BRICS is outperforming G7 way faster than everyone thought
The BRICS alliance has exceeded expectations, racing ahead of the G7 in terms of GDP (PPP) well before the forecasted timeline. The term, coined by economist Jim O’Neill in 2001, encapsulated the potential of these nations to redefine global economic dynamics. O’Neill’s prophecy that BRICS would challenge the economic supremacy of the traditional G7 by […]
BRICS’ GDP actually surpassed G7’s in 2023
2023 marked a pivotal shift in global economic dynamics, with the BRICS alliance outstripping the G7 nations in terms of collective GDP. This shift is not just about numbers; it’s a clear signal of the changing tide in global economic power. The BRICS bloc now accounts for a staggering 32% of the world’s GDP, eclipsing […]
G7 nations consider confiscating $300B in frozen Russian assets amid Ukraine conflict
The United States, supported by the United Kingdom, Japan, and Canada, is reportedly urging G7 nations to explore the possibility of confiscating approximately $300 billion worth of Russian assets that have been frozen in response to Russia’s invasion of Ukraine. This initiative is scheduled to be presented in February, marking the two-year anniversary of the […]
G7 price cap evaluation: Success or shortfall?
In a world grappling with energy crises and geopolitical tensions, the G7’s introduction of a price cap on Russian oil has been a topic of intense debate. Initiated in June 2022 and implemented last December, this policy emerged as a response to the EU’s plan to prohibit companies within the bloc from any involvement in […]
G7 Nations to Establish Groundbreaking AI Rules on Privacy and Security
In a groundbreaking move, the G7 countries, including Canada, France, Germany, Italy, Japan, the UK, and the US, are set to unveil a landmark set of rules governing the use of artificial intelligence (AI) in relation to privacy concerns and security risks. The rules, consisting of an 11-point code of conduct, have been in development […]
G7 finally agrees to help Ukraine, but there’s a catch
After considerable deliberation, the G7 has greenlit a potentially groundbreaking initiative: redirecting profits from frozen Russian assets to financially embattled Ukraine. But the road to this decision has been anything but smooth, with layers of financial intricacies, international politics, and legal concerns complicating the process. Unlocking Russia’s Frozen Treasure Amidst the chaos that followed Russia’s […]
Why are G7 countries icing out Russia?
Dive into the shimmering world of diamonds, and one is plunged into a vast pool of geopolitics, technology, and economies. The recent shift in the diamond industry is no exception, with the G7 countries marking their territory and setting a firm stance against Russia. Why? Because when it comes to the G7’s economic play, every […]
BRICS is about to become a major threat to G7
If the tides of global influence were already shifting, the expansion of the BRICS alliance just might have initiated a tsunami. The revamped BRICS, which once encapsulated Brazil, Russia, India, China, and South Africa, now boasts an added muscle with the inclusion of nations like Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab […]
China urging the BRICS coalition to evolve into a geopolitical challenger to G7
China is looking to propel the BRICS coalition of emerging economies into a substantial contender against the G7. Leaders from various developing nations will convene to discuss the most extensive expansion the forum has witnessed in over ten years. President Cyril Ramaphosa of South Africa has extended invitations to over 60 heads of state and […]
BRICS potential: Experts suggest it could rival G7 soon
The narrative of global economic leadership is shifting. BRICS, an amalgamation of burgeoning economies that once stood on the fringes of global economic discourse, now stands toe-to-toe with the world’s economic heavyweights. Representing over a quarter of the world’s GDP, there’s rising speculation that BRICS could soon be the G7’s fiercest competitor. An Unprecedented Economic […]
G7 set for historic AI regulation meeting next week
As the march of artificial intelligence (AI) continues globally, the Group of Seven (G7) nations are coming together to address key challenges linked to the fast-paced evolution of AI tools. The inaugural working-level meeting is scheduled to convene next week, in an effort to foster consensus on issues like intellectual property protection, disinformation, and the […]
G7 vs. China-Russia race for global dominance – Details
The world is witnessing an intensified struggle for supremacy as China, Russia, and the US, together with its G7 allies, vie for diplomatic traction and geopolitical influence. This contest plays out in strategic nations, with the upcoming high-profile summits serving as critical arenas for these global power plays. Shifting strategy in the global influence race […]
G7 considers reducing reliance on China in supply chains
The finance leaders of the Group of Seven (G7) advanced economies are considering strategies to strengthen global supply chains and reduce their dependence on China, according to German Finance Minister Christian Lindner. This topic emerged as a key focus during a three-day G7 meeting in Niigata, Japan, where the need for more resilient supply chains […]
G7 ministers put spotlight on AI regulation – Here’s why
As the digital ministers of the Group of Seven (G7) advanced nations convened in Japan, they reached a consensus on adopting risk-based regulation for artificial intelligence (AI). In a joint statement, the ministers highlighted the necessity of fostering an open and supportive environment for AI development that upholds democratic values. G7 to establish ground rules […]
BRICS nations will surpass G7 in terms of economic growth
A recent Bloomberg report predicts a significant shift in global economic power, as BRICS nations are on track to surpass the G7 countries in economic growth. By 2028, the collective GDP of the BRICS countries—Brazil, Russia, India, China, and South Africa—is expected to reach nearly 35%, driven by China’s anticipated position as the top source […]
G7 leaders to push for tougher crypto regulations
At the upcoming G7 meeting in Hiroshima this May, Japan, The United States, The United Kingdom, Canada, France, Germany, and the European Union are expected to unite to create a cooperative strategy for tougher global cryptocurrency regulations, according to Kyoto news agency reports. Furthermore, the initiative will aim to increase transparency and consumer protections surrounding […]