Modi to raise terror issue at BRICS meet

Putin Declares War Against The US Dollar

China has begun construction of headquarters for the new BRICS New Development Bank, NDB, in Shanghai, marking its inauguration with a groundbreaking ceremony.

Currently, the bank only offers loans to governments or public programs.

Wang, who was one of the Chinese experts threatening India with war during the standoff at Doklam, said "there was no reason for India and China to be hostile to each other".

"Increasing disposable income, wide use of the Internet and improved payment and logistics services have driven the sustained and rapid development of e-commerce in the five countries", said Ouyang Cheng from the Ali Research Institute.

The two-day visit comes as renewed violence in Myanmar's Rakhine state forces thousands of Rohingya Muslims to seek refuge in neighbouring Bangladesh, with many drowning as they attempt to cross the border river in makeshift boats.

Indicating a possible summit-level meeting between India and China, Prime Minister Narendra Modi on Saturday said that he would hold bilateral meetings with BRICS member countries in Xiamen on the sidelines of the BRICS summit. The theme of this BRICS Summit is "Stronger Partnership for a Brighter Future". But by investing its prestige in BRICS as a collective medium through which China can shape the emerging world order, Beijing has also been forced to constrain its worst jingoistic and bullying characteristics. "This serves the common interest of all parties". If upholding multilateralism at a time when Western powers are abandoning it is a concrete accomplishment of BRICS, transitioning to what China is labelling as a "new kind of globalisation" is no less a monumental task.

The agreement on credit ratings allows the ICM members to share information about internal credit ratings assigned to clients, as well as rating assessment and assignment methodologies, the Russian bank said.

At the meeting with BRICS corporate leaders, Kamath said he hoped they would be able to take loans in local currencies as part of the bank's initial wish to "break away from the tyranny of hard currencies".

Beijing's Belt and Road project, whose key artery the China-Pakistan Economic Corridor passes through a disputed Kashmir area claimed by India, is another sore point between the two nations.

Mr Modi leaves for Xiamen on Sunday to attend the Brazil-Russia-India-China-South Africa (Brics) summit on September 4. She meant the five members of BRICS including India when she mentioned "relevant parties". But BRICS has enough variety and diffusion of power to check China's ambitions of painting the world in monochrome red.

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