South Africa Plans to Challenge EU’s Carbon Border Tax: A BRICS Perspective on Global Climate Policy In a significant development, South Africa has announced its intention to engage in discussions with the European Union (EU) concerning the bloc’s proposed carbon border tax on imports. This move is part of a broader reaction from BRICS nations—Brazil, Russia, India, China, and South Africa—who argue that the tax could have detrimental economic repercussions for their economies. EU’s Carbon Border Adjustment Mechanism (CBAM) In a bid to combat climate change and safeguard its green transition, the EU launched the Carbon Border Adjustment Mechanism (CBAM)…
Author: BRICS+ News Services
Masoud Pezeshkian Sworn in as Iran’s New President, Calls for Respectful Diplomacy In a notable shift of leadership, Masoud Pezeshkian has been officially inaugurated as Iran’s new president, taking his oath of office in an elaborate ceremony held within the Iranian parliament. This change in administration comes at a pivotal moment for Iran, as it grapples with international tensions and economic challenges exacerbated by years of sanctions. In his inaugural address, Pezeshkian highlighted the inefficacy of sanctions and pressure applied by foreign nations. He stated emphatically that the last two decades of negotiations under various administrations have demonstrated that such…
The South China Sea: Emerging Geopolitical Flashpoint with Global Implications The South China Sea, a vital maritime region, has become a focal point of intense geopolitical tension, drawing significant global attention. This bustling waterway, through which over 20% of global commerce flows, is not only rich in natural resources such as oil, natural gas, and fish but also holds immense strategic importance for international trade and military operations. Regional Disputes and Territorial Claims The South China Sea is at the center of territorial disputes involving several nations, namely China, the Philippines, Vietnam, Malaysia, and Brunei. China’s expansive territorial claims have…
Strengthening Ties: Hong Kong’s Chief Executive John Lee Visits Cambodia to Boost Economic Cooperation In a significant move to bolster economic cooperation between Hong Kong and Cambodia, Chief Executive John Lee’s recent visit to Phnom Penh is set to further strengthen the relationship between the two regions. At a reception held at his official residence, Chinese Ambassador Wang Wenbin expressed optimism about the visit’s potential to promote mutually beneficial collaboration and enhance China-Cambodia relations. "We believe that the chief executive’s visit to Cambodia will definitely promote mutually beneficial cooperation between Cambodia and Hong Kong, and will also play a favorable…
[ Ethiopia, a country facing economic challenges exacerbated by the COVID-19 pandemic, has recently secured a $3.4 billion bailout deal with the International Monetary Fund (IMF). This deal has been described as a “landmark” agreement that will provide much-needed financial support to the country. The Ethiopian economy has been struggling in recent years, with the pandemic only adding to its existing difficulties. The government has been grappling with high levels of debt and a shortage of foreign exchange reserves, leading to inflation and economic instability. In light of these challenges, the IMF has stepped in to provide a significant loan…
Egypt’s Economic Growth Forecast: A Challenging Fiscal Year Ahead Cairo – July 24, 2024: According to a recent Reuters poll, several economists are predicting Egypt’s economic growth to hit 4 percent during the current fiscal year (FY2024/2025). This projection aligns closely with other forecasts from the International Monetary Fund (IMF), the Egyptian government, and the World Bank. Released on Tuesday, the Reuters survey reveals that economists expect growth to contract slightly, with the latest forecast marking a 0.35 percent decline compared to their April survey. James Swanston from Capital Economics emphasized that “The overall net impact is that economic growth…
Olympics 2024: India’s Performance and Key Moments on Day 4 Paris, July 30, 2024 — As the Olympics 2024 progresses in Paris, Indian athletes have had a remarkable day filled with intense competitions, victories, and a few setbacks. Here’s a comprehensive look at the major events and performances by the Indian contingent on Day 4: Key Highlights: Shooting Success: Indian shooters Manu Bhaker and Sarabjot Singh shined in the 10-meter air pistol mixed team event, securing a bronze medal for India. This makes Manu Bhaker the first Indian to win two medals in a single Olympics since the country’s independence,…
Commemoration and Call to Action: Ukraine Urges Stronger Efforts for POW Release on Olenivka Explosion Anniversary On a somber Sunday at Kyiv’s Independence Square, several thousand Ukrainian soldiers and civilians gathered to mark the second anniversary of a devastating explosion at the Olenivka prison barracks, which claimed the lives of more than 50 Ukrainians. The ceremony not only served as a poignant reminder of the tragedy but also as a rallying cry, urging the government to intensify efforts to secure the release of prisoners of war still held by Russia. Historical Context of the Olenivka Explosion The Olenivka prison barracks…
IMF Approves $820 Million Disbursement to Egypt Following Third Review RIYADH: The International Monetary Fund (IMF) has sanctioned the release of approximately $820 million to Egypt after concluding the third review of the nation’s extended arrangement. In March, the IMF approved an expanded $8 billion support program for Egypt, which faced economic challenges due to the Gaza crisis. These challenges included slowing tourism and halved Suez Canal revenues caused by Yemeni attacks on Red Sea shipping lanes. The agreement falls under the Extended Fund Facility (EFF), aimed at assisting countries with medium-term balance of payments issues stemming from structural problems…
Financial Freedom vs. Control: The Emerging Monetary Battlefield between BRICS and the USA In the realm of global finance, a growing schism is becoming apparent as the BRICS nations (Brazil, Russia, India, China, and South Africa) prepare to challenge the monetary dominance of the United States. This emerging battlefront pits the US dollar and, potentially, Bitcoin against a new BRICS currency, raising questions about financial freedom, control, and the future of global economic power. The US Dollar and Bitcoin: Strategic Allies? Historically, the United States has staunchly defended the primacy of its national currency, the US dollar (USD), as the…