Yandex’s Asset Split Finalized: A New Era for "Russia’s Google" In a significant move marking the end of an era, the assets of the Russian technology giant Yandex have been divided, concluding a substantial split between its domestic and international operations. Announced on Monday, the deal sees a consortium of Russian investors purchasing most of Yandex’s businesses in a transaction valued at approximately $5.4 billion, putting an end to foreign ownership and solidifying Kremlin’s grip on the country’s internet space. The agreement is notable as it finalizes the largest corporate exit from Russia since the nation launched its invasion of…
Author: BRICS+ News Services
Saudi Crown Prince’s Ambitious Vision Tests Economic Limits and Challenges Petrowealth Riyadh, Saudi Arabia – The transformative agenda spearheaded by Saudi Crown Prince Mohammed bin Salman (MBS) is pushing the nation’s economy to its limits and testing the endurance of its vast oil wealth. His bold initiatives, aimed at diversifying the economy and reducing the kingdom’s reliance on oil, have set the stage for both progress and substantial risks. A cornerstone of MBS’s vision is the development of futuristic mega-projects, including the $500 billion NEOM smart city, the Red Sea tourism project, and the entertainment-focused Qiddiya city. These ventures are…
Iran’s Strategic Moves at BRICS Forum: Advocating for Resource Exchange and De-Dollarization In a significant development during the recent BRICS parliamentary forum, Rouhollah Mousavi, a member of the Iranian Parliament’s Internal Affairs and Councils Commission, emphasized Iran’s capabilities and aspirations to strengthen economic ties with the BRICS nations. Attending the forum in Russia, Mousavi highlighted Iran’s potential to trade its rich deposits of oil and gas for essential banking and trade services from these emerging economies. The forum, which witnessed participation from member nations including Brazil, Russia, India, China, and South Africa, provided an opportune platform for the Iranian delegation…
Julius Malema Faces New Corruption Allegations Amidst South Africa’s Political Turmoil South Africa’s political landscape is once again in the spotlight following fresh allegations of corruption against Julius Malema, the charismatic and controversial leader of the Economic Freedom Fighters (EFF). The new accusations stem from Tshifhiwa Matodzi, the former chair of VBS Mutual Bank, which notoriously collapsed in 2018 due to extensive financial mismanagement and fraud. Historical Context To understand the gravity of the current situation, it’s crucial to revisit the turbulent history of VBS Mutual Bank. In 2018, the South African Reserve Bank (SARB) released a damning report detailing…
"Loteria" Shines Light on Immigrant Struggles Amidst the 2017 Travel Ban at SAFILM Iran Press/ Iran news – The San Antonio Film Festival (SAFILM) has long been a beacon for cinematic talent from around the globe, serving as a crucial platform for filmmakers to showcase their work, connect with industry professionals, and collaborate on future projects. Running from July 30 to August 4, this year’s festival promises an eclectic mix of new and original films, each designed to captivate, inspire, and educate audiences. Among the standout selections this year is Loteria, a poignant film that promises to shed light on…
Market Movements Indicate Potential Shift from Growth to Value Stocks In a recent market trend that caught many investors by surprise, a notable shift is emerging between value and growth stocks in the American market. This change is largely driven by the increased likelihood that the Federal Reserve will cut interest rates in September. The probability of a rate cut has surged to 95%, bolstered by the release of a lower-than-expected inflation index – showing the smallest monthly variation in the core index in 41 months. Trigger for Massive Portfolio Rotation This unexpected inflation data acted as a catalyst for…
China Achieves Record Trade Surplus Amid Escalating Trade Tensions In a remarkable display of economic resilience, China announced a trade surplus of $99 billion for the past month, marking its largest surplus in more than two decades. The world’s second-largest economy has showcased robust export growth despite ongoing tariff threats from the United States, particularly those propagated during Donald Trump’s administration. According to the official trade data for June, China’s export volumes surged by 8.6 percent, surpassing economists’ forecasts of an 8 percent rise. This growth represents the fastest rate of expansion in 15 months and exceeded the already robust…
[ Ethiopia and Iran Strengthen Bilateral Ties to Boost Cooperation In a recent meeting in Addis Ababa, Ethiopia and Iran have reaffirmed their commitment to enhancing bilateral ties and cooperation between the two nations. The State Minister of Foreign Affairs, Ambassador Mesganu Arga, welcomed the newly appointed ambassador of the Islamic Republic of Iran to Ethiopia, Ali Akbar Rezaei. The meeting comes on the heels of Iran’s successful conclusion of the 2nd run-off presidential election, resulting in the election of Dr. Masoud Pezeshkian as the new Iranian President. Ambassador Mesganu praised Iran for the successful election and expressed Ethiopia’s dedication…
Egypt’s President Sisi Begins Third Term Amid Economic Challenges and Social Tensions As Egypt’s President Abdel Fattah al-Sisi embarks on his third term this week, the nation stands at a critical juncture marked by significant financial injections and persistent economic woes. Sisi secured his third term in December’s presidential election, capturing 89.6 percent of the vote against largely unknown contenders. Officially commencing his new term this Wednesday, with an oath-taking ceremony before parliament the day prior, the 69-year-old leader is constitutionally limited to this term unless further amendments extend his tenure. Economic Bailout and Challenges Egypt’s economic reality has been…
Breaking News: Gujarat Hit-and-Run Incident Mirrors Tragedy in Mumbai; 60-Year-Old Woman Dies In a shocking repeat of a notorious incident in Mumbai, a 60-year-old woman lost her life in a hit-and-run case in Rajkot, Gujarat. The deceased, who has not been identified yet, was dragged for 1.5 kilometers by the vehicle, which led to fatal injuries. The accused driver is currently absconding, and authorities are conducting an extensive search to bring the perpetrator to justice. New "Samvidhaan Hatya Diwas" Declared on June 25 The Government of India has declared June 25 as ‘Samvidhaan Hatya Diwas’ to commemorate the infamous day…