Brics increasing trade with Africa

China boosts its trade ties with Africa by signing a  number of new deals with Tanzania as competition heats up for the continent’s mineral wealth and oil reserves. 2000 chinese companies are dealing  with African continent  and doing business in africa.’

2013 Brics Summit

heads of state bric 2013 summit

The 2013 BRICS summit will be the fifth annual BRICS summit, an international relations conference attended by the head of states or heads of government of Bric nations

The city of Durban, located on the coast of the Indian Ocean, Republic of South Africa, hosts on 26-27 March Bric summit. BRICS is an acronym that refers to the founding members of the BRIC group comprising Brazil, Russia, India and China which now includes Africa

The BRICS nations hold a combined foreign-currency reserves of $4.4 trillion and  has 43 percent of the world’s population and is currently rapidly growing  in their economic power.

Heads of state BRICS 2013

BRICS’ – Brazil’s President Dilma Rousseff, Russia’s President Vladimir Putin, India’s Prime Minister Manmohan Singh, China’s President Hu Jintao and South Africa’s President Jacob Zuma.

India has increasingly grown its manufacturing base in china  and done telecom deals in the past  with African businesses. In recent news the biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.

Chinese President Xi Jinping will set out plans for mining and infrastructure development on a trip to Africa this week  and during his eight-day trip Xi, 59, stops in Tanzania, Congo Republic and South Africa,  he’ll sign business cooperation deals and attend a summit of BRICS nations

Economic data shows that the BRICS now account for 25 percent of global GDP and 40 percent of the world’s population.

The leaders in the 2013 summit , in South Africa will gather to discuss a proposal to challenge World Bank domination with a new “World development bank” . The grouping of Brazil, Russia, India, China and hosts South Africa are racing to elaborate on proposals for an infrastructure-focused lender that would challenge seven decades of dominance by the World Bank.

The proposal of this new bank will be competition to World Bank, the International Monetary Fund  which has its roots in the US

Zimbabwe polls In south africa

Zimbabwe’s new constitution was supported by the countries’ two main political parties who have been in a power-sharing government since 2009 and approved by an overwhelming majority in Saturday’s referendum as reported by electoral commission

Qatar Motor Show 2011 Pictures

It is said Zanu-PF’s 89-year-old leader, President Robert Mugabe, will be able to stand again in elections expected in July. Official results show 3,079,966 voted "Yes", 179,489 voted "No", with 56,627 recorded spoilt ballots.

 

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Brazil economy slowdown fears and currency swaps

President Dilma Rousseff is said  to cut federal taxes  according to a government official with knowledge of the decision, with cuts on basic foods in a bid to tame inflation, after a report showed today consumer prices rose more than analysts forecast for an eighth straight month.

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Brazil’s swap rates climbed to a six-month high as a report showed annual inflation accelerated in February, fueling speculation the central bank will lift borrowing. Latin America’s biggest economy expanded 0.9 percent in 2012, its slowest pace in three years, the national statistics agency reported March 1

Tax cuts failed to kick-start the economy last year,  in spite of  weaker currency and lower cost borrowings.  The Annual inflation grew to 6.31 percent and has exceeded the central bank’s 4.5 percent target for 30 months with economists forecast 2013 inflation at 5.7 percent.

BRAZIL GDP GROWTH RATE

The Gross Domestic Product (GDP) in Brazil expanded 0.60 percent in the fourth quarter of 2012 over the previous quarter. GDP Growth Rate in Brazil is reported by the IBGE.

Brazil currency “real” has rallied 5.5 percent against the dollar this year, with  the central bank has swung between selling currency swaps to prevent the real from falling too quickly and offering reverse currency swaps to protect exporters by preventive excessive gains.

OGX Petroleo & Gas Participacoes SA (OGXP3) to LLX Logistica SA (LLXL3) surged yesterday as investors put faith in Esteves, whose BTG is the most profitable Brazilian bank and likes his chances of bringing back these companies on track and profitability.

Brazilian billionaire Eike Batista signed an agreement this week with Grupo BTG Pactual’s Andre Esteves to co-run a strategic and financial management committee for his six publicly traded companies. Esteves, 44, is worth $4.9 billion, according to the Bloomberg Billionaires Index with his fortunes derived mostly from his 22 percent stake in BTG Pactual.