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/
The US military is facing a "historic challenge" as it attempts to counter Iran’s vast arsenal of “low-cost” drones and ballistic missiles, says a new report.
Nearly two weeks into the US aggression against the Islamic Republic, Tehran has managed to significantly strain American military inventories, Bloomberg reported, citing military experts and Pentagon officials.
The American publication wrote that US forces have been forced to dig deep into inventories of expensive, hard-to-replace interceptors to counter the Iranian barrage.
It stated that the US and its Persian Gulf allies have fired over 1,000 Patriot PAC-3 interceptors—nearly double the annual production capacity of these weapons.
“The United States led the long-range precision strike revolution, and this is the first war where we’re seeing the adversary have that kind of capability,” Bloomberg quoted Kelly Grieco, a senior fellow at the Stimson Center.
“It’s putting stress on the system that we haven’t seen before,” Grieco ...
The financial fallout from the US-Israeli war of aggression on Iran is sending ripples through the global economy, with experts warning of significant price hikes.
Reports published early on Monday brought a stark wake-up call for British markets. The FTSE 100 plummeted by nearly 200 points, a drop of roughly 2%. This downturn was mirrored across Europe, with Germany's DAX index suffering a 2.3% loss.
Esteemed economist Philippe Aghion said the conflict is projected to dampen worldwide economic expansion.
Aghion told RTL radio that a protracted conflict could usher in a period reminiscent of the 1973 oil crisis.
The Nobel laureate outlined a scenario where the fighting drags on for weeks, driving oil prices beyond $150 per barrel and triggering rampant inflation. Such a situation, he noted, would necessitate a unified economic response from Western nations, including the United States and Europe.
“An extended and broadening conflict will undoubtedly hinder global expansion,” Aghion ...
