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BRICS summit gets underway

The BRICS international summit in South Africa this week is attracting significant attention from nations seeking an alternative to Western-dominated alliances.

Over 40 countries are actively considering joining forces with Brazil, Russia, India, China, and South Africa in the BRICS bloc, a formidable contender to established Western-led international coalitions. According to a recent report by Reuters, South African officials have revealed that these countries are seeking an alternative path to global cooperation.

The 15th BRICS bloc summit is being hosted by South Africa in Johannesburg from Tuesday to Thursday. One of the central topics of discussion during this summit is the expansion of the alliance to include new members. This will mark the inaugural in-person summit of BRICS, including Brazil, Russia, India, China, and South Africa, since 2019.

You can read more on the matter here.

What’s going on?

• Russia’s Luna-25 Spacecraft Crashes Into Moon, Top Advisor to the Failed Mission Suffers ‘Sharp Deterioration’ in Health (theDeepDive)

• SoftBank-Backed Chip Designer Arm Files For $70-Billion IPO (theDeepDive)

• Two Kids Rescued From Dangling Cable Car in Pakistan; 6 Trapped (Bloomberg)

• BRICS 2023 Summit Begins: Putin-less, China-ful, And Rocky Start To Common Currency (theDeepDive)

• ECOWAS Sets “D-day” for Military Intervention in Niger Amid Rising Tensions (theDeepDive)

• Covid-19 Is Back. Flu and RSV Are Coming. What to Know About Fall Shots. (WSJ)

• And Yet Another Fire Claims More Under-Construction Homes in GTA (theDeepDive)

• “Insatiable Greed”: Miami Real Estate Agent Sentenced To Jail For Using COVID Loan To Lease A Bentley (theDeepDive)

What’s the latest?

• BRICS Wants Unity: Leaders from BRICS nations—Brazil, Russia, India, China, and South Africa—have begun their meet in Johannesburg to strengthen the bloc's unity amid global tensions. China's Xi Jinping advocates enlargement, while discussions also revolve around boosting local currencies and admitting new members. Over 40 countries have shown interest in joining BRICS, yet expansion remains debated.

• Trump To Turn Himself In: Former U.S. President Donald Trump plans to surrender in Atlanta on Thursday in response to his indictment in Georgia over charges related to his efforts to overturn the 2020 election. Trump claims the indictment is politically motivated and aimed at derailing his 2024 reelection campaign. Trump's former lawyer, John Eastman, also facing charges in the case, plans to surrender on Wednesday.

• US Banks Downgraded: S&P Global and Moody's have both downgraded credit ratings and outlooks for several U.S. regional banks. The downgrades are attributed to higher funding costs and concerns about the commercial real estate sector, which could strain the credit strength of these lenders. The U.S. Federal Reserve's series of interest rate hikes has led to increased deposit costs for banks, forcing them to offer higher interest rates to retain depositors.

• Deadly European Wildfires: A heatwave across southern Europe has led to deadly wildfires and extreme conditions. In northern Greece, wildfires have resulted in the discovery of 18 charred bodies in a remote village, suspected to be migrants who were using the region as a route from Turkey to Greece. Wildfires are also affecting Spain, Italy, and Portugal.

• Threads Smartens Up: Meta Platforms has introduced the web version of its new text-focused social media platform, Threads. This move is aimed at retaining professional users and competing with rivals like X (formerly Twitter). This expansion could attract power users such as brands, advertisers, and journalists to the platform.

Nickel, explained.

The stock market and stuff

• Crypto Firm Founder Scammed, Sues Crypto.com For $250,000 In Damages (theDeepDive)

• Microsoft, Activision to sell streaming rights to secure biggest video gaming deal (Reuters)

• Meta Unveils Threads’ Web Version to Counter Platform X’s Dominance (theDeepDive)

• FTX's Bankman-Fried 'subsisting on bread and water' in jail, lawyer says (Reuters)

In the juniors

• Uranium Energy Corp Spends $1.5 Million To Acquire Further Holdings In Athabasca Basin (theDeepDive)

• Filo Mining Hits 1.13% Copper Equivalent Over 1,406 Metres In Infill Drilling (theDeepDive)

• Movella partners with Teamworks to further its reach in athletic movement analytics segment (SA)

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