The Rise of Regional Clans: A New Era of Decentralization in Russia In the early 2000s, President Vladimir Putin was celebrated for his dismantling of Russia’s powerful regional clans—oligarchic networks that had vast control over various parts of the country. The centralization of power under Moscow, although criticized for compromising Russia’s federalism, was seen as a necessary move to stabilize the nation. Fast forward two decades, and these regional power structures are making a comeback, driven by Putin’s conservative staffing policies and reluctance to replace long-serving officials. The Resurgence of Regional Clans Initially, Putin’s strategy involved appointing Kremlin-approved governors to…
Author: BRICS+ News Services
Goldman Sachs Reports Worsening Risk Scores for Israel and Saudi Arabia among Emerging Markets In a recent analysis by Goldman Sachs, risk scores for Israel and Saudi Arabia have shown significant declines, ranking them among the most adversely affected emerging markets. The economic and political instability in these nations has notably contributed to the increased risk perception. Goldman Sachs’ report highlights several factors behind the deteriorating risk assessments. For Israel, ongoing geopolitical tensions and security concerns have intensified, adversely impacting investor confidence and economic stability. The nation continues to grapple with internal and external conflicts, which have added layers of…
[ Ethiopia Holds National Forum for Developing AfCFTA Implementation Strategy The Ethiopian Ministry of Trade and Regional Integration, in partnership with the Policy Studies Institute and with support from the United Nations Economic Commission for Africa, recently organized a National Forum aimed at developing the National African Continental Free Trade Area (AfCFTA) Implementation Strategy. The event brought together more than 70 participants from various sectors, including private industries, government representatives, academia, youth, women, and developmental partners. During the forum, Gebremeskel Chala, the Minister of MoTRI, emphasized the government’s dedication to creating open markets for trade and exchanging ideas. He praised…
South Africa’s Economic Evolution: Growth, Employment, and Digital Inclusion South Africa has cemented its status as one of Africa’s most significant and industrialised economies over the past few decades. According to a newly released government report, from 1994 to 2022, the nation achieved an average GDP growth rate of 2.4%, underscoring consistent economic progress over nearly three decades. Employment Boom Employment metrics have shown a remarkable upward trajectory. Between 1994 and 2023, the labour force surged from 11.3 million to 28.3 million people. This growth also translated into more employment opportunities, with total employment figures rising from 8.9 million to…
Andhra Pradesh Chief Minister Chandrababu Naidu Launches NTR Bharosa Pension Scheme Distribution Mangalagiri, Andhra Pradesh – In a significant step towards alleviating poverty and enhancing the quality of life in Andhra Pradesh, Chief Minister Chandrababu Naidu inaugurated the distribution of Rs 4,408 crore under the NTR Bharosa pension scheme. The initiative aims to benefit 65.31 lakh people across the state. The launch took place on Monday in Penumaka village, Mangalagiri, with the Human Resource Development Minister Nara Lokesh also in attendance. The pension scheme, which was previously known as YSR Pension Kanuka under the YSR Congress Party (YSRCP) government, has…
Russian Union of Industrialists and Entrepreneurs Considers National Bitcoin Fund Amid Sanctions In response to mounting Western sanctions, the Russian Union of Industrialists and Entrepreneurs (RSPP), an influential association representing the nation’s wealthiest business leaders, is contemplating a national crypto fund designed to integrate Bitcoin into foreign trade processes. Context and Background Since the onset of the Ukraine conflict, Russia has faced stringent sanctions from Western nations, targeting various aspects of its economy and key financial institutions. These measures have pushed Russian businesses to explore alternative avenues for conducting international transactions without relying on traditional financial mechanisms that are now…
Russian Oil Revenue Surges Despite Western Sanctions: What It Means for the Global Energy Landscape Russia’s oil sector is showing surprising resilience against severe economic sanctions imposed by the United States and the European Union. In June 2024, the country’s oil and gas revenues reached a staggering $9.4 billion, a 50% increase compared to the same period last year. This exceptional rise underscores Russia’s economic adaptability and the growing significance of the BRICS bloc in the global energy market. The Unexpected Boom in Oil Revenues Despite multiple sanctions aimed at crippling its economy, Russia has successfully navigated these challenges to…
Understanding India’s Evolving Stance on BRICS In a world where global alliances and economic partnerships are continually shifting, India’s position within the BRICS association—a group comprising Brazil, Russia, India, China, and South Africa—has come under scrutiny. Recently, there have been speculations and reports suggesting that India might be distancing itself from the objectives of the BRICS coalition. But what exactly is on the horizon for India, and why might it appear to be working against the BRICS framework? The Foundation and Purpose of BRICS BRICS was formed in 2009 as a full-fledged association following the first summit in Russia. Its…
JP Morgan Predicts Significant US Stock Market Correction Amidst BRICS Dollar Disruption In a striking forecast, leading global investment bank JP Morgan has sounded the alarm on a potential major crash in the US stock market. The bank’s analysis specifically targets the S&P 500 index, indicating a possible 20% decline, which could drag it down to a low of 4,200. This prediction comes at a time when the BRICS alliance—comprising Brazil, Russia, India, China, and South Africa—appears to be making moves to challenge the dominance of the US dollar, potentially destabilizing the American economy. The Surge Before the Fall The…
The New Dynamic in South-East Asia: Malaysia and Thailand’s Brics+ Ambitions South-east Asia is experiencing a significant shift in geopolitical dynamics as Malaysia and Thailand express interest in joining the Brics+ alliance, a coalition originally formed by Brazil, Russia, India, China, and South Africa. The Brics+ group has expanded recently to include Iran, Egypt, Ethiopia, and the United Arab Emirates, adding weight to its economic and political influence on the global stage. This alliance now represents over 40 percent of the world’s population and stands as a potential counterbalance to Western dominance. The Expansion of Brics+ Brics+ is not just…