At the turn of the century, former Goldman Sachs chief economist Jim O'Neill coined the term Bric, in a research paper that highlighted the growth potential of Brazil, Russia, India and China.
He saw the group as a rising force in the world economy, which could challenge the western club of richest nations.
South Africa, the smallest member in terms of economic power and population, joined the bloc in 2010 and the group became known as Brics.
Since its inception the Brics bloc has faced comparisons with the G7 on the basis of economic growth and other metrics while in recent years the rise of the bloc has drawn attention to its impact as a geo-political force.
Earlier this year Brazil, China, India, South Africa and Russia officially overtook the G7 in share of world GDP, a move that is likely to cement the bloc's standing as a premier global forum. Dozens of countries have lined up to join Brics and an estimated 40 nations have reportedly shown interest in closer alignment.
The Brics countries accounted for 32 per cent of global GDP against the G7’s 30 per cent. The rest of the world contributed the remaining 39 per cent.
The G7 is made up of traditional economic powerhouses – the US, Canada, the UK, Germany, France, Italy and Japan.
Going into the latest summit of the Brics in South Africa, China is proposing an expansion that would transform the association of disparate emerging economies. Chinese President Xi Jinping is urging fellow leaders to see themselves in the mould of the G7.
Commentators have said Beijing sees itself as the presumed leader of the group and would like to see an enlarged membership transform it into a China-friendly club.
"Despite disagreements among Brics members, they have been seen to have more in common than the western strategic community expected and all see an increase in multipolarity as something desirable," wrote the Chatham House analyst Yu Jie.
"As a result, all are expected to play a more active role in determining the current world order as well as increasing their leverage to deal with the US."
Given the head start advantage of western nations, there are close economic ties across the two groupings. Many of the G7 nations are also the biggest investors in the Brics and so too is China.
While China accounted for the single biggest share of global GDP in 2022, the G7 was ahead of the Brics on aggregate. Moreover economists point to the reliability of economic data from the two sides as another intrinsic advantage of the western bloc.
The Brics countries, with 3.24 billion people, account for 40 per cent of the world's population – while the G7's 0.8 billion makes up 10 per cent.
The Brics leaders were meeting in South Africa on Tuesday to discuss issues not only of membership but also strategies such as ways to reduce the US dollar's dominance in global trade.
The major emerging economies are pushing to assert their voice as a counterweight to western dominance in global affairs even as Brics is seeking answers to some of the issues that are affecting its evolution.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
More from Rashmee Roshan Lall
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
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Squads
Sri Lanka Tharanga (c), Mathews, Dickwella (wk), Gunathilaka, Mendis, Kapugedera, Siriwardana, Pushpakumara, Dananjaya, Sandakan, Perera, Hasaranga, Malinga, Chameera, Fernando.
India Kohli (c), Dhawan, Rohit, Rahul, Pandey, Rahane, Jadhav, Dhoni (wk), Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Thakur.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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