Article is via AP and Reuters and appeared on CNBC. Article is courtesy of CNBC.com
Leaders of the five BRICS nations plan to create a development bank in a direct challenge to the World Bank that they accuse of Western bias.
The bank would use $50 billion of seed capital shared equally between Brazil, Russia, India, China and South Africa but would undoubtedly be dominated by China. It would be the first institution of the informal forum started in 2009 amid the economic meltdown to chart a new and more equitable world economic order. [Read more...]