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At the 5th BRICS Summit that begins in South Africa today, the heads of state of Brazil, Russia, India, China and South Africa are expected to ratify the creation of the BRICS Bank. After discussion and study for over a year by the respective governments, the bank will be launched with seed money estimated at between $50 billion to $100 billion, and most likely an equal share of voting rights for the management of the bank. What remains
The establishment of a BRICS Development Bank will be among the prime topics of discussion at the BRICS Summit on March 26. Gateway House’s Akshay Mathur interviews former Indian Ambassador and Foreign Secretary, Shyam Saran, on the prospects and viability of alternate financial architectures.
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Despite U.S. President Barack Obama’s re-election, a number of issues like the U.S.’s national debt, unemployment and the military withdrawal from Afghanistan need to be addressed. With these multiple national and global imperatives crowding his agenda, will Obama have any time for India?
Rajat Gupta, former chief of McKinsey & Co., was sentenced to two years in jail for insider trading and a fine of $5 million. Whether that will send a deterrent message to corporate boardrooms, which prosecutors claim, is unclear.
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All the major economic forces in the world have come together in Africa in a new version of the Great Game. The competition for the continent’s resources will ultimately harm Africa unless Africa uses this opportunity to its advantage and to address its own serious problems.
As India looks to diversify its sources for energy imports and grapples with food security issues, it is looking more towards Latin America. Gateway House interviews Ambassador Deepak Bhojwani to discuss India’s prospects with this increasingly significant region.
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Front running is a form of insider trading, where investment banks use customers' trading information to trade for themselves, ahead of their clients. This practise results in huge losses to the investors, and abates trust in financial markets. How can the Volcker Rule contain this practice on a global scale?
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India seems to be treading down the path of fruitless populism that crippled many countries in the past, most notably in Latin America. But like Latin America, India too can embark on a course-correction by implementing pragmatic economic policies alongside progressive but results-driven social spending.
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The past decade has seen a significant rise in trade and investment flows between India and the Latin American and Caribbean (LAC) region. With an international system in flux, it is time for India and LAC to work together to shape a global order that better reflects current economic realities.
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As the revelations pile up after the LIBOR rigging incident, it seems Europe and Britain are more committed to enforcement action than America. Real conservatives believe fully in market capitalism, that prices must come from uncorrupted market signals. Could this start a sea-change for enforcement globally?
