BRICS summit focuses on new development bank

The bank would fund infrastructure projects in emerging and developing countries. But the leaders of the BRICS nations — Brazil, Russia, India, China and South Africa — were unable to agree on how much capital such a bank would need.» E-Mail This     » Add to Del.icio.us

Leaders from Brazil, Russia, China, India and South Africa are meeting in the South African port city of Durban for a summit of the five emerging economies known as BRICS. The forum is focusing on plans to establish a joint development bank to rival the World Bank and IMF. Ahead of the official summit opening, finance ministers from China and Brazil signed an agreement to use their own currencies in bilateral trade. The two countries do tens of billions of dollars in trade each year. ...

Brazil’s oil output is dropping, raising concerns over what was previously thought for petrol bonanza. On Tuesday Netflix shares increased by 5% owing to the expectations for more subscribers. Purchases of new houses in the US have capped the best back-to-back months in near five years. Leaders from Brazil, Russia, China, India and South Africa will gather in South Africa in the port city of Durban, for a BRICS forum.  

Yves here. The viewpoint expressed in this article will not go over well in some circles, since the BRICs have insisted that they have the same right to pollute as much as first world countries did in getting to their living standard. But the problem is the planet cannot remotely support everyone in emerging economies living at first world living standards, at least the way we produce them now. And that isn’t operative only the energy and greenhouse gasses fronts. We’ll all need to eat lower down on the food chain as well.