The BRICS, the group of fast-growing emerging markets, are to meet for the first time on African soil in the South African city of Durban. At their fifth summit, they are to discuss the setup of a development bank to overhaul the global financial system.
The desire for Russia and China to boost trading ties is making China Russia’s priority market, as European demand for Russian oil decreases. Russian state-owned oil major Rosneft is tripling supplies to China to 1 million barrels a day.
A Chinese shipping company is planning the state’s first commercial voyage though the Nothern Sea Route to the United States and Europe in 2013. By 2020 China could transfer up to 15% of the country's international trade through the Arctic.
Global money transfer service PayPal aims to soon be fully operational in Russia. The e-commerce giant filed an application to the Russian Central Bank to register for a Non-Credit Banking Institution license, which will end transaction limitations.
The Russian-Georgian Center of Economic Development has expressed hope that Georgian wine will soon return to Russian markets and advised to pay no attention to protests voiced by President Saakashvili.