Brics to open alternatives to World Bank, IMF
Brazil, Russia, India, China, and South Africa (the so-called Brics) are to establish alternatives to the World Bank and the International Monetary Fund, which they find too biased towards Europe and the US. The "New Development Bank"...will be launched at a Brics summit...next week, with all agreed except where to put the main headquarters, Russian finance minister Anton Siluanov said Wednesday (9 July).
Federal Reserve plans to end stimulus in October
The Federal Reserve will end its stimulus programme in October if US economic growth continues at its current pace, minutes from its June meeting released Wednesday revealed. The Fed has been buying bonds to lower long-term interest rates and boost growth since September 2012. Currently, the bank is buying $35bn (£20bn) of bonds monthly
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