The US dollar, the dominant global currency since 1944, may lose some of its luster due to the American-led sanctions against Russia over the turmoil in Ukraine. The greenback has been fading in favor since the global financial crisis in 2008.
The current international space regulations do not guarantee secure space, creating the potential for a possible arms race. Preventing the deployment of weapons in outer space remains one of Russian diplomacy’s the key objectives.
As Benjamin Netanyahu talks of “prolonged war”, Gaza burns and the death toll rises every day, its only power plant razed to the ground, and helpless Egyptian mediators who keep revising their ceasefire proposals.
Jim O’Neill would have never imagined his intellectual exercise will turn into flesh and blood one day –the “accidentally” huddled initials of geographically disparate nations will become so real to make the New Development Bank (NDB).
The 6th BRICS summit in Fortaleza, Brazil, has highlighted the increasing role of emerging countries in international affairs and their ability to share strategic interests and approaches while reaching for their development goals.
Nobel Prize-winning economist Joseph Stiglitz has praised the new development bank founded this week by the BRICS countries for creating a financial institution that could counter the Western-dominated IMF and World Bank.
With the leaders of Brazil, Russia, India, China and South Africa coming together for the 6th BRICS Summit, it is worth touching once again upon the significant role these countries and other emerging markets play in the global economy.