bank is having trouble finding dollar funds to repay debts, the Wall Street Journal said. But its own finances were deeply reliant on Wall Street, which backed away after the Ukraine war. Based in Shanghai, the New Development Bank has largely ceased issuing new loans, the report said. But to provide capital to developing economies, the New Development Bank had to borrow from Wall Street as well as Chinese lenders. The New Development Bank did not respond immediately to Insider's request for comment.

Persons: —, Dilma Rousseff Organizations: New Development Bank, Wall Street Journal, Service, Wall Street, International Monetary Fund Locations: Ukraine, Shanghai, Brazil, Russia, India, China, South Africa, Moscow, Russian, Argentina, Saudi Arabia, Honduras, Beijing

☆ China’s world banks are geopolitical victims
▼ + stars: | 2023-06-15 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, June 15 (Reuters Breakingviews) - China’s “World Bank” tried in vain to carefully thread the geopolitical needle. Fairly or not, critics have lambasted China’s lending practices along the BRI as “debt trap diplomacy”. Whereas the smaller AIIB did things more the way developed countries wanted, even taking positions at odds with Beijing’s. Pickard alleged on Twitter that AIIB was an instrument of China, dominated by Communist party members who “operate like a secret police”. The AIIB said the comments by Pickard, who had served in his role since March 2022, were “baseless and disappointing”.

Persons: Bank ”, Bob Pickard, Jin Liqun, Pickard, AIIB, Chrystia Freeland, Pete Sweeney, Thomas Shum Organizations: Reuters, Bank, Infrastructure Investment Bank, Twitter, Communist Party, World Bank, Initiative, Beijing, International Monetary Fund, New Development Bank, Canadian, Communist, Department of Finance, Finance, Thomson Locations: MUMBAI, Canada, Beijing, India, France, Asia, Africa, Latin America, Argentina, Pakistan, Russia, Ukraine, China, Ottawa, Shanghai, Saudi Arabia

☆ Saudi Arabia and China are part of a multipolar world order, and their mutual interests are 'strong and rising,' minister says
▼ + stars: | 2023-06-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

watch nowSaudi Arabia sees China as a key partner in a multipolar world — with the two countries expected to only come closer as their common interests grow, Saudi Minister of Investment Khalid Al-Falih told CNBC. "And we believe that economic cooperation between China and Saudi Arabia and the GCC (Gulf Cooperation Council), and the entire Arab region, will be a significant part of that." The U.S. has military installments in Saudi Arabia, selling it advanced weaponry and providing training and joint operations with the Saudi military. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. But we would see, going forward, more global champions from Saudi Arabia going to China to access a growing market of 1.4 billion high-consumption individuals."

Persons: Investment Khalid Al, Falih, — it's, CNBC's Dan Murphy, it's, Biden, Xi Jinping, Crown Prince, Saudi Arabia Mohammed bin Salman Al Saud, Saudi Crown Prince Mohammed bin Salman, Faisal bin Farhan, Antony Blinken, Fayez Nureldine Organizations: Saudi, Investment, CNBC, China Business Conference, GCC, Gulf Cooperation Council, U.S ., Anadolu Agency, Getty, Technology, Saudi Crown, Beijing, GCC Ministers, AFP Locations: Saudi Arabia, China, Riyadh, Africa, Central Asia, United States, Brazil, Russia, India, South Africa, U.S, Saudi, we're, Washington, Yamamah, Beijing

☆ US lawmakers call for S.Africa to lose summit over Russia ties
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +3 min

Referring to the letter, South African foreign ministry spokesman Clayson Monyela said on Twitter: "There is no decision by the State Department/White House to move the AGOA Forum from SA." South Africa's Department of Trade and Industry, which manages the country's trade relations with the United States, said it was not planning to respond publicly to the letter. South Africa's government has declared its neutrality in the war in Ukraine, and President Cyril Ramaphosa is participating in an effort by African leaders to mediate in the conflict. The lawmakers also appeared to back up an accusation by the U.S. ambassador to South Africa that a sanctioned Russian vessel collected weapons at a South African naval base last year. South African officials say they are not aware of such an arms transfer and have launched an independent inquiry into the incident.

Persons: Russia S.Africa, Antony Blinken, AGOA, Clayson Monyela, Cyril Ramaphosa, Vladimir Putin, Antony Blinken's, Joe Bavier, Carien du, William Maclean Organizations: AGOA, Twitter, State Department, White, SA, Africa's Department of Trade and Industry, South, International Criminal, U.S, Thomson Locations: Johannesburg, U.S, Africa, Washington, Russia, JOHANNESBURG, South Africa, South, Nigeria, Ukraine, United States, China, Russian

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