BRICS bank: all eyes turn to Durban

first_img14 March 2013The world will be watching closely to see whether the leaders of Brazil, Russia, India, China and South Africa can conclude negotiations for setting up a BRICS development bank when they meet in Durban in less than two weeks’ time.The 5th BRICS summit will take place in Durban on 26 and 27 March.Emerging markets analysts believe a BRICS development bank – first mooted at last year’s BRICS summit in Delhi, India – could help create jobs in South Africa and promote greater trade on the African continent by funding new infrastructure.Last week, International Relations Minister Maite Nkoana-Mashabane told City Press newspaper that South Africa was keen to host the development bank, saying the country had a history of sound financial expertise and that the African continent was home to seven of the 10 fastest growing economies.Trade and Industry Minister Rob Davies said this week that South Africa had a strategic interest in extending BRICS cooperation to support Africa’s development agenda. He added that he believed Africa’s relationship with BRICS had influenced growth on the continent.Finance ministers working on business planThe finance ministries from the five member countries have been working on a business plan for the development bank, and met on the sidelines of the G20 conference in Moscow last month to explore the bank’s potential structure.World Bank chief economist Kaushik Basu has backed the idea for a BRICS development bank, but warned that it would be a “humongous task” to set up.While Martyn Davies, the chief executive of Frontier Advisory, said in January that there had been discussion of a fund of up to US$240-billion, Standard Bank expects each of the five member states to initially contribute $10-billion in seed capital for the bank, with further funds raised from the markets as necessary.However, Standard Bank research analysts Jeremy Stevens and Simon Freemantle cautioned that China’s eventual contributions might outpace that of the other BRICS members and that, if this happened, Beijing would understandably demand commensurate influence over the fund’s decision-making mechanisms.Challenge posed by Chinese dominanceIn a research note last month, Stevens and Freemantle pointed out that while for China $10-billion amounts to just 0.12% of gross domestic product (GDP) (as per 2012), the same contribution would constitute a far more hefty 2.5% of South Africa’s total economic output.Added to this, China dominates BRICS trade and is the number one import partner for all four of its BRICS partners; its economy at the end of 2012 was almost 25% larger than the other four BRICS nations combined.“Unless pragmatically managed, political strains similar to those faced within the IMF may emerge. An appreciation of this potential challenge should thus frame deliberations in Durban,” said Stevens and Freemantle.They expect the development bank to focus on infrastructure development and providing auxiliary support for project preparation, such as feasibility studies. They said they expected a working group to be later tasked with establishing the necessary technical commitments and governance structures.The two believe that the development bank would not be a counterweight to multilateral development banks – notably the World Bank – but rather act an auxiliary funding institution.Benefits for South AfricaIn a parliamentary reply this week in response to a question from an opposition MP on what the impact had been of South Africa’s membership of BRICS, Economic Development Minister Ebrahim Patel said the country had enjoyed several benefits.Patel said South Africa had grown its level of trade with the BRICS countries, had seen significant growth in tourism from other BRICS countries, was now a stronger destination for potential investment, and was able to influence the development of greater BRICS partnerships with the rest of the African continent.On trade, the four other BRICS countries now account for a larger share of South Africa’s imports and exports. Measured in US dollars, exports from South Africa to its BRICS peers rose from $12.1-billion in 2010 to $15-billion in 2012, Patel said“This helped to compensate for reduced demand from traditional markets which are experiencing slower or negative growth.”Source: SAnews.gov.zalast_img read more

Impey in Tour de France yellow jersey

first_imgThe following day Impey and Orica-GreenEdge were the winning team in the fastest team time trial in Tour de France history and Gerrans held on to the coveted jersey until Thursday’s 176 kilometre stage from Aix-en-Provence to Montpellier. PlannedOrica GreenEdge’s Sport Director Matt White admitted that putting Impey into yellow had been planned before the stage. “Simon (Gerrans) came to me yesterday afternoon and asked if it was okay for him to pass the jersey along to Daryl. I said it was fine. “It’s a dream come true, a magical moment. It’s a big day for South African and African cycling. This is a special day.” InterviewA beaming Impey commented in a post-race television interview: “If you told me that I would experience this moment in my life, I would tell you you were lying. “They’re great mates. What they’ve done for each other will never be forgotten. Simon won his stage with the perfect lead-out from Daryl, and he had his two days in yellow. Recalling the stage, Impey said: “I knew if I did the lead-out for Gossy as planned, I’d probably end up in yellow.” Yet, when the moment arrived, the South African star, a three-time stage winner this season so far, seemed somewhat surprised and overwhelmed. MontpellierIt was in the Montpellier, six years earlier where Robbie Hunter became the first South African to win a stage of the Tour, and Montpellier once again proved to be a happy place for South African cycling as Impey seized the yellow jersey. ‘This is it’Later, he said, on the Orica-GreenEdge website: “I was pretty emotional on the podium. I was standing there and thinking ‘This is it’ – this is the proudest moment ever of my career. I don’t think anything will ever top this. That’s not to say I’ll never be able to do it again, but not in this way. It’s like winning the jackpot.” The stage finished in battle of the sprinters, with Impey working to lead out Matt Goss. Andre Greipel of Lotto-Belisol raced to the win, but Impey’s work with Goss left him five seconds clear of Gerrans and moved him up into the yellow jersey, three seconds ahead of ahead of Sky Pro Cycling’s Edvald Boasson Hagen, with Gerrans in third, followed by Michael Albisini, also of Orica-GreenEdge. Impey doffed his cap to Hunter, who missed out on the Tour when his team, Garmin-Sharp, opted not to select a sprinter. “I have always been the second for everything,” he said, recalling how Hunter had always been the trailblazer, “but today I’m the first for a change.” Riding on the Australian-based Orica-GreenEdge team, Impey had shown up strongly throughout the first week of the Tour. It was his lead-out that helped team-mate Simon Gerrans win the third stage and with it the leader’s yellow jersey. Daryl Impey made history on Thursday when he became the first South African to don the yellow jersey in the Tour de France, in the 100th edition of the world’s greatest cycle race. 5 July 2013 South African-educated Kenyan Chris Froome, the pre-race favourite, sat in seventh place, eight seconds off the lead. “For Daryl to be first South African in yellow, even if it is only one day, well, it will change his life forever.”last_img read more

Chatroullete Expands to Location and Channels

first_img Top Reasons to Go With Managed WordPress Hosting A Web Developer’s New Best Friend is the AI Wai… 8 Best WordPress Hosting Solutions on the Market Related Posts Tags:#Messaging Services#web center_img Why Tech Companies Need Simpler Terms of Servic… Chatroulette, the face-to-face random video chat service, is growing slightly less random. The service is adding Localroulette, for location-specific chats, and Channelroulette, for specific topics.Given the surge of interest in location-based apps, the choice to create a geolocating chat is not surprising. The utility of the themed channels is a bit less easy to grasp once you see what’s there. Perhaps not shockingly, given the reputation of the service as being a bit on the gamey side at the best of times, the number one channel is “sex.” The next in line include “gayteen,” “girls” and “milfs.” Notably absent are “19th century French symbolist poets” and “chiasmus.” Since you can, apparently, create a new channel by adding a subdomain, we’ll try to rectify the obsession with gettin’ it on by creating a topic channel for a passionate but neglected group: Those who wish to engage in spirited debate over whether Robert Kagan or Francis Fukuyama is cooler. We don’t think it will come as too much of a surprise when “Robert vs. Francis” overtakes “milfs.” Do you? Read more Chatroulette coverage from ReadWriteWeb. curt hopkinslast_img read more

Maharashtra govt. to provide relief to farmers hit by untimely rains

first_imgMaharashtra Chief Minister Devendra Fadnavis on Monday asked the Chief Secretary to carry out assessment of crops damaged due to untimely rains at the earliest so that immediate relief can be provided to farmers. Heavy post monsoon showers in some parts of the State in last few days damaged crops and inundated low-lying areas. Taking serious note of it, Mr. Fadnavis ordered completion of crop damage assessment at the earliest.“CM @Dev_Fadnavis instructed Chief Secretary to provide immediate relief to farmers who were affected by the heavy rains in some parts of Maharashtra by completing survey at the earliest,” the Chief Minister’s Office (CMO) tweeted. Heavy rains lashed parts of Hingoli, Parbhani, Aurangabad and Jalgaon districts in last few days. A man and his son were killed when a wall of their house collapsed on them in Parbhani on Sunday, an official said. Besides, a person drowned in a canal while trying to cross it in Hingoli, he added.last_img read more