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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 Brazil....
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