Global Economy

South American nation wants to join BRICS

International Desk Argentina wants the BRICS emerging economies to admit it as a full member, President Alberto Fernandez said on Friday at the group’s 14th summit. “Argentina wants to join this space and offer its contributions as a member of it,” Fernandez said via video link. The BRICS nations, comprising Brazil, Russia, India, China and South Africa, account for over ...

Central banks walk inflation-recession tightrope

Online Desk Central banks have ramped up their battle against runaway inflation, a necessary remedy that could have the adverse side effect of tipping countries into recession, analysts say. Just this past week, the US Federal Reserve announced its biggest interest rate hike in almost 30 years, followed by the fifth straight increase by the Bank of England and the ...

Iran says Iraq repaid $1.6 bn of gas debt

International Desk Iran said on Thursday it has received $1.6 billion from Iraq to settle part of the debts it has sought from its neighbour since 2020 for the supply of gas. “After months of negotiations, $1.6 billion in arrears… for gas exports to Iraq have been received,” Iranian Oil Minister Javad Owji said, quoted by Shana news agency. Baghdad ...

WTO negotiators finalise key texts on fishing, Covid jabs

Business Desk Long-sought WTO agreements on fisheries subsidies and a Covid vaccine patent waiver moved a step closer to completion Saturday after negotiators finalised texts for ministerial review, but significant obstacles remained in hammering out a final deal. Diplomats have been in round-the-clock talks to hammer out texts on several thorny topics before the World Trade Organization’s first high-level meeting ...

Russia is able to pay its foreign debts: Bank of Russia

Business Desk Russia is able to pay its foreign debts, Governor of the Bank of Russia Elvira Nabiullina said at a press conference on Friday. “From the point of view of financial resources, we have the possibility and the ability. We also have the desire to pay, and the Finance Ministry has shown all options. Typically, problems with paying sovereign ...