House of BRICS

July 15, 2014

The BRICS nations are holding their annual summit this week in Fortaleza, Brazil, and the biggest item on the agenda is the creation of a joint development bank. While all five BRICS countries have pledged to contribute to the $100 billion development bank as well as a reserves fund, China and India are both gunning to be the nation that hosts the institution. Indian trade minister Nirmala Sitharaman made a strong push for his country, saying, “Any city in India has its natural advantages, English-speaking, very skilled manpower, and…India is very centrally located.” Still, there’s no doubt that one country is the real economic powerhouse in BRICS: China.

Argentina leads the emerging markets ‘bloodbath’

January 24, 2014

The Argentine peso had a terrible day on Thursday, falling 11% against the dollar. It was the worst day since the country’s 2002 financial crisis. In fact, there’s a broader rout in emerging markets going on.