De-dollarization among BRICS members ‘irreversible’, says President Putin

News Network
August 23, 2023

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Moscow, Aug 23: Russia's President Vladimir Putin says the shift away from the US dollar in internal trade among the members of the BRICS, an intercontinental geopolitical bloc, is an "irreversible process."

"A balanced, irreversible process of de-dollarization of our economic ties is gaining steam, with efforts undertaken to develop efficient mechanisms of mutual settlements, as well as monetary and financing control," he told BRICS Business Forum, which was being hosted by South Africa, via video-link on Tuesday.

"As a result, the share of the dollar in export and import transactions within BRICS is declining as it only equaled 28.7% last year," he added.

BRICS consists of Brazil, Russia, India, China, and South Africa. The group's leaders coordinate multilateral policies and meet annually at summits.

The BRICS countries account for 42 percent of the global population and about 27 percent of both the world's land area and the world’s economy.

The bloc has become increasingly important in addressing international issues since it was founded in 2006, and is often seen as a counterweight to Western political and economic hegemony.

The economies of the BRICS, Putin added, outperform those of the Group of Seven which includes the UK, Germany, Italy, Canada, the United States, France, and Japan, in terms of purchasing power parity. "The forecast for 2023 is 31.5% against 30%," he stressed.

Also addressing the event, Brazilian President Lula Da Silva lent support to the emergence of a common currency for trade among the BRICS members. 

He also expressed Brazil's willingness to see more countries join the bloc, which, in his opinion, would bring more relevance. 

The BRICS is expected to consider granting new memberships. 20 countries have applied, including Iran. 

Iran's President Ebrahim Raeisi will be attending the summit on Wednesday.

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News Network
October 28,2024

Bengaluru: The Enforcement Directorate on Monday undertook fresh searches in connection with the Mysuru Urban Development Authority (MUDA) linked money laundering case in which it has booked Karnataka Chief Minister Siddaramaiah, official sources said.

About seven-eight premises in Bengaluru and Mysuru are being covered, the sources said.

The federal agency had conducted the first round of raids in this case on October 18 when it searched the MUDA office in Mysuru and some other locations.

It also questioned some lower-rank officials of the MUDA at its Bengaluru zonal office last week.

The ED has filed a enforcement case information report (ECIR) under the Prevention of Money Laundering Act (PMLA) to book the CM and others taking cognisance of a Lokayukta FIR.

Siddaramaiah is facing Lokayukta and ED probes into alleged irregularities in the allotment of 14 sites to his wife by the MUDA.

Siddaramaiah's wife Parvathi B M, brother-in-law Mallikarjuna Swamy, Devaraju -- from whom Mallikarjuna Swamy purchased land and gifted it to Parvathi -- and others are named as other accused in the case by the two probe agencies.

Parvathi was recently questioned by the Lokayukta.

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News Network
October 18,2024

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Hamas leader Yahya Sinwar has been martyred in an Israeli airstrike in Gaza's Rafah city, a senior Hamas official confirmed.

Khalil Hayya, head of Hamas in Gaza, delivered a statement on Friday, a day after reports of Sinwar's martyrdom. 

"We mourn the great national leader, the Mujahid Martyr Brother Yahya Al-Sinwar (Abu Ibrahim), Head of the Political Bureau of the Islamic Resistance Movement (Hamas) and Commander of Al-Aqsa Storm Operation," he said.

He remembered Sinwar as "one of the noblest and bravest men, a man who dedicated his life to Palestine and gave his soul for the sake of Allah on the path to its liberation."

"He rose as a heroic martyr, advancing and never retreating, wielding his weapon, engaging and confronting the occupation army at the frontlines. He moved between all combat positions, steadfast and stationed on the honored land of Gaza, defending the land of Palestine and its holy sites, inspiring the spirit of endurance, patience, steadfastness, and resistance."

Referring to the history of Sinwar's struggle against the Israeli regime, Hayya noted that the fallen leader "attained the highest rank and the noblest medal, ascending as a witness and a martyr, content with the jihad and sacrifice he offered."

Naming a host of other resistance leaders assassinated by the Israeli regime in the past years, the Hamas official noted that "these sacrifices will continue to illuminate our path and drive us to more resilience and steadfastness."

"Hamas remains committed to the promise of its founding leaders and martyrs until the aspirations of our people are fully realized: the complete liberation and return, and the establishment of the Palestinian state on the entire national soil with Al-Quds as its capital, by Allah’s will," he said, adding, "This will become a curse upon the invading occupiers who are strangers to this land."

He underlined that the martyrdom of leaders "only strengthens Hamas and our resistance, making us more determined and steadfast in following their path, honoring their blood and sacrifices."

He highlighted that Israeli captives held in Gaza "will not return except with the cessation of aggression on Gaza, its withdrawal, and the release of our heroic prisoners from the occupation’s jails."

The charismatic leader of the Palestinian resistance movement had escaped many assassination attempts before and after Operation Al-Aqsa Flood on Oct. 7, 2023.

Sinwar, 62, played an instrumental role in coordinating and supervising the landmark operation that jolted the Zionist regime. 

Before becoming the Hamas leader in Gaza in 2017, Sinwar spent 22 years in an Israeli prison. He was released as part of a prisoner swap in 2011.

“Hamas will never abandon the path of resistance… Our resistance will continue until the liberation of all of Palestine,” he declared during a speech in Gaza in late October 2017.

Sinwar had been chosen as the overall Hamas leader after Israel assassinated Ismail Haniyeh in July.

Haniyeh was assassinated in Tehran, where he was to attend the inauguration ceremony of new Iranian President Masoud Pezeshkian.

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News Network
October 22,2024

Several Central Reserve Police Force (CRPF) schools across India were hit with hoax bomb threats on Tuesday, just days after an explosion occurred near a CRPF school in Delhi. The threats, sent via email late Monday night, targeted schools in Delhi and Hyderabad, according to sources.

Earlier this week, a bomb exploded outside a CRPF school in Delhi’s Rohini area, causing significant damage to nearby vehicles and property. Fortunately, no casualties or injuries were reported.

In response to the blast, Delhi Police confiscated CCTV footage from nearby markets as part of their investigation. Sources indicate that surveillance footage captured a suspect at the scene, wearing a white T-shirt, displaying suspicious behavior the night before the explosion.

Preliminary investigations revealed that the explosive device had been hidden in a polythene bag, buried in a shallow pit, and covered with garbage. The blast caused a hole in the school's boundary wall and shattered the window panes and signboards of nearby shops.

Following the incident, the Delhi Police registered a First Information Report (FIR) under Section 4 of the Prevention of Damage to Public Property Act, Section 3 of the Indian Explosives Act, and other relevant sections.

The FIR states, "A case of an explosion caused by an unknown explosive substance has been registered, and the investigation continues." It also details the damage, noting that the blast left a hole in the boundary wall and affected nearby structures.

The targeted schools serve children from CRPF and other paramilitary families, and the recent threats have heightened concerns. In response, Delhi authorities have placed the city on high alert, ramping up security measures, especially in markets, ahead of the Diwali festival. 

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