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HOTTER ON METALS: Banking on the BRICS
July 16, 2014 - 22:53 GMT
Brazil may have been spectacularly defeated in the World Cup, but it scored a winning goal in Fortaleza this week.
The South American nation, along with Russia, India, China
and South Africa, is a founding member of the New Development
Bank, announced by the group in what is being widely viewed as
an ambitious challenge to the Western dominance of the global
financial system. It's no mean feat for the five nations, known
as the BRICS, given that each of them have very different
political systems, economies and demographics. But after some
initial back-and-forth over the operational structure of the
bank, a more complete picture emerged following the meeting in
north-east Brazil this week. The spoils are divided with
concessions for all. The details The bank, scheduled to start
lending in 2016, will be headquartered in Shanghai and its
first ceo will be from India. South Africa is tasked with
setting up an African regional centre for the bank, while its
first chairman of the board of directors will be from
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