(From left to right) Dr Manmohan Singh, Xi Jinping, Jacob Zuma, Dilma Rousseff and Vladimir Putin. Photo: Xinhua

Bid to launch World Bank rival hits stumbling block

After holding talks in Durban, leaders from Brazil, Russia, India, China and hosts South Africa (BRICS) agreed in principle to create a joint infrastructure lender but said further talks were necessary to finalise the plan to launch their eagerly awaited development bank.