Leaders of the BRICS emerging market nations launched a $100 billion development bank and a currency reserve pool on Tuesday in their first concrete step toward reshaping the Western-dominated international financial system.
US President Barack Obama faced growing pressure from Russia's Vladimir Putin and other world leaders to decide against launching military strikes in Syria, which many of them fear would hurt the global economy and push up oil prices.
The BRICS group of emerging economies will contribute $100 billion to a fighting fund to steady currency markets destabilised by an expected pullback of US monetary stimulus, Russian President Vladimir Putin said on Thursday.
Investors who wrongly called time on US economic supremacy during the financial crisis are set to pay a hefty price for betting too much on the developing world, according to a top Goldman Sachs strategist.
With a whiff of global recovery in the air and central bank liquidity abundant, investors in 2013 are packing their bags for China, fellow 'BRICs' Brazil and Russia, long-dormant Japan and even some Mediterranean sun.
Major emerging market economies will look closer at creating a joint development bank to co-ordinate their financial power as the world economy falters, said Brazilian Trade Minister Fernando Pimentel.
Development banks of the so-called Br
BRICS (Brazil, Russia, India, China and South Africa) economies will play an increasingly dominant role in global trade and will be major drivers of the global economy in 2012, said experts ahead of a major ports summit in Abu Dhabi.
The world's major emerging economies on Saturday rejected the tradition that an American automatically is selected to head the World Bank and they will look at putting forward their own candidate for the open job.
Finance chiefs from the B
Leaders from five of the world's largest emerging economies will reject the use of force in the Middle East and North Africa at a summit on Thursday, urging instead dialogue and non-intervention, according to a draft statement.