South African lawmakers poised to elect new president amid historic shift in balance of power In a momentous turn of events, South African lawmakers are set to elect the country’s next president on Friday, June 14, following the recently held general elections. The anticipated election comes after the ruling African National Congress (ANC) suffered a significant setback, losing its majority for the first time since the dawn of democracy in 1994. The outcome of the election, to be held during the inaugural session of Parliament, will not only determine the new leader of the nation but also shed light on…
Author: BRICS+ News Services
In a landmark ruling, the D.C. Circuit Court of Appeals on Tuesday allowed investor EIG Global Energy Partners to hold Brazilian oil major Petrobras accountable in the US courts. This ruling may result in Petrobras having to pay over $221 million in compensatory damages to the investment fund. EIG Global Energy Partners, a U.S. based investment firm, had invested $221 million in a project to exploit newly discovered oil reserves off the coast of Brazil. The project was launched in 2010 when Petrobras established Sete Brasil, a company intended to attract funding and forge relationships with shipyards. Petrobras held a…
Pinheiro Neto, the largest and most traditional law firm in São Paulo, finds itself at the heart of Brazil’s corporate scene, often advising multinational companies investing in the country. However, in conversations with international colleagues, the firm’s CEO, Fernando Meira, has been hearing an uncomfortable response when asking about how clients view Brazil. Lately, the unanimous answer has been, “Brazil is no longer on the radar.” Meira believes Brazil has enormous potential, but it will remain the “country of the future” without a national project agreed upon by political and business elites. “What investors want is predictability, stability, and security.…
Corey Jackson, a senior pastor at Trinity Park Church, situated in the diverse community of Cary, North Carolina, candidly shares the challenges faced by American congregations amid the current political climate of the United States. Demographically diverse with Democrats, Republicans, and a significant chunk of politically “homeless” or undecided, the church faces divisions over the nation’s political future. Despite the situation replicating in many parts of the nation, Jackson reveals his secret weapon in navigating this turbulent landscape: drawing inspiration from the Christian community in China. Despite the prevalent views among American adults about China’s geopolitical role, fostering a climate…
Pinheiro Neto, the largest and most traditional law firm in São Paulo, finds itself at the heart of major corporate transactions in Brazil, often assisting multinational companies investing in the country. However, in conversations with colleagues abroad, the firm’s CEO, Fernando Meira, has been receiving an uncomfortable response when inquiring about how clients from these offices view Brazil. Lately, the unanimous response has been: “Brazil is no longer on the radar.” According to Meira, while Brazil holds enormous potential, it will remain the “country of the future” unless there is a national project agreed upon by the political and business…
In the wake of Europe implementing higher tariffs on Chinese-produced electric vehicles, tension pervades as anticipation builds over the potential fallout of the decision. The EU’s recent decision to escalate tariffs on Chinese electric cars has provoked China’s ire and accusation of palpable protectionism. The EU’s executive arm – The European Commission – announced forthcoming tariffs starting from July that will possibly increase existing duties from 10% to an arresting 38% for Chinese car manufacturers unless the ongoing negotiations yield an effective resolution. The decision saw an imprecating response from China, as He Yadong, spokesperson of China’s Ministry of Commerce,…
Chinese officials are expressing satisfaction at the recent progress of the yuan as a global currency. In a statement made by Pan Gongsheng, the governor of China’s central bank, in March, he highlighted the accelerating diversification of the international monetary system. Gongsheng noted that the yuan has now become the fourth-most active currency in global payments and ranks third in trade finance. Additionally, data from the central bank indicates that approximately half of China’s transactions with the rest of the world, including financial assets and goods, are now settled in yuan. Despite these advancements, the global position of the yuan…
Backing Somalia’s Territorial Integrity and Sovereignty The recent Arab Economic and Cooperation Forum convened in Doha, Qatar, took a momentous stand in favor of defending the Federal Republic of Somalia’s territorial integrity and sovereignty. Critically, they denounced Ethiopia’s intentions to seize parts of Somali land for establishing a military base. This declaration highlighted the significance of upholding Somalia’s autonomy and entitlements, invoking international treaties and regulations that uphold the sovereign rights of nations. Newly-appointed Foreign Affairs Minister of Somalia, Ahmed Fiqi, reiterated the nation’s commitment to protecting its territories and criticized Ethiopia for encroaching on its sovereignty. Key Points to…
In an ongoing commitment to combatting Tuberculosis (TB) and Drug Resistant Tuberculosis (DR-TB) in targeted urban regions of Ethiopia, The United States Agency for International Development (USAID) initiated the USAID Urban TB Local Organizations Network II Activity today. An ambitious five-year project with an investment of $8 million (equivalent to 450 million Birr), it reflects USAID’s long-term commitment to advancing global health. Selected for implementation are the cities of Addis Ababa and Dire Dawa, in addition to the shaggar City in the Oromia region and the Harari National Regional State. The launch was officiated by Karen Koprince, the acting director…
In the 2020/2021 fiscal year, Egypt’s economic growth is projected to decelerate to 3.1 percent, a decrease from the previously anticipated 3.5 percent, due to the impact of the COVID-19 pandemic, as per a Reuters survey released on Tuesday. The Egyptian economy, in previous years, benefited significantly from a resurgence in tourism, substantial remittances emanating from overseas labourers, and the discovery of new gas reserves. However, the advent of the coronavirus pandemic has struck a devastating blow, causing the tourism sector to collapse and gas prices to nosedive. Moreover, the dwindling oil revenues in Gulf Arab states are threatening remittances…