The recent development in Ethiopia’s cabinet passing a landmark bill allowing foreign banks to establish local subsidiaries and acquire shares in domestic lenders marks a significant shift in the country’s economic policy. With a population exceeding 100 million, Ethiopia is a prominent economy in Sub-Saharan Africa. Historically known for its closed-off stance towards foreign investment, the nation is now embracing global players in its banking sector, paving the way for increased credibility, transparency, and governance. The new legislation permits reputable international banks to set up fully or partially owned subsidiaries, open branches, or purchase stakes in existing Ethiopian banks. This…
Author: BRICS+ News Services
Egypt’s Deputy Minister of Finance for Fiscal Policies and Institutional Reform, Ahmed Kouchouk, has unveiled significant progress in implementing tax neutrality principles with the goal of enhancing the private sector’s contribution to the country’s Gross Domestic Product (GDP). This announcement was made during the annual conference of the Egyptian Competition Authority (ECA). A recent legislative move eliminating exemptions for state-owned entities involved in investment and commercial operations reinforces the government’s dedication to fostering fair competition. The objective is to establish an even playing field and promote private investment, which Kouchouk deems essential for economic advancement and long-term sustainability. A ministerial…
The government’s role in ensuring fair competition among corporates and preventing the emergence of monopolies is crucial, as highlighted by Congress general secretary Jairam Ramesh. In a recent statement, Ramesh emphasized the need for regulatory oversight to prevent undue advantages stemming from political affiliations. Ramesh’s concerns resonated in light of the Adani Group’s recent acquisitions in the cement sector, including Penna Cements in southern India. The rapid expansion of Adani’s presence in the industry, with acquisitions like Ambuja Cements, ACC, Sanghi Industries, and potentially Saurashtra Cement and Vadraj Cement, raised questions about monopolistic tendencies within the conglomerate. Drawing on insights…
A recent incident involving a Russian Su-24 bomber violating Swedish airspace near the strategic Baltic Sea island of Gotland has raised concerns about territorial integrity and security in the region. The Swedish military reported that the violation occurred on Friday, prompting Sweden to scramble two JAS-39 fighter jets to intercept the intruding aircraft. This incident comes in the wake of Sweden becoming a full member of NATO three months ago, marking a significant shift in its military alliance policies after centuries of non-alignment. The proximity of Gotland to the Russian exclave of Kaliningrad, located less than 350 kilometers away, underscores…
The International Olympic Committee (IOC) has released a list of athletes who have been granted eligibility to compete in the upcoming Olympic Games in Paris under a neutral flag. Among the athletes approved are 14 Russians and 11 athletes from Belarus. These athletes will have the opportunity to participate in individual competitions in sports such as cycling, gymnastics, weightlifting, and wrestling. While quota places were offered for a range of other disciplines, no athletes from Russia or Belarus have been cleared to compete in taekwondo. Additionally, only Belarusian athletes have been invited to participate in gymnastics events. The IOC has…
The BRICS economic alliance is moving forward with major de-dollarization measures, which will result in over $70 billion worth of trade being conducted in currencies other than the US dollar. This grand shift is prompted by a milestone trade agreement planned to decrease the alliance’s dependency on the US dollar for trade. As part of this landmark agreement, the BRICS alliance intends to abandon the dollar completely as the trading currency. Instead, transactions will be settled in local currencies, a move aimed at reshaping the global finance landscape. This transformation will impact all nine alliance members, along with half a…
In a momentous turn of events, Cyril Ramaphosa secured his second term as the President of South Africa after the African National Congress reached a groundbreaking powersharing agreement with opposition parties sympathetic to business interests. The National Assembly witnessed Ramaphosa clinching an impressive 283 votes in his favor on Friday night, while Julius Malema, the leader of the Economic Freedom Fighters, garnered 44 votes. Notably, key opposition parties such as the Democratic Alliance and the Inkatha Freedom Party threw their weight behind Ramaphosa’s re-election bid. As part of this strategic alliance, these parties are set to receive cabinet positions and…
South African President Cyril Ramaphosa secured a second term in office after being reelected by lawmakers in a fraught political landscape. The historic moment came after a coalition deal was struck between the African National Congress (ANC) and the main opposition party, enabling Ramaphosa to retain power. In a Parliament vote, Ramaphosa garnered 283 votes against the surprise candidacy of Julius Malema from the far-left Economic Freedom Fighters, who managed 44 votes in the 400-member house. The coalition agreement was a response to the ANC losing its 30-year parliamentary majority in a recent election, necessitating an unconventional partnership with the…
In the wake of a series of political upheavals in Mali, Burkina Faso, and Niger which culminated in the ushering out of French military presence, the American armed forces run the potential risk of being the subsequent strategic fallout amidst the onslaught of coups and vigorous insurrections infesting a wide breadth of the African continent. This rapidly changing and delicate geopolitical landscape, reminiscent of tumultuous eras in African history such as the turbulent post-colonial revolts of the 1960s, underscores a concerning pattern of instability that threatens established military and diplomatic strategies. Drawing parallels with the epochal political shake-ups of the…
In a remarkable echo of the social media upheaval of early 2013, Tesla’s billionaire mogul Elon Musk appears to be orchestrating a digital proto-coup in the resource-rich nation of Brazil, with the key actors conspicuously visible. This move resonates with striking similarities to past incursions on the country’s sovereignty, most notably the politically-charged events which unfolded between 2013 and 2018, culminating in a failed coup attempt on January 8th, 2023. These tumultuous events, which prompted the Brazilian populace to demand harsh reprisals for those implicated in the coup, were instigated primarily by interests intent on frustrating the newly-elected president, Lula…