Thursday, March 29, 2012

DTN News - 2012 BRICS SUMMIT: BRICS Countries Ink Pact To Trade In Local Currencies

Defense News:  DTN News - 2012 BRICS SUMMIT: BRICS Countries Ink Pact To Trade In Local Currencies
*Announce joint working group on common development bank
Source: DTN News - - This article compiled by Roger Smith from reliable sources Nayanima Basu / New Delhi Mar 30, 2012, 00:26 IST - Business Standard
(NSI News Source Info) TORONTO, Canada - March 29, 2012: A major outcome of the fourth BRICS summit, which concluded here on Thursday, was the signing of an agreement on providing credit facility in local currencies. 
This would seek to reduce the demand for fully convertible currencies for trade transactions among BRICS countries — Brazil, Russia, India, China and South Africa. The leaders of these five rapidly emerging economies also agreed to explore ways to establish a development bank for financing projects in these, as well as other developing countries.
Addressing the media after the conclusion of the summit, Prime Minister Manmohan Singh said, “The agreement signed today by development banks of BRICS countries will boost trade among us by offering credit in our local currencies.”

A ‘multilateral letter of credit confirmation facility agreement’ was signed among the five participating banks — Brazil’s Banco Nacional de Desenvolvimento Economic e Social, Russia’s State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), Export-Import Bank of India, China Development Bank Corporation and Development Bank of Southern Africa.
“We have agreed to examine in greater detail a proposal to set up a BRICS-led South-South Development Bank, funded and managed by the BRICS and other developing countries,” Singh said, adding the five BRICS countries had directed their respective finance ministers to set up a joint working group for an in-depth analysis of the proposal.

The joint Delhi Declaration, issued after the meeting, underscored the concerns of the BRICS countries — “the slow pace of quota and governance reforms in the IMF(International Monetary Fund.” The leaders agreed on giving more powers in the form of greater voting rights to developing economies. The leaders said the process of selecting candidates for the top posts in the World Bank or the IMF should be an “open and merit-based” one. “The new World Bank leadership must commit to transform the Bank into a multilateral institution that truly reflects the vision of all its members, including the governance structure that reflects current economic and political reality. Moreover, the nature of the Bank must shift from an institution that essentially mediates North-South cooperation to an institution that promotes equal partnership with all countries as a way to deal with development issues and to overcome an outdated donor-recipient dichotomy,” the leaders stated.

Earlier, Prime Minister Singh had highlighted the need to prioritise easier business visa norms to take full advantage of such a group. “We should promote greater interaction amongst our business communities. Issues such as easier business visas must be prioritised. As large trading countries, BRICS have a strong interest in removing barriers to trade and investment flows and avoiding protectionist measures,” he said.
The leaders said volatility in commodity prices posed risks, especially in food and energy. They called for improved regulation of the derivatives market to avoid destabilising impacts on food and energy supplies.

The leaders also agreed to make the UN Security Council more effective, efficient and representative.

They said the situation in Iran should not be allowed to escalate into a full-fledged conflict and expressed concern on the human rights violations in Syria.

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-Russia to take up SSTL matter at BRICS summit

*Link for This article compiled by Roger Smith from reliable sources Nayanima Basu / New Delhi Mar 30, 2012, 00:26 IST - Business Standard
*Speaking Image - Creation of DTN News ~ Defense Technology News 
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com 
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DTN News - FOAL EAGLE 2012: US, South Korean Forces Joint Military Exercise Foal Eagle Largest Of Year In South Korea

Defense News:  DTN News - FOAL EAGLE 2012: US, South Korean Forces Joint Military Exercise Foal Eagle Largest Of Year In South Korea
Source: DTN News - - This article compiled by Roger Smith 
(NSI News Source Info) TORONTO, Canada - March 29, 2012: The annual combined field training exercise, part of Foal Eagle 2012, is conducted between the Republic of Korea and United States forces and is one of the largest annual military training exercises in the world. In the past, this annual training has caused tensions with North Korea.


The primary purpose of Foal Eagle is to demonstrate ROK-US military resolve to deter war on the Korean peninsula and to improve the combined and joint operational posture of those forces. Foal Eagle is a purely defensive exercise which tests the capability of the Republic of Korea (ROK) to defend itself, assisted by U.S. armed forces, and it is also primarily a rear area security and stability operations, onward movement of critical assets to the forward area, special operations, ground maneuver, amphibious operations, combat air operations, maritime action group operations and counter special operations forces exercises (CSOFEX)

United Nations Command informs the Korean People's Army in North Korea that the Republic of Korea (ROK) and the United States would be conducting the routine defensive exercise. The United Nations Command also reassured the Korean People's Army at general officer-level talks that these exercises, conducted annually in or around March, are purely defensive in nature and have no connection to ongoing or current events. The Neutral Nations Supervisory Commission monitors the exercise to ensure that there are no violations of the Korean Armistice Agreement.

Since 2001, Foal Eagle combined with the annual ROK-US Reception, Staging, Onward movement, and Integration (RSOI) combined exercises, with RSOI being re-named Key Resolve in 2008.

*Link for This article compiled by Roger Smith - DTN News
*Speaking Image - Creation of DTN News ~ Defense Technology News 
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com 
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DTN News - SPECIAL REPORT: Japan Prime Minister Meets Facebook CEO Mark Zuckerberg

Defense News: DTN News - SPECIAL REPORT: Japan Prime Minister Meets Facebook CEO Mark Zuckerberg
Source: DTN News - - This article compiled by Roger Smith 
 (NSI News Source Info) TORONTO, Canada - March 29, 2012: Facebook CEO Mark Zuckerberg (L) shakes hands with Japan's Prime Minister Yoshihiko Noda in front of a monitor displaying a facebook page of Prime Minister's Office of Japan as they meet at the latter's official residence in Tokyo on March 29, 2012. 
Facebook has more than 800 million users around the world and is the leading social network in all but six countries, notably Russia, where local rivals are preferred, and China, where it has been banned since 2009.

*Link for This article compiled by Roger Smith - DTN News
*Speaking Image - Creation of DTN News ~ Defense Technology News 
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com 
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