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2025-01-13   

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Brics leaders in Kazan, Russia, in October 2024, including Chinese President Xi Jinping (centre left) and Russian President Vladimir Putin (centre, right). WASHINGTON - President-elect Donald Trump on Nov 30 threatened to impose a 100 per cent tariff on the Brics group of nations if they undercut the US dollar. “We require a commitment... that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 percent Tariffs,” Trump wrote on his Truth Social website, referring to the grouping that includes Brazil, Russia, India, China, South Africa and others. The statement comes after a Brics summit held in October in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies. The Brics group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates. Altogether, the Brics coalition accounts for a significant minority of the world’s economic output. At the Kazan summit in October, Moscow secured a joint declaration encouraging the “strengthening of correspondent banking networks within Brics and enabling settlements in local currencies in line with Brics Cross-Border Payments Initiative.” But at the end of the summit, Russian President Vladimir Putin indicated that little progress had been made on launching a possible competitor to the Belgium-based Swift financial messaging system. “As for Swift and any alternatives, we have not created and are not creating any alternatives,” Mr Putin told reporters at the end of the summit. He added: “As for a unified Brics currency, we are not considering that question at the moment.” Trump has vowed to pursue a protectionist agenda, threatening hefty tariffs on neighbours and rivals. If Brics countries continue with their plans, Trump warned, they “should expect to say goodbye to selling into the wonderful US Economy,” he wrote. “They can go find another ‘sucker!’ There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America.” AFP Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel now

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Exactly 23 years after Enron filed for bankruptcy, a group claiming to have revived the company announced its return in an apparent parody. “Enron” posted a video on social media announcing, “We’re back. Can we talk?” The video included several generic scenes and touted Enron’s return. The reestablished company also posted a press release full of generic buzzwords and hinting at a possible cryptocurrency future. “With a bold new vision, Enron will leverage cutting-edge technology, human ingenuity, and the spirit of adaptation to address the critical challenges of energy, sustainability, accessibility and affordability,” the release stated. A banner touting Enron as “The World’s Leading Company” ran across the bottom of the site and on social media platforms. However, a “terms of use” section on the Enron site revealed that the whole thing was likely a big, well-designed joke. “The information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only,” it read. Enron’s trademarked logo was registered in May to a company that is tied to the satirical conspiracy theorists at “Birds Aren’t Real,” according to the Houston Chronicle. The people at “Birds Aren’t Real” have shown significant skill and experience with leaning very far into a joke . Enron filed for bankruptcy on Dec. 2, 2001, in one of the largest and most blatant fraud cases in American history . The company’s chairman, Kenneth Lay, died in 2006 after he was convicted on 10 counts of fraud but before he could be sentenced.

NCP chief Ajit Pawar NEW DELHI: Nationalist Congress Party (NCP) chief Ajit Pawar on Saturday said the next chief minister of Maharashtra will be from the Bharatiya Janata Party (BJP), while two deputy CMs will be from the Shiv Sena and his party. Pawar shared what transpired at Thursday's meeting that took place at Union home minister Amit Shah's house in New Delhi. "During the meeting (Delhi meeting of Mahayuti leader) it was decided that Mahayuti will form the government with CM from BJP and the remaining two parties will have DCMs... This is not the first time there has been a delay... If you remember, in 1999, one month was taken for government formation," Ajit Pawar told news agency ANI. On Thursday, a day after Eknath Shinde said he would accept the BJP leadership's decision on who should be the next Maharashtra CM, Mahayuti partners got down to working out details of the government, which is to be formed on December 5 . Amit Shah met three chiefs of the alliance — Eknath Shinde, Devendra Fadnavis & Ajit Pawar — on Thursday. The deliberations at Shah's residence late Thursday night saw outgoing CM Eknath Shinde signing up on the logic that BJP, with 132 MLAs of its own and having lined up another five, was the natural claimant for the CM's office, sources familiar with the negotiations told TOI. While Shinde did not spell out whether he would serve as deputy CM along with NCP's Ajit Pawar, BJP sources remained hopeful of persuading him to be part of a Fadnavis team, with NCP sharing the optimism. However, Shine's visit to his native village in Satara raised eyebrows as it reportedly delayed the finalisation of the government formation process. Speaking on Shinde's visit, Shirsat said: "Whenever Eknath Shinde thinks that he needs some time to think he goes to his native village." "By tomorrow evening, he (Eknath Shinde) will take a big decision. It can be anything, a political decision. The oath-taking ceremony should be held before the 5th December." "Whenever Eknath Shinde thinks that he needs some time to think he goes to his native village," he told news agency ANI. Meanwhile, BJP sources said if Fadnavis, a former CM, could be dy CM, then Shinde too could take up the post, adding it would send out a clear message that it is not just BJP netas who have to compromise. Swearing-in on December 5 Maharashtra BJP chief Chandrashekar Bawankule on Saturday said the new Mahayuti government would be sworn in on December 5 in the presence of Prime Minister Narendra Modi. "The oath-taking ceremony of the Mahayuti Government in Maharashtra will be held in the presence of Honourable Prime Minister Narendra Modi Ji on Thursday, December 5, 2024, at 5 PM at Azad Maidan, Mumbai," state BJP chief Chandrashekhar Bawankule stated on X on Saturday evening. Bawankule's confirmation of the date comes hours after Shiv Sena leader Sanjay Shirsat hinted that the oath-taking event should take place on or before December 5.

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