Latest news with #17thBricsSummit
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Business Standard
09-07-2025
- Politics
- Business Standard
LIVE news updates: Marseille airport suspends flights due to wildfire
Today's news updates: Driven by intense summer winds, a wildfire reached Marseille, France's second-largest city, on Tuesday. The blaze grounded all flights to and from the city, injured at least nine people, and forced residents to either evacuate or remain indoors as thick smoke blanketed the area. A major hospital had to switch to backup generators, regional train services were suspended, and road traffic faced closures and severe congestion. Originating near Les Pennes-Mirabeau, the fire spread rapidly toward Marseille, consuming around 720 hectares, according to local authorities. Over 1,000 firefighters were deployed to combat the flames. On Wednesday, over 250 million workers across multiple sectors—such as banking, insurance, postal services, and coal mining—are expected to join a nationwide general strike. The widespread labor action is set to disrupt key public services and industries, including state-run transport and manufacturing. Trade unions are protesting against the privatization of public sector undertakings and the rising reliance on contractual and temporary workers. Prime Minister Narendra Modi departed for Namibia on Tuesday after completing a two-day visit to Brazil, where he attended the 17th Brics Summit in Rio de Janeiro. During his visit, he held discussions with Brazilian President Luiz Inacio Lula da Silva on issues including trade and terrorism. Namibia marks the final destination of his five-nation tour. In Brasilia, PM Modi held "productive talks" with President Lula, the Prime Minister's Office said in a post on X.
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Business Standard
09-07-2025
- Business
- Business Standard
PM Modi leaves for Namibia after concluding two-day visit to Brazil
Prime Minister Narendra Modi on Tuesday left for Namibia after concluding his two-day visit to Brazil, where he attended the 17th Brics Summit in Rio de Janeiro and held talks with President Luiz Inacio Lula da Silva on various issues, including trade and terrorism. Modi is on a five-nation visit, and Namibia will be his last stop. In Brasilia, PM Modi held "productive talks" with President Lula, the Prime Minister's Office said in a post on X. The discussions focused on diversifying trade ties, as well as expanding cooperation in clean energy, sustainable development and mitigating climate change. The leaders also agreed to deepen collaboration in defence, security, agriculture, space, semiconductors, artificial intelligence (AI) and Digital Public Infrastructure, it said. Prime Minister Modi in a post on X also said that he held "fruitful talks with President Lula, who has always been passionate about India-Brazil friendship". "Our talks included ways to deepen trade ties and also diversify bilateral trade. We both agree that there is immense scope for such linkages to thrive in the coming times," he said. During the visit, India and Brazil also inked agreements to bolster cooperation in several areas. The Prime Minister on Tuesday was also conferred with Brazil's highest civilian award, the Grand Collar of the National Order of the Southern Cross. The honour was presented by President Lula in recognition of PM Modi's notable contributions to strengthening bilateral relations and enhancing India-Brazil cooperation across key global platforms. On Monday, Prime Minister Modi attended the Brics summit, during which he said that nations must work together to make supply chains for critical minerals and technology secure and ensure that no country uses these resources for its own "selfish gain" or as a "weapon" against others. Brics, consisting of Brazil, Russia, India, China and South Africa, has been expanded with five additional members: Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
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First Post
08-07-2025
- Business
- First Post
With cross-border payment system, can Brics countries take on the US dollar?
At the recently concluded Brics summit held in Brazil, leaders of member countries reaffirmed their commitment to the Brics cross-border payments initiative. First proposed in 2015, this system aims to make transactions between nations more accessible, faster and safer. It is also seen as a way to challenge the hegemony of the American dollar in world trade. However, progress on this proposal has been slow read more Brics nations are actively pursuing the development of a cross-border payments system to facilitate faster, cheaper, and more efficient transactions. Reuters The 17th Brics Summit held in Brazil's Rio de Janeiro has come to an end. The one big takeaway from the annual summit was that the leaders of the Brics countries have decided to move forward on implementing a cross-border payments system, creating an alternative system to SWIFT, the main global interbank payment network. Notably, this development comes amid tariff threats from US President Donald Trump, who views the bloc and its efforts at designing a new payment system as attempts to dethrone the dollar — aka dedollarisation. STORY CONTINUES BELOW THIS AD Brics leaders and a new payment system The heads of state of the bloc's member countries — including Prime Minister Narendra Modi — said they are committed to implementing a cross-border payments system, which would make transactions between member countries more accessible, faster and safer. Moreover, it would be an alternative to the existing system, known as the SWIFT Banking System. The Leaders' Declaration read, 'We task our ministers of finance and central bank governors, as appropriate, to continue the discussion on the Brics Cross-Border Payments Initiative, and acknowledge the progress made by the Brics Payment Task Force in identifying possible pathways to support the continuation of discussions on the potential for greater interoperability of Brics payment systems.' India's Prime Minister Narendra Modi, Brazil's President Luiz Inacio Lula da Silva and South Africa's President Cyril Ramaphosa attend a meeting during the BRICS Summit in Rio de Janeiro, Brazil. Reuters The statement further read, 'In this regard, we welcome the 'Technical Report: Brics Cross-border Payments System', which reflects members' revealed preferences, and should play a pivotal role in our efforts to facilitate fast, low-cost, more accessible, efficient, transparent and safe cross-border payments among Brics countries and other nations and which can support greater trade and investment flows.' Later, in a press conference, Ministry of External Affairs (MEA) Secretary Dammu Ravi told reporters that India backed the Brics Cross-Border Payments Initiative and that it would 'gain traction' in the coming days. 'Countries are looking for alternatives. Interoperability in payments is a faster mechanism in terms of being able to do cross-border trading. This is a low-cost solution. India has been successfully implementing it (through United Payments Interface) and we are also entering into bilateral arrangements with many countries. 'We are hopeful that in the days to come, there will be traction. And countries will accept it, as it is beneficial for most of them,' the senior official said. STORY CONTINUES BELOW THIS AD About the Brics Cross-Border Payments Initiative But what exactly are the members of Brics proposing? What is this Brics Cross-Border Payments Initiative? The Brics Cross-Border Payments Initiative (BCBPI) was first proposed in 2015 to facilitate trade between Brics nations easily by using local currencies, thereby reducing reliance on the US dollar. In the recent past, Russia and China — two of Brics' biggest members — have long been trying to move away from trade in the US dollar. For Russia, since it invaded Ukraine in 2022 and began the war, its forex reserves in dollars and euros have been frozen and its financial system has been heavily hit by sanctions. It has also been barred from the West-powered SWIFT banking system. Similarly, China too, has pushed for less dependency on the US dollar; it has 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. STORY CONTINUES BELOW THIS AD Brics countries have been pushing against the hegemony of the US dollar. Representational image/Pixabay Other Brics countries are also wary of SWIFT's universality. Many countries state that they lack influence in decision making in the use of SWIFT and are wary of using it as a political tool. This has led to many non-Western countries to seek an alternative, which, in turn, would also reduce dependency on the US dollar. In 2023, Brazil's president Luiz Inácio Lula da Silva also called on countries to work towards replacing the US dollar with their own currencies in international trade. 'Why can't we do trade based on our own currencies?' he said, adding, 'Who was it that decided that the dollar was the currency after the disappearance of the gold standard?' But it's easier said than done However, realising this dream is complicated and there are several roadblocks to it. There have been disagreements on payment mechanisms, types of currency to be used and how to implement the infrastructure. Security concerns also have to be negotiated. Some of Brics' members — namely Russia and Iran — face sanctions from the West, which makes the cross-border payments system for trade even more complicated. Some member countries' central bank systems remain unprepared for cross-border integration, and the presence of several nonconvertible currencies further complicate the process. STORY CONTINUES BELOW THIS AD As Hugh Thomas, lead analyst of commercial and enterprise at Javelin Strategy & Research, noted, 'There's no real governing body between them they could use to build an infrastructure to replace Swift and dollar-denominated transactions. Add to that you'd basically have China running the show, and the fact that building shared infrastructure with Russia raises a lot of red flags with the US, and the case becomes questionable.' Sources have also told Bloomberg that the recent expansion of Brics — it has increased its membership to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates. Trump's push back on Brics The move by Brics to go ahead with its cross-border payments initiative has earned the ire of US President Donald Trump. In a post on Truth Social, the US president wrote, 'Any country aligning themselves with the anti-American policies of Brics, will be charged an additional 10 per cent tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!' This threat follows the one he had issued in February in which he warned that Brics nations would face '100% tariffs' if they attempted to undermine the role of the US dollar in global trade. However, Brazilian leader has hit back at the American leader, saying the world 'doesn't need an emperor'. At the end of the Brics summit, Lula struck a defiant tone when asked by reporters about Trump's tariff threat, 'The world has changed. We don't want an emperor.' STORY CONTINUES BELOW THIS AD 'This is a set of countries that wants to find another way of organising the world from the economic perspective,' he said of the bloc, adding, 'I think that's why the Brics are making people uncomfortable.' He also asserted that global trade didn't need to solely rely on the US dollar. 'The world needs to find a way that our trade relations don't have to pass through the dollar,' Lula told journalists. With inputs from agencies
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First Post
08-07-2025
- Business
- First Post
PM Modi's rare earth push in Africa and a pushback against weaponising critical minerals
In a pushback against China's dominance, Prime Minister Narendra Modi is advocating for diversified and secure supply chains for rare earth minerals essential to the global clean energy transition read more Prime Minister Narendra Modi speaks during the first plenary session of the Brics summit in Rio de Janeiro, Brazil, on July 6, 2025. AFP At the 17th Brics Summit in Rio de Janeiro, Indian Prime Minister Narendra Modi on Monday made a compelling case for collective action among member nations to safeguard the future of critical mineral supply chains. Without naming any country, his remarks were interpreted as a subtle admonition directed at China's growing dominance over rare earth resources. Prime Minister Modi emphasised that strategic minerals that are vital for sectors such as clean energy, electronics and electric mobility should not be monopolised or weaponised by any country. His appeal was anchored in the idea of making supply chains secure, reliable and equitable. STORY CONTINUES BELOW THIS AD Brics, originally comprising Brazil, Russia, India, China and South Africa and now expanded to 11 countries, has emerged as a significant bloc for global south cooperation. Prime Minister Modi's proposal reflected India's broader apprehension over the geopolitical risks arising from China's overwhelming control over the rare earth processing industry. His comments came days after China imposed export controls to tighten its grip on these strategic minerals. An implicit challenge to Chinese dominance The timing of Prime Minister Modi's remarks appeared far from coincidental. China reportedly controls between 90 to 95 per cent of the global rare earth processing capacity, enabling it to wield significant leverage over countries dependent on these resources. India, alongside other Brics and non-Brics partners, is increasingly seen as seeking a multipolar approach to critical mineral governance. By calling for Brics collaboration, Prime Minister Modi appeared to be urging the bloc to collectively ensure that such materials are governed by fair trade principles rather than geopolitical calculations. Quad's complementary move Just days before the Brics summit, India had already signalled its strategic intentions through its participation in the newly announced Quad Critical Minerals Initiative. Together with the United States, Japan and Australia, India pledged to bolster and diversify supply chains for essential minerals. This initiative, described in official statements as a move to strengthen economic security and collective resilience, was widely seen as a complementary strategy to India's push at Brics. The Quad's formation of a mineral alliance highlighted India's dual approach working within multilateral forums such as Brics while also aligning with like-minded strategic partners. This broader outreach is perceived as an effort to balance China's dominance and to reinforce India's own ambitions in the green economy sector. Forging ground-level partnerships in Africa India's strategy has not been confined to multilateral diplomacy alone. Prime Minister Modi's recently concluded tour of Ghana and his upcoming one in Namibia indicate a parallel focus on resource securitisation through bilateral partnerships. Last week in Accra, Prime Minister Modi finalised a significant agreement with the Ghanaian government on rare earth mineral mining, a development touted as critical to India's electric vehicle and clean energy ambitions. The rare earth accord, signed after wide-ranging talks with Ghanaian President John Dramani Mahama, is both economically and geopolitically significant. This deal is a step forward towards reducing dependence on China's rare earth supplies. Namibia's role in India's mineral calculus The prime minister's discussions in Namibia would focus on critical minerals and the diamond trade. India looks keen on tapping Namibia's reserves of lithium, cobalt, uranium and rare earth elements. While Namibia does not currently export rough diamonds directly to India, Prime Minister Modi's visit is expected to deepen collaboration and streamline supply routes, particularly for minerals essential to green technologies. Namibia's vast marine diamond and mineral reserves, previously routed through intermediaries like London and Antwerp, were being seen as potential direct sources for Indian industry. India is already the top polished diamond exporter, but has seen a slump in recent times. A favourable deal with Namibia can give a boost to Indian diamond industry. STORY CONTINUES BELOW THIS AD India's African outreach: A broader strategy India's growing footprint in Africa is viewed as a multi-pronged strategy. Beyond Ghana and Namibia, New Delhi has signed agreements with multiple African countries, including South Africa, Mozambique, Tanzania and the Democratic Republic of Congo. These agreements serve not only India's immediate mineral requirements but also its broader geopolitical agenda. India's Africa strategy is intended to counterbalance China's dominance in the continent's mining sector, where Beijing has made considerable investments. Chinese companies reportedly control over 80 per cent of the Tenke Fungurume mines in the DRC, one of the world's largest cobalt producers. Meanwhile, China's inroads into Zimbabwe's lithium sector have only sharpened India's focus on resource diversification. Strategic autonomy through resource security Prime Minister Modi's global outreach and call for collaborative supply chains appeared to be driven by a broader goal of achieving strategic autonomy in critical sectors. India's push for clean mobility, renewable energy and electronics manufacturing is expected to drive demand for rare earths, lithium, cobalt and similar materials. As such, securing a stable and diversified supply of these inputs has become a national priority. The Confederation of Indian Industry has projected Indian investments in Africa could reach $150 billion by 2030 suggesting that the current mineral diplomacy is only the beginning of a long-term engagement. In combining diplomatic pressure, multilateral coordination, and bilateral engagement, Prime Minister Modi's strategy is seen as an attempt not merely to secure minerals, but to reshape the rules of the global critical mineral economy — away from coercion and toward cooperation.
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First Post
08-07-2025
- Politics
- First Post
FirstUp: PM Modi to hold bilateral talks with Brazil's Lula and other headlines of the day
Prime Minister Narendra Modi is set to hold bilateral talks with Brazilian President Luiz Inacio Lula da Silva in Brasilia today (July 8). He was in Rio de Janeiro earlier to attend the 17th Brics Summit. French President Emmanuel Macron will begin a state tour of the United Kingdom with his wife read more Prime Minister Narendra Modi will be travelling to Brazil's capital, Brasilia today (July 8), where he will hold bilateral talks with Brazilian President Luiz Inacio Lula da Silva. Meanwhile, French President Emmanuel Macron will begin the tour of the United Kingdom with his wife, Brigitte Macron. The ongoing European parliament plenary session taking place in France will debate with Members of Parliament (MEPs) sharing their expectations for the upcoming Danish Presidency of the Council of the EU. In India, the Bharatiya Janata Party is set to elect a new chief for its Odisha state wing. Lastly, Fluminense FC from Brazil will lock horns with England's Chelsea FC today at the semi-finals of the Fifa World Cup 2025. STORY CONTINUES BELOW THIS AD Here is all that is set to take place throughout the day. PM Modi to visit Brasilia Prime Minister Narendra Modi, who is in Brazil to attend the Brics Summit 2025 being held in Rio de Janeiro, will be visiting the Brazilian capital, Brasilia, today. He will hold bilateral talks with President Luiz Inacio Lula da Silva. PM Modi is visiting Brazil as part of his five-nation tour of the Global South. During the bilateral talks, the two leaders are expected to focus on broadening the India–Brazil Strategic Partnership. The talks are expected to touch on a variety of topics including defence, counter-terrorism, energy, space cooperation, agriculture, health, technology and people‑to‑people ties among others. Earlier, PM Modi was in Rio de Janeiro to participate in the 17th Brics Summit. He was received warmly by the Indian community at Rio's Galeão International Airport upon his arrival. Macron in UK for state visit French President Emmanuel Macron will be on a three-day visit to the United Kingdom with his wife Brigette Macron today. This visit, hosted by King Charles III and Queen Camilla, is a significant diplomatic event aimed at strengthening Anglo-French relations. Britain's Prime Minister Keir Starmer and French President Emmanuel Macron at the European leader's summit in London. File image/AP On the first day of the visit President Macron and his wife will be greeted by the Prince and Princess of Wales upon their arrival at RAF Northolt. Following this, they will travel to Windsor, where they will receive a formal ceremonial welcome from King Charles and Queen Camilla. This will include a royal salute and a carriage procession through the streets of Windsor to the historic Windsor Castle, where the French presidential couple will be staying. Later he is scheduled to visit the Palace of Westminster where he will address parliamentarians in the Royal Gallery and is also expected to meet with opposition leaders at Lancaster House. European parliament plenary session in France The second day of the European Parliament's plenary session will take place in France's Strasbourg. The session began on July 7 and will continue till July 10. The agenda for the European Parliament's plenary session in Strasbourg is set to include a significant debate where Members of Parliament (MEPs) will share their expectations for the upcoming Danish Presidency of the Council of the EU. Denmark's Prime Minister, Mette Frederiksen, is expected to present their priorities, which will likely cover crucial areas such as defence, Ukraine, EU enlargement, climate policy and the Union's economy, trade and long-term budget. STORY CONTINUES BELOW THIS AD Additionally, MEPs are scheduled to vote on an amended Gas Storage Regulation, following a provisional agreement reached between Parliament's Committee on Industry, Research and Energy (ITRE) negotiators and the Council. This aims to make filling targets more flexible and obligate Member States to track the amount of gas originating from Russia. New Odisha BJP chief to be elected The Odisha unit of Bharatiya Janata Party (BJP) will elect a new president today. BJP State Election Officer and MP Pratap Chandra Sarangi announced that the list of eligible voters will be published on Sunday. Prospective candidates are invited to file their nominations on Monday. Should more than one candidate remain in contention, the election will take place on July 8. Odisha is among a handful of states that are still awaiting the election of their state BJP presidents. Representational image Senior BJP members Golakh Chandra Mohapatra, Jatin Mohanty and former state unit president Samir Mohanty are among the possible contenders. While the BJP had previously set a July 1 deadline for completing its state president election in Odisha, the process remains unfinished. Odisha is among a handful of states, alongside Uttar Pradesh, Gujarat, Karnataka, Haryana, and Delhi, that are still awaiting the election of their state BJP presidents. Fifa club world cup semi finals The semi-final match for between Fluminense FC from Brazil and Chelsea FC from England will take place today in New Jersey. The match will be held at the iconic MetLife Stadium in East Rutherford, New Jersey. Meanwhile, the second semi-final, featuring an all-European heavyweight battle between Paris Saint-Germain (PSG) and Real Madrid CF will take place on Wednesday (July 9). With inputs from agencies
