Russian and Chinese Foreign Ministers Sergey Lavrov and Wang Yi recently convened for a bilateral meeting during the BRICS Ministerial Council in Nizhny Novgorod. They discussed the current status and future prospects of BRICS, with Lavrov thanking China for its support of the BRICS chairmanship. Both Ministers acknowledged the potential for growth within BRICS with the addition of new member states, enhancing the Association’s influence on the global stage. Sergey Lavrov expressed his optimism about the growing circle of like-minded countries and expanding cooperation within BRICS and SCO. Wang Yi highlighted the importance of cooperation within BRICS to safeguard national…
Author: BRICS+ News Services
Major changes are on the horizon for South African consumers who make purchases from online retailers such as Shein and Temu. Effective July 1, 2024, the taxation of small clothing parcels from international e-commerce platforms will be standardized to align with the rates applied to larger shipments. This adjustment is intended to create a more level playing field for local brick-and-mortar retailers. Presently, South Africa employs varying tax structures based on the value of imported clothing parcels. Packages exceeding R500 incur a 45% import duty in addition to VAT, while those below this threshold are subject to a 20% import…
A man in Russia’s Urals region has been sentenced to three years in prison for insulting a child wearing a pro-war hat, as announced by regional prosecutors on Monday. The Oktyabrsky District Court in Yekaterinburg found Alexander Neustroev guilty of “hooliganism committed with the threat of violence, motivated by hatred against a social group,” according to the Sverdlovsk region Prosecutor’s Office. Neustroev was arrested in April 2023 after verbally attacking an 11-year-old boy wearing a militaristic hat, leading to his apology in a released video. Initially fined for “hooliganism,” a new trial was sought by prosecutors following pressure from Russia’s…
The Indian Space Research Organisation (ISRO) recently shared images capturing the dynamic activities of the Sun over the last month. These stunning visuals were captured by the Solar UltraViolet Imaging Telescope (SUIT) and the Visible Emission Line Coronagraph (VELC) aboard the Aditya-L1 spacecraft. During the week of May 8-15, the Sun’s Active region AR13664, known as one of the largest sunspots in history, erupted multiple X-class and M-class flares along with Coronal Mass Ejections (CMEs), causing a major geomagnetic storm on May 11. ISRO’s remote sensing payloads SoLEXS and HEL1OS captured these events from May 8-9, while the in-situ payloads…
Tonight, in Egypt, the government has unveiled their ambitious plan for the upcoming fiscal year. It’s a bold strategy that includes attracting $30 billion in foreign direct investment and targeting an inflation rate between 19 and 25 percent. The approved budget reveals total revenues of EGP2.6 trillion, with expenditures exceeding EGP3.9 trillion. The deficit stands at approximately EGP1.2 trillion, a significant 7.3 percent of GDP. The Ministry of Finance is working diligently to reduce the debt-to-GDP ratio to less than 80 percent by 2027. Dr. Hala Elsaid, Egypt’s Minister of Planning and Economic Development, is optimistic about the economy’s growth…
The global obesity epidemic has escalated to a significant burden, with a prevailing expectation that countries with the highest levels of obesity also boast robust economies. In the United States, statistics reveal that approximately 41.9 percent of the adult population was classified as obese in 2020, positioning obesity as the second-leading cause of preventable deaths. This serious health issue is strongly linked to various chronic diseases and contributes to the annual death toll of four million individuals. Over the past three decades, the global percentage of individuals affected by obesity has quadrupled from four percent to 18 percent.Contrary to the…
The Ethiopian financial landscape is undergoing a significant transformation with the imminent launch of the Ethiopian Securities Exchange (ESX), the country’s first stock market. This milestone follows over three years of strategic groundwork, initiated in 2021 by Meles Minale, a macroeconomic advisor at the National Bank of Ethiopia, and a team of 14 experts. Under the leadership of Brook Taye (PhD), the Ethiopian Capital Market Authority (ECMA) was established to develop a regulatory framework and long-term market development roadmap in preparation for the ESX launch scheduled for November 2024. Investor interest in the ESX is on the rise, with Ethiopian…
Containers for export are stacked in a container yard at a port in Pyeongtaek, Gyeonggi, on May 9. [NEWS1] The United States became Korea’s largest importer from January to May this year, overtaking China thanks to robust auto exports and chip demand. If the current trend continues the rest of the year, the United States will become Korea’s largest trading partner for the first time in 22 years. Korea’s outbound shipments to the United States totaled $53.3 billion through the first five months of this year, outpacing the cumulative amount of $52.7 billion to China during the cited period, according…
The American student protest movement, which began on April 17 at Columbia University in New York, called for the university to sever its ties with Israeli institutions involved in the conflict in Gaza. The organizers of the sit-in noted that despite recent commitments by the administration to disclose investments, there has been a lack of cooperation. The students showed unwavering determination, particularly in their efforts to raise funds for Gaza through a barter table. The ongoing conflict in Gaza, which intensified since October 7, has resulted in a significant loss of Palestinian lives and injuries, highlighting the longstanding occupation of…
This week, economists anticipate that updated consumer price inflation data for May 2024 from Chile and Mexico will exceed their respective targets, garnering significant attention from regional economic observers. Furthermore, reports indicate that inflation in Brazil rose in May, adding to the anticipation for the upcoming policy meeting on June 19 and putting pressure on policymakers to adjust their strategies. In Argentina, despite challenging economic conditions and currency fluctuations, there are signs of a sustained slowdown in inflation. Weekly Economic Pulse: Inflation Trends and Policy Adjustments Across South America. (Photo Internet reproduction) The central bank of Argentina often implements unconventional…