Day: January 11, 2023

Jan 11

As BRICS Chair, South Africa Vows to ‘Advance African Interests’

South African President Cyril Ramaphosa says he’ll use his chairmanship of the BRICS group of leading emerging economies to focus on advancing African interests. The bloc — Brazil, Russia, India, China and South Africa — is seen as an alternative to dominant Western economies. South Africa has just taken over the BRICS chairmanship from China and will host the group’s annual summit this year — with South African President Cyril Ramaphosa promising more African countries will be invited to attend. Read Full Details…

Jan 11

China ramps up imports of corn, other agricultural produce from Brazil

China imported corn from Brazil by bulk carrier for the first time on Saturday, marking the official launch of a corridor for Brazil to ship corn to the world’s second largest economy, according to Xinhua News Agency. The ocean freight shipping will help China diversify corn importing sources at a time when its relations with the US, normally a big corn exporter to China, are increasingly uncertain, experts said. According to Xinhua, a ship carrying 68,000 tons of corn imported Read Full Details…

Jan 11

India considers lifting rice export curbs as supply improves

India, the world’s biggest rice exporter, is likely to lift restrictions on grain shipments in a move that would mark a further easing of a global wave of food protectionism after Russia’s invasion of Ukraine. Authorities are actively considering removing curbs on some rice exports as domestic prices are stable, according to a person familiar with the matter. Government stockpiles are adequate to meet the needs of welfare programs, said the person, who asked not to be identified as the Read Full Details…

Jan 11

Exim Bank raises $1 billion via 10-year bonds

Export Import Bank of India (EXIM) Bank has broken the international bond drought from India by raising $1 billion from investors across the globe. The government of India-backed development finance institution garnered an order book of $3.6 billion to raise 10 year money at 190 basis points above the 10- year US treasury, people familiar with the issue said. One basis point is 0.01 percentage point. It has chosen to keep $1 billion of this amount, they said. The effective Read Full Details…