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BRICS swift alternative

The BRICS group of countries is planning a financial messaging system to enable its members to conduct trade in local currencies and ease financial transactions. Russian Finance Minister Anton Siluanov made the announcement. He said the creation of an alternative to SWIFT will be on the bloc’s agenda in its 2024 meeting. BRICS leaders held their latest summit in Johannesburg in August. They called for reducing dependency on the US dollar in favor of local currencies. Brazil also called for a BRICS common currency to be used for trade and investment between members. The group, which consists of Brazil, Russia, India, China, and South Africa, represents 40 percent of the world’s population across three continents and accounts for a quarter of the global GDP. Iran and five other countries will join the bloc as new members from January next year.

Pakistan bomb blasts

At least 57 people have been killed in suicide bomb attacks on two mosques in Pakistan. Scores of people were also injured as the country held a public holiday to celebrate the birthday of the Prophet Muhammad. The first blast, in the southwestern province of Balochistan, killed 52 people. The second attack, in neighboring northwestern Khyber Pakhtunkhwa province, killed five people. The mosque roof collapsed there, trapping up to 40 people under the rubble. No group has claimed responsibility for the blasts. Iran has strongly condemned the attacks. President Ebrahim Raeisi said terrorists seek to sow discord among Muslims, but will once again fail to achieve their “illegitimate” and “inhumane” goals.

US govt. shutdown looms

A government shutdown looms in the US as the Democratic-led Senate and the House, controlled by Republicans, remain at loggerheads on plans to fund federal agencies. The Senate is pushing for a stopgap funding bill that would extend federal spending until November 17. But, House Republicans are opposed to a short-term funding expansion. They also want deep spending cuts. The House Republicans have already passed several bills to fund parts of the government. That, however, would not stop a shutdown, because there’s no hope the bills would pass in the Senate. The US government has started notifying federal workers that a shutdown is imminent. Government funding in the US ends early Sunday. If Congress fails to come up with a clear plan, federal agencies will run out of money. That would affect hundreds of thousands of workers, halting a wide range of services.

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