Egypt Repays $25 Billion in Public Debt, Garners Investor Optimism CAIRO, [Date] – In a significant stride toward financial stability, Egypt has successfully repaid $25 billion of its domestic and external public debt since March, equating to 7 percent of the nation’s Gross Domestic Product (GDP), as reported by the Institute of International Finance (IIF). This revelation emerged during a virtual assembly comprising 100 speakers and participants who convened to scrutinize Egypt’s economic climate. The debt repayment was bolstered by a development accord for the Ras El-Hekma coastal zone, inked with the United Arab Emirates in February. This arrangement entailed…
Author: BRICS+ News Services
Studio Tamasha and Gaysi Family Illuminate Pride Month with Vivid Celebration of Queer Love Mumbai, India — In a spectacular celebration of Pride Month, Studio Tamasha and Gaysi Family collaborated to host an evening of vibrant colors and unparalleled enthusiasm at the illustrious Royal Opera House on Wednesday. The centerpiece of the event, organized in conjunction with Future Generali India Insurance Company, was a captivating play titled "Be-Loved." A Kaleidoscope of Queer Narratives Helmed by Sapan Saran, co-founder of Studio Tamasha, "Be-Loved" is a magnificent theatrical experience drawing inspiration from powerful queer literature and historical narratives. The production weaves a…
In a recent incident, astronauts aboard the International Space Station (ISS) were instructed to seek immediate shelter following the fragmentation of a Russian satellite in Earth’s orbit. This sudden event, which occurred early Thursday, prompted swift precautionary measures by NASA. On Thursday, NASA confirmed that the ISS crew members were directed to take refuge in their respective spacecraft after learning of the satellite disintegration at an altitude proximate to the ISS’s orbital path. According to a statement on NASA’s ISS Twitter account, often referred to as X, "NASA instructed crews aboard the space station to shelter in their respective spacecraft…
NextSource Materials Announces Positive Study Results and Strategic Partner Process for Saudi Battery Anode Facility TORONTO, ON / ACCESSWIRE / June 27, 2024 – NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) (“NextSource” or the “Company”) has provided an update on its global anode expansion strategy. The company reported positive findings from a technical and economic study (the “Study”) for the construction of a proposed Battery Anode Facility (BAF) in the Kingdom of Saudi Arabia (KSA). NextSource has also initiated a strategic partner process to consider funding expressions of interest for the battery anode facilities in the Middle East and globally. As disclosed in…
Malaysia Sets Sights on BRICS Membership for 2025 Kuala Lumpur, Malaysia – In a strategic move poised to boost its international standing and economic partnerships, Malaysia has officially announced its intention to apply for membership in the BRICS group by 2025. This forthcoming bid reflects Malaysia’s aspirations to enhance its global economic stature and to foster deeper ties with emerging economic powerhouses. Background and Significance BRICS, an acronym for Brazil, Russia, India, China, and South Africa, is an influential bloc that represents over 40% of the world’s population and contributes significantly to global economic output. Since its inception in 2009,…
BRICS Plans Gold-Backed Currency to Challenge US Dollar Dominance The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, is reportedly gearing up to introduce a new currency backed by gold. This move, which is expected to be a significant shift in the global financial landscape, is aimed at reducing reliance on the US dollar. The proposed currency plans to be a key topic at the upcoming BRICS summit in 2024, which could herald a new financial era and serve as a foundation for further economic developments among member nations. Context and Background For decades, the US dollar…
Alan Kyerematen: The Unmatched Champion of Indigenous Business Growth As the 2024 Ghanaian presidential election approaches, the political landscape is heating up with prominent contenders vying for the nation’s highest office. Among them stands Alan Kyerematen—a seasoned politician, entrepreneur, and the driving force behind the Movement for Change. In a recent interview with Accra-based Angel FM, Kyerematen proudly asserted that no candidate in the December 7 polls can rival his track record in fostering indigenous business growth. Kyerematen’s Background and Expertise Alan Kyerematen has spent decades cultivating a reputation as one of Africa’s foremost experts in enterprise development. Before embarking…
South Africa’s Election Sparks Fragile Hope: A Blueprint for Economic Revival In the wake of South Africa’s recent election, an unexpected sense of hope has emerged, suggesting a potential turning point for the nation. Despite the challenging political and economic environment, the election results signal an opportunity for recovery and growth. With momentum potentially building, South Africa could be on the verge of a significant economic turnaround. Political Shift: Electoral Outcomes and the ANC’s Coalition Challenge The recent election saw roughly 15% of voters abandoning the ruling African National Congress (ANC), led by Cyril Ramaphosa, in favor of a new…
South Africa Reports Primary Budget Surplus Amid Strict Fiscal Measures In a significant development, South Africa—Africa’s most industrialized economy—recorded a primary budget surplus of 31.6 billion rand ($1.7 billion) for the fiscal year ending in March 2024. This marks approximately 0.4% of the nation’s gross domestic product (GDP). The achievement aligns precisely with the National Treasury’s forecast released in February, hinting at effective fiscal management amidst challenging economic times. Context and Recent History South Africa’s economy has long been plagued by high levels of public debt and frequent bailouts of state-owned enterprises (SOEs). The nation’s debt-to-GDP ratio has soared to…
South Africa’s Energy Crisis: The Biggest Challenge for the ANC’s New Coalition Government As the African National Congress (ANC) enters uncharted waters by winning less than 50 percent of the vote for the first time in thirty years, the new coalition government faces critical challenges. Chief among them is ensuring reliable energy supplies, essential for reducing unemployment and revitalizing the country’s ailing manufacturing sector. The Energy Conundrum Energy resilience and reliability are crucial for South Africa’s revival. For over fifteen years, the country has experienced persistent blackouts—referred to locally as "load shedding"—that have made everyday life and business operations exceedingly…