The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.
Brazil, Russia, India, China and South Africa will move toward setting up a development bank during a summit next week to speed up the makeover of the world’s “aging” financial system, a Kremlin envoy said.
Eni SpA and OAO Gazprom Neft, the oil arm of Russia’s gas export monopoly, resumed production at the Elephant field in Libya about two weeks ago, Mikhail Margelov, the Russian presidential envoy to Africa and the Middle East, told reporters today in St. Petersburg.
Russia wants to mediate between the two sides in Libya’s civil war as it tries to negotiate the exit from power of Colonel Muammar Qaddafi , said Mikhail Margelov, the country’s envoy to the rebel stronghold of Benghazi.
Libyan leader Muammar Qaddafi will have to receive security guarantees to relinquish his four decades of rule over the North African nation, said Mikhail Margelov, Russia’s envoy for negotiating Qaddafi’s departure.