Ethiopia is preparing for the launch of its first stock market, marking a significant milestone in its economic evolution. The establishment of the Ethiopian Securities Exchange (ESX) has attracted significant investor interest, with the Ethiopian Investment Holdings (EIH) and state-owned enterprises investing in the ESX. The ESX aims to raise capital from both state-owned enterprises and private entities, with preparations nearing completion for its official launch in November 2024. While the introduction of the ESX is seen as a transformative development, experts caution against excessive optimism based on experiences in other African countries. Despite the growth of African stock exchanges…
Author: BRICS+ News Services
India warmly welcomed Egypt, Iran, UAE, Saudi Arabia, and Ethiopia to join the BRICS group during a key meeting hosted by Russia. Senior diplomat Dammu Ravi led the Indian delegation at the BRICS Foreign Ministers’ Meeting in Nizhny Novgorod, Russia. The expansion of the BRICS group in 2023 marked the inclusion of these new members. The meeting reaffirmed the commitment to strengthening the BRICS Strategic Partnership under three pillars of cooperation. The BRICS foreign ministers expressed support for multilateralism, the United Nations, and global economic cooperation. They also called for peaceful resolutions to conflicts, condemned terrorism, and emphasized the importance…
In a recent move that has raised eyebrows among investors, Prime Minister Narendra Modi has chosen to retain Nirmala Sitharaman as India’s Finance Minister. Despite her reappointment, concerns persist within the investment community regarding the government’s stance on cryptocurrencies. Many remain anxious about the potential impacts of stringent regulations on the burgeoning crypto market.
In India, Prime Minister Narendra Modi has kept his core cabinet members in their respective roles, signaling his continued control despite needing coalition support in parliament. The BJP fell short of a majority in the recent election, but the top ministries, including finance, home affairs, defense, and foreign affairs, remain unchanged. While speculation swirled about allies vying for key positions, analysts predict little immediate backlash over the cabinet decisions. The distribution of only five cabinet seats to allies, with an emphasis on continuity and equitable treatment, demonstrates Modi’s influence within the coalition. While potential internal tensions may arise, the allies…
In 2024, there will be a noticeable resurgence of trade jobs among young Americans, driven by the increasing student debt and a preference to avoid traditional four-year degrees. These young workers are gaining attention on TikTok, where they are redefining blue-collar work. The hashtag #bluecollar has gained over 500,000 posts in a few months, showing a 64% increase from the previous year. For example, a 27-year-old electrician with 2.2 million followers earns $200,000 annually just from social media. Another influencer, a female welder, uses her platform to challenge gender norms in her field. This shift highlights the role of TikTok…
Upon awakening at his Ashburn, Va. home at 5:45 a.m. last Tuesday, Syed Ashraf’s first action was to search for the Indian election results. As he scrolled through the information trickling in from the subcontinent, a sense of relief and hope washed over him. Despite Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) securing the most parliamentary seats after a 47-day election, they fell short of the majority needed to form a government. This unexpected outcome marked a significant shift in India’s political landscape, stirring tensions among religious groups. Ashraf, a Muslim Indian expatriate who migrated from Uttar Pradesh to…
They are operating under the guise of “passes”; their ultimate goal is to establish a new government in Armenia, a plan that is no secret. Speaker of the National Assembly (NA) of Armenia, Alen Simonyan, made this revelation to NA reporters on Monday, shedding light on the belief that the Armenian opposition is receiving support from Russia. Simonyan pointed out, “Their influence is not delivered through explicit directives, but rather through a carefully crafted narrative disseminated by bloggers and slogans.” In response to allegations by the opposition that the current Armenian authorities are being backed by Turkey and Azerbaijan, Simonyan…
MODI 3.0: Prime Minister Narendra Modi was sworn in for his third consecutive term on Sunday. Today, the PM is set to convene with his new Cabinet to determine portfolios for his NDA 3.0 administration. Though the identity of the incoming finance minister remains undisclosed, speculation is rife within financial circles. The newly appointed finance minister will undoubtedly face numerous challenges, particularly with the imminent Budget presentation scheduled for July. With a substantial dividend anticipated from the RBI, the Finance Ministry will strive to maintain fiscal discipline and oversight.
By Chris Hattingh, from the Centre for Risk Analysis, the Electoral Commission of South Africa (IEC) declared the final results of the national election on 2 June, revealing that the African National Congress (ANC) has secured below 50% of the vote for the first time. The ANC garnered 40.18% of the vote in this election, a significant decrease from its previous performance. In 1994, the ANC obtained 252 seats in the National Assembly (NA), but in 2024, it only secured 159 seats. This marks a 17-percentage point decline for the party from 2019 to 2024. The Democratic Alliance (DA) remains…
The foreign ministers of the BRICS countries gathered on June 10, 2024, in Nizhny Novgorod, Russian Federation for a two-day meeting chaired by Russian Foreign Minister Sergey Lavrov. Representatives from the ten member states and other countries considered friends of BRICS, including the Islamic Republic of Iran, were in attendance. During the meeting, the ministers reaffirmed their commitment to fostering energy cooperation within the BRICS countries, emphasizing the importance of ensuring universal access to affordable and reliable energy for economic development, social stability, national security, and the well-being of all nations. BRICS, originally consisting of Brazil, Russia, India, China, and…