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...There’s a reason why SocGen’s Albert Edwards called the BRICs a “bloody ridiculous investment concept”....
...“We should let more countries join the Brics family and pool wisdom to make global governance more fair and reasonable,” the Chinese leader said at a gathering of Brics leaders on Wednesday, as Beijing seeks...
...The countries will join the Brics bloc from the start of next year as the “first phase of the expansion process” for the forum, Ramaphosa said at the end of the summit of Brics leaders in Johannesburg....
...Vladimir Putin has said Russia will host next year’s Brics summit in the southwestern city of Kazan and will seek to strengthen the bloc’s role and authority under its chairmanship....
...Read more about the Brics bloc here....
...“By mutual agreement, President Vladimir Putin of the Russian Federation will not attend the [Brics] summit” the South African presidency said on Wednesday....
...The Brics nations now account for one-third of the global economy....
...But other Brics countries, particularly India, are wary of Beijing’s potential dominance. That plus currency controls makes them nervous....
...Nevertheless, Brics 2.0 represents the most influential bloc the developing world has ever produced, says Kynge....
...The new Brics bloc also faces other challenges....
...For the Brics, so far that’s largely absent. alan.beattie@ft.com...
...The Brics nations — Brazil, Russia, India, China and South Africa — set up the NDB in 2015 as an alternative to US-dominated financial institutions such as the IMF and World Bank....
...Beijing is pushing to add weight to the Brics as a rival to the G7....
...“Brics started the expansion process during China’s chairmanship,” said Li Kexin, China’s Brics special envoy....
...“We should let more countries join the Brics family and pool wisdom to make global governance more fair and reasonable,” he told the Brics summit on Wednesday....
...Diplomats have been working on membership criteria for approval by the Brics leaders....
Burning tyres; BRICS; a pet steer called Howdy Doody; Nebraska volleyball; a strange PR flex; “dog autism”; etc
...The Russian foreign minister said the two leaders would also meet at summits of the Shanghai Cooperation Organisation in Kazakhstan in June and of the Brics forum in Russia in October....
...Maybe it is to support local proPalestinian factions and Muslim groups at home, or to show allegiance to other Brics countries, especially Russia. Maybe it’s a front for Iranian interests....
...The Goldman Sachs economist coined the acronym of “Bric” that year but South Africa only added its “S” a decade later....
...The Brics are now looking seriously lopsided....
...Cyril Ramaphosa will use a Russian summit with African leaders to try to dissuade Vladimir Putin from attending next month’s Brics meeting in Johannesburg while under International Criminal Court indictment...
...Ramaphosa led vocal denunciations of western vaccine nationalism during the pandemic, and has cast the recent expansion of the Brics grouping as a bulwark against western economic interests....
...After Lula argued that international use of the dollar put countries such as Brazil at a disadvantage, Ramaphosa said “the issue of currency” would be “on the agenda” for the upcoming meeting of Brics countries...
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