Roundtable discussion held at the Johannesburg Stock Exchange, Sandton, on Tuesday, 25th September 2012. Taking into account the rather unsatisfying track record of the Bretton Woods Institutions to address the needs of developing countries, and the institutions’ inability to find appropriate and effective solutions to the global financial crisis, the concept of a BRICS Development Bank – the proposal which was made at the 4th BRICS Leaders Summit in New Delhi in March 2012 – presents the opportunity for emerging economies to reshape the global financial architecture and to contribute to the reform of these institutions.Although the concept of a BRICS Development Bank is still being studied by a working group of the BRICS Finance Ministers, there are expectations, that the formation of such a bank could assist the African continent to realise much needed infrastructure projects and unlock the continent’s economic potential.Discussion document [PDF 200Kb]
Svetlana Podobedova won Olympic gold for Kazakhstan by the narrowest of margins in London on Friday, edging out Russia’s Natalya Zabolotnaya in the women’s 75 kg weightlifting by virtue of lighter body weight.Podobedova and Zabolotnaya both broke the Olympic record with totals of 291 kg, with the Russian setting down a new Olympic best of 131 kg in the snatch and Podobedova setting a new Olympic record of 161 kg in the clean and jerk.Podobedova was born in Russia and represented that country until she was stripped of her 2006 world junior title for doping, after which she switched allegiance to Kazakhstan.”I am grateful I could compete. In 2008 Russia didn’t allow me to go to Beijing but Kazhakstan gave me a chance. I started training for this slowly, and this gold is for Kazhakstan,” she said.”I just wished for it so much. I have been working towards this all my life.”Official results show the total Olympic record awarded to Zabolotnaya, who only joined the Russian team last week after Oksana Slivenko withdrew with injury.Belarusian lifter Iryna Kulesha was a distant third with a total of 269 kg.Podobedova’s victory brings Kazakhstan its fourth gold of the games and third in women’s weightlifting, after Zulfiya Chinshanlo won the 53kg category and Maiya Maneza took victory in the 63kg event.