BRICS to launch bank, tighten Latin America ties

Russian President Vladimir Putin (L) and his Cuban counterpart Raul Castro (R) hold talks at the Revolution Palace in Havana, on July 11, 2014The BRICS group of emerging powers will launch its own development bank at a summit next week, using its growing influence to establish a counterweight to Western-dominated financial organizations. Fresh from the World Cup final, Brazilian President Dilma Rousseff hosts the leaders of Russia, India, China and South Africa in Fortaleza on Tuesday before an unprecedented meeting with South American leaders the next day in Brasilia. On the diplomatic front, the summit will mark the first face-to-face meeting between India’s new Hindu nationalist Prime Minister Narendra Modi with Chinese President Xi Jiping.