Cetoex News – The US made a statement regarding Global Partners Seeking BRICS Membership at a recent news briefing from White House news Secretary Karine Jean-Pierre. Jean Pierre specifically said that the US doesn’t want to obstruct nations’ cooperation with one another.

Over the past year, the bloc has drawn more and more emerging nations. Moreover, admittance is sought by Algeria and Egypt, two important US allies. The US, though, has made it plain that it does not aim to obstruct such a development.

White House Consults International Partners BRICS membership

The advent of the BRICS has been a fairly intriguing geopolitical development this year. De-dollarization has been strongly accepted by Brazil, Russia, India, China, and South Africa as a group. All in the interest of eradicating Western influence and establishing a multipolar world.

However, the US has made a statement regarding its global partner’s application for BRICS membership. The White House has specifically said that it has no intention of obstructing such a development. mentioning this in a recent news conference.

The possibility of collaborating nations joining BRICS was raised during a recent news conference. “The US’s two partners, Algeria and Egypt, have applied to join BRICS. Additionally, it stands for a sort of non-alignment force that opposes what can be considered Western hegemony. What do you think of this development, then? Do you appreciate this? Jean-Pierre, the White House press secretary, was questioned.

The White House then said that its involvement is based on a “affirmative agenda” and that it is “focused on demonstrating the benefits of our governance and economic models.”

“US policy does not demand that our allies choose between us and other nations. The US does not intend to restrict countries’ partnerships with other countries, as we have consistently said. However, we also want counties to have options for how to serve their constituents.

The bloc should establish expansive rules at the upcoming BRICS conference. It should also discuss which nations might fit those requirements in order to join the economic alliance. Instead, the US has openly embraced its ally’s exploratory action with respect to that proposition.

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Cetoex News – Despite the rapid growth experienced by the bloc in recent months, new projects have altered its course. Specifically, it has been reported that the BRICS economic bloc may no longer be on track to outpace the G7 economy.

Indeed, reported data from Stonybrook Capital stated that the global property and casualty (P&C) market is set to grow. Moreover, that growth is projected to surpass $3.3 trillion in gross written premiums (GWP) at the conclusion of the 2020s. Thus, offsetting previous notions that the BRICS could grow larger than the G7 countries. 

BRICS Growth No Longer Set to Exceed G7?

The rise of the BRICS bloc has been a dominant headline thus far in 2023. Subsequently, one of the prominent data points is the economic blocs surpassing the G7 global GDP (PPP). This revelation noted that the bloc was set to continue its growth in the future and already presented strong competition to the West.

However, it appears as though that growth may not be set in stone. Specifically, a recent report suggests that the BRICS nations may no longer be projected to outpace the G7 economies. Specifically, the report referenced insurance market data revealed by Stonybrook Capital. 

Now, the data shows that the projections and expectations have altered significantly. Stating that, a decade ago, RBICS was widely believed to be on track to surpass the G7 economy in size. Then, it was a mere 56% of G7 economies, with a total GDP of $14 trillion. Comparatively, it was significantly smaller than the G7’s $25 trillion. 

Declining Growth Rates for the Bloc?

Alternatively, the growth rates between both blocs were significantly different. The report notes that the BRICS bloc was growing three times faster than the G7 economy. Thus, leading many to expect the former to surpass its Western counterparts. 

Conversely, the global economy has changed since those projections first took place. Specifically, both the G7 nations and the EU were navigating a downturn in the housing market. Meanwhile, BRICS had seen a slowdown in its rapid growth figures. 

Subsequently, the report notes that current projections have observed a strong deviation from those growth numbers. Stonybrook data was reported as noting global P&C insurance market growth expected at more than $800 billion at the end of the decade.

Additionally, much of the growth is expected in developing nations. However, limited access and barriers to entry limit the accessibility of the market to the Western World. With a figure of around $400 billion. 

Thus, nearly three-quarters of that expected growth is set to be concentrated in the West. Moreover, they maintain the most ability to take advantage of the growth and change the current trajectory of both economies.

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Cetoex news – Kenya’s President William Ruto urged African countries to stop trading with the U.S. dollar for cross-border transactions. Ruto questioned the use of the dollar for global trade and asked African nations to pay with local currencies instead. The President stressed that Kenya has no reason to pay with the U.S. dollar for trade between African nations. The speech with lawmakers was met with applause at a time when 30 nations are looking to join the BRICS alliance.

The Kenyan President said that Africa must promote local currencies for payments among themselves during trade and not the USD. The aim is to strengthen local currencies and help African economies and businesses to sustain themselves in the long run.

BRICS: Stop Trading With The U.S. Dollar For Global Transactions, Says Kenyan President

Ruto confirmed that the African Export-Import Bank (Afrexim) is building a platform that will allow traders to settle payments with local currencies. The payment integration will be made with native currencies during cross-border trade among African nations.

The President said that he is not against the U.S. dollar but will trade in the USD while doing business with America. “We are not against the U.S. dollar, we just want to trade much more freely. Let us pay with the dollar what we are buying from the U.S. Let us pay with our currency what we are buying from Djibouti.”

He added, “Why is it necessary for us to buy things from Djibouti and pay in dollars? There’s no reason. If we are selling from Kenya to Djibouti, we have to look for U.S. dollars. How is the dollar part of the trade between Djibouti and Kenya?”

Countries around the world are expressing their interest to join the BRICS alliance. Kenya is among the nations that plan to enter the BRICS bloc and accept the new currency for international trade. If the new BRICS currency is accepted by the majority of the countries, the U.S. dollar could be badly hit.

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Cetoex News – Iraq’s Interior Ministry placed a ban on U.S. dollar transactions across the country in a move to strengthen the Iraqi Dinar. The country wants to control the fluctuating black market exchange rate that plagued forex prices for Chinese Yuan and USD. The move will also help boost its native currency as the U.S. dollar will take a step back nationwide. The decision to ban the dollar comes at a time when Iraq expressed its interest to join the BRICS alliance. Iraq would accept the soon-to-be-released BRICS currency to settle international trade and sideline the USD.

In another recent update, Egypt will settle trade with China, Russia, and India, using the native currencies of the respective nations. Egypt will pay the Russian Ruble to settle trade with Russia and pay with the Chinese Yuan for business with China. Similarly, it will pay with the Indian Rupee while paying for goods and services conducted with India. The U.S. dollar could no longer play a role in cross-border transactions among these nations.

In addition, France became the first European nation to ditch the U.S. dollar for an LNG gas trade with China. France settled the payment by paying with the Chinese Yuan and not the dollar. The move marked a shift in global transactions and Western economies are now paying with the local currencies of BRICS nations.

Just a few days ago, Pakistan also settled trade for Russian oil imports by paying with the Chinese Yuan. The U.S. dollar took a back seat in all of these international transactions signaling that BRICS is stronger than expected.

BRICS: U.S. Dollar Vs The Chinese Yuan

China and Russia are convincing several nations to settle trade with the Chinese Yuan and not the U.S. dollar. Russia recently reached out to Saudi Arabia and urged the oil-rich nation to accept the BRICS currency after its launch. Saudi Arabia is the top oil exporter to the U.S. and Europe and if they force the West to settle payment with BRICS currency, the U.S. dollar, Euro, and Pound could be hit.

The next BRICS summit will be held in August in South Africa. The bloc of five nations will jointly decide on the formation of a new currency at the summit. The fate of the dollar will be put to the test when the currency is launched in the international markets.

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Cetoex News – Are you a Walmart shopper who is looking for a different way to buy household items or groceries? If so, are you looking to use American Express as a payment method at the retail giant?

This is definitely good news for American Express fans, as Walmart does accept American Express. This means that you can use American Express cards to pay for there.

What is American Express?

American Express, also referred to as AMEX, is a global financial services company with headquarters in the US. American Express was established in 1850 and is well-known for its credit cards, charge cards, traveler’s checks, and other financial services.

Cardholders can make purchases and take advantage of a variety of benefits and rewards provided by American Express thanks to the business’s global payment network, which is run by the firm.

Benefits of using American Express at Walmart

There are several benefits to paying for your orders using American Express at Walmart. First, it’s a convenient way to pay for your purchase. You don’t have to worry about carrying cash.

Second, it’s a secure payment option. American Express uses encryption and other security features to protect your card information. Third, it’s a fast payment option. You can pay for your purchase with just a tap.

How do you know if a restaurant takes American Express?

To find out if a store accepts American Express, you can look for the American Express logo at the checkout. This logo indicates that the retailer accepts American Express as a payment method. You can also ask the cashier if they accept American Express.

How to pay at Walmart?

Walmart accepts different forms of payment, including Walmart Pay, debit and credit cards, and cash. Additionally, they accept all major credit cards, including American Express, at the store. If you shop in-store, you can use any of the payment methods at Walmart that are mentioned above. It is applicable for both store and online shopping.

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Cetoex News – BRICS is looking to create a new currency to take on the U.S. dollar on the international stage for cross-border transactions. China’s President Xi Jinping is moving to convince several countries to settle trade with the Chinese Yuan. France recently settled an LNG gas trade with the Chinese Yuan and not the U.S. dollar. In addition, Yuan is now the top traded currency in Russia and not the USD. The development is adding strain on the dollar’s prospects and challenging its supremacy as the world’s reserve currency.

However, despite the aggressive efforts, China does not want the Chinese Yuan to replace the U.S. dollar, reported Business Insider. While the Yuan is the top contender to take on the dollar, China does not want it to be the global reserve, according to BI.

BRICS: The Chinese Yuan Being the World Reserve Currency Could Be Fatal, Fears China

For the Chinese Yuan to reign supreme, China’s economy needs to be liberalized for other countries to enter their markets. China is not in a position to liberalize its economy and allow the free flow of currency in and out of the country. The risks are high considering that it’s a Communist nation and not a democracy. “China doesn’t want to liberalize its currency and allow money to move freely in and out of its economy,” reported the outlet.

In addition, China cannot handle the pressures of making the Yuan the global reserve currency. Being the world’s reserve currency comes at the cost of running a persistent deficit like the U.S. does. The Communist country cannot afford the pressures of running a deficit as it risks tanking its entire economy.

“China is politically unwilling and economically unable barring significant structural reform to run a sustained current account deficit and to provide sufficient supplies of RMB assets globally,” said London-based economist Rory Green. Therefore, China is less likely to promote its native currency as a reserve in the next BRICS summit.

The BRICS alliance will launch a new currency that could take on the U.S. dollar on the global stage. Whether the new BRICS currency can withstand the pressures of the international markets, only time will tell. The next BRICS summit will be held in Cape Town, South Africa, in August 2023. BRICS is an acronym for Brazil, Russia, India, China, and South Africa.

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Cetoex News – The tech giant Microsoft has stated that Chinese government-backed hackers have attacked and compromised critical US infrastructure. Moreover, the company stated that the attack targeted several different sectors and was intended to gather intelligence.

Microsoft issued an official advisory regarding a hacker group named Volt Typhoon. Subsequently, the Chinese collective has been operating since the middle of 2021 and is working to threaten communicative infrastructures between the US and Asia.

Microsoft Warns of Chinese Hacker Threat 

In a rather concerning development, Microsoft has said that a group of Chinese government-backed hackers compromised critical US infrastructure. Moreover, these hackers have sought to interfere with “critical communications infrastructure between the United States and Asia” in order to hinder efforts during “future crises.”

According to the statement, the cyberattacks are ongoing. Additionally, Microsoft urged its affected users to “close or change credentials for all compromised accounts.” Subsequently, the tech giant stated the group maintains the ability to infiltrate cyber defense measures through a cybersecurity suite called Fortiguard. 

Then, the hacker group uses its acquired access to steal consumer credentials in an attempt to gain access to different corporate suites, Microsoft said. Alternatively, the company notes that the group is not yet looking to create disruption. However, they “intend to perform espionage and maintain access without being detected for as long as possible.” 

Infrastructure in nearly every critical sector has been affected, the company said. Among these are the communications and transport industries. Moreover, government organizations have also been targeted by the group. Conversely, the official statement discusses a host of detection tools, and defense efforts employed by the company.

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Cetoex News – In an attempt to combat inflation, the Argentina Central Bank has raised interest rates to 97%. Moreover, the country has increased its base interest rate by 600 basis points as the government prepares an announcement regarding its inflation fight. 

In a statement, the Central Bank announced its decision to “immediately” intervene. Subsequently, the initiation sought to prevent “financial volatility,” as the most important factor in its inflation expectation. Currently, the country is engaged in economic uncertainty, with presidential elections looming. 

Argentina Raies Interst Rates to 97%

In what is a vital development, the Argentina Central Bank has announced its intention to raise interest rates to 97%. Additionally, the financial institution spoke on the decision as it continues its fight against rising inflation.

“The BCRA will continue to monitor the evolution of the general price level, the dynamics of financial and foreign exchange markets, and monetary aggregates to calibrate its rate policy,” the Central Bank stated.

The development arrived as the Argentinian consumer price index rose to 102.5% in the month of February. Subsequently, the Central Bank took action. The inflation numbers were the nation’s highest since 1991 and preceded the interest rate increase that took place today. 

Bloomberg previously reported on the potential development of the country. Moreover, noting that the “emergency measures,” were to curve currency losses amidst “spiraling” inflation. Conversely, presidential elections are on the horizon for the country, with its economic state threatened by concerning fragility. 

Brazil’s President Lula De Silva has spoken about his efforts to aid the country. Moreover, it has previously announced that it will no longer settle international trades using the US dollar. Alternatively, it has adopted the Chinese yuan. 

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Cetoex News – Amid its growing relevance, and the development of a BRICS currency, how likely is it that we will see the US dollar replaced globally? The economic bloc seems focused on the eventual replacement of the greenback for international settlements, but this would require a very specific action to take place.

Currently, the US dollar controls about 90% of all currency trading. Additionally, the American currency makes up just below 60% of foreign currency reserves that are held by central banks. So, could the BRICS currency really replace it? 

BRICS De-Dollarization Faces Uphill Battle

There is little argument to be made about the BRICS nation’s clear de-dollarization efforts. Moreover, as the development of a BRICS currency has been underway, replacing the US dollar globally remains the plan. Conversely, how likely that plan is to succeed alters by the day. 

Brazil, Russia, China, India, and South Africa would first have to fully embrace the Chinese yuan. This factor has been adopted more so over the last few months, but it remains difficult to sell. Specifically, the BRICS nations can clearly see that replacing the US dollar with another national currency would eventually devolve into circumstances similar to the current ones.

Alternatively, the development of an alternative international trading currency is the only true answer. Subsequently, this would allow the nations to grow the use of their national currency, while maintaining a vested interest in growing the alternative. However, the idea, when thought through, does present some downsides for the five nations. 

One key hurdle the nations would need to overcome is the wealth disparity among the various nations. Specifically, China maintains the second-highest economic power in the bloc. Moreover, the average citizen earns five times that of an Indian citizen. Creating a situation with greater economic differences that could make a currency agreement rather difficult. 

Additionally, volatility in exchange rates would be a point to address. How the BRICS currency is exchanged would require focus and adjustment. Additionally, the currency’s exchange rate would require constant fluctuations. To do this, the BRICS nation would first have to implement a central bank.

The development of a new central bank would be the only path forward without giving one nation immense power. The BRICS Bank, also known as the New Development Bank, does exist, but it does not operate as a central bank. 

Ultimately, a BRICS currency would be useful, but only for trade purposes. Moreover, it would only be useful for trade with other BRICS nations. Subsequently, sorting the logistics of its uses outside of that becomes difficult. Thus, supplanting the US dollar remains a rather difficult proposition. 

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Cetoex News – In a new interview with Fox Business, Senator Rand Paul says that, amidst the BRICS nations’ fight, the US dollar is in a precarious position. Specifically, Paul noted that recent foreign policies have worked to bring together the nation’s adversaries.

The de-dollarization efforts of the BRICS alliance have been a theme for the past few months. Moreover, global economic power has shifted, with the Chinese yuan gaining relevance in international settlements. Alternatively, the greenback is facing a growing demand to see its reserve currency status stripped.

BRICS Currency a Result of Foreign Policy?

The BRICS nations and their growth have been a vital development this year. Moreover, the collective has called for the end of the dominance of American currency. Subsequently, they aim to develop their own alternative currency for intentional trade purposes. 

However, one American politician believes that the year’s development is a self-fulfilling prophecy. Specifically, Senator Rand Paul says that the BRICS nations’ actions against the US dollar have put them in a precarious position. While being driven by the country’s own foreign policy. Conversely, sanctions placed against Russia by the West set in motion much of the de-dollarization efforts that have taken place this year. 

Paul stated, “When you look at the determination of the world’s trade, quite a bit of it, more than we’ve had for quite some time, is denominated in things other than the US Dollar.” Additionally, he noted that “foreign policy has something to do with that, too.”

“We pushed all of our adversaries farther and farther away from us and closer and closer together. It’s not just China and Russia being pushed together by foreign policy. Obviously, some of it is their own doing, and it’s a response to things they’ve done that we don’t like.” 

Moreover, Paul divulged his belief that the fiscal policies of the US have also driven current de-dollarization. Specifically, he stated, “If you treat your dollar like scrap paper and you continue to buy up enormous amounts of US debt, your dollar becomes worthless, too.” 

Conclusively, Paul noted a combination of the two that created the current predicament. Ultimately, he remarks that “it is not an unfounded prediction to say,” that the US could lose its reserve currency status.

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