TRTWORLD — Newshour
20260915 070000 UTC
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[00:00:06] of of
[00:00:17] of Welcome back, you're watching TRT World, with me, Neil Harvey, and these are our
[00:00:20] headlights: three people, including two
[00:00:23] of children have been killed in
[00:00:25] of Saudiled of coalition air strikes in Yemen's Tais province, that's according to
[00:00:29] Hoothy Run. the strikes come as Saudi Arabia says it will respond
[00:00:33] a firmly to hoothy attacks that injured 13 civilians in three Saudi
[00:00:36] cities. The UN says fighting in Yemen is forced
[00:00:40] of 125,000 people from their homes since the start of
[00:00:42] September. At least 18,00 households
[00:00:46] or 125 thousand people have been displaced since the start
[00:00:51] of in of the month. The toll on civilians is increasing. Between September 1st and today our colleagues
[00:00:55] at the UN Human rights office have verified
[00:00:57] of 40 civilian casualties.
[00:01:00] of Iran's state media says a drone strike has hit two Iranian
[00:01:04] fishing boats along the straight of Horamus, leaving several people
[00:01:07] of missing, of
[00:01:07] in a separate incident, Iran's
[00:01:13] of of revolutionary guards as an oil tanker exploded and caught fire after hitting mines in the waterway. Ukraine
[00:01:17] a president Voladimir Zelensky says Kiev is ready to take steps towards
[00:01:20] deescalation, but only if Moscow also commits to halting
[00:01:24] attacks on
[00:01:25] of infrastructure. Earlier President Trump said that both sides have
[00:01:28] of agreed to a mutual... was on strikes against energy
[00:01:32] of sites, still Kiev smarr says a drone
[00:01:34] in a petrol station in the
[00:01:36] of Ukrainian capital early on Tuesday, injuring
[00:01:38] one
[00:01:41] of person. The United States Supreme Court has blocked President Trump's
[00:01:45] attempt to tighten mailing voting rules just weeks before
[00:01:48] November's mid-term elections. The White House wanted to block
[00:01:52] mail-in ballots from voters
[00:01:54] of not on
[00:01:54] of lists provided in avance to the US Postal service. The critics
[00:01:58] argue that the
[00:01:59] of president. the authority to rewrite election rules at the last
[00:02:03] of minute. also, Donald
[00:02:06] of Trump has lashed out against concerns over artificial intelligence, saying
[00:02:10] efforts to limit the technology are part of what he calls
[00:02:13] a sick conspiracy. his comments come after the leaders of three
[00:02:17] major tech companies called for the government to have greater oversight of
[00:02:20] AI
[00:02:23] of and former Columbia University student and pro Palestinian activist
[00:02:27] Mahmoud Khalil has filed a lawsuit to get... the
[00:02:30] a university, Khalil was arrested by immigration agents in March of
[00:02:34] 2025 after taking part in protests against
[00:02:39] of of Israel's of war on Gaza. He accuses Colombia of laying the ground work for the Trump administration to
[00:02:43] target him. There's your headlines. Do say where this is the news
[00:02:47] continues. Intuitive,
[00:02:50] inclusive, informative. From the remotest
[00:02:54] reaches to the teaming Metropolises. The world
[00:02:58] is one click away.
[00:03:03] of trtworld.com.
[00:03:08] of
[00:03:10] of
[00:03:17] in
[00:03:20] of Global of market slide a tech cell office surging
[00:03:24] oil prices cement fears of federal reserve rate
[00:03:26] in hike.
[00:03:27] of Toronto hosts the inaugural Canada. investment summit as
[00:03:31] business leaders target $1 trillion dollars in global investments
[00:03:34] and and gotte refinery IPO sparks a massive trading friendsy as
[00:03:38] investors pour in
[00:03:39] of 1.2 billion dollars on
[00:03:41] a opening of day. Hello, I'm side with the business news
[00:03:44] a here on TRT
[00:03:44] World.
[00:03:53] of of
[00:03:54] a of of
[00:03:55] of of of
[00:04:00] Global stock markets remain under
[00:04:03] of pressure as pullback from tech shares as to
[00:04:05] a concerns over tight energy supplies and the inflation outlook, while
[00:04:09] Asian markets extended their downward trajectory tracking Wall
[00:04:13] Street tech
[00:04:14] of pullback. Electronics in semiconductor names across Soul and Type bore
[00:04:18] the brunt
[00:04:19] of the selling, as traders aggressively sold risk
[00:04:22] of assets in favor of bonds. Well the weakness reflects growing AI safety
[00:04:26] fears and doubts over whether the
[00:04:28] in rapid spending on AI infrastructure. can
[00:04:31] of continue, well oil prices held near multi-month high with Brent
[00:04:34] Crude oil at around $107 a barrel after
[00:04:38] rising 3% on Monday. Disruptions linked to the shutdown
[00:04:42] of Saudi Arabia's east-west oil pipeline are keeping pressure on global
[00:04:46] supplies. Industry sources say stocks at the kingdom's
[00:04:49] of yanbu terminal could last just five to seven days,
[00:04:53] while repairs could take up to six weeks. Now
[00:04:57] investors are
[00:04:58] of turning their attention
[00:04:59] of to of Wednesday's. reserve meeting with hotter than expected US
[00:05:03] of a of inflation boosting expectations for rate hike. now markets are pricing in more than
[00:05:07] 85% chance of a 25 basis point
[00:05:10] a increase. it would be the fed. first rate hike since
[00:05:14] mid-2023.
[00:05:18] Let's get more now on this with Tim Walture, he's a chief market analyst at
[00:05:21] KCM Trade, good to have you in the program this morning, so we're seeing
[00:05:25] pressure across tech, oil, bonds, so
[00:05:29] how concerned should investors be about this broader shift in market
[00:05:32] sentiment? good morning, nice to be with
[00:05:36] you. yes, lot of forces at play at the moment, hard to know where to look,
[00:05:40] but er it's really that combination of high oil. and high
[00:05:43] bond yields, that's a bit of red flag for risk assets such as
[00:05:47] stocks at the moment given what they say about the inflation out
[00:05:51] and by extension monetary policy and how that may impact growth a
[00:05:55] corporate and economic level moving forward, so not a lot of good news for
[00:05:59] stock markets right now, I think uh traders like to see a little bit
[00:06:03] of a pressure released in terms of that oil price and or bond yields to
[00:06:06] get some momentum back, so I guess lot will come down to this week
[00:06:10] - what message we get from the... reserve and whether they're leaning on the hawkish or
[00:06:14] dovish side as to whether stocks can regain their mojo again.
[00:06:18] okay, let's leave the fed rate for now. let's come to oil, you mentioned it, it's
[00:06:22] now at around $107 a barrel with the saudi pipeline
[00:06:26] disruption tightening supply, so how much further could
[00:06:29] prices spike if the outage does last several
[00:06:32] weeks? yes, if it keeps
[00:06:36] lasting several weeks and i think if you add in into the mix say further
[00:06:39] damage to the pump stations or other infrastructure. the golf
[00:06:43] then I think it could bring back into the uh the price range the levels we saw
[00:06:47] in April this year when Brent Crude was trading at $120 and
[00:06:50] just above so that is certainly a possibility uh in the near term
[00:06:54] depending on how long the uh that crucial you know east-west pipeline does
[00:06:58] remain offline for given that that was effectively saving grace for the
[00:07:02] market uh given the uh the traffic problems around the straight of Homou
[00:07:06] so if uh oil prices do keep rising we could see a bit of demand
[00:07:10] destruction come into play maybe limit price rise a little bit, but
[00:07:13] certainly oil really has nowhere to go other than up right now given all
[00:07:17] the bad news we're hearing in terms the infrastructure around the golf and add into the mix
[00:07:21] the uh russian oil refiner refineries which have been taken offline
[00:07:25] as well and that's uh pushing diesel prices to these record highs so yeah not a lot of good news on
[00:07:29] the uh oil price front at the moment yeah it's even not looking good there
[00:07:33] for um oil tim well let's come to markets then they're almost
[00:07:37] certain that the fed will hike rates on Wednesday so what signals will
[00:07:41] investors be looking for? 'if
[00:07:45] they do hike rates, they'll be looking to see whether it's a one-undone
[00:07:48] case
[00:07:49] or or whether they were more rate hikes to come in the pipeline, now yes market's
[00:07:53] very much expecting rate hike this month, a little bit
[00:07:56] unusual if it arrives uh because we did see core CPI last
[00:08:00] friday moved to its lowest level since 2021, so
[00:08:04] little bit unusual to be hiking rates uh when core inflation is moving
[00:08:08] lower and also to be hiking rates to address
[00:08:11] effectively'. byside shock due to those high old prices, but uh yeah, market
[00:08:15] very much expecting it, so that'll probably be what the fed takes into account. i think it'll be a pretty
[00:08:19] tight vote either way, maybe 7-5 potentially, not sure which
[00:08:23] way it'l go yet, but uh, yes, if the uh the federal reserve chairman,
[00:08:26] kevin walsh, if he does signal more hikes are to come, that could be
[00:08:29] a another down or four risk appetite moving forward, it's all sounding very
[00:08:33] positive, so tim tied all together for us then, if the fed does raise
[00:08:37] rates while oil prices remain elevated, which
[00:08:41] parts the global market? would be most
[00:08:43] vulnerable? yes, that's that's
[00:08:46] once again a bad combination for markets, so i think certainly that
[00:08:50] the uh sectors the market very sensitive to growth, they'll
[00:08:54] be the ones to put be put most under pressure, i think we could see a bit more of
[00:08:57] rotation uh out of some sectors which have performed well in the
[00:09:01] first half the year to maybe some the more overlooked parts the economy
[00:09:05] or defensive sectors such as uh healthcare and perhaps
[00:09:09] utilities
[00:09:09] now AI is obviously one to watch moving forward. um as to whether that will
[00:09:13] be impacted by high rates given I guess the speculation we got about capex
[00:09:17] on that sector moving forward right now, but uh yes if if
[00:09:21] the messaging from the fet is a maybe one hike to as insurance
[00:09:25] hike to address inflation then I think
[00:09:27] you know markets may see that
[00:09:29] as a positive and maybe look forward to maybe rate cuts in
[00:09:31] 2027. Okay Tim, on that very
[00:09:35] positive note that this morning, thank you for joining us on the
[00:09:37] program.
[00:09:42] Well, global investors have gathered in Toronto for the Canada
[00:09:46] Investment Summit. Prime Minister Mark Karne hopes event will draw $1 trillion
[00:09:50] dollars in investment and forge new business partnerships. Now, the government announced
[00:09:54] that investors are committing $1 billion dollars or more will gain priority
[00:09:58] access to federal tax rulings for major Canadian projects and driven
[00:10:02] by escalating trade tensions with United States of course. The high
[00:10:06] stakes even also highlights broader strategic moves such as eyeng a
[00:10:10] unique alliance with the European.
[00:10:15] Canada offers the world what the world needs, I think the world is in the
[00:10:19] process of rediscover in Canada, I think people get up in the morning
[00:10:23] now saying we're thinking. because if you look
[00:10:26] at today, we've attracted billions of dollars in people represent
[00:10:30] investment funds, look at major global trends,
[00:10:33] and that's why Canada comes out top as a partner
[00:10:37] of choice. meanwile,
[00:10:40] hundreds have rallied in downtown Toronto to protest against the
[00:10:44] summit, criticizing its focus on fossil fuels and the privatization of
[00:10:48] public assets, while Mark maintains strong public approval
[00:10:52] above 60% for standing up to the US. tariffs, his pivot
[00:10:56] towards resource industries has alienated some
[00:10:59] critics. mark carney is
[00:11:03] bringing 200 the
[00:11:03] over richest finance CEOs to Toronto. they're
[00:11:07] here wining and dining at the AGO right now,
[00:11:11] and what they're doing is really auctioning off our public
[00:11:15] infrastructure. we've seen the pitch deck that's been leaked to the
[00:11:18] public, on the table are pipelines, critical
[00:11:22] mine, mineral mines, AI. data centers, weapon
[00:11:26] manufacturers, but also highways, ports,
[00:11:29] potentially our airports, so this is the biggest investment
[00:11:33] summit that we've seen in
[00:11:34] Canada. okay, well joining us
[00:11:38] now from Kualalum is marot, Ruiz Estrada, and
[00:11:42] he's a professor of economics at the Vizja University, good
[00:11:46] to have you on the program, so the Canadian government hopes that this summit is
[00:11:50] going to bring in foreign investment, is the EU the
[00:11:53] answer? what
[00:11:57] i can see that this meeting is so much things behind
[00:12:00] and especially china, china have lot interest in Canada because
[00:12:04] they have lot natural resources and also is near to the American
[00:12:08] market. i think this people cannot see clearly
[00:12:11] the the picture because remember that just europe now with the
[00:12:15] European central bank increase interest rates, part of this
[00:12:19] mobility of investments, attract investment is to
[00:12:22] attract European investors, but Chinese
[00:12:25] investors that Canada have enough natural resources
[00:12:29] and cheap materials and
[00:12:32] also this next door to the American
[00:12:35] market. What I can see now is that we have
[00:12:39] inflation globally and then also United States
[00:12:42] reducing the FDI in Canada for
[00:12:46] the same reason we have about tarif and then
[00:12:50] logically now Canada is trying to bring FDI
[00:12:54] from China. in Europe simultaneously, this is the main
[00:12:57] idea, not only in infrastructure, also productive investments
[00:13:01] okay, your bet is China and not the EU,
[00:13:05] that well, let's
[00:13:06] come to the Canadian economy has experienced a capital flight crisis over
[00:13:10] the past decade, now of course you've got these US tariffs
[00:13:14] taking effect, how is all of this having an impact on the
[00:13:17] economy? of course Canada with
[00:13:21] this tarif is affected because the exports from Canada to United
[00:13:25] say dropping 35% that is affecting lot the the Canadian
[00:13:28] economy and also we start to see slowly kind
[00:13:32] of on employment in Canada because you know that
[00:13:36] industries depend on keep low cost production and
[00:13:40] then what you try what the problem now is when you have tarif you have
[00:13:44] inflation but at the same time companies reduce the exports
[00:13:47] and then um start to cut people in in different
[00:13:51] sectors but i can see very clear like Canada trying to to
[00:13:55] find the way how to survive and reduce the um
[00:13:59] dependency on united states economy and investor
[00:14:02] from okay well let's come to wooing investors
[00:14:06] then um what does Canada need to do to make their economy more
[00:14:09] attractive? well what i
[00:14:13] explain to you Canada is very beautiful country have lot of natural
[00:14:17] resources you have so much qualify
[00:14:21] human resources also human capital and i think
[00:14:25] are now trying to to reduce the dependency
[00:14:28] the American FDI logically, especially with this
[00:14:32] difference between governments and especially in this
[00:14:36] trade war they have between Canada and United States. I think Canada
[00:14:40] is going to take time to to to improve
[00:14:44] the economy again. Canada economy is not doing so well now,
[00:14:48] it's not bad, but it's no what they expect last
[00:14:51] time. I want to mention something, last time we have NAFTA North.
[00:14:56] america free trade are now this this model of trade and business is
[00:14:59] closed, now Canada was searching a more
[00:15:03] regional economic model that attract
[00:15:06] investors of FDI, foreign direct investment to Canada
[00:15:10] and reduce the dependency from United States and interact with new
[00:15:14] markets especially China, Chinese market that Chinese,
[00:15:17] China searching for big markets like Canada in also especially
[00:15:21] natural resources and remember Canada is very rich in natural resources.
[00:15:26] and this is the most important thing that my main point here is
[00:15:30] that Chinese investors come massively to
[00:15:34] Canada because is is profit.
[00:15:38] Well one thing I can also tell you is that Mark Kahni is also going to Brussels of the
[00:15:42] State the Union of uh Von delion so watch
[00:15:46] that space, but it's been a pleasure talk to you, thank you for joining us on
[00:15:49] the program, thank you so
[00:15:51] much.
[00:15:55] Leaders from Scotland, Wales and Northern Ireland have jointly
[00:15:59] told the British government to prepare for a possible breakup the United
[00:16:03] Kingdom, meeting in Kardiff, they declared west minister.
[00:16:07] time is coming to an end, but the pact has no legal force and its leaders
[00:16:11] still face major question over whether they have enough public
[00:16:15] support. Paul Hawkins has the
[00:16:16] story. In
[00:16:20] 2014, it looked like Scotland was going to leave the
[00:16:24] UK, but it didn't. In response to the
[00:16:27] referendum question, should Scotland be an independent
[00:16:31] country, we're in favor
[00:16:34] of no. 12 years later, leaders the governing
[00:16:38] nationalist parties from left to right, Scotland, Wales and
[00:16:42] both Ireland and Northern Ireland, signing memorandum of
[00:16:46] understanding. There are first ministers in Scotland, Wales
[00:16:50] and Northern Ireland to believe that their countries should
[00:16:54] decide their own future. We will each individually be
[00:16:57] responsible for our own journeys. It was big
[00:17:01] onvision, light on details from the
[00:17:05] polls, from the direction of travel that people.
[00:17:07] more and more are absolutely getting persuaded, but the polls
[00:17:11] suggest otherwise: in Wales and Northern Ireland there's a clear majority who
[00:17:15] want to stay in the UK. In Scotland, slim
[00:17:19] majority want independence, and then there's the legal
[00:17:22] process. Scotland and Wales can demand vote, but under current law they
[00:17:26] cannot call one without Westminster's approval, but Northern Island is
[00:17:30] different. The UK's Northern Island secretary must call a border poll if or
[00:17:34] when the reunification vote appears likely. a win
[00:17:38] and it would also need a yes vote from the republic of ireland where two-thirds
[00:17:42] of people do support reunification, both countries are
[00:17:46] run by shin fain. Westminster does not and will never serve our
[00:17:50] people well. I think our common cause here is that we have the right to self
[00:17:53] determination. Over the weekend, he weighed in with his
[00:17:57] thoughts. Well, I don't want to cause any problems, but I will do
[00:18:01] you love to see it. It's going to happen
[00:18:04] eventually. it
[00:18:07] seems, the UK PM is a fan of devolution,
[00:18:10] but said independence and new referendums are off limits and
[00:18:14] off the table, and we will not accept or tolerate any
[00:18:18] British prime minister telling us that that right is off the
[00:18:22] table, on the contrary, the issues around self-determination
[00:18:26] for the Caltic nations, for all of us, is very much on the
[00:18:30] table, from the talk of Westminster's time coming to an end, this agreement
[00:18:34] doesn't set out how or when any of this would happen.
[00:18:37] "Scotland and Wales still need Westminster's consent. Northern Island does
[00:18:41] have legal route, but the polling has to be in
[00:18:45] unification's favor, and at the moment none the polls are
[00:18:48] consistently in the pro Independence Party's favor, and Andy Burnham
[00:18:52] knows that, so while this agreement may increase some political
[00:18:56] pressure, doesn't force him to act. Paul
[00:18:59] Hawkins, TRT World,
[00:19:01] London."
[00:19:11] and here's some more stories that we're following this hour. oil
[00:19:15] tanker rates a key Persian gulf to China route topped
[00:19:19] $1 million a day on Monday, record for the industry, the
[00:19:23] Iran war has left fewer ships willing to cross the straight of
[00:19:26] homeers tightening tanker supply and pushing cost higher even
[00:19:30] roots from the Gulf of Omana now costing
[00:19:34] $644,00 a day - strong
[00:19:37] demand from refiners is adding to the pressure as they keep buying
[00:19:41] crew to meet global fuel
[00:19:43] demand. the Panama Canal is cutting
[00:19:47] daily shipping traffic again as Elney threatens to reduce the
[00:19:50] waterway of water. well authorities will reduce
[00:19:54] daily passage to average of 29 a day to
[00:19:58] conserve supply the block system. the restriction hit a
[00:20:02] key artery handling 5% of global trade, which is already
[00:20:06] under heavy pressure from from rerooted maritime traffic, officials warn
[00:20:10] this year's weather pattern could be the strongest in four
[00:20:12] decades. The US has now
[00:20:16] imposed new sanctions on Russia's VTB bank
[00:20:19] accusing it of helping Iran move billions of dollars in frozen
[00:20:23] asset. Washington says the lender also expanded its presence in Iran
[00:20:27] and built ties with sanctioned Iranian banks (VTB) was already under
[00:20:31] US sanction since 2022, limiting its access to
[00:20:34] American financial systems.
[00:20:38] "Colombian lawmakers have approved record 206 billion dollar
[00:20:42] budget for 2027 despite growing fears over public debt, while the
[00:20:46] country's fiscal deficit could reach record 9.4%.
[00:20:50] percent due to the 16% spending expansion. officials say the extra
[00:20:54] funds will cover earthquake recovery and unpaid bills from the previous
[00:20:57] administration. government now planned to introduce new
[00:21:01] tax reforms to help rain in spending
[00:21:05] and Japan has recorded more than 100,000
[00:21:09] centurions for the first time in history with women making up to
[00:21:12] 90% the total. that's nice to hear. experts say healthy
[00:21:16] diets, low obesity rates and universal healthcare are among.
[00:21:20] "the reasons people in Japan live so long, the government is now trying to
[00:21:24] extend healthy lifespans by three years as the population
[00:21:27] continues to
[00:21:28] age.
[00:21:36] Africa's biggest ever share sale has opened to investors
[00:21:40] in Lagos, with Dangotte refinery asking ordinary
[00:21:44] Nigerians to get behind fundraising drive. There are already signs of
[00:21:47] strong demand with more people expected to play. there are shares
[00:21:51] available. Hillary Ngoruk
[00:21:53] reports. We are making history today. The dangoter
[00:21:57] refinary IPO has opened for subscription on the Nigerian exchange,
[00:22:01] putting one of Africa's biggest industrial projects directly in the hands
[00:22:05] of public market investors. The offer is for
[00:22:08] 4.1 billion shares at 525 each,
[00:22:12] that's 40 cents, potentially raising about $1.6
[00:22:16] billion dollars. At that price, the refinery. is being
[00:22:20] valued at roughly $48 billion dollars, but at last week's
[00:22:24] signing ceremony, aliko Dangote said the IPO is
[00:22:28] about more than raising money to double its capacity, what we are trying to
[00:22:32] do is to make sure majority of all all these,
[00:22:35] my our drivers, our cooks,
[00:22:38] our you know servants, our
[00:22:42] managers, everybody, they will have an opportunity
[00:22:45] to have a stake in this refinery and
[00:22:50] of retail investors have flauded investment portals leading to the
[00:22:54] crash of no fewer than two investment apps. the
[00:22:57] Nigerian Exchange temporarily posted on X just hours after the
[00:23:01] IPO opened that about 400 thousand people had subscribed
[00:23:05] to billion dollars worth of equity. Even before the IPO
[00:23:09] opened for subscription, the Nigerian stock market witnessed beer
[00:23:13] run with investors pulling their money out of other
[00:23:16] equities waiting to put it in the IPO.
[00:23:20] before my messages could
[00:23:22] land uh in their
[00:23:25] destinations to some these clients, lot them had already
[00:23:28] peltering
[00:23:29] are started peltering our accounts with payments,
[00:23:33] you know, they are already dumping money paying you
[00:23:37] know to uh take part in the
[00:23:41] IPO. African market leaders were well represented at the
[00:23:45] IPO offer presentation showing how connected to the
[00:23:48] refinery they are. This is Africa's wealth
[00:23:52] and what I mean is that we as Africans
[00:23:54] we need to roll up our sleeves to make sure that we actually release the
[00:23:57] value
[00:23:59] that is African resources. Dangote has become
[00:24:03] a security anchor following the US war on
[00:24:06] Iran, presenting Africa and the rest the world with viable
[00:24:10] alternative to the Middle East. It filled gaps in western Europe
[00:24:14] and is currently negotiating long-term contracts with
[00:24:17] Ghana, Kenya and South Africa. but the big
[00:24:21] question for investors today is whether the offer price of
[00:24:24] 525 naira, which is about 40 cents leaves enough
[00:24:28] room for the share to appreciate when it
[00:24:31] eventually trades on the NGX. some analysts have valued the
[00:24:35] refinery substantially higher. issuing house
[00:24:39] puts it equity value at about $57 billion dollars
[00:24:43] while another estimated about 61 billion. for
[00:24:47] the markets, the dangote IPO is therefore, not simply a test of
[00:24:51] African's appetite for shares, it is also a test of whether
[00:24:55] investors believe the refinery can sustain its
[00:24:57] extraordinary recent profitability and justify
[00:25:01] valuation of about $48 billion dollars.
[00:25:05] Hillary, Naruka, TRT World,
[00:25:08] Lagos. Well, let's
[00:25:12] get more in this now with Mhammad, he's an international finance and
[00:25:15] economics analyst who joined us from Lagos, Nigeria, good to have you in the
[00:25:19] program. so given that this retail demand was
[00:25:23] so high, it crashed major trading platforms on day one, now do you expect
[00:25:27] this IPO to close out, it's $1.63
[00:25:31] billion dollar target well before the October 13th deadline or
[00:25:34] not, that that's a no brainer,
[00:25:38] it will, it will do that, um,
[00:25:41] we we definitely expect that, we definitely expect over
[00:25:44] subscription of up to um, over subscription
[00:25:48] over 100%. we expect that and he is planning to
[00:25:52] absorve 30% the over subscription, so
[00:25:56] don't forget again he has done his IP, mean private placement
[00:26:00] for inet investors, so it's... stricting high net investors to just
[00:26:04] 50,000 unit this time around so um
[00:26:08] it's mostly for retail investors like he said there and like you rightly
[00:26:12] pointed out some investment app be shot down
[00:26:16] yesterday they could um get the could not receive the kind of
[00:26:19] requests the they were getting so definitely i
[00:26:23] expect it to be grows mean over
[00:26:26] subscribe
[00:26:27] that that that's a no brinner okay so the targets on track then now
[00:26:31] alico don't got say announced plans to list a US exchange in the
[00:26:35] next three to four years, so is this facility structurally and
[00:26:38] financially ready to face Wall Street scrutiny, do you
[00:26:40] think? yes it is, um, he's building a
[00:26:44] global brown, don't forget that is the single largest single train refinery
[00:26:48] in the world, he's move his capacity from inception from
[00:26:51] 4000 barrel to 700 thousand barrel, he's moving
[00:26:55] in two years time, he wants it to be eating about 1.7 million barrel
[00:26:59] per day um in terms of his his distribution network,
[00:27:03] is the largest supply of aviation for to the United States at the moment, is the
[00:27:07] largest supply of refined petroleum product to African countries, so you have
[00:27:11] the market and I think you have the structure already, so I i don't think that
[00:27:15] would be um that will be issue, um, I think everything is on
[00:27:19] track to make it uh to make Dangout refiner a global
[00:27:22] player in the oil, especially in the refining business, okay, well
[00:27:26] let's come to profitability then, the refinery just reported a staggering
[00:27:30] 1.93 billion. profit for the first half of
[00:27:34] 2026, so what exactly drove this massive turnaround after back
[00:27:38] to back years of heavy losses?
[00:27:42] one um capacity increase like i said he started with the capacity
[00:27:46] about 400 thous bar, now is doing about 70000 barrel per
[00:27:49] day, so that also have that done that and also the price the
[00:27:53] rising price in terms of refined petroleum product because the crisis
[00:27:57] in um in the middle east and between Iran and the US the the
[00:28:01] closure the stream of... hormones that also have impacted it and also
[00:28:05] the large um network in terms of distribution
[00:28:09] network generated especially in west africa and also going to some
[00:28:13] African countries, i think that has been what is responsible when he started
[00:28:16] it was not getting enough crude also and
[00:28:20] then he had to increase his crude allocation from outside the show of
[00:28:24] Nigeria because Nigeria government were
[00:28:26] not able to give him enough good and when that location increased the barrier of
[00:28:30] refining also went up and those are rest responsible for those numbers that
[00:28:34] you have seen. okay, well, thank you so much for
[00:28:38] joining us on the program, great to have your thoughts,
[00:28:41] muktar mohammed, thank you for having
[00:28:44] me.
[00:28:48] the race to explore the moon is gathering pace and terke is stepping
[00:28:52] up its own lunar ambitions. now is preparing to send its first
[00:28:56] spacecraft to the moon where it will study the lunar surface,
[00:28:59] magnetic field and interactions with solar winds as well. is how water
[00:29:03] forms on the moon, now the spacecraft is designed to operate for at
[00:29:07] least three months with the mission potentially extending to 18 months
[00:29:10] and it has been sent tous for endurance testing ahead of a
[00:29:14] planned launch from the Kennedy space
[00:29:16] center. we
[00:29:20] are determined to make Turkia one the countries that benefits most from
[00:29:24] the scientific, technological and economic opportunities
[00:29:28] offered by space. today only eight countries have carried out.
[00:30:51] As a group of nations led by India, China and Russia met in New
[00:30:55] Delhi this weekend, Trump and the war in Iran was never far from the
[00:30:58] headlines, but what did this year's brick summit achieve? And can
[00:31:02] the block be viable counterweight to the west? I'm
[00:31:06] Hasem Seeker and this is today's
[00:31:08] newsmate.
[00:31:25] Our Bricks leaders met in New Delhi with wars, sanctions and
[00:31:29] tensions between the world's major powers testing the group's
[00:31:32] unity. With 11 members now representing almost half the
[00:31:36] world's population, Brick says it wants a greater voice for the
[00:31:40] global south and less dependence on western
[00:31:43] institutions in. and prime minister Narendra Modi says they
[00:31:47] must be rule shapers, not rule takers, but can this
[00:31:51] increasingly powerful and increasingly diverse block
[00:31:54] actually agree on what that new world should look like? here's a
[00:31:58] look: bricks was created to give
[00:32:02] emerging economies greater influence a global system
[00:32:06] dominated by western powers. 20 years
[00:32:09] later, it has 11 members, representing nearly half the world's
[00:32:13] population and around 40% of global
[00:32:16] GDP, but New Delhi was about more than
[00:32:20] showcasing the block's growing reach. This was its first
[00:32:23] summit since the war on Iran reshaped relations between some of its
[00:32:27] own members, bringing those divisions to the same table
[00:32:31] and raising difficult question: how much common ground
[00:32:35] survives when the crisis is inside the room? the
[00:32:39] broader ambition remains unchanged, leaders won a greater role for
[00:32:43] emerging economies in global.
[00:33:15] the conflict. In May, bricks foreign ministers failed
[00:33:19] to agree a joint statement atmit differences over the
[00:33:22] war. New Delhi brought the issue directly into the
[00:33:25] summit. Iranian president Peseskian met Abu Dhabi
[00:33:29] crown prince, Sheikh Khalid bin Muhammad bin Zaid and the
[00:33:33] highest level known face to face meeting between Iran and the UAE
[00:33:37] since the war began. Beyond that meeting, bricks still
[00:33:41] had to find a common position on how the war has been fought.
[00:34:15] It called for maximum restraint in the Middle East and raised concern over
[00:34:19] attacks on civilian infrastructure and nuclear
[00:34:22] facilities, but it did not name the US, Israel,
[00:34:26] Iran or the gulf states. Last year's breaks
[00:34:29] declaration had directly condemned US and Israeli attacks on
[00:34:33] Iran. This year, agreement came with much less
[00:34:36] specific language. On Palestine, Bricks was much more
[00:34:40] direct. It opposed the first displacement of
[00:34:43] Palestinians called. for an end to Israel's war in Gaza,
[00:34:47] demanded unhindered humanitarian access and backed full UN
[00:34:50] membership for Palestine. There was also agreement over
[00:34:54] economic pressure. The declaration criticized unilateral tariffs
[00:34:58] and opposed sanctions imposed without UN security council
[00:35:02] authorization. What is the message? The message is
[00:35:05] that we stand together,
[00:35:09] bricks countries, most the bricks countries do not accept the sanctions
[00:35:13] imposed by the west either of. on say Iran
[00:35:16] or on the on Russia, so they pursue a
[00:35:20] slightly different kind of policy and they also demand what you call multilateral
[00:35:24] reform, that push for reform has been at the heart of bricks from the
[00:35:27] start, giving emerging economies a greater site
[00:35:31] in institutions still dominated by established powers.
[00:35:35] two decades on, bricks has become too large to ignore and too
[00:35:39] diverse to move easily in one direction. New Delhi
[00:35:42] showed both sides of that equation. Its global influence
[00:35:46] is growing, but its collective power still depends on how
[00:35:50] far its members are willing to move
[00:35:52] together. We're joining me now to talk more
[00:35:56] about this from Moscow. We have founder and CEO of Bricks
[00:36:00] Plus, Analytics Yaroslav Lesovolik
[00:36:04] from Boston, director of Bricks Lab at the MIT
[00:36:08] Center for International Studies, Micheila Papa, and joining us
[00:36:12] from Washington, director the Quincy Institute's. global south
[00:36:15] program Sadang Shidore, good to have you all with us,
[00:36:19] um, so uh, Sadang, let me start with you then, what
[00:36:23] for you were the main takeaways of this brick
[00:36:26] summit? "the way I would say
[00:36:30] it is that bricks dodged the bullet
[00:36:33] because it's come under some stress over the last year and a
[00:36:37] half, ever since is expansion, we have
[00:36:41] seen some troubles rocking its boat, and most
[00:36:44] them have been coming from the security side of bricks, which of course is not the
[00:36:48] way bricks originally started for the most part, it
[00:36:52] started mainly as economic development oriented
[00:36:56] club." with some global order goals of
[00:36:59] course, but what has happened over time is that
[00:37:02] security matters have caught up with it, the world has changed,
[00:37:06] the world is at war in many ways today, in ways it wasn't
[00:37:10] 15 years ago, and new members have
[00:37:13] arrived within bricks at about the same time,
[00:37:17] so the two factors have combined in ways that have stressed the organization,
[00:37:21] we have had some troubles issuing joint statements of
[00:37:24] late over this disputes
[00:37:28] between African members, also recently of
[00:37:32] course the war in the middle east with the UAE and
[00:37:35] Iran at log aheads and both them are new members, so there
[00:37:39] was some concern that there would be troubles in issuing the joint
[00:37:43] statement, but the leader's declaration was issued, so that
[00:37:46] was that was victory, the price for that victory though was
[00:37:50] that the relevant paragraph on the middle east war was very watered
[00:37:53] down, was probably the best that could have been achieved under this
[00:37:57] circumstances
[00:37:58] and i think bricks
[00:38:02] is essentially closed ranks
[00:38:04] and put a show the of
[00:38:08] unity, everybody that was expected to come or
[00:38:12] less came and so i think the the
[00:38:15] task now for bricks is really to kind of take a deep breath
[00:38:19] and work out some these
[00:38:23] issues that they should not from their perspective
[00:38:27] ' paralyze the organization because there's a lot of work to do in
[00:38:31] terms the way they have achieved and they have set out lot of goals
[00:38:35] and they have achieved some goals, but there's
[00:38:38] a lot more to do,
[00:38:40] so it's really sort of looking within
[00:38:44] and figuring out how to make this
[00:38:47] expansion work in the coming years. all right, let's get
[00:38:51] Michela's take on on this and as well the
[00:38:55] the the point that was made there by Sarang. on the the final
[00:38:58] statement that was made that was kind of wated down as he and others have
[00:39:02] observed, when we look at that final statement, does it look like to
[00:39:06] you like some the issues were just kind of paper over and and you
[00:39:09] know not wanting to ruffle feathers at this
[00:39:12] point? this is a question of
[00:39:16] expectation, so for example when we think about India's
[00:39:19] chairships, India was the one that paved the way for the new development
[00:39:23] bank, which was the major success story for bricks as an
[00:39:26] institution where... each member contributed significant funding, so
[00:39:30] this situation of current summit is not one where you
[00:39:34] have like one huge legacy project or major
[00:39:37] announcement that there is cross border payments initiative up and
[00:39:41] running. what you have uh now is very many different
[00:39:45] initiatives, lot of added issues, so uh
[00:39:49] this shows not only that the countries manage
[00:39:53] to reach consensus, but also have belief in
[00:39:56] bricks to... keep adding issues to the bricks
[00:39:59] agenda. one thing that I would um
[00:40:02] emphasize is the effort to think about
[00:40:06] industrial development, to look at global value changes
[00:40:10] and action plan on that, and also growing momentum
[00:40:14] on WTO and actually support
[00:40:17] the new members in joining WTO,
[00:40:21] so these are some the high-level takeaways,
[00:40:25] but India had very difficult. situation and it was
[00:40:28] major accomplishment even to have an outcome,
[00:40:32] especially when we think about what happened during the foreign ministers
[00:40:36] meeting several months earlier and how difficult it was to
[00:40:40] reach any consensus.
[00:40:42] Yaroslavvolic, the point was made earlier there
[00:40:46] that bricks was initially set up as economic
[00:40:50] group, so with that in mind, can bricks be an alternative
[00:40:54] to to reshape the world order rather than -
[00:41:00] "I think it can, it needs to do lot
[00:41:04] more, certainly in spheres such as
[00:41:07] trade, I think Michaela has rightly pointed
[00:41:11] out that on on the trade side, we're starting to
[00:41:15] see more of momentum in terms the discussions within
[00:41:18] Bricks, but trade is precisely the area where Bricks
[00:41:22] is experiencing the most pressure, we've seen unprecedented
[00:41:26] pressure in terms." protectionism in terms the rhetoric um coming
[00:41:30] from the US visa v bricks and so there needs to be a more
[00:41:34] coordinated response obviously on the trade side coming
[00:41:38] from bricks um so there are some, there have been
[00:41:42] some discussions including
[00:41:45] a an extraordinary summit that is taken place
[00:41:49] um last year during Brazil's presidency that was
[00:41:52] dedicated to partly to trade issues, but
[00:41:56] there needs to be something more systemic, including probably
[00:42:00] something like a platform for bricks within the
[00:42:04] wto within the world trade organization, there needs
[00:42:07] to be um a more
[00:42:10] systemic dialogue and
[00:42:13] progression on key issues such as the payment
[00:42:17] system, we are seeing that
[00:42:21] the use of national currencies is certainly advancing and it
[00:42:24] share and total transactions is rising, but at the same
[00:42:28] time there is not yet a bricks payment
[00:42:31] system, and the final declaration did
[00:42:34] not clearly state that
[00:42:38] there are critical stones that have been achieved, it
[00:42:42] seems like there's still a need to forge consensus
[00:42:46] within bricks on some these key issues on the economic
[00:42:49] front and to advance at the expert level in terms
[00:42:53] the technicalities of how these platforms of
[00:42:56] cooperation will work. sareng, global
[00:43:00] headlines were always going to be a talking point at this
[00:43:03] summit, as they have been in summits in the past,
[00:43:07] and obviously not the least
[00:43:09] of which is the... us Iran war and when we see that
[00:43:12] Iran and the UAE who have been on opposite sides
[00:43:16] of this very dangerous regional
[00:43:19] confrontation, what do you make then the fact that Iran's
[00:43:23] president was meeting with the
[00:43:26] high-level uh UAE representative? what what
[00:43:30] what
[00:43:30] can we what can we get from that? yeah,
[00:43:34] I mean I think that that gets us into the middle east situation which is very complicated
[00:43:38] one and to be to be... be fair to bricks, it has very
[00:43:42] little leverage to resolve the
[00:43:44] issues, so the fact that the
[00:43:48] Iranian president came and the fact that the UAE sent a very
[00:43:51] senior figure in the government, is
[00:43:55] a positive sign, perhaps a little bit in terms of how they
[00:43:59] are interacting, but also perhaps more in terms
[00:44:03] the importance they give to
[00:44:06] this grouping that they have recently joined.
[00:44:11] "they felt it was necessary to be present a high level, it
[00:44:14] also reflects their relations with India, the
[00:44:18] UAE in particular has very close relations with India,
[00:44:22] Iran too has good relations with India, so the fact
[00:44:26] that New Delhi was the venue was in many
[00:44:30] ways a safe space for them to come and engage, and the more
[00:44:34] they engage obviously bilaterally and
[00:44:36] otherwise -
[00:44:39] the sl..." improved other chances for them understanding each other's position.
[00:44:43] obviously that war in the middle east is very complicated. there are many actors
[00:44:46] involved, it's not entirely in the hands these two countries, but i
[00:44:50] think bricks in a sense provided that space where
[00:44:53] everybody could come, and that's that's significant. a time when
[00:44:57] we have enormous fragmentation in the world, many
[00:45:01] states are talking at cross purposes, talking past each other,
[00:45:05] and it's really down to some these multilateralish fora
[00:45:09] to
[00:45:10] to create spaces for engagement and bricks, I think did that job in
[00:45:13] Delhi. Michela, people often look at the optics
[00:45:17] these things and and so when you see the the the
[00:45:21] the president of Iran uh meeting with all those other
[00:45:25] leaders, does the fact that this took place under the bricks
[00:45:28] umbrella tell us something more about what bricks is
[00:45:32] becoming, not not just economic group, but diplomatic
[00:45:35] space. I would actually
[00:45:38] emphasize India. china meeting as the major
[00:45:42] diplomatic meeting uh showing that bricks is diplomatic
[00:45:46] space because there was so many years past since a
[00:45:50] president she visited India and India and
[00:45:54] China had a militarized conflict several years
[00:45:58] ago so uh this shows that bricks brings countries
[00:46:01] together that are in dispute or have had challenges
[00:46:05] and very strong differences on certain aspects
[00:46:08] in in terms of Iran i would look at bricks more like
[00:46:12] um as area where practical
[00:46:16] cooperation needs to be possible, not necessarily that
[00:46:19] countries need to get along that well, so for example the
[00:46:23] way we look at Cuba and the United States in the United Nations,
[00:46:27] that's the same way we look at Iran being there with UAE in
[00:46:31] bricks, so almost like the mini UN model
[00:46:35] approach to to the platform, so if at the end
[00:46:39] the day they can't can find some areas of mutual
[00:46:42] gains, find some functional cooperation
[00:46:46] that that helps their their countries development, then that's a good
[00:46:49] outcome. Yarislav, we had... the the Indian
[00:46:53] prime minister Narendra Modi calling for for urgent
[00:46:57] reform for the global institutions such as
[00:47:01] the UN and the IMF, but did that mask
[00:47:05] some some deep divisions over how this should be achieved,
[00:47:08] because talk is one thing, but putting into action is is
[00:47:12] something entirely different. Well,
[00:47:16] I think on the reform of international institutions, with
[00:47:20] respect to the UN, there may be more. visions
[00:47:23] and obviously this is more
[00:47:26] of a political issue in terms of which heavyweights from the global
[00:47:30] south make it into the UN security council
[00:47:34] etc. so this is one issue and
[00:47:37] obviously um there are you
[00:47:41] know to some degree there's some competition
[00:47:45] amongst the developing economies and in that in
[00:47:48] that part the agenda but then with regards
[00:47:52] to issues such as WTO reform,
[00:47:56] such as the reform the IMF, I think there are less divisions,
[00:48:00] there's more unanimity with regard
[00:48:03] to the need for a more
[00:48:06] balanced distribution of voting rights
[00:48:09] within within the IMF,
[00:48:13] whereby the the lion share that the
[00:48:17] majority these voting shares are with the developed
[00:48:21] economies and certainly
[00:48:23] the current status quo in terms the distribution of votes does
[00:48:26] not reflect the dynamics
[00:48:30] in the global economy whereby the share of developing
[00:48:34] economies including the largest developing economies from
[00:48:38] bricks is rising, so on this front I
[00:48:41] think there's more unanimity, and with regard to the WTO, I
[00:48:45] think there is also the agreement that bricks
[00:48:49] economies are very much interested. in having
[00:48:53] a fully functional WTO with a
[00:48:57] proper dispute settlement body, which is not really fully
[00:49:01] operational at this stage,
[00:49:04] to to a significant degree, I would actually argue that with
[00:49:08] globalization slowing down and having
[00:49:11] experiencing setbacks in the developed world,
[00:49:14] bricks plus with a proper
[00:49:18] ambitious trade agenda could become a
[00:49:21] platform. for revitalized globalization
[00:49:25] effort and liberalization of markets, certainly we're
[00:49:29] seeing that economy such as China and
[00:49:33] even India are starting to become far more
[00:49:37] active and boosting south south trade and
[00:49:40] concluding regional and bilateral trade
[00:49:44] agreements. saran: can
[00:49:48] can bricks or should bricks challenge the west, because
[00:49:51] it is powerful group, it's 40%
[00:49:55] of the world, and or is it better of
[00:49:59] simply trying to calve out its own shere of
[00:50:02] influence? yeah, so let's take a
[00:50:06] step back and and and sort of see why bricks is
[00:50:10] even become so attractive and has taken off in recent
[00:50:14] years. there are two basic reasons for it, the first one is a
[00:50:18] sort of a a sense a static reason that the fact
[00:50:21] is that... over the last several years, we haven't seen the
[00:50:25] current global order deliver, especially for the global south a range
[00:50:29] of issues, the point was made about trade, and we are seeing
[00:50:33] actually retreat from open trade and the idea that trade
[00:50:36] integration can work with some qualifiers obviously, but
[00:50:40] is a way forward. we are, we haven't seen very much on
[00:50:44] climate from the the powers the day, and
[00:50:48] on many other fronts, so these sort of failures that have now multiplied over
[00:50:52] time, have made many states realize that
[00:50:55] alternative pathways, alternative clubs may
[00:50:58] be a place to to invest in, and
[00:51:02] the second reason, which is sort of somewhat different,
[00:51:06] perhaps also tied, is the fact that the
[00:51:09] US lead order is undergoing a shift, we are
[00:51:13] seeing a decline of unipolarity, it hasn't
[00:51:17] ended, but it certainly declined since the 90s, we are a
[00:51:21] different world from the 90s, it comes to the ability the United States
[00:51:24] to okay, persuade,
[00:51:28] attract countries and align with its agendas for
[00:51:32] the world order, so when you have a future
[00:51:35] that is is uncertain, because we nobody knows what's
[00:51:39] going to replace the shift, the US
[00:51:43] relative decline, we don't know what sort of order is going to come about in
[00:51:46] 10, 15, 20 years, so this uncertainty
[00:51:50] drives a imperative to hedge and multialign
[00:51:54] even more, that's always been there in the global south by the way
[00:51:58] for decades, but this makes it even more urgent, and investing
[00:52:02] in bricks is again becomes attractive, so I don't... bricks as a
[00:52:06] coherent alliance of any kind, it will never never be one
[00:52:09] obviously, even economically, so there's no question of
[00:52:13] its spheres of influence and so forth, those concepts will not
[00:52:17] apply, but the really interesting question is whether bricks can
[00:52:20] really set up alternative
[00:52:24] institutions or complementary institutions, I would say even, because
[00:52:28] many the countries in bricks from the global south are actually not
[00:52:31] anti-western, they don't want to overthrow the... existing
[00:52:35] institutions, the existing institutions are not delivering for them, so they want to invest
[00:52:39] in alternatives as complements and the question
[00:52:43] is if these complementary pathways they have taken on such as the new
[00:52:46] development bank, but perhaps a payment system, perhaps
[00:52:50] something on trade, it's interesting how much the consensus is on trade, but there hasn't been a
[00:52:54] lot of action on trade, although the feelings are strong on
[00:52:58] defending the WTO, so they can do something on trade, they can do something on
[00:53:02] these other areas of developmental spaces. then wel
[00:53:06] start seeing a sort of a competition and in
[00:53:10] the ideal world it would be healthy competition with existing
[00:53:14] institutions that are legacies from the 50s or the 90s
[00:53:17] and wel all win in the end, so
[00:53:21] that's where at least the global south countries are
[00:53:25] sort of motivated by, obviously Russia and China have somewhat
[00:53:29] different goals, but there's enough common here, common
[00:53:32] agendas that all them can work together on some... these
[00:53:35] points.
[00:53:36] Michael Papa, do you see this as moment of opportunity for bricks
[00:53:40] given all the the volatility in the world right now,
[00:53:44] particularly with regard to um events in the middle east and the point that
[00:53:48] sarang made there earlier about how this
[00:53:52] US-led world order seems to be on the
[00:53:54] decline? I definitely see it as
[00:53:58] moment of opportunity, but I'm not seeing that bricks is actually
[00:54:02] optimizing the opportunities it has. example, one big
[00:54:05] item on the agenda was strategy for bricks economic
[00:54:09] partnership for 20 2030, and that
[00:54:13] has not been decided yet. then bricks
[00:54:17] grain exchange cooperation was supposed to
[00:54:21] actually facilitate food trade, and this this is in areas
[00:54:25] where um where bricks has major
[00:54:28] market power, so that has not been developed,
[00:54:32] and also the bricks... does not really know what
[00:54:36] it wants to do with so many issues, how to consolidate, there
[00:54:40] is a bit of a sense that there is some continuity and that there is
[00:54:44] awareness that there should be a continuity mechanism and and Troika, and
[00:54:48] this is now uh focus, but what I see is
[00:54:52] all this opportunity, but it's not really being
[00:54:55] implemented, and um one uh area
[00:54:59] where I see that bricks could make major difference is
[00:55:03] in uh new regulation. so right now we see
[00:55:06] artificial intelligence revolution and there is very little
[00:55:10] regulation on that and the future is changing very quickly, so
[00:55:14] what can not only how bricks can challenge the west,
[00:55:18] but what can bricks do to innovate and how to
[00:55:22] manage this human AI relationship in the future? all
[00:55:26] right, um, give what's probably going to be the last word, then to Yarislav, how
[00:55:30] do you see this playing out then uh as bricks
[00:55:33] goes forward given? the
[00:55:35] the the growing economic power that it has, how can it use that
[00:55:39] power? well, i
[00:55:43] think they will certainly do their
[00:55:46] best to further
[00:55:50] progress on key issues that are
[00:55:54] crucial for bricks members and the broader global south, this
[00:55:58] is issues related to trade, this
[00:56:01] is the optionality in terms of payment system.
[00:56:05] and the use of national currencies, I think there is
[00:56:09] also the the need to forge ahead
[00:56:13] with greater
[00:56:14] institutionalization, and
[00:56:17] certainly the some the mechanisms that are
[00:56:21] now being discussed including the continuity mechanism
[00:56:25] like troika that will be potentially
[00:56:29] significant contribution to greater efficiency
[00:56:33] of bricks in terms of its operations um
[00:56:36] and bricks will probably further expand as well, there was
[00:56:40] already a wave of expansion that we've
[00:56:44] witnessed, quite a significant one, currently we're
[00:56:48] on in in pause mode for some time, but then
[00:56:52] I think um clearly given the fact that there are quite
[00:56:56] a lot of emerging markets that want to become
[00:57:00] part the bricks core, there will be further pressure
[00:57:04] for the bricks to... further expand and accordingly the share of bricks
[00:57:08] in the global economy will continue to
[00:57:11] rise and that in turn will
[00:57:14] also further raise the ambition of... the
[00:57:17] block with respect to reforming um and changing the current
[00:57:21] status quo. all right, we'll have to leave it there. thanks very much
[00:57:25] to all three of you and thank you for watching. remember you can follow us
[00:57:29] on social media and be sure to subscribe to our YouTube channel. I'm
[00:57:33] Hazim Sea, we'll see you next
[00:57:35] time.
[01:00:24] watching the news hour live from Istanbul with me, Neil Harvey. Coming up in
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