Russia ratifies $100bn BRICS New Development Bank

The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.

The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.

Russia has agreed to provide $2 billion dollars from the federal budget for the bank over the next seven years.

It will have three-tiers of corporate governance, with a Board of Governors, Board of Directors and a President.

The bank’s board of directors will hold its first meeting in Ufa in Russia in April. Russian Finance Minister Anton Siluanov is likely to become the bank’s first Chairman of the Board of Governors, according to Deputy Finance Minister Sergei Storchak talking on the Russia 24 TV channel.

The decision to establish the BRICS bank, along with a $100 billion reserve currency pool, was made in July 2014. Each of the five member countries is expected to allocate an equal share of the $50 billion startup capital that will be expanded to $100 billion.

The bank will be headquartered in Shanghai, India will serve as the first five-year rotating president, and the first Chairman of the Board of Directors will come from Brazil.

Read more » RT
See more » http://rt.com/business/234027-russia-ratifies-brics-bank/

Al-Shabab stages deadly attack on Somalia luxury hotel

At least 11 people killed in an attack on the Central Hotel in Mogadishu, Somali police say.

By Hamza Mohamed

At least 11 people were killed, including a police officer, in an attack by al Shabab fighters on a luxury hotel in the Somali capital Mogadishu, police sources said. The Central Hotel in the heart of Mogadishu was hit by a two car bomb explosion, which was followed by heavy gunfire after attackers stormed into the building, police officers said. Al Jazeera has learned that the deputy mayor of Mogadishu, as well as two members of parliament were killed.   Analysis: Al-Shabab’s deadly attack in Mogadishu A government spokesman told Al Jazeera that contratry to earlier reports, the deputy prime minister was unhurt.

Al-Shabab claimed responsibility for the raid in a phone call to Al Jazeera. The group claimed it had killed more than 20 senior government officials in attack.

“We have killed more than 20 senior officials working for the apostate government. They gathered thinking they were safe from the Mujahedeen,” al Shabab military operations spokesman, Abdiaziz abu Muscab told Al Jazeera.

“We hear gunshots inside. I am afraid the attackers have also gone inside the hotel,” police captain Farah Abdullahi told the Reuters news agency.

Another police officer also said attackers had entered the building and that government ministers and MPs were inside the hotel when it was attacked.

January hotel attack

Friday’s assault was the second on a hotel in Mogadishu in less than a month. On January 22, three Somali nationals were killed when a suicide car bomber blew himself up at the gate of a hotel housing the advance party of the Turkish President Recep Tayyip Erdogan who visited the country days later.

A Somali intelligence official said that the Turkish delegation of around 70 members was staying at the hotel at the time of the attack but were unharmed.

Despite major setbacks in 2014, al-Shabab continues to wage a deadly campaign against Somalia’s government and remains a threat in Somalia and the East African region.

The group has carried out many attacks in Somalia and in neighbouring countries, including Kenya, whose armies are part of the African Union peacekeeping mission known as AMISOM.

Al-Shabab controlled much of Mogadishu during the years 2007 to 2011, but was pushed out of Somalia’s capital and other major cities by the AU forces.

Read more » Aljazeera
See more » http://www.aljazeera.com/news/2015/02/deaths-attack-luxury-hotel-somalia-capital-mogadishu-150220103959237.html