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BRICS Nations to Discuss New Bank

Brazil, Russia, India, China and South Africa are expected to unveil alternative organizations to the World Bank and International Monetary Fund on Tuesday. The five emerging economies, known as the BRICS, are meeting at a two-day summit in Fortaleza, Brazil. Their World Bank alternative, tentatively named the New Development Bank, will start with $50 billion -- $10 billion from each member -- to fund poverty relief in developing countries. Reuters news agency reports the bank is...

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