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Iran has called for BRICS nations to reduce their reliance on Western financial systems, warning of the risks posed by such dependence. Addressing the BRICS summit in Russia, Iran’s president urged the bloc to explore alternative structures and strengthen institutions like the New Development Bank to support new members. He reaffirmed Iran’s commitment to reshaping … Read more
Russia pushed for the creation of a BRICS platform to trade precious metals and diamonds at the BRICS Summit, criticizing excessive global trade regulations. President Vladimir Putin emphasized the need to bypass barriers that stifle the market. The summit also backed a BRICS Grain Exchange to ensure stable agricultural trade, highlighting efforts to boost cooperation … Read more
U.S. Senator Bill Hagerty has warned of growing efforts by BRICS nations to bypass the U.S. dollar’s dominance but argued this could ultimately strengthen the status of the dollar as the world’s reserve currency. He emphasized the need for a regulatory framework to boost demand for U.S. treasuries and stablecoins, while his stablecoin legislation aims … Read more
With only 15 days left until the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) meeting, it’s scheduled to follow just two days after the U.S. election on Nov. 7. As of now, market forecasts via CME Group’s Fedwatch tool are leaning toward a 25 basis point (bps) reduction in the target rate. The Fed’s … Read more
Iranian Ambassador Kazem Jalali has urged BRICS nations to establish an independent financial and banking system, free from Western standards, which he claims harm Global South countries. Speaking ahead of the 16th BRICS Summit, Jalali emphasized the need for BRICS members to create their own financial mechanisms, offering fairer alternatives to Western-imposed regulations. Iranian Ambassador … Read more
The rapid rise of BRICS is challenging the relevance of the G20 as a global platform, with BRICS nations now surpassing the G7 in economic output. As BRICS gains influence, discussions about reforms to major international organizations, including the IMF and UN, are intensifying. According to an expert, the G20’s future is increasingly uncertain as … Read more
BRICS nations are actively discussing the development of a common payment system and the use of national currencies for trade, with Indian Foreign Secretary Vikram Misri confirming that intense talks have been underway. Studies and research have been commissioned. Experts have emphasized that creating an independent BRICS payment system is crucial for enhancing economic cooperation … Read more
European sanctions against Russia are impacting small European exporters, particularly in Italy, more severely than Russia itself, according to Ferdinando Pelazzo, president of the Italian-Russian Chamber of Commerce. Small and medium-sized enterprises (SMEs) are struggling with disrupted payment systems and logistical challenges due to the sanctions. Italian businesses heavily reliant on Russian markets now face … Read more
Russian President Vladimir Putin criticized U.S. sanctions, noting that they are driving global economies away from the U.S. dollar and leading to a gradual decline in its use for international trade and reserves. He highlighted that Russia now conducts 95% of its foreign trade in national currencies due to these sanctions. Putin emphasized BRICS nations’ … Read more
A new JPMorgan report warns that carry trades are losing effectiveness as global interest rates decline, urging investors to be more selective with currency risks. The Japanese yen has lost appeal after unexpected rate hikes, while the Swiss franc carries potential bullish risks. JPMorgan suggests rethinking strategies as carry trade returns are expected to diminish … Read more
