Vandals, Maintenance Missteps Leave Swaths of Johannesburg Dry
Taps have run dry in an area stretching 20 kilometers (12 miles) from Forest Hill in the south of the city of 5 million people to Craighall in the north, according to statement from the Democratic Alliance, which serves as the main opposition against the coalition that runs Johannesburg. Neighborhoods affected range from impoverished inner-city slums to some of the most affluent suburbs.
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Cape Town heroine showered with gifts after video shows her saving boy from floodwaters
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Despite the group's aspirations, progress has been slow — and the tide of global trade is shifting so quickly that it may be impossible to catch up. It's a missed opportunity for BRICS as the dollar comes under continued pressure from President Donald Trump's erratic policies. The greenback had the worst start to a year since 1973 as Trump's trade war and attacks on the Federal Reserve's hesitancy to lower interest rates roiled markets, calling into question the longstanding outperformance of US assets and sending investors fleeing in search of alternatives. It's created a boon for emerging markets that traders expect to extend further. While all members are supportive of the idea of cross-border payments, first cited in the statement of the bloc's 2015 summit, the technical aspects of integration are complicated. Central bank systems in some countries are not yet ready, three people familiar with the discussions said. It will take time to adapt those, they said, adding that it's unlikely to happen anytime soon. Roadblocks Discussions involve payment mechanisms, types of currencies used, how to implement infrastructure and how to share costs. There are security concerns about the integrated systems, two people said, adding that the BRICS bloc's recent expansion has also caused delays. The fact that several of the bloc's currencies are non convertible, and existing sanctions on member states Iran and Russia further complicate discussions, one person said. Some countries may argue that the cost involved in setting up and maintaining a unified system would not be justified given what they already have in terms of bilateral trade, another added. All asked not to be identified sharing details of private conversations. China, for one, has taken advantage of the US disarray and launched a sweeping campaign to promote the yuan's global role. In a speech last month, Chinese central bank governor Pan Gongsheng outlined a vision in which the country's financial markets are more open and the yuan plays a central role in the world's capital flows. Beijing is exploring the launch of the country's first domestic currency futures, which could compete with similar hedging tools in offshore markets like Singapore and Chicago, and is expanding its own payment system, known as CIPS, to cover more foreign banks. Trump pushback BRICS leaders also reaffirmed their commitment to expand local currency financing, diversify funding sources and strengthen cooperation in trade to promote inclusive growth and sustainable development. A document obtained by Bloomberg that outlines the latest thinking by the bloc shows that discussions around a new investment platform dubbed NIP are similarly stalled. The platform is seen as potentially filling a gap in development finance, providing more flexibility and reducing the dependency on hard currency financing. But 'given the variety of approaches and proposals raised, and the complex nature of the issues involved, further technical dialogue will be essential to advance a common understanding of the Platform's potential added value and operational framework,' it reads. Trump has threatened to slap 100% levies on BRICS if they ditch the dollar in bilateral trade. The pushback, in turn, has spurred interest in developing local payment systems and other instruments that can facilitate commerce and investment between the nations. The idea of abandoning the dollar and setting up a common currency for the bloc isn't under discussion, several officials have said. The US leader's response has not delayed BRICS conversations for the integrated systems, three people said. 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The bloc is also in discussions to establish a multilateral guarantees initiative which would focus on improving 'creditworthiness in the BRICS and the Global South.' The initiative, dubbed BMG, will be incubated within the NDB and start without additional capital contributions, according to the statement. --With assistance from Alan Crawford. For Brazil's Criminals, Coffee Beans Are the Target SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P.
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Suriname's parliament elects the country's first female president amid economic turmoil
PARAMARIBO, Suriname — Suriname 's parliament Sunday elected physician Jennifer Geerlings-Simons as the troubled country's first female president. The South American country's National Assembly chooses the president by a two-thirds vote. Geerlings-Simons, a congresswoman, ran unopposed after her party formed a coalition aimed at ousting the country's current leader following a May election with no clear winner.
