South Africa Financial News

Russian President Vladimir Putin will be notably absent when Chinese President Xi Jinping and other leaders from the BRICS group of emerging economies begin a three-day summit in South Africa on Tuesday

Narendra Modi on Tuesday said India will soon become a USD 5 trillion economy and is poised to become the growth engine of the world in the coming years. Speaking at the BRICS Business Forum Leaders' Dialogue, Modi highlighted that «mission-mode» reforms has improved the ease of doing business in India and invited businesses to be part of the country's development journey. While mentioning about the strides made by India on the digital payments front, Modi said there are many possibilities for using the Unified Payments Interface (UPI) for BRICS. He also said that Brazil, Russia, India, China and South Africa (BRICS) together can contribute significantly to global welfare, particularly of the Global South. The prime minister, who is in South Africa to participate in the first in-person summit of BRICS nations since 2019, told the gathering that despite the turmoil in the global economy, India today is the fastest growing major economy in the world. «Soon, India will become a USD 5 trillion economy.

BRICS summit in Johannesburg, South Africa, that started yesterday will discuss many things. It will, however, focus on membership expansion from five members — Brazil, Russia, India, China, South Africa — to a much larger group. South Africa has invited 67 countries to the summit of which 53 are African.

China's leader Xi Jinping told the BRICS bloc of nations on Tuesday that China's economy was resilient and that the fundamentals for its long-term growth remained unchanged. Xi, who is in South Africa for a summit of the BRICS countries Brazil, Russia, India, China and South Africa, made the remarks in a prepared statement read by Chinese Commerce Minister Wang Wentao at a business forum.

PM Modi on Tuesday addressed the BRICS Business Forum Leaders' Dialogue in South Africa’s Johannesburg. In his address, PM said India is the fastest-growing major economy in the world.

COVID-19 pandemic. The BRICS group was formed in 2009 by Brazil, Russia, India and China. South Africa was added in 2010.

Narendra Modi arrived in South Africa on Tuesday on a three-day official visit during which he will attend the 15th BRICS summit and hold bilateral meetings with a number of world leaders. PM Modi was welcomed by Indian diaspora with chants of 'Vande Mataram' at Sandton Sun Hotel in Johannesburg.

Narendra Modi is expected to hold a bilateral meeting with Chinese President Xi Jinping on the sideline of the BRICS summit. Giving a hint of the meeting, PM Modi, on Tuesday, said that he looks forward to holding bilateral meetings with "some of the leaders present in Johannesburg". Shedding light upon PM Modi's schedule in Johannesberg during the BRICS summit, Foreign Secretary Vinay Kwatra in a special briefing, said that the schedule for bilateral meetings with leader is still being developed.

Macroeconomist Lyn Alden has cast doubt on a proposal that would see five countries work together to develop a common BRICS currency — arguing it will likely struggle to get off the ground and fail to dethrone the United States dollar.

BRICS economic alliance, comprising Brazil, Russia, India, China and South Africa, are gathering in Johannesburg's financial district of Sandton for a three-day summit. The meeting is anticipated to witness discussions on ways to consolidate political and economic influence in the developing world, marking a pivotal moment in international diplomacy. China's President Xi Jinping's participation in the summit underscores the nation's continued investment in the BRICS alliance as a vehicle for its strategic aspirations.

Read all the latest updates on BRICS Sumit 2023 at Mint's LIVE blog:PM Narendra Modi on Tuesday left for South Africa to take part in the BRICS Summit being held in Johannesburg. PM Modi on the X platform wrote, " I will also take part in the BRICS-Africa Outreach and BRICS Plus Dialogue events.

BRICS Summit: Prime Minister Narendra Modi will leave for South Africa on Tuesday to participate in the 15th BRICS summit, a grouping of the world economies of Brazil, Russia, India, China, and South Africa. The summit will take place from August 22 to August 24.

Xi Jinping has arrived in South Africa, Chinese state media reported Tuesday, where he will attend the BRICS summit in Johannesburg. The state visit will be Xi's second of 2023, after making an official trip to Russia in March. «Chinese President Xi Jinping arrived in Johannesburg on Monday to attend the 15th BRICS Summit to be held here, and pay a state visit to South Africa,» Xinhua news agency said, adding he had been «warmly welcomed» by South African President Cyril Ramaphosa. «Xi said that he is very glad to visit South Africa again and looks forward to having in-depth exchanges of views with Ramaphosa on deepening China-South Africa relations and issues of common interest,» Xinhua said. The heads of Brazil, China, India and South Africa plus Russia's top diplomat will gather from Tuesday to Thursday this week under the theme «BRICS and Africa», South Africa's Foreign Minister Naledi Pandor said this month. Russian President Vladimir Putin — who is sought by the International Criminal Court (ICC) for his role in the Ukraine war — will not attend this year's BRICS conference in South Africa, which is a signatory of the ICC. The Chinese leader previously visited South Africa in 2018 as he sought to enhance his country's diplomatic and economic ties with the continent. On the agenda at this year's summit will be the possible future expansion of BRICS membership, which the bloc has previously indicated it is open to. Several African countries have previously expressed a desire to join the bloc, including Algeria, Egypt and Ethiopia. A total of 69 countries have been invited to the summit, including all African states. BRICS, a loosely-defined group that sees itself as a counterweight to Western economic domination,

Prime Minister Narendra Modi will leave for South Africa on Tuesday to participate in the 15th BRICS summit. It is a grouping of the world economies of Brazil, Russia, India, China, and South Africa. The BRICS summit will be held from August 22-24.

Narendra Modi will be in Johannesburg for the Brics leaders’ summit, starting today. The five-nation grouping will meet amid disagreements on expansion and a common currency. Questions persist over the bloc’s relevance, too.

Brics bloc of emerging economies to counterbalance Western influence, while others in the group are reluctant to admit new entrants, such as Iran and Cuba, for fear of alienating Washington. The debate among the Brics nations—Brazil, Russia, India, China and South Africa—about whether and how to expand will likely feature prominently during the group’s first in-person leaders’ summit since the pandemic. The presidents of Brazil, China and South Africa, as well as the Indian prime minister, are set to attend the gathering here starting Tuesday.

NEW DELHI : Foreign Secretary Vinay Mohan Kwatra on Monday downplayed the possibility of Brics countries developing a common currency. Briefing the media, Kwatra said deliberations among Brazil, Russia, India, China and South Africa have been focused on boosting trade in national currencies instead of on developing a common currency.

BRICS group of countries starts on Tuesday in South Africa, the only add-on member of what began as a quartet of Brazil, Russia, India and China, which formed the original ‘BRIC’ coined by Goldman Sachs two decades ago by clubbing together hot emerging markets for global investors to bet on. Such summitry has been a regular feature since 2009, and its most notable achievement has been the Shanghai-based New Development Bank set up by the group as a multilateral lender, an alternative to the West-led World Bank and International Monetary Fund. What’s new is the context: a geopolitical upheaval is underway in the post-Ukraine-war world.

Narendra Modi on the sidelines of the 15th BRICS Summit in South Africa, Foreign Secretary Vinay Kwatra has said that the Prime Minister's schedule is still being developed. Ahead of Prime Minister Narendra Modi's visit to South Africa and Greece, Kwatra, in a special press briefing said, "As I mentioned in my remarks, the host country South Africa has invited a large number of guest countries, besides of course the BRICS members who would be present there." "The Prime Minister's schedule in terms of bilateral meetings with those leaders who would be present in South Africa is still being developed," Kwatra said.

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Prosus, the Dutch-listed arm of South African technology investor Naspers, has undertaken an internal revamp, separating its edtech and food-delivery segments into two discrete segments, with dedicated leadership. The move was communicated internally to teams last week. The change will come into effect starting September 1.