China Set to Maintain Benchmark Lending Rates Amid Economic Headwinds BEIJING— In a move anticipated by market analysts, China is expected to hold its benchmark lending rates steady this Thursday, despite a slew of economic indicators that have persistently fallen short of expectations. This forecast, derived from a recent Reuters survey, underscores the tightrope that Chinese policymakers are walking as they navigate a complex economic landscape. Economic Balancing Act The Loan Prime Rate (LPR), which serves as a pivotal interest rate for banks’ most creditworthy clients, is established monthly after20 commercial banks submit their respective rates to the People’s Bank…
Author: BRICS+ News Services
Title: Strengthening Economic Ties: A Review of the China-Ethiopia Cooperation Fair The recent “China – Ethiopia Agriculture and Mining Industry Cooperation Fair” held in Addis Ababa on May 16th marked a significant milestone in fostering collaboration between Ethiopian and Chinese businesses. This event not only brought together key industry players from both countries but also highlighted the importance of economic cooperation in driving mutual growth and development. One of the key aspects of the Ethio-China Fair was the participation of top officials including Ambassador Negus Kebede and Mr. Wu Zhaoshu, demonstrating the commitment of both nations to strengthening their economic…
The political landscape in Ethiopia is a complex web of conflicting interests and ideologies that have led to a state of chaos and disarray over the past six years. The formation of the ruling “Prosperity Party” in 2019 marked a pivotal moment in the country’s history, but it has failed to bring about the stability and progress that was promised. One of the major challenges facing the government is the ongoing conflicts in multiple regions, with armed groups threatening the sovereignty of the nation. This has led to a setback in economic development and has created a sense of pessimism…
Israel-Egypt Peace Turns 45: Reflections and Repercussions Amid Gaza Tensions By Jacky Hugi On March 26, 2024, the world commemorated the 45th anniversary of the landmark peace agreement between Israel and Egypt. This historic pact, inked on the White House lawn in 1979, remains a dually seminal achievement: a striking display of Egyptian President Anwar el-Sadat’s visionary leadership and a keystone in Israeli Prime Minister Menachem Begin’s legacy. Despite not originating from Israeli corridors of power but shaped under the duress of the Yom Kippur War’s aftermath, this accord is heralded as the zenith of Israel’s diplomatic triumphs. The enduring…
Naveen Patnaik to Serve as Leader of the Opposition in Odisha Assembly Bhubaneswar, June 19, 2024: In a significant political development, former Chief Minister Naveen Patnaik announced on Wednesday that he will assume the mantle of Leader of the Opposition in the Odisha assembly. The declaration was made following the Biju Janata Dal’s (BJD) legislature party meeting, where key leadership roles within the party were also determined. Addressing the media, Patnaik elaborated on the decisions taken during the meeting. "We had a meeting with the MLAs of the BJD. I congratulated and thanked them for their continued support. They have…
In recent developments, Ukraine has launched a strong condemnation against Russia, accusing it of engaging in acts of barbarity. The allegations come amidst escalating tensions and military engagements between the two nations. Ukraine’s outcry highlights a series of actions undertaken by Russian forces which Ukraine asserts are not only aggressive but also fall outside the bounds of internationally accepted wartime conduct. Ukrainian officials have particularly pointed to what they describe as indiscriminate shelling and deliberate targeting of civilian infrastructure, resulting in extensive damage and loss of life. Furthermore, these accusations underscore a broader narrative of human rights violations that Ukraine…
Venezuelan President Announces BRICS Investments and Election Observations Venezuelan President Nicolás Maduro addresses workers of the Orinoco Steel Company (Sidor) in Bolívar state. (Prensa Presidencial) Mexico City, Mexico, June 18, 2024 (venezuelanalysis.com) – Venezuelan President Nicolás Maduro has announced significant investment commitments from multiple BRICS bloc countries, thereby unlocking potential new markets for Venezuelan products. President Maduro broke this pivotal news during his meeting with the employees of the Orinoco Steel Company (Sidor) on Monday. Speaking directly to the workers of SIDOR—a state-owned steelmaking enterprise that has recently faced significant labor disputes—Maduro stated, “I have already secured sufficient investments to…
6h14 ▪ 3 min of reading ▪ by Luc Jose A. As BRICS nations actively endeavor to displace the US dollar from its position as the world’s reserve currency, HSBC has made audacious forecasts regarding the greenback’s future. Despite these dedollarization efforts, HSBC analysts assert that the dollar will remain the dominant global currency for the foreseeable future. HSBC’s Perspective on the US Dollar HSBC, one of the globe’s leading banking institutions, recently unveiled its projections concerning the US dollar’s future. According to James Steel, Chief Commodities Analyst at HSBC, the dollar is likely to maintain its status as the…
Russia is gearing up to host the BRICS+ Forum 2024 on June 21, with a delegation of 21 countries and 200 mayors attending the summit. The forum will take place in Kazan, Russia, and aims to engage with leaders at the grassroots level. Ahead of the summit, Russia’s Deputy Foreign Minister, Sergei Ryabkov, provided an update on the progress of the BRICS currency initiative. Also Read: 21 Countries, 200 Mayors To Attend BRICS Forum in June 2024 BRICS Currency: Russia Announces Major Developments Source: Alan Santos / PR / Wikipedia Commons In a recent announcement, Ryabkov clarified that the concept…
Historic Coalition Government Formed in South Africa Amid Economic Concerns JOHANNESBURG, South Africa – June 14, 2023 – In an unprecedented political development, South Africa has ushered in a new era of governance with the formation of a power-sharing coalition government. This follows two weeks of intense negotiations subsequent to a landmark election result that saw the African National Congress (ANC) lose its majority for the first time in three decades. The new Government of National Unity amalgamates the ANC, the Democratic Alliance (DA), the Inkatha Freedom Party (IFP), and the Patriotic Alliance. Despite the seismic shift, incumbent ANC leader…