Shifting Sands: Russian Imports Increasingly Settled in Rubles and Chinese Yuan Amid Western Sanctions In the wake of stringent Western sanctions, the dynamics of Russian imports have drastically shifted, with nearly 90% of transactions now settled in rubles and Chinese yuan. This stark change highlights the significant impact of geopolitical tensions on global trade and the adaptations businesses must undertake to navigate these turbulent waters. Sanctions Ignite a Currency Shift In response to the ongoing conflict in Ukraine, the US Treasury Department recently imposed sanctions on the Moscow Stock Exchange. These sanctions have effectively barred Russian importers from utilizing the…
Author: BRICS+ News Services
Malaysia and Thailand’s Entry to BRICS: A Boost for Democratization Khmer Times In a move set to reshape global economic and political landscapes, Malaysia and Thailand are poised to join the BRICS coalition, further democratizing this influential bloc. This expansion underlines the relevance of BRICS (Brazil, Russia, India, China, and South Africa), enhancing its role as a counterweight to Western-dominated entities like the G7 and extending its reach into Southeast Asia. Strengthening Economic Influence BRICS was established in 2009 with the primary aim of facilitating dialogue and cooperation among major emerging markets. Over the years, it has evolved into a…
How to Buy Instagram Followers in South Africa: A Comprehensive Guide In today’s digital age, a robust Instagram presence is pivotal for businesses and influencers aiming at capturing the vibrant South African market. Increasing your follower count can drastically boost visibility and enhance engagement. This guide delves into the best strategies and platforms for buying Instagram followers in South Africa, providing insights into the benefits and potential risks. Why Buy Instagram Followers? Boost Your Visibility and Engagement: Purchasing high-quality Instagram followers can significantly amplify your social media footprint. This results in enhanced engagement and brand awareness, making your content more…
Tragic Toll of Ongoing Aggression: Gaza’s Heavy Human Cost In a stark reminder of the increasing human toll of aggression, the latest reports from Gaza reveal devastating figures: the number of casualties has surged to 38,193 martyrs and 87,903 wounded. Authorities confirm that many individuals remain trapped beneath the rubble, amplifying the crisis’s human suffering. This information, provided by Gaza’s health ministry, underscores the severe impact on the region’s population. The unfolding humanitarian crisis saw a grim escalation on Monday. Israeli shelling targeted various neighborhoods in Gaza, resulting in the martyrdom of dozens of Palestinians and injuring numerous others. This…
Brazilian Development Bank BNDES Allocates US$2.7 Billion to Aid Flood-Affected Companies in Rio Grande do Sul The Brazilian development bank, BNDES, has announced a major financial initiative aimed at businesses impacted by the severe floods in Rio Grande do Sul state earlier this year. The bank will release 15 billion reais (US$2.7 billion) to support the recovery of companies that have suffered significant material losses due to the unprecedented weather events. Financial Lifeline for Struggling Businesses In an official statement, BNDES emphasized the broad scope of this emergency program. "Businesses in areas affected by extreme weather events and that have…
U.S. Law Firms Retreat from Mainland China Amid Mounting Challenges In a significant shift underscoring the complexities of operating in China’s evolving economic and geopolitical landscape, U.S. law firms have markedly reduced their presence in the mainland. According to Leopard Solutions, a leading legal services database, the headcount of U.S. lawyers in China fell sharply to 545 in July 2023, down from 643 the previous year. The retreat of these firms highlights several pressing issues that have increasingly made China a less attractive destination for multinational legal practices. This year, U.S. law firms faced a trifecta of hurdles: a deteriorating…
[ Ethiopia’s Struggle with Hyperinflation: A Year of Progress Ethiopia has been facing a significant challenge with hyperinflation in recent years, leading to economic hardships for many citizens. However, recent data from the National Bank of Ethiopia suggests that there may be some relief on the horizon. According to the National Bank of Ethiopia, inflation in the country has dropped by nearly 10 percent over the span of a year. This decrease is attributed to targeted efforts by the government to address the issue. In June 2024, the inflation rate was reported to be 19.9%, down from 29.3% the previous…
Egypt’s Economic Crisis: The Sinking Ship of Al-Sisi’s Regime In recent months, the average Egyptian conversation has been dominated by a single topic: the relentless surge in prices of basic food and commodities. This isn’t just a reflection of the high cost of living but a symptom of a much deeper malaise within Egypt’s economy. The foreign currency crisis has pushed the black market exchange rate to double the official rate, highlighting an ongoing and severe economic downturn. With inflation hitting a staggering 40 percent, millions of Egyptians find their economic and social rights in jeopardy. This grim economic landscape…
China’s Economic Outlook: Challenges in Confidence and Consumption As China, the world’s second-largest economy, gears up for the pivotal third plenum, consumer and investor confidence remain notably low. Economists and policy observers caution that this pessimism is stymying economic growth. Helen Qiao, Chief Greater China Economist at Bank of America Merrill Lynch, highlighted the stark contrast between investor sentiments in China and India at a recent Tsinghua University forum on China’s economic midyear update. "We constantly assure investors that China is addressing its issues and will enhance policy implementation. However, investors remain overwhelmingly pessimistic, perceiving good news with skepticism and…
Russia’s Wartime Economy Faces Potential Turbulence: Insights from Key Think Tank Amidst the ongoing conflict in Ukraine, Russia’s economy is showing signs of resilience but could face significant challenges in the latter half of 2024. This is according to a recent analysis by Moscow’s Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF), a prominent think tank with strong ties to Russian authorities. Background: Russia’s Economic Landscape in Wartime Since the full-scale invasion of Ukraine in 2022, Russia has faced numerous sanctions aimed at destabilizing its economy. However, the anticipated collapse never materialized, primarily due to increased military expenditure and shifting…