Russia And China Plan New Bank To Replace The IMF

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Russia And China Give $100 Billion To Create New Bank to Replace World Bank, IMF

The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.

The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that began today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.

“If they announce a BRICS bank it will be quite something,” O’Neill said in an e-mailed reply to questions on March 15. “At a minimum it symbolizes they can achieve something as political group and means lots of other things could follow in the future. It also means that they will have their own kind of special World Bank, which may aid infrastructure and trade projects.”

Finance ministers and central bank governors from the BRICS nations, who met in Durban today, agreed to set up currency crisis fund of about $100 billion, Brazilian Finance Minister Guido Mantega told reporters today. He didn’t give details of proposed funding for the new bank, which Brazil wants established by 2014. The nation’s leaders are due to sign a final accord tomorrow.

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Videos

Ferrari FF: The World’s Only 200 Mph ‘Family’ Car

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Consumers struggle with Cyprus banks closed.

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Why Has Copper Dropped Out of the Mining Rally?

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Global Outlook: Is Gold Losing Its Shine?

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Will consumers wear Apple Smartwatches, Google Glasses?

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Chinese market may have peaked.

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Dick Bove on Cyprus, Europe and U.S. banks.

No surprise.  Bove says all Euro banks must be bailed out. 

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Steve Chen: No Regrets About Selling Youtube

Start watching at 45 second mark.

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iFixit: The App for the Fix-It-Yourself Revolution

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China - World's Most Profitable Bank

Comments

[DailyBail]

Promoters: MMA fighter faked death

http://espn.go.com/mma/story/_/id/9085125/promoters-say-mma-fighter-charles-rowan-faked-death

[DailyBail]

Drugs for Indian Poor Spark Pfizer Anger at Lost Patents

http://www.bloomberg.com/news/2013-03-27/drugs-for-indian-poor-spark-pfizer-anger-at-lost-patents.html

[DailyBail]

Pending Sales of U.S. Existing Homes Decline 0.4%

http://www.bloomberg.com/news/2013-03-27/pending-sales-of-u-s-existing-homes-fell-0-4-in-february-1-.html

[DailyBail]

China’s largest banks capped a sixth year of record profits by posting a 21 percent average return on equity, more than twice the rate earned by U.S. and European competitors led by JPMorgan Chase & Co. (JPM)

http://www.bloomberg.com/news/2013-03-27/icbc-profit-beats-estimates-on-lending-growth-bad-debt-control.html

[DailyBail]

The Euro’s Original Sin

http://wallstreetpit.com/99301-the-euros-original-sin/

[DailyBail]

Fed's Evans wary of slowing bond-buying pace

WASHINGTON (MarketWatch) - The Federal Reserve shouldn't scale back the pace of its bond-buying program anytime soon, said Charles Evans, president of the Chicago Federal Reserve Bank. "I think it is ...very successful. I can't see that those are the parameters for doing less,"

http://www.marketwatch.com/story/feds-evans-wary-of-slowing-bond-buying-pace-2013-03-27-149105

[DailyBail]

Fed's Pianalto: Scaling back QE could come soon

http://www.marketwatch.com/story/feds-pianalto-scaling-back-qe-could-come-soon-2013-03-27

[DailyBail]

Fed doves in no rush to scale back asset purchases

Flurry of speeches by central bankers doesn’t change policy outlook

http://www.marketwatch.com/story/fed-doves-in-no-rush-to-scale-back-asset-purchases-2013-03-27

[DailyBail]

This Teenager Just Made Millions Off Yahoo

http://www.bloomberg.com/video/this-teenager-just-made-millions-off-yahoo-4vBzP8~lTmOx~lO7vAGDiA.html

[john]

The problems in Bulgaria are pretty bad to say the least. That entire region has been raped while the vultures circle overhead. I have been watching certain renewable energy concerns operating there for quite awhile . Here is a story about their electricity problems and a bit about their new watchdog...


http://www.novinite.com/view_news.php?id=148525

[john]

BRICS has a news site called The BRICS Post.

http://thebricspost.com/category/brics-news/#.VJHoP0vHLHM

[skinflint]

Looks like a pretty decent layout there John. Thanks.