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Search resuls for: "BRICS Summit"


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India counts down to crucial moon landing
  + stars: | 2023-08-23 | by ( ) www.reuters.com   time to read: +2 min
India's mission - Chandrayaan means "moon vehicle" in Hindi and Sanskrit - is its second attempt to land there. "Landing on the south pole (of the moon) would actually allow India to explore if there is water ice on the moon. Prime Minister Narendra Modi will watch the landing from South Africa, where he is attending the ongoing BRICS summit, media reported. Rough terrain makes a south pole landing difficult, and a first landing would be historic. For India, a successful moon landing would mark its emergence as a space power as Prime Minister Narendra Modi's government looks to spur investment in private space launches and related satellite-based businesses.
Persons: Russia's Luna, ISRO's, Carla Filotico, Adnan Abidi, Narendra Modi, Narendra Modi's, Shilpa Jamkhandikar, Gerry Doyle Organizations: Indian Space Research, SpaceTec Partners, REUTERS, Thomson Locations: MUMBAI, India, Russian, New Delhi, South Africa
China's Xi Jinping is in South Africa this week for the BRICS summit. Addressing the BRICS summit by video link Tuesday, Russian President Vladimir Putin took swipes at the West, and said the summit represented the "global majority." Together, they make up around 40% of the world's population, around $27.7 trillion of the global economy, and are seen to represent the so-called "Global South" of southern hemisphere nations. Taking on the dollarThere are also proposals on the table to create a BRICS currency to challenge the global dominance of the dollar. AdvertisementAdvertisementChina and Russia may have ambitious plans for the BRICS group, but realizing them still appears some distance away.
Persons: China's, Jinping, Putin, Vladimir Putin, Graeme Thompson, China Xi, Cyril Ramaphosa, PHILL MAGAKOE, Xi Jinping, Steve Tsang, Thompson, Xi, Wang Wentao, Luiz Inacio Lula da Silva, Luiz Inácio Lula da Silva Organizations: Service, Eurasia Group, South, Getty Images, US, SOAS China Institute, University of London, CNN, Russia, Anadolu Agency, Getty Locations: South Africa, China, Russia, Wall, Silicon, Johannesburg, Brazil, India, AFP, Western, Iran, Saudi Arabia, Indonesia, Ukraine, Beijing, Pacific, United States
Brazil's finance minister proposed the use of yuan guarantees for its trade with Argentina. This would help bring security to Brazilian companies as Argentina faces a dollar shortage. This comes as Argentina faces a shortage of dollars, which is the dominant currency in global trade. Using yuan guarantees would take away default risk, and the idea has been green lit by the Brazilian Treasury. AdvertisementAdvertisementAnd Argentina said in April it will pay for imports from China in the yuan instead of US dollars.
Persons: Fernando Haddad, Haddad Organizations: Service, Finance, Banco, Brazilian Treasury Locations: Argentina, Wall, Silicon, Brazil, Brazilian, Beijing, China
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
REUTERS/Alet Pretorius Acquire Licensing RightsJOHANNESBURG, Aug 22 (Reuters) - African countries want China to shift its focus from building infrastructure on the continent to local industrialisation, China's top Africa diplomat said on Tuesday at a briefing on the sidelines of the BRICS summit in South Africa. "African integration is already escalating and many African countries (have) asked China to consider (a) shift (of) our focus," Wu Peng, director-general of China's department of African affairs at its foreign ministry, said. China will talk through its plans for African industrialisation with African leaders on Thursday at a special roundtable on the sidelines of the Aug. 22-24 meeting of the BRICS bloc - Brazil, Russia, India, China and South Africa. Between 2000 and 2020, Chinese lenders - mostly state-owned banks - agreed to lend $160 billion to African countries, according to Boston University. He also said that investments by Chinese companies in Africa, especially from small and medium-sized companies, would increase.
Persons: Xi Jinping, Alet Pretorius, Wu Peng, Wu, Xi, Carien du Plessis, Tannur Anders, Emelia Sithole Organizations: REUTERS, Rights, Africa Continental Free Trade, Boston University, for, Africa Cooperation, Thomson Locations: Pretoria, South Africa, Rights JOHANNESBURG, China, China's, Africa, Brazil, Russia, India, for China
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. Ramaphosa invited 67 leaders from across Africa, Latin America, the Middle East, Asia and the Caribbean to attend the summit, but no Western leaders received an invitation. watch nowBilateral deals and cooperation is common among BRICS members, but de Carvalho challenged the idea that there is a unanimous desire to compete with the G7. He added that the BRICS members do not always agree and do not see the group as a "panacea," but simply a "vehicle to become more influential in global discussions." "The G7 contains the rich Western economies, while BRICS contains the two most populous countries and the leading countries on three continents.
Persons: Michele Spatari, Cyril Ramaphosa, Xi Jinping, Luiz Inácio Lula da Silva, Narendra Modi, Sergei Lavrov, Vladimir Putin, Putin, Ramaphosa, Gustavo de Carvalho, de Carvalho, Lula, BRICS, It's, it's, Steven Gruzd, Gruzd Organizations: Bloomberg, Getty, West, South, Indian, Russian, International, Court, ICC, Western, African Union Commission, New Development Bank, South African Institute of International Affairs, CNBC Locations: Sandton, Johannesburg, South Africa, Ukraine, Africa, Latin America, East, Asia, Caribbean, Nigeria, Saudi Arabia, Iran, UAE, Argentina, Indonesia, Egypt, Ethiopia, Ghana, India, BRICS, Russia, Brazil, China
China's Xi tells BRICS summit that Chinese economy is resilient
  + stars: | 2023-08-22 | by ( ) www.reuters.com   time to read: +1 min
[1/2] China's President Xi Jinping speaks, as South Africa's President Cyril Ramaphosa listens, at the Union Buildings ahead of the opening remarks of the BRICS emerging economies meeting, in Pretoria, South Africa August 22, 2023. REUTERS/Alet Pretorius Acquire Licensing RightsAug 22 (Reuters) - China's leader Xi Jinping told the BRICS group on Tuesday that China's economy was resilient and that the fundamentals for its long-term growth remained unchanged. Xi, who is in South Africa for a summit of Brazil, Russia, India, China and South Africa (BRICS), made the remarks in a prepared statement read by Chinese Commerce Minister Wang Wentao at a business forum. "The Chinese economy has strong resilience, tremendous potential and great vitality," Xi said through Wang. "The giant ship of the Chinese economy will continue to ride the wind, cleave waves, and forge ahead," Xi said.
Persons: Xi Jinping, Cyril Ramaphosa, Alet Pretorius, Xi, Wang Wentao, Wang, Michael Martina, Grant McCool Organizations: REUTERS, Chinese Commerce, Thomson Locations: Pretoria, South Africa, Brazil, Russia, India, China, U.S
Morning Bid: World markets bounce at last
  + stars: | 2023-08-22 | by ( ) www.reuters.com   time to read: +4 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The onshore yuan steadied amid supportive action by China's state banks in the swaps market, and Chinese stocks (.CSI300) perked up from the year's lows. Overall, MSCI's all-country index (.MIWD00000PUS) was on course on Tuesday for its first back-to-back daily gains of August so far. There were background concerns about the impact on U.S. banks of this latest hit to bond prices and borrowing rates. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, Mike Dolan, Xi Jinping, MSCI's, Jackson, Jerome Powell's, Moody's, Thomas Barkin, Austan Goolsbee, Michelle Bowman, Cyril Ramaphosa, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Treasury, Federal Reserve, Nasdaq, P, Activision, Ubisoft Entertainment, Microsoft, Richmond Fed, Philadelphia Fed, Richmond Federal, Chicago Fed, China's, Reuters Graphics, Thomson, Reuters Locations: New York City, U.S, Wyoming, Jackson, China, South Africa, Asia, Johannesburg, Pretoria
A person walks past the Sandton Convention Centre, which will host the upcoming BRICS Summit, in Johannesburg, South Africa August 19, 2023. South African summit organisers, however, say there will be no discussions of a BRICS currency, an idea floated by Brazil earlier this year as an alternative to dollar-dependence. Russian President Vladimir Putin, wanted under an international arrest warrant for alleged war crimes in Ukraine, will not travel to South Africa and instead join virtually. South Africa has also voiced support. Over 40 countries have expressed interest in joining BRICS, say South African officials.
Persons: James Oatway, Cyril Ramaphosa, Xi Jinping, Brazil's Luiz Inacio Lula da Silva, Narendra Modi, Vladimir Putin, Vinay Kwatra, Bhargav Acharya, Joe Bavier, Andy Sullivan Organizations: Sandton, REUTERS, Indian, China, BRICS, Thomson Locations: Johannesburg, South Africa, JOHANNESBURG, Brazil, Russia, India, China, Ukraine, United States
South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration Acquire Licensing RightsJOHANNESBURG, Aug 22 (Reuters) - The South African rand gained on Tuesday as risk appetite returned to global markets due to falling U.S. Treasury yields, as the first day of the BRICS summit of emerging economies kicked off in Johannesburg. At 1605 GMT, the rand traded at 18.7900 against the dollar , about 0.9% stronger than its previous close. South Africa is hosting the leaders of Brazil, India and China for the Tuesday-to-Thursday summit, while Russian President Vladimir Putin will join virtually. The BRICS summit "is unlikely to provide the market with significant or sustainable momentum until the bloc adopts implementable policies," Greeff said.
Persons: Mike Hutchings, Danny Greeff, Vladimir Putin, Putin, Greeff, Tannur Anders, Bhargav Acharya, Mark Potter, Jonathan Oatis Organizations: REUTERS, Rights, Treasury, Analytics, Johannesburg Stock Exchange, Thomson Locations: Rights JOHANNESBURG, Johannesburg, U.S, Africa, Brazil, India, China, South Africa, Ukraine
The five-nation BRICS summit is focused on whether to expand the club and how to be a counterweight to Western powers, but the meeting opened in Johannesburg on Tuesday in the shadow of Russia’s invasion of Ukraine, with President Vladimir V. Putin attempting to rally the members via video to Moscow’s side. In a speech to fellow leaders of the Brazil, Russia, India, China and South Africa group, Mr. Putin blamed the West for Russia’s exit from an agreement on Ukrainian grain exports that had helped stabilize global food supplies and prices, a matter of serious concern to many developing countries, including those in the bloc. But Mr. Putin, alone among the five heads of government, was not in South Africa, and delivered his recorded message over a giant video screen in the convention center because he is wanted for war crimes under an warrant issued by the International Criminal Court. South Africa, which is a party to the treaty that created the court and would have been obliged to arrest him if he had traveled there, had asked him to stay away. The war, the prospect of a major BRICS expansion and heightened tensions between China and the United States have drawn unusual attention to the summit, held amid the gleaming glass towers of Johannesburg’s business district.
Persons: Vladimir V, Putin Organizations: West, International Criminal Court Locations: Johannesburg, Ukraine, Brazil, Russia, India, China, South Africa, United States
The 15th BRICS Summit kicks off today in Johannesburg
  + stars: | 2023-08-22 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe 15th BRICS Summit kicks off today in JohannesburgCNBC's Fifi Peters discusses the possible outcomes of the gathering in South Africa.
Persons: Fifi Peters Locations: Johannesburg, South Africa
BRICS expansion hopefuls seek to rebalance world order
  + stars: | 2023-08-21 | by ( Joe Bavier | ) www.reuters.com   time to read: +6 min
[1/6] People walk past the Sandton Convention Centre, which will host the upcoming BRICS Summit, in Johannesburg, South Africa August 19, 2023. The wealthy West's domination of international bodies, such as the United Nations, the International Monetary Fund or the World Bank. DEVELOPING WORLD DISCONTENTWhile BRICS has not divulged a full list of expansion candidates, a number of governments have publicly stated their interest. Others want changes at the World Trade Organization, International Monetary Fund and World Bank. Its BRICS trade has indeed increased steadily since it joined, according to an analysis by the country's Industrial Development Corporation.
Persons: James Oatway, Rob Davies, South, bode, Vladimir Putin, Steven Gruzd, BRICS, Ramón Lobo, Gruzd, Lucinda Elliott, Deisy, Yousef Saba, Gustavo Palencia, Lamine Chikhi, Ahmed Eljechtimi, Tomasz Janowski Organizations: Sandton, REUTERS, United Nations, International Monetary Fund, World Bank, BRICS, Observers, South African Institute of International Affairs, U.S ., Reuters, United, Emirates, World Trade Organization, Argentine, New Development Bank, Russia, Industrial Development Corporation, South, Thomson Locations: Johannesburg, South Africa, JOHANNESBURG, Iran, Argentina, Brazil, Russia, India, China, Ukraine, Venezuela, Gulf, Saudi Arabia, Ethiopia, Nigeria, United Nations, United States, Montevideo, Caracas, Dubai, Tegucigalpa, Lamine, Algiers, Rabat
The group of Brazil, Russia, India, China and South Africa has never been more prominent on the world stage. Russia’s leader can’t attend the summit because host country South Africa would be obliged to arrest him for alleged war crimes. But nonetheless that family is now entertaining formal bids from nearly two dozen countries to join their bloc of major emerging economies. It held its first summit in 2009 with four members and then added South Africa the following year. An expansion, instead of making the group more potent, could also make it “more unwieldy and ineffective” with more contrasting positions between members, he added.
Persons: can’t, It’s, Russia’s Vladimir Putin –, Putin, Cyril Ramaphosa, BRICS, ” “, Chen Xiaodong, Bhaso, , China’s Xi, India’s Narendra Modi, Brazil’s Luiz Inacio Lula da Silva, , Goldman Sachs, Jim O’Neill, BRICS Anil Sooklal, Mihaela Papa, , Xi, Yun Sun, Putin –, Manoj Kewalramani, Kewalramani, Modi, Lula, Ramaphosa, Yevgeny Prigozhin, Wagner, Rubens Duarte Organizations: CNN, West, Washington, Sunday, University of Johannesburg, New Development Bank, United Arab, Tufts University, Western, China Program, Stimson, NATO, Takshashila, United Nations Locations: South Africa, Brazil, Russia, India, China, Beijing, United States, New Delhi, Ukraine, African, Argentina, Mexico, Iran, Saudi Arabia, United Arab Emirates, Egypt, Nigeria, Bangladesh, South, Washington, BRICS, Bangalore, Johannesburg, Russian, – China, Africa, Europe
Morning Bid: Bonds burn on as China rate cut underwhelms
  + stars: | 2023-08-21 | by ( ) www.reuters.com   time to read: +4 min
A sign is seen outside the 11 Wall St. entrance of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2021. Although prompted by a deepening property sector bust and worrying economic activity undershoot, China's latest widely expected interest rate cut on Monday was surprisingly small - underscoring concerns that official efforts to shore up the economic malaise are still just piecemeal. The People's Bank of China lowered its one-year lending rate by only 10 basis points to 3.45% - less than the 15bp cut forecast - and it left five-year rates unchanged. UBS became the latest global bank to slash China's annual economic growth forecast for this year - down to 4.8% from 5.2%. Ten-year Treasury yields hovered below last week's highs on Monday, however, and Wall St stock futures were firmer ahead of the open.
Persons: Brendan McDermid, Mike Dolan There's, China's, Xi Jinping, Vladimir Putin, disinflation, Germany's, Crest Nicholson, Mike Dolan, Bernadette Organizations: New York Stock Exchange, REUTERS, People's Bank of, Stock Connect, HK, UBS, Treasury, Federal, Jackson, Wall St, BRICS Summit, Reuters Graphics Reuters, Reuters, Thomson Locations: New York, U.S, China, People's Bank of China, South Africa, Brazil, Russia, India, Ukraine, Wall, Johannesburg
A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsJOHANNESBURG, Aug 21 (Reuters) - The development bank founded by the so-called BRICS countries is planning to issue its first Indian rupee bond by October, its chief operating officer said on Monday, as the lender comes under pressure to raise and lend more in local currencies. "We're going to tap (the) Indian market - rupees - maybe by October in India," Kazbekov said. "Now we start thinking seriously... to use one member country's currency to finance projects with that currency in another member. Kazbekov declined to give a target size for the Indian rupee bond program, which Reuters had previously reported was in the process of being set up.
Persons: Aly, Vladimir Kazbekov, Kazbekov, Leslie Maasdorp, Rachel Savage, Hugh Lawson Organizations: New Development Bank, REUTERS, Rights, United, Russia, ., Reuters, South, Thomson Locations: Shanghai, China, Rights JOHANNESBURG, South Africa, Brazil, Russia, United Arab Emirates, Johannesburg, India, CNY
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA weaker China will hurt Asia's commodities market, strategist saysSean Yokota of SEB discusses China's loan prime rate cuts, the outlook for its fiscal policy, and what Chinese President Xi Jinping's presence at the BRICS summit could mean for markets in the short term.
Persons: Sean Yokota, SEB, Xi Locations: China
But Putin will be notably absent from a key global forum this week, the BRICS summit in Johannesburg. His no-show speaks volumes about Russia’s isolation – and Putin’s shrinking horizons. Bolstering such support against the background of the war on Ukraine was a key aim of Putin’s recent Russia-Africa summit in St. Petersburg. The Kremlin, of course, bristles at any implication that Putin is ducking out of the BRICS summit because of an ICC warrant. Russia, after all, is waging a war on Ukraine that Putin has justified in starkly imperial terms.
Persons: Vladimir Putin, Putin, he’ll, Alexander Lukashenko, Cyril Ramaphosa, Xi Jinping, Luiz Lula da Silva, Narendra Modi –, Sergey Lavrov, Omar al, Bashir –, Darfur –, Dmitry Peskov, , Lavrov, Organizations: CNN, Kremlin, Putin, South, Indian, International Criminal, ICC, Hague, Russian, UN Security Council Locations: Ukraine, Moscow, Beijing, Central Asia, Iran, Minsk, Belarusian, Russia, Johannesburg, Russian, Africa, St . Petersburg, Latin America, Asia, South Africa, Darfur, BRICS, United States
For Xi, the first in-person summit of the BRICS grouping since the pandemic presents another opportunity to advance that vision. The bloc’s members – Brazil, Russia, India, China and South Africa – account for more than 40 percent of the global population. “Xi is going to be the center of the BRICS summit, given that Vladimir Putin is not attending in person,” he said. His last journey to the continent – also for the BRICS summit in South Africa – in 2018 includes a whirlwind of visits to Senegal, Rwanda and Mauritius, spanning almost every corner of Sub-Saharan Africa. Instead, the Chinese leader will co-chair the China-Africa Leaders’ Dialogue with his South African counterpart Cyril Ramaphosa on the sidelines of the BRICS summit, China’s Foreign Ministry said.
Persons: Xi Jinping, ” Vladimir Putin, strongmen, , “ Xi Jinping, , Steve Tsang, Tsang, South Africa Chen Xiaodong, BRICS, ” Chen, Joe Biden, Camp Davis, China’s, Paul Nantulya, Xi, Vladimir Putin, Putin, Nantulya, CNN Yun Sun, ” Nantulya, Cyril Ramaphosa Organizations: CNN, South Africa, US, SOAS China Institute, University of London, Africa Center, Strategic Studies, , Stimson, Initiative, Institutes, South Africa –, Locations: South, United States, Moscow, – Brazil, Russia, India, China, South Africa, Japan, South Korea, Camp, Asia, South China, Beijing, Ukraine, Washington, Africa, Senegal, Rwanda, Mauritius, Saharan Africa
Morocco has not applied to join BRICS - state media
  + stars: | 2023-08-19 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Wu Hong/Pool/File photo Acquire Licensing RightsRABAT, Aug 19 (Reuters) - Morocco has not made a formal request to join the BRICS grouping and will not attend its summit in South Africa, state news agency MAP said on Saturday. Citing an unnamed diplomatic source, MAP denied a statement by South Africa's foreign minister Anil Sooklal who said earlier this month Morocco was among the nations seeking to join the bloc. "South Africa allowed itself to speak about Morocco's ties with the BRICS without prior consultation," it said. Morocco would not attend the BRICS meeting in South Africa, MAP said, adding: "South Africa has in fact always shown a primary hostility towards Morocco and has systematically taken negative and dogmatic positions on the Moroccan Sahara issue." Morocco is attached to a non-divisive multilateralism and has good ties with the rest of BRICS member states, it said.
Persons: Wu Hong, Anil Sooklal, Ahmed Eljechtimi, Tomasz Janowski Organizations: Xiamen International Conference and Exhibition Center, REUTERS, South, Polisario, Thomson Locations: Brazil, Russia, China, South Africa, India, Xiamen, Fujian Province, Morocco, Africa, Algeria, Western Sahara, Moroccan
Factbox: BRICS summit 2023: What's likely to be discussed?
  + stars: | 2023-08-18 | by ( ) www.reuters.com   time to read: +4 min
Putin will participate in the summit virtually and will be represented in Johannesburg by Foreign Minister Sergei Lavrov. BRICS EXPANSIONThe leaders are divided over the expansion of the bloc by adding new members, including the admission criteria. BRICS BANKThe group is also expected to discuss how to boost local currency fundraising and lending within the New Development Bank (NDB), or so-called BRICS bank. While the NDB, which was established in 2015, is still looking at the potential use of alternative currencies, there will be no talk about a common BRICS currency during the summit, South Africa's senior BRICS diplomat said. 'FRIENDS OF BRICS'The last day of the summit is expected to focus on talks with leaders from other countries.
Persons: Aly, Cyril Ramaphosa, Xi Jinping, Luiz Inacio Lula da Silva, Narendra Modi, Vladimir Putin, Putin, Sergei Lavrov, Enoch Godongwana, BRICS, Naledi Pandor, Emmanuel Macron, Macron, Pandor, Anait Miridzhanian, Olivia Kumwenda, Tim Cocks, Nick Macfie Organizations: New Development Bank, REUTERS, Rights, Indian, International, Africa's Finance, Federal Reserve, United Arab, South African Foreign, Ukraine, Continental Free Trade Area, Thomson Locations: Shanghai, China, Rights JOHANNESBURG, Brazil, Russia, India, South Africa, Johannesburg, Ukraine, Saudi Arabia, Iran, United Arab Emirates, Argentina, Indonesia, Egypt, Ethiopia, BRICS, United States, South, Bangladesh, Uruguay, Algeria, Honduras, Zimbabwe, Africa, Latin America, Asia, Caribbean, France, Russian
[1/2] China's President Xi Jinping takes his seat at the first closed session of the leaders of the BRICS summit meeting in Johannesburg, South Africa, July 26, 2018. China's interactions with African leaders will follow last month's Russia-Africa summit in St Petersburg, where Russian President Vladimir Putin held court with the 17 African heads of state who attended out of the 54 African countries invited. Chen said Xi and African leaders will draw up a blueprint for cooperation to create jobs and improve livelihoods in Africa. It is not clear yet how many heads of state will attend the Aug. 22-24 BRICS summit, but South African officials said more than 70 had been invited. Between 2000 and 2020, Chinese lenders, mostly state-owned banks, agreed to lend $160 billion to African countries, according to Boston University, and Chinese companies have also invested heavily in mining on the continent.
Persons: Xi Jinping, Gianluigi, Chen Xiaodong, Xi, Cyril Ramaphosa, Vladimir Putin, Chen, Macky Sall, Azali Assoumani, Carien du Plessis, Rachel Savage, Tomasz Janowski Organizations: Rights, Forum for China Africa Cooperation, Union, Boston University, Thomson Locations: Johannesburg, South Africa, Rights PRETORIA, China, Africa, Brazil, Russia, India, South, Pretoria, St Petersburg, Comoros
An attendant is stands next to South African, Indian, Russian, Brazilian and Chinese flags during a plenary session of BRICS Summit, in Xiamen, China September 4, 2017. South Africa will host Chinese President Xi Jinping, Brazil's Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi for the BRICS summit from August 22 to 24. Russia needs friends to counter its diplomatic isolation over Ukraine, and so is keen to bring in new members, as is its most important African ally, South Africa. BRICS nations are keen to project themselves as alternative development partners to the West. Officials in Brazil, China and South Africa said climate change may come up but indicated it wouldn't be a priority.
Persons: Tyrone Siu, S.Africa, Vladimir Putin, Xi Jinping, Brazil's Luiz Inacio Lula da Silva, Narendra Modi, Naledi Pandor, BRICS, Breton Woods, disbursing, Laurie Chen, Lisandra, David Stanway, Carien Du Plessis, Alexandra Hudson Organizations: BRICS, REUTERS, Tyrone, Global, Indian, New Development Bank, World Bank, Alexandra Hudson Our, Thomson Locations: Xiamen, China, India, Brazil, JOHANNESBURG, South Africa, Ukraine, . South Africa, United States, Saudi Arabia, Argentina, Egypt, AFRICA, BRICS, Russia, Africa, Beijing, Brasilia, Singapore, Johannesburg
A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsJOHANNESBURG, Aug 15 (Reuters) - The development bank founded by the so-called BRICS countries closed the auction for its first South African rand bonds on Tuesday, as it comes under pressure to boost its local currency fundraising and lending. The South African bond market has struggled in recent years to attract new issuers to match growing demand from domestic investors looking for quality credit assets. The most recent comparable South African government bonds were a 4.5-year bond priced at Jibar +90 bps and a seven year priced at Jibar +120 bps, said Raphi Rootshtain, a portfolio manager at Sasfin Wealth. The bond sale was arranged by Standard Bank, which declined to comment, and Absa Bank.
Persons: Aly, Leslie Maasdorp, Raphi Rootshtain, Rootshtain, Kumeshen Naidoo, Rachel Savage, Josie Kao Organizations: New Development Bank, REUTERS, Rights, Reuters, Sasfin, State Owned Companies, Standard Bank, Absa Bank, Thomson Locations: Shanghai, China, Rights JOHANNESBURG, Brazil, Russia, India, South Africa, Johannesburg, Absa
A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. Finance Minister Enoch Godongwana said boosting local currency usage among the NDB's members will also be on the agenda, with the aim of de-risking the impact of foreign exchange fluctuations rather than de-dollarisation. "Most countries that are members of the NDB have been encouraging (it) to provide loans in local currencies," Godongwana said. Reuters Graphics Reuters GraphicsSo far, China is by far the NDB's most successful local currency market. GROWING MEMBERSHIPNevertheless, the NDB, established with $10 billion in paid-in share capital from each BRICS country, wants to expand.
Persons: Aly, Enoch Godongwana, Godongwana, Leslie Maasdorp, Maasdorp, Alexander Ekbom, Chris Humphrey, Humphrey, Rachel Savage, Brenda Goh, Tannur Anders, Vincent Flasseur, Karin Strohecker, Joe Bavier, Alexander Smith Organizations: New Development Bank, REUTERS, Reuters, Finance, Federal Reserve, Reuters Graphics Reuters, U.S ., United Arab, Asian Infrastructure Investment Bank, Reuters Graphics, Overseas Development Institute, Thomson Locations: Shanghai, China, Africa, JOHANNESBURG, SHANGHAI, Russia, South Africa, Brazil, India, Johannesburg, Ukraine, United States, Mumbai, Brasilia, Bangladesh, United Arab Emirates, Egypt, Uruguay, Algeria, Honduras, Zimbabwe, Saudi Arabia, Asia, London
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