The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar. The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has... 

In the Brazilian city of Sao Paulo, thousands of people have demonstrated against corruption and income inequality in the country. During the protests on Friday, demonstrators called for reshuffling of the country’s political and economic system. Protests were also held in several other cities including Rio de Janeiro. Angry protesters looted a major bank and national media giant Globo TV headquarters,... 

Riot police take positions as demonstrators gather near the Castelao stadium in Fortaleza, Brazil, on June 19, 2013. Authorities in Brazil’s two biggest cities have announced the reversal of a 10-cent hike in public transport fares that ignited massive protests across Latin America’s largest country. On Wednesday, Rio Mayor Eduardo Paes, Sao Paulo Mayor Fernando Haddad and Sao Paulo state governor...