Author: BRICS+ News Services

Ethiopia has demonstrated strong economic performance in key macroeconomic sectors over the past ten months, indicating a potential achievement of its 7.9 per cent growth target for the current fiscal year. This positive trend was reported by ENA. Minister of Planning and Development, Fitsum Assefa, highlighted that the country attracted US$3.2 billion in foreign direct investment during the past 10 months, marking a significant 14.3 per cent increase compared to the previous year. This influx of investment bodes well for Ethiopia’s economic prospects. Furthermore, Assefa noted a 14 per cent reduction in the state budget deficit since the same period…

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The Addis Ababa-Ethiopia Business Cooperation Promotion Conference took place in Addis Ababa on Friday, aiming to foster increased business interactions for mutual advantage. The high-profile event brought together top officials from the Ethiopian government, the Chinese embassy in Ethiopia, and a delegation of business leaders from Beijing, as well as representatives from Chinese and Ethiopian enterprises. Gebeyehu Ganga, the director-general of the Middle East, Asia, and Pacific Affairs at the Ethiopian Ministry of Foreign Affairs, emphasized the significance of the conference in strengthening the friendship between Ethiopia and China. This cooperation platform allowed Ethiopia to showcase its potential to Chinese…

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Egypt Poised for Leadership Role with New Trade Agreement Cairo, Egypt – Two recent in-depth analyses underscore Egypt’s exceptional potential to capitalize on a fully activated African Continental Free Trade Area (AfCFTA) agreement. These reports are injecting much-needed optimism into an economy currently weathering significant short-term geopolitical headwinds and grappling with surging inflation, which reached 38% in September last year. “Egypt has the capacity to play a seminal role,” remarked Landry Signé, a senior fellow at the Brookings Institution and a professor at the Thunderbird School of Management. “Opportunities abound for SMEs (small and medium-sized enterprises) as well as larger…

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Surge in ETF Investments Marks Significant Shift in Indian Mutual Fund Landscape Mumbai, October 12, 2024 – A recent study by Zerodha Fund House has revealed a substantial shift within the Indian mutual fund industry towards Exchange-Traded Funds (ETFs). These funds now account for nearly 13% of the total assets under management (AUM), amounting to ₹6.95 lakh crore out of ₹53.40 lakh crore, signaling their growing prominence as a preferred investment vehicle. Broader Acceptance and Retail Adoption The data indicates a remarkable surge in the number of accounts for both equity and debt ETFs, skyrocketing from 5.33 lakh in 2017…

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Bombing in Kharkiv Leaves Scores Injured; Tensions Escalate On Saturday afternoon, one of four aerial bombs struck a five-story residential building in Kharkiv, Ukraine’s second-largest city, causing significant casualties. According to regional Governor Oleh Syniehubov, 41 individuals are still undergoing medical treatment for injuries sustained during the attack. This brutal act marks one of the most recent escalations in the ongoing conflict between Russia and Ukraine. Devastating Impact on Civilians The assault on Kharkiv has led to severe humanitarian repercussions. In a press briefing, Syniehubov highlighted the urgent medical needs, emphasizing that the local hospitals are overwhelmed by the sudden…

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The European Union (EU) has officially implemented its fourteenth package of sanctions against Russia, the EU Council announced in a press release on Monday. This comprehensive suite of measures targets critical sectors of the Russian economy, including energy, finance, and trade. By enhancing the robustness of sanction enforcement mechanisms, the EU aims to prevent circumvention of its restrictive measures. Key provisions include a prohibition on reloading services for Russian liquefied natural gas (LNG) within EU territory for transshipment to third countries. Moreover, the sanctions ban new investments aimed at finalizing LNG projects that are currently under construction. Financial restrictions have…

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Marketing and Customer Experience Summit Concludes with Insightful Discussions and Awards in Riyadh KSA, June 24, 2024 — Over 150 marketing and customer experience leaders from prominent brands such as Gathern, Tim Hortons Middle East, Nana, SAPTCO, Cari, Wafy, and Cenomi gathered for the 3rd Edition of the #GROWTH Summit Riyadh, organized by MoEngage. The event, a focal point for Saudi Arabia’s top marketing, product, and customer experience professionals, centered around revolutionizing customer experiences to drive business growth and loyalty, aligning with Saudi Arabia’s Vision 2030. The summit featured a series of expert-led panel discussions, fireside chats, and growth stories,…

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Saudi Arabia Attracts $65.1 Billion in Foreign Direct Investment Post-Pandemic, UN Report Finds Saudi Arabia has emerged as a significant hub for foreign direct investment (FDI) in the three years following the pandemic, amassing $65.1 billion in FDI by 2023. This milestone places the Kingdom among the leading FDI recipients in West Asia, according to a recent report. The "World Investment Report" by the UN Conference on Trade and Development (UNCTAD) reveals that Saudi Arabia’s FDI outflows over the same period amounted to $73.1 billion, with $16 billion recorded in 2023 alone. These figures rank the Kingdom 16th among the…

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Russian and Chinese Leaders Court Southeast Asia Amid Rising BRICS Ambitions As Russian President Vladimir Putin and Chinese Premier Li Qiang concluded separate high-level meetings in Southeast Asia this week, the presence of the two BRICS economic bloc stalwarts highlighted the region’s growing interest in joining a consortium perceived as a counterbalance to Western-dominated institutions. Malaysia’s Bid for BRICS Membership Ahead of Chinese Premier Li’s visit to Malaysia, Prime Minister Anwar Ibrahim articulated his intention to apply for BRICS membership during an interview with Chinese media. This move follows the bloc’s recent expansion, which saw its size double by attracting…

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Malaysia and Thailand Eye BRICS Membership Amid Geopolitical Shifts KUALA LUMPUR — In a significant geopolitical development, Southeast Asian nations Malaysia and Thailand have announced their intentions to join the BRICS group of emerging economies. This move comes as middle-power countries seek to navigate the complex landscape of global politics, particularly amid escalating tensions between the United States and China. Membership in BRICS, which currently includes Brazil, Russia, India, China, and South Africa, could offer various advantages to Malaysia and Thailand, including increased economic cooperation and greater influence in global affairs. The decision is not only a strategic maneuver but…

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