BRICS to Speed Up Bank Formation as Recovery Disappoints

The five BRICS nations agreed to speed up formation of a development bank and raised concerns over the pace of the global economic recovery.

The leaders of Brazil, Russia, India, China and South Africa, who met on the sidelines of a Group of 20 summit in Brisbane, Australia, instructed their finance ministers to name the bank’s president by the time they next meet in Russia, according to a statement from the Brazilian government. The global economic situation hasn’t improved since the group last met in July, Brazil President Dilma Rousseff told the other leaders, according to a transcript from Rouseff’s office.