With the establishment of their own bank, BRICS countries (Brazil, Russia, India, China and South Africa) wanted to make a statement: No longer would they be dependent on the World Bank and the IMF. The New Development Bank has opened for business.
China is the world's second-largest economy and is fast catching up on the US amid a trade war, while Russia is, well, still Russia. So, as the BRICS meet up, we ask what is the point of this oddly divergent group.
The BRICS nations are in agreement on one thing — their increasing opposition to the US. Yet they have developed in different ways and at times pursue divergent interests.
The World Trade Organization is facing a major crisis as its appellate body loses its ability to rule on new dispute cases. The US has been blocking the appointment of new judges to protest the way the WTO does business.
German authorities watched the suspected illegal banking operation for a year before their raid. The suspects are accused of running an illegal hawala banking system between Germany and Turkey.
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