Dilma Rousseff will head the group’s New Development Bank until the end of Brazil’s presidency in 2025
Former Brazilian head of state Dilma Rousseff has been named as the next president of the BRICS group’s New Development Bank after Brazil won the backing of its partners for the appointment on Friday.
The nominee was agreed by Brazil’s government, which is currently headed by Luiz Inacio Lula da Silva. Rousseff, who served as the president of Brazil between 2011 and 2016, will replace Brazilian diplomat Marcos Troyjo, who was appointed by the country’s previous leader Jair Bolsonaro.
Rousseff will hold the position until the end of the current Brazilian mandate in the bank’s management in 2025, and is expected to accompany President da Silva during his visit to China scheduled for March.
The BRICS nations – Brazil, Russia, India, China and South Africa – are working to develop their own financial infrastructure, including a joint payment network, with some member states having already switched to trade in local currencies in order to reduce dependence on the US dollar and euro.
The five BRICS economies currently account for more than 40% of the world’s population and nearly a quarter of global GDP.
https://www.rt.com/business/571321-brics-bank-brazil-dilma-rousseff/
Ecuadorian voters have rejected a proposal to permit the return of US military bases, according to preliminary referendum results.
Ecuadorians went to the ballot box on Sunday to decide whether US forces should again operate from local facilities. The nation had banned foreign bases in 2008 amid concerns over sovereignty.
With three-quarters of ballots counted, about 60% voted ‘no’ to the plan advanced by President Daniel Noboa, a close ally of US President Donald Trump and a supporter of US military operations in the Caribbean and near Venezuela.
The result blocks any US effort to return to the Manta airbase on the Pacific coast, which once served as a platform for Washington’s regional military operations.
The referendum also asked voters whether to end public funding for political parties, reduce the number of lawmakers, and create an elected body to draft a constitution.....more below
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The Jewish state says the incident in southern Lebanon was due to poor weather conditions, with no casualties reported.
UN peacekeepers stationed in southern Lebanon have accused Israel of firing on one of their patrols, criticizing the country for its “aggressive behavior.” Israel has acknowledged that the incident occurred, but said it was not intentional and was due to poor weather conditions.
In a statement on Sunday, the United Nations Interim Force in Lebanon (UNIFIL) said the Israel Defense Forces (IDF) fired on personnel from a Merkava tank.
It called the incident “a serious violation” of the ceasefire deal between Israel and Lebanon that ended the 2006 war, stressing that it was not the first attack of this kind. “Yet again, we call on the IDF to cease any aggressive behavior and attacks on or near peacekeepers, who are working to support the return to the stability that both Israel and Lebanon say they seek.”.... more below
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Iran’s largest credit institution has gone into administration amid the government’s continued push to reform the country’s banking and financial system.
The Central Bank of Iran (CBI) said on Sunday that it had appointed a team of three administrators to restructure the Melal Credit Institution after the lender accumulated a loss of 650 trillion rials ($590 million)
Head of CBI’s regulatory and oversight department Farshad Mohammadpour said the Melal Institution had an asset–liability mismatch of 450 trillion rials and its capital adequacy ratio was minus 41%.
Mohammadpour said that administrators are expected to restructure the Melal Institution in the next six months, mainly by selling off its non-banking assets, properties and affiliated enterprises to pay down its debts.
CBI’s decision about Melal Institution comes three weeks after the lender declared Bank Ayandeh, one of Iran's largest private banks, insolvent and transferred its assets and staff to the state-run Bank ...
