By Tomas Hult Back in 2001, former Goldman Sachs chief economist Jim O’Neill coined the acronym BRIC to highlight the immense economic potential of the emerging markets of Brazil, Russia, India and China in the decades to come. They would be the economic engines of tomorrow, he wrote. The BRICs, which cover a quarter of the world’s … Continue reading
The signing of the gas supply contract with China via the Altai pipeline, known as Power of Siberia 2, is being postponed for an indefinite period, Vedomosti newspaper reports. The Russian news agency cited two federal officials explaining that China is reviewing its energy needs due to the economic slowdown. The move is a significant blow to Russia as back … Continue reading
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“The upcoming BRICs and the Shanghai Cooperation Organization (SCO) summits would unite countries for development, peace and security of the region and world, visiting Chinese Foreign Minister Wang Yi said here [Moscow] Wednesday,” Xinhuanet reports. During the meeting in Moscow with Sergei Lavrov, Russian FM, Mr Wang expressed his full support for the two summits … Continue reading
Text of PM’s letter to the people on economic issues. My dear fellow citizens, One year ago, you had entrusted me with the task of building a new India and putting a derailed economy back on track. We have achieved a lot. Economic growth has been revived, and is amongst the fastest in the world. … Continue reading
Western countries have withdrawn from BRICS countries more than $3.5 trillion over the last 10 years to suppress the group, said Russian Security Council Secretary Nikolay Patrushev, adding that nearly half of the sum was pulled out in the last 3 years. “West is using International financial institutions as leverage more and more often. Our … Continue reading
“The dollar is our currency, but it’s your problem.” This is what US Treasury Secretary John Connally said to his counterparts in the Rome G-10 meeting in November, 1971, shortly after the Nixon administration ended the dollar’s convertibility into gold and shifted the international monetary system into a global floating exchange rate regime. The world … Continue reading
“Indian Finance Minister Arun Jaitley on Saturday announced a budget that put boosting growth before painful reforms, slowing the pace of fiscal deficit cuts and seeking to put domestic and foreign capital to work,” Reuters reported last week. The Finance Minister said that gross domestic product (GDP) growth would accelerate to between 8 and 8.5 … Continue reading
By Francesco Brunello Zanitti Is the new Russian approach towards China and India a vector for a multipolar world order? Will the new Davos – gathering between vanity fair and summit of the mightiest – in future take place in Kyrgyzstan – Central Asian country surrounded by the most prosperous and promising powers? The last … Continue reading
More pain may lie ahead for Russia in the short term as the nation’s sovereign credit rating is on the horizon of being downgraded into junk territory for the first time in over a decade. On Friday, Fitch Ratings downgraded Russia’s sovereign rating to ‘BBB-‘ (from BBB) – which happens to be the lowest investment grade … Continue reading