By Jens F. Laurson and George Pieler, Contributor
Led by China, the five “BRICS” states (Brazil, Russia, India, China, South Africa) plan to set up a development bank of their own. This is loosely characterized as an IMF and World Bank rival, which is to say an unholy combination of the two. Does this mean the fast-growing graduates of the Developing World are finally coming together as a potent force?
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Watch Out, World Bank. Here Comes the BRIC Bank!
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Source: Drudge Report
China and Brazil Ditch US Dollar...
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Iraqi oil: Once seen as U.S. boon, now it's mostly China's...
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Putin's bodyguards fight with security; told to put 'nuclear suitcase' through X-ray...
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PAPER: New global visions are welcomed...
(First column, 15th story, link)
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Source: Drudge Report
Assad Appeals to BRICS for Help...
(First column, 13th story, link)
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Source: Drudge Report
Leaders of the five BRICS nations fueling global economic growth plan the creation of a development bank in a direct challenge to the World Bank that they accuse of Western bias.
The bank would use $50 billion of seed capital shared equally between Brazil, Russia, India, China and South Africa but would undoubtedly be dominated by China. It would be the first institution of the informal forum started in 2009 amid the economic meltdown to chart a new and more equitable world economic order.
President Vladimir Putin on Wednesday gave Russia‘s support to the bank but cautioned it “must work on market principles.”
India‘s trade minister says BRICS will “have a defining influence on the global order of this century.”
Syria‘s embattled and increasingly isolated president has appealed to the leaders of a five-nation economic forum meeting in South Africa to help end his country’s two-year conflict.
President Bashar Assad says Syria is being subjected to “acts of terrorism backed by Arab, regional and Western nations” — a reference to the Western-backed opposition fighting his regime.
Assad’s appeal came in a letter sent to the BRICS forum of emerging market powers. The World Bank says these countries — Brazil, Russia, India, China and South Africa — are driving global economic growth.
Assad’s letter was published by Syria‘s state media on Tuesday.
Syria‘s crisis began in March 2011 with protests demanding Assad’s ouster. Following a harsh government crackdown, the uprising steadily grew more violent until it became a full-fledged civil war.
South Africa‘s state-owned Denel Aviation says it is unveiling the first authorized maintenance and service center for hundreds of Russian helicopters operating in sub-Saharan Africa.
Denel CEO Mike Kgobe told The Associated Press that South Africa‘s and Russia‘s membership of the BRICS economic forum eased the way for two years of negotiations with Russian Helicopters. Tuesday’s launch comes as Russian President Vladimir Putin arrives in South Africa for a summit of emerging market economies that groups Brazil, Russia, India, China and South Africa.
Kgobe said the new facility in Johannesburg will start off servicing Mi-8 and Mi-17, both aircraft that can be used in civilian or military settings for transport or as gunships.
He said Denel offers lengthy experience in the high-tech field and knowledge of the local environment.
China and Brazil plan to sign a deal to do up to $30 billion of trade in their local currencies, as the five-nation BRICS forum of emerging market powers work to lessen dependence on the U.S. dollar and euro.
The agreement is to be signed Tuesday ahead of the official opening of a summit bringing together the leaders of Brazil, Russia, India, China and South Africa, and more than a dozen other African leaders.
Brazil‘s foreign trade minister Fernando Pimentel says the agreement would involve nearly half his country’s $75 billion annual trade with China.
The World Bank says that global economic growth increasingly depends on the BRICS countries which account for 27 percent of global purchasing power and include 45 percent of the world’s workforce.
Human rights activists from Brazil, Russia, India, China and South Africa are appealing to their leaders to use their influence to press Syria to allow unimpeded humanitarian access to U.N. agencies.
Camila Asano of Brazil‘s Conectas says it is “a responsibility” for leaders of a BRICS summit starting Tuesday in South Africa to act to protect Syrian civilians.
Human Rights Watch director Jan Egeland wrote separately that it is “time for BRICS to stop sitting on the fence over Syria‘s atrocities.”
BRICS countries oppose foreign intervention in Syria and accuse the West of forcing regime change. Russia, China and South Africa have vetoed U.N. Security Council resolutions on Syria.
The U.N. estimates some 70,000 people have been killed since Syria‘s civil war began with peaceful protests two years ago.
By Aimee Duffy, The Motley Fool
Filed under: Investing
The success of employing new technology to exploit unconventional sources in the U.S. can sometimes distract us from the world energy picture. Discoveries of oil and gas in foreign lands can and will impact the state of American energy, however. With that in mind, let’s take a look at energy development in three very different places: East Africa, New Zealand, and Colombia.
East Africa
The story about East Africa‘s offshore natural gas reserves has been growing for quite some time. Like any good story, the numbers and size of the reserves in question grow as it gets told more often. Except unlike most fables, these outsized numbers aren’t borne of exaggeration but of more drilling and a growing number of new discoveries. The region’s reserves are so highly sought after that in the past week alone there were three separate announcements involving some of the biggest oil companies in the world.
Last week, Italian energy company Eni announced that it was selling a 20% stake in its Area 4 project offshore Mozambique to China National Petroleum Corporation for $4.2 billion. CNPC is China‘s largest oil and gas company. A state-owned operation, it is also the parent of the publicly traded PetroChina. Area 4 is thought to hold 75 trillion cubic feet of gas.
Also last week, ExxonMobil and Norway’s Statoil discovered gas at their third deepwater well in Block 2, offshore Tanzania. With a 65% working interest in the project, Statoil is the operator and has completed five wells in the block over the last 15 months. Estimates now place the total gas reserves at 15 tcf to 17 tcf (trillion cubic feet).
Finally, Russian gas company Gazprom announced yesterday that it was also seeking a stake in Eni’s Area 4 project. Talks are only in the early stages, but expect this deal to continue to develop as Russian President Vladimir Putin travels to Africa for the BRICS summit next week.
New Zealand
At the beginning of the year, I wrote about Shell’s efforts to conduct seismic surveys offshore New Zealand in its quest for oil. This time, the story is about natural gas.
New Zealand is self-sufficient with its natural gas production. The country’s 20 natural gas fields generated about 1.5 tcf in 2011. The government’s Petroleum Action Plan aims to increase the development of these resources. Currently, gas production contributes roughly $2 billion to the country’s GDP.
So far, the plan seems to be working. Improving production results allowed Canadian company Methanex to announce it was increasing capacity at its New Zealand methanol plants. The company will boost capacity in the country by 700,000 metric tons by the end of the year, for a total of 2.2 million metric tons. The increase will necessitate restarting one facility and expanding another.
Colombia
Colombia has been on the radar of many investors because of the country’s commitment to growing its oil production. In 2006, production sat at 529,000 barrels per day. As …read more
Source: FULL ARTICLE at DailyFinance
By Tom Aspray, Contributor The much-touted BRICS outperformed the US stock market much of the past decade, but stumbled when the financial crisis hit, but as global economies slowly recover, MoneyShow’s Tom Aspray examines the opportunities based on Brazil’s potential resurgence.
Source: FULL ARTICLE at Forbes Latest
