K.V. Kamath of ICICI Bank Named BRICS Bank President

ICICI bank's non-executive chairman K V Kamath has been appointed the New Development Bank president. The New Development Bank, which is worth 100 billion USD venture, is being set up by  five BRICS nations:  Brazil, Russia, India, China and South Africa.

It has been reported that the presidency of the bank for the first six years will lie with India, and after that Russia and Brazil will get a five-year term each.  

The name 'New Development Bank' is the brain child of Indian PM Narender Modi. He suggested it at the BRICS meeting in Brazil in November 2014.

The bank will basically focus at funding infrastructure projects in developing countries and is being seen as a step away from West-dominated international financial systems.

Also Read: 

The Karnataka High Court Acquits Jayalalitha in the Disproportionate Assets Case

Reunion of Janata Parivar will Not Affect BJP's Performance in Bihar: Sushil Modi

After 55 Years, Thaw In US - Cuba Relations

President Barak Obama has termed the changing relations with Cuba as a new chapter in history.

It was an year ago, President Obama and President of Cuba Raul Castro shook hands at a ceremony after the death of South African patron Nelson Mandela to create a political and diplomatic murmur across the world.

On Tuesday, both the leaders talked to each other for 45 minutes over telephone to discuss the relations between the two countries. The White House has announced that it is seriously interested in changing the old way of thinking as it has benefited neither of the countries.

And on the other side Havana says that the two countries have agreed to resume the diplomatic relations, which has never seen the day of light since 1959 when Fidel Castro overturned the America backed Batista government and right after that nationalized all the US enterprises in the country. The situation further withered in the 60s with the Cuban missile crisis when USSR (now Russia) planted ballistic missiles on the Cuban mainland to keep the US in check.

Cuba, in its gesture of goodwill, has released Allan Gross, a US citizen who was arrested on charges of espionage. And the US has reciprocated by freeing three Cuban national as a sign of recognition.

Obama has used his presidential prerogative to free the Cubans, but the economic sanctions cannot be lifted without the Congress' consent. And if the experts are to be believed, Obama will have a hard time convincing the Congress. The Cuban Cigars and beeches are still very famous in the US.  

Also read: 

Apple Says It Will Not Sell Its Products In Russia; Ruble Is Too Unstable and Unreliable!

India Successfully Launches GSLV Mk III, Its Heaviest Rocket Ever

        

Apple Says It Will Not Sell Its Products In Russia; Ruble Is Too Unstable and Unreliable!

Apple says it will not be able to sell its products in Russia as the Ruble is too weak and too fickle to let the company put a stable price tag to its products. 

The federal bank raised the interest to 17% from the existing 10.5% this week. But that decision could not save the currency to slide 20% in no time. Ruble fell 5% on the Wednesday morning and started selling 71 to 1 in comparison to the US Dollar.  

The prices of Apple products were raised 20% in the country last month because the emaciated Ruble made products less costly in Russia than other European countries. 

The Federal Bank has said that it has infused 2 billion USD in the market to let the Ruble come up a little. And till now the country has spent around 80 billion USD for the same purpose. But no visible signs of a revival have come to the fore.

Experts are of the opinion that the main reasons for the tattered Ruble are the steep decline in the prices of the crude oil and the sanctions that the European countries have imposed on Russia.    

Due to its support to the Ukrainian separatists, the fear of further American sanctions on the country has drubbed the Ruble to ashes this week. 

Also read:

India Successfully Launches GSLV Mk III, Its Heaviest Rocket Ever