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The Latest Breaking News from BRICS

Modi and Xi reached consensus at Bali, claims China as NSA Doval delivers tough message on LAC

At Bali dinner, PM Modi & Chinese President Xi Jinping reached "consensus" to restore bilateral ties, claimed China. Doval & Wang Yi met in Johannesburg to discuss LAC standoff & restoring peace & tranquillity.

The Hindu

BRICS Common Currency Unlikely At Upcoming Meeting, Dollar Bulls Relieved

BRICS nations' plan for common currency unlikely to materialize, providing relief for dollar bulls.

Zenger

The U.S. Dollar Continues to Weaken; How Low Will it Go?

The U.S. dollar has been the world’s reserve currency for decades. The dollar index measures the U.S. foreign exchange instrument against the other reserve currencies. Meanwhile, a dramatic shift in the geopolitical landscape could reduce the dollar’s dominant role, causing the index to drop and become less significant in global…

Barchart

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Morning Digest | Opposition demands debate on Manipur in Parliament; police promise arrests after Manipur sexual violence video emerges, and more

Morning Digest, July 20, 2023 | Opposition demands debate on Manipur; police promise arrests in sexual violence case; Putin won't travel to BRICS summit; SC to list pleas to criminalise marital rape; Nitish denies being upset; BJP bets on small parties, and more

The Hindu

Putin won't attend a South Africa summit next month, avoiding possible arrest

South Africa says Russian President Vladimir Putin will not attend the BRICS summit it's hosting in August, putting an end to questions over whether it would act on an arrest warrant for Putin.

WEKU

Putin skips South Africa summit: will anyone arrest Russian president?

Vladimir Putin will not attend a summit in South Africa next month, ducking the possibility of arrest on an International Criminal Court (ICC) indictment.

The Week

Putin to miss BRICS summit by mutual agreement, South Africa says

Putin’s absence at the summit has been announced by the South African presidency, ending months of speculation.

Al Jazeera

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South Africa says Putin will skip a summit next month because of his ICC arrest warrant

South Africa says Russian President Vladimir Putin will not attend the BRICS economic summit in Johannesburg next month

The Independent UK

Chinese Stocks Offer Compelling Value But are They Worth the Risk?

Tensions between Washington, DC, and Beijing have weighed on Chinese stocks trading on foreign exchanges. Investors continue to be wary of the many risks in investing in Chinese equities even though they offer value.

Barchart

We want to make it easier for Indians to be able to travel into UAE or elsewhere: UAE envoy

UAE-India trade is growing, but travel between the two countries is hindered by an Air Service Agreement impasse. Abdulnasser Alshaali, UAE Ambassador to India, said in an interview to The Hindu that the two countries are working to resolve the issue.

The Hindu

Rupee-dirham deal is bilateral, not about resolving Russia payments issue: UAE Envoy

UAE Ambassador to India Abdulnasser Jamal Alshaali says India-UAE rupee-dirham deal is bilateral, not to de-dollarise global economy. Deal to lower transaction costs, ease path for trade b/w India and UAE. India-UAE trade increased 15% since implementation of Comprehensive Economic Partnership Agreement. UAE committed to supporting India's G20 presidency, wants…

The Hindu

Algerian president in China to push bid to join BRICS group of emerging markets

Algerian President Abdelmadjid Tebboune starts a four-day visit to China on Monday as part of an effort to joint the BRICS group of emerging markets.

Radio France Internationale

Putin wants to attend an August summit. Host country South Africa doesn't want to have to arrest him

South Africa's deputy president says Russian President Vladimir Putin wants to attend an economic summit in South Africa next month but the country is trying to persuade him to stay away to avoid the legal and diplomatic fallout over his international arrest warrant

The Independent UK

T.N. BJP president Annamalai to attend BRICS political parties’ meeting in South Africa

K. Annamalai, Tamil Nadu BJP President, to join four-member delegation to BRICS political parties plus dialogue meeting in Johannesburg. Meeting ahead of 15th BRICS summit in August. Annamalai to launch yatra across Tamil Nadu upon return.

The Hindu

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Zenger

BRICS Nations To Introduce Gold-Backed Currency, Challenging Dollar’s Hegemony

New currency aims to boost intra-BRICS trade and pose a major challenge to the US dollar's dominance.

The Conversation

Spain's EU presidency is an opportunity to reset relations with Latin America and the Caribbean

A summit between the European Union (EU) and the Community of Latin American and Caribbean States (CELAC) will take place in Brussels on 17 and 18 July 2023 under the Spanish presidency of the Council of the EU. This meeting is important for both regions but, especially for Europe, given…

Barchart

Why Investors Should Consider Buying Gold Now

Gold was the best-performing precious metal in Q2 and over the first six months of 2023. The rare metal fell 2.01% in Q2 but was still 5.65% higher than the 2022 closing price on June 30. Gold remains in a long-term bull market, and the prospects are for higher highs…

The Conversation

Ethiopia wants to join the BRICS group of nations: an expert unpacks the pros and cons

A few years ago, the BRICS grouping – Brazil, Russia, China, India and South Africa – had lost salience because three of its members were in severe economic difficulty. Brazil, Russia and South Africa are primarily natural resource exporters and were badly affected by the global commodity price bust of…

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The Conversation

A BRICS currency is unlikely to dislodge dollar any time soon – but it signifies growing challenge to established economic order

Could a new currency be set to challenge the dominance of the dollar? Perhaps, but that may not be the point.

France 24

UK donor conference on Ukraine reconstruction closes with €60 billion in pledges

An international conference on the funding of Ukraine’s reconstruction drew to a close in London, with foreign donors pledging €60 billion in new financial support, UK Foreign Minister James Cleverley said at its closing session. Earlier on Thursday, Ukrainian forces carried out a missile strike on the Chonhar bridge connecting…

Barchart

The Dollar Index – Stuck In Neutral

The dollar index has been trading in a tight range in 2023. After correcting from a two-decade high in March 2022, the index that measures the U.S. currency against other world reserve foreign exchange instruments has settled into a narrow trading band.

The Hindu

India no longer lumbering around at relatively slow pace: EAM Jaishankar

India is no longer “lumbering around at a relatively slow pace”, External Affairs Minister S. Jaishankar said as he concluded his three-day visit to South Africa for a conclave of the five-nation BRICS grouping.

The Hindu

BRICS expansion still work in progress: EAM Jaishankar

Expansion of the BRICS bloc is still a work in progress and members of the five-nation grouping are approaching the idea with a positive intent and an open mind, External Affairs Minister S. Jaishankar has said.

Radio France Internationale

Brics nations open to expanding bloc as Putin arrest warrant looms

As Brics foreign ministers meet in South Africa, diplomats from the bloc of major emerging economies say the group is open to enlargement. However their two-day conference has been overshadowed by questions over whether Russian President Vladimir Putin would be arrested if he attended a summit in August.

The Independent UK

Brics summit mulls expansion and new currency in bid to rival dollar and escape sanctions

Bloc of developing countries calls for new ‘multipolar’ world order and a shift from Western balance of power

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