Monday, 21 July 2014

Brics countries create $100bn bank to ease western grip on global finances

Brazil, Russia, India, China and South Africa set up bank and currency pool to push for bigger say in global financial order.

MDG : The 6th BRICS summit in Brazil
Brics leaders, from left: Russia's president Vladimir Putin, India's prime minister Narendra Modi, Brazil's president Dilma Rousseff, Chinese president Xi Jinping and South Africa's president Jacob Zuma. Photograph: Mikhail Klimentyev / Ria Novosti / Kremlin Pool/EPA


The leaders of the Brics emerging market countries have launched a $100bn (£58.3bn) development bank and an emergency reserve fund in their first major step towards reshaping the western-dominated international financial system.

The Brics group comprises Brazil, Russia, India, China and South Africa. The bank, aimed at funding infrastructure projects in developing nations, will be based in Shanghai, and India will preside over its operations for the first five years, followed by Brazil and then Russia, leaders of the five-country group announced at a summit. They also set up a currency reserves pool to help countries forestall short-term liquidity pressures.

The long-awaited bank is the first major achievement of the Brics countries since they joined forces in 2009 to press for a bigger say in the global financial order created by western powers after the second world war, which centres on the International Monetary Fund (IMF) and the World Bank.

The Brics were prompted to seek coordinated action after an exodus of capital from emerging markets last year, triggered by the scaling back of US monetary stimulus. The new bank reflects the growing influence of the Brics, which account for almost half the world's population and about a fifth of global economic output.

The bank will begin with a subscribed capital of $50bn divided equally between its five founders, with an initial total of $10bn in cash put in over seven years and $40bn in guarantees. It is scheduled to start lending in 2016 and be open to membership by other countries, but the capital share of the Brics cannot drop below 55%.

The contingency currency pool will be held in the reserves of each Brics country and can be shifted to another member to cushion balance-of-payments difficulties. This initiative gathered momentum after the reverse in the flows of cheap dollars that fuelled a boom in emerging markets for a decade.

"It will help contain the volatility faced by diverse economies as a result of the tapering of the United States' policy of monetary expansion," said the Brazilian president, Dilma Rousseff. "It is a sign of the times, which demand reform of the IMF."

China, holder of the world's largest foreign exchange reserves, will contribute the bulk of the contingency currency pool, or $41bn. Brazil, India and Russia will contribute $18bn each and South Africa $5bn. If a need arises, China will be eligible to ask for half of its contribution, South Africa for double and the remaining countries the amount they put in.

Negotiations over the headquarters and first presidency were reached at the 11th hour due to differences between India and China. The impasse reflected the trouble Brazil, Russia, India, China and South Africa have had in reconciling stark economic and political differences that made it difficult for the group to turn rhetoric into action. "We pulled it off 10 minutes before the end of the game. We reached a balanced package that is satisfactory to all," said a Brazilian diplomat, who asked not to be named.

Negotiations to create the bank dragged on for more than two years as Brazil and India fought China's attempts to get a bigger share in the lender than the others. Brazil and India prevailed in keeping equal equity at its launch, but fears linger that China, the world's second-largest economy, could try to assert greater influence over the bank to expand its political clout abroad. China, however, will not preside over the bank for two decades.

The NGO ActionAid International said that while it was pleased that plans for the new development bank were gathering pace, more needed to be done to ensure it was inclusive. "There are still no clear indications of how other stakeholders, including civil society, can have input into the bank's policies," said its advocacy coordinator, Sameer Dossani. "This is crucial to avoid the mistakes of the World Bank and others in the past."


Link source: http://www.theguardian.com/global-development/2014/jul/16/brics-countries-development-bank

Couple Married 63 Years Dies On The Same Day

pettiswedding


Back in 1951 Bob and Barbara Pettis made a vow to love each other "until death do us part" -- and they never broke it.

Eighty-two-year-old Barbara died on the morning of June 30, in an Oklahoma nursing home after battling health problems for a couple of years. 85-year-old Bob, who was in the hospital at the time with a case of pneumonia, died just hours later at 8 pm, reports NewsOK.

The couple's son, Clay Pettis, was not one bit surprised they died on the same day. "I don't believe in coincidences, and I didn't sit down and tell Dad that Mama was gone. But I'm sure he knew," he told NewsOK.

Bob and Barbara were both schoolteachers later in life and although they lived simply, they lived fully. “They lived just ordinary lives, but you get closer and start looking, and you realize that what you thought was ordinary was very extraordinary,” Pettis said of his parents.

Extraordinary indeed. Their 63-year marriage is a testament to how much they really cared for each other. "They weren’t all ‘smoochy-woochy, touchy-wouchy,’ but in their voices, and the way they looked at each other, you could see their love. Just in the little things,” said Pettis.

The couple is survived by their three children, Clay, Leslie Neeley and Jim Cole, 11 grandchildren and five great-grandchildren.

2014-07-15-ScreenShot20140715at3.28.21PM.png



Source link: http://www.huffingtonpost.com/2014/07/15/couple-dies-together_n_5589574.html

The Huffington Post  | By Taryn Hillin


Suarez Needs Help Of A Psychiatrist —Uruguay President


Photo: Suarez Needs Help Of A Psychiatrist —Uruguay President

Uruguay President Jose Mujica has slammed FIFA for their treatment on Luis Suarez, claiming the striker needs help not a ban, FootballEspana reports

The Barcelona forward is banned from football for four months after biting Giorgio Chiellini during the Celestes’ match with Italy at the World Cup.

But the nation’s leader believes that the goalscorer is in need of a psychiatrist.

“He comes from a poor background and his main intelligence is in his feet,” Mujica told Folha de Sao Paulo.

“It’s better to take him to hospital and once there, see a psychiatrist.

“I’m not disputing the sporting sanctions, they’re fine. What I’m disputing is that there are certain things that shouldn’t have anything to do with the ban.

“The fact he can’t go on any football pitch, that he can’t be with any of his team-mates in the national team, he can’t go to a football stadium or even support a charity event linked with football.

“It’s crazy! Not even a government can prohibit someone from entering a football stadium, without the signature of a judge.

“Then FIFA come along and say he can’t do that for four months… without even a legal tribunal.

“I believe Fifa have a mentality of old people.

“They want to appear as though they’re learning from their mistakes, but never do.

“The only thing they generate is hatred and resentment. What this lad needs is someone to give him a helping hand.

“Now we’ll get to see (Suarez) playing alongside Neymar and (Lionel) Messi. We don’t know when that will be, though.”

Meanwhile, Juventus Director Pavel Nedved has sided with Suarez in the Chiellini biting row.

“I was very angry with Chiellini for his reaction, as he behaved like a child showing the bite mark to the referee,” he told Denik Sport.

Goal.com


Uruguay President Jose Mujica has slammed FIFA for their treatment on Luis Suarez, claiming the striker needs help not a ban, FootballEspana reports

The Barcelona forward is banned from football for four months after biting Giorgio Chiellini during the Celestes’ match with Italy at the World Cup.

But the nation’s leader believes that the goalscorer is in need of a psychiatrist.

“He comes from a poor background and his main intelligence is in his feet,” Mujica told Folha de Sao Paulo.

“It’s better to take him to hospital and once there, see a psychiatrist.

“I’m not disputing the sporting sanctions, they’re fine. What I’m disputing is that there are certain things that shouldn’t have anything to do with the ban.

“The fact he can’t go on any football pitch, that he can’t be with any of his team-mates in the national team, he can’t go to a football stadium or even support a charity event linked with football.

“It’s crazy! Not even a government can prohibit someone from entering a football stadium, without the signature of a judge.

“Then FIFA come along and say he can’t do that for four months… without even a legal tribunal.

“I believe Fifa have a mentality of old people.

“They want to appear as though they’re learning from their mistakes, but never do.

“The only thing they generate is hatred and resentment. What this lad needs is someone to give him a helping hand.

“Now we’ll get to see (Suarez) playing alongside Neymar and (Lionel) Messi. We don’t know when that will be, though.”

Meanwhile, Juventus Director Pavel Nedved has sided with Suarez in the Chiellini biting row.

“I was very angry with Chiellini for his reaction, as he behaved like a child showing the bite mark to the referee,” he told Denik Sport.

Goal.com

My Relationship With Genevieve – Mikel Obi





“I spoke to her a few times and she’s a very lovely person.”

Super Eagles and Chelsea FC of England midfielder, Mikel Obi, on Tuesday explained his relationship with Nigerian actress, Genevieve Nnaji.

Mikel, who is an Amstel Malta Ambassador, spoke as a guest at an event organised by the brand on the Nigerian Breweries premises in Lagos.

“We work together, it’s a working relationship,” Mikel said. “We endorsed Amstel Malta together, she’s a very nice person; I spoke to her a few times and she’s a very lovely person.”

The Chelsea midfielder also suggested tips for success. He said that there was no shortcut to success and that hard work had a lot of benefits.

“If you run away from hard work and think there’s a shortcut, there’s no shortcut to success, so you always have to give up all the extravagant nightlife and all that to succeed.

“And sustaining it is the most difficult part of it. It’s not how you get at the top, it’s how you maintain it, how you stay at the top.

“So being at the top, you have to work twice, three times harder than you did before getting up there and that’s how you succeed.

“I love coming out here and enjoying myself with my fans. I’ve always said that if something is planned properly, I will come out and share my time with people.

“It gives us joy every time we see fans come out and support us and keep praying for us.

“I love when you guys criticise me for not doing something right; I love when you guys praise me as well. So I love all of it.”

The footballer also spoke on the abduction of over 200 teenage girls by the Boko Haram in Chibok, Borno State.

“I wish I knew where those girls (Chibok) are; if I knew I would go there and pick them up and bring them back. But it’s out of my hands but we will keep praying and keep hoping that they are all safe and they will be returned to their families.”

(NAN)




What if everything we know about poor countries' economies is totally wrong?


World Bank president Jim Yong Kim


As China and India continue their fairly rapid paces of economic growth, a greater and greater share of extreme poverty is going to be concentrated in sub-Saharan Africa. But if we're going to make progress there, we need to have good numbers about how various economies are faring, how income is distributed within them, and so forth.

The trouble, Simon Fraser University economist Morten Jerven argues, is that those numbers are often incomplete at best and downright false at worst. It's a problem that came into sharp relief recently when Nigeria "rebased" its GDP numbers, doubling its GDP in the process.

Jerven and I spoke on the phone about his book on the topic, Poor Numbers, the extent of the problem, and how to fix it. If you're interested in learning more, the Center for Global Development's Amanda Glassman and Alex Ezeh have a great new report on improving data quality. Columbia's Chris Blattman had a smart post on why it might make sense for African governments to prioritize things other than improved data collection, and Slate's Josh Keating had a helpful round-up of the debate here.

Read more on: http://www.vox.com/2014/7/10/5885145/what-if-everything-we-know-about-poor-countries-economies-is-totally



India six-year-old 'raped in Bangalore school by staff members'


File photo of an anti-rape protest in Delhi


A six-year-old schoolgirl has allegedly been raped by two staff members at a prominent school in the southern Indian city of Bangalore, police say.

The alleged assault happened on 2 July but her parents discovered it only a few days ago after she complained of stomach ache and was taken to hospital.

Meanwhile, hundreds of parents have protested outside the school, pulling down its gates and shouting slogans.

Police have registered a case, but they are yet to make any arrests.

The BBC's Andrew North in Delhi says it's the latest in a series of sexual assault cases that have made headlines in India.

Figures show more rapes are being reported in general, which is a sign that the crime is being taken more seriously, our correspondent reports. But India's sluggish judicial system means it can take years for victims to get justice.

New Prime Minister Narendra Modi has promised a zero tolerance approach on crimes against women, but violence and discrimination against women remain deeply entrenched in society.

The girl was allegedly raped by a security guard and a gym teacher, but as there are multiple guards and gym instructors in the school, police say they are trying to identify the guilty, BBC Hindi's Imran Qureshi reports from Bangalore.

As news of the incident became public, hundreds of parents gathered outside the school, protesting against the alleged insensitivity of the school management.

"They have handled it very shoddily," said Vivek Sharma, parent of a boy studying in the school.

On Thursday, school chairman Rustom Kerawala addressed a meeting of the parents where he offered his "sincere apologies" and promised "full co-operation" with the police investigation.

Scrutiny of sexual violence in India has grown since the 2012 gang rape and murder of a student on a Delhi bus.

The brutal crime led to massive outrage in the country and forced the government to introduce tougher anti-rape laws, including the death penalty in rare cases.

But the law appears to have failed to act as a deterrent. Statistics from the National Crime Records Bureau for 2013 show one rape was reported every 21 minutes.


Source: BBC

KANYE WEST HAS PUT A GPS ON KIM KARDASHIAN'S PHONE TO TRACK HER !


Kanye West has put a GPS on Kim Kardashian's phone to track her !



Kim Kardashian lives the Amercian dream. Beauty, money, children, fame, she has it all. She has everything except her freedom. Kanye West is paranoid! After building a hospital in his home, he now starts to attack Kim Kardashian.

We know Kanye West wants everything and the best! Obsessed by his wealth and his power, the rapper wants to have control over everything. A selfish attitude that allowed him be on top. According to RadarOnline, this time the rapper had the good idea to install a GPS in Kim Kardashian’s phone to know at any time where she is and what she does.

"Kim feels like being trapped" a source told RadarOnline exclusively. "She does not control her own life and she became very frustrated." "Kanye has installed a GPS in his phone so he knows where she is at any time. He constantly calls her and asks her to prove that she really is where indicated by the GPS. "

The source added: "Kanye wants to play the role of manager and agent for his wife," "he doesn’t let her breathe and she began to get tired of it." "She wants to be a good mother and a good wife but it starts to get very difficult for her."

Another divorce for Kim ?




Link source: http://www.trace.tv/en/media/news/music/kanye-west-has-put-a-gps-on-kim-kardashian-s-phone-to-track-her_20097