BRICS (an acronym for Brazil, Russia, India, China and South Africa) refers to an association of leading emerging markets. South Africa was added in 2010. 

New BRICS development bank will help the global economy to grow

President of the NDB Kundapur Vaman Kamath, China's Finance Minister Lou and Shanghai's mayor Yang attend a opening ceremony of the New Development Bank in Shanghai. Photo: Reuters

The West-centric world order drove the fastest-developing countries, Brazil, Russia, India, China and South Africa, to set up their own organisation under the banner of their acronym, BRICS.

Sunday, 26 July, 2015, 12:48am

BRICS bank opens in Shanghai, euro zone's first Islamic bank opens in Germany

BRICS bank opens in Shanghai, euro zone's first Islamic bank opens in Germany

A new challenge to the World Bank? A 'BRICS' bank is launched in Shanghai, while in another sign of the world's changing financial architecture, the euro zone's first Islamic bank opens in Frankfurt. (Photo: Xinhua)

22 Jul 2015 - 9:32am

Despite economic challenges, BRICS nations still have a significant role to play

Chinese President Xi Jinping (R) and his Russian counterpart Vladimir Putin during the 15th Shanghai Cooperation Organization (SCO) summit in Ufa, Russia. Photo: Xinhua

Through partnership, coordination and cooperation, the five BRICS nations - Brazil, Russia, India, China and South Africa - can become stronger while pushing the cause of emerging economies and developing countries. 

13 Jul 2015 - 1:21am 1 comment

Russia's Putin and China's Xi at BRICS summit in Ufa

Russia's Putin and China's Xi at BRICS summit in Ufa

Russian and Chinese presidents Vladimir Putin and Xi Jinping meet ahead of the BRICS summit in the Russian city of Ufa. 

9 Jul 2015 - 12:45pm

Chinese president urges BRICS to ramp up plans for bank

President Xi Jinping tries traditional salt and bread in Ufa, Russia on Wednesday. Photo: AP

President Xi Jinping called on leaders of emerging markets to expedite plans for a BRICS development bank as he landed in the Russian city of Ufa on Wednesday.

9 Jul 2015 - 12:20pm

China and Brazil unveil multibillion trade and investment deals

China and Brazil unveil multibillion trade and investment deals

Chinese Premier Li Keqiang announced a multibillion-dollar series of trade and investment deals on his visit to Brasilia, as Beijing looks to invest $53 billion in South America's largest economy.

25 May 2015 - 7:52am

Xi Jinping seeks bigger voice for BRICS on global economic governance

The leaders of the five BRICS nations meet in Brisbane. Photo: EPA

President Xi Jinping said the leading developing countries should have a larger say in global economic governance during his visit to Australia for the G20 summit. Analysts said that fitted with China's efforts to promote its global economic status.

17 Nov 2014 - 7:23pm 1 comment

BRICS countries' investment in education will change the world

All BRICS countries now have the school systems to enrol all children in primary education. Photo: Xinhua

At their recent summit in Fortaleza, Brazil, the leaders of the BRICS nations confirmed their resolve to become the world's new global economic powerhouse and leading architect of the international development agenda.

22 Sep 2014 - 4:17am

Can the BRICS lead?

Governor Raghuram Rajan of the Reserve Bank of India says the NDB was not intended as a rival to the World Bank and International Monetary Fund, but many think otherwise. Photo: Reuters

Although the New Development Bank was established by the BRICS bloc more than two months ago, discussion continues on the significance of the initiative.

18 Sep 2014 - 4:42am

BRICS development bank should challenge the Washington Consensus

The leaders of the BRICS countries at their summit in Brazil. Can their new project advance the interests of emerging economies in general? Photo: AFP

The five countries in the BRICS group have set up a development bank and a reserve fund to increase their influence in world affairs. Their desires are justified.

26 Aug 2014 - 3:43am

BRICS can be alternative lender

Chinese President Xi Jinping (second right) poses for a group photo with  Russian President Vladimir Putin (first left), Indian Prime Minister Narendra Modi (second left), Brazilian President Dilma Rousseff (center), and South African President Jacob Zuma during the sixth BRICS summit in Fortaleza, Brazil. Photo: Xinhua

Four years of inaction on an agreement to give China and other emerging economies a bigger say in the International Monetary Fund have spawned an alternative international lending institution.

30 Jul 2014 - 10:41am

Do we need a BRICS development bank?

We already have the China Development Bank and many other non-Western or regional development banks.

Does the world need another development bank? Brazil, Russia, India, China and South Africa have signed an agreement to create the Shanghai-based BRICS development bank.

17 Jul 2014 - 4:45am 6 comments

China sees itself taking key role in proposed BRICS international bank

Brazilian President Dilma Rousseff (centre), Russia's President Vladimir Putin (left), India's Prime Minister Narendra Modi (second left), China's President Xi Jinping and South Africa's President Jacob Zuma (right) pose for the official photograph of the 6th BRICS summit in Brazil. Photo: AFP

China is positioning itself as a major player in providing alternative financing to emerging markets as they meet for their summit in Brazil.

16 Jul 2014 - 9:19am 2 comments

Growth in emerging economies can help to close rich-poor gap globally

Asia has benefited greatly from the rising tide of global prosperity in the period to 2008. Photo: AFP

The presidents of Brazil, Russia, China and South Africa and the prime minister of India meet tomorrow in Fortaleza, Brazil, for the sixth annual BRICS summit.

14 Jul 2014 - 3:24am

Losers' Clubs spend good money on bad ideas

Development banks are a dated idea, a concoction of the international financial settlements made in the aftermath of the second world war.

Translation: the Losers' Club wishes to squander even more of the scant capital resources of its member governments by funding vanity investment projects that constitute little more than economic colonisation.

10 Jul 2014 - 6:50am