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PM Modi arrives in Brazil to attend the 11th BRICS Summit

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NEEDED, SOME PROACTIVE DIPLOMACY: Prime Minister Narendra Modi meets President of People’s Republic of China Xi Jinping ahead of the BRICS Summit in Goa, UNI

PM Modi has arrived in Brasilia to attend the 11th BRICS Summit in Brasilia, the capital city of Brazil. A large business delegation from India is also expected to be present during the visit, to attend the BRICS Business Forum where PM will address. The theme of this year’s summit is “Economic Growth for an Innovative Future.” 

Before his departure, Prime Minister in a series of tweet said, he is looking forward to exchanging views with leaders to enhance cultural and economic linkages between BRICS nations.  This is Prime Minister’s second visit to Brazil and his first since President Jair Bolsonaro took the charge this year. 

The Prime Minister also said the visit to Brazil will give him an opportunity to hold talks with President Jair Bolsonaro on ways to deepen the India-Brazil strategic partnership as there is great potential in sectors like trade, defence, agriculture and energy.

Interestingly, besides representatives from these nations, civil society members, labour union leaders, researchers and political activist from these countries had also gathered in Brasilia, on November 11 and 12 for the People’s BRICS to set the pro-people agenda to be deliberated at the Summit.

BRICS comprises of five major emerging economies: Brazil, Russia, India, China and South Africa. It was proposed to be a platform for regional cooperation to counter the economic hegemony of U.S and dollar and Brettenwood institutions in the world market. But the narrow geopolitical interests and political tension among and between the member countries didn’t help them in their collective objective. Since last year, the United States and China are engaged in trade-war and have been imposing embargo and increased tariffs against each other. Indo-China relations have never been better off-late and there is no chance that it will get any better in the future as well. Political instability is at its helm in Brazil. Similarly, Russia is facing U.S illegal trade and economic sanctions for various reasons.

The expansion of New Development Bank is also on the agenda at the annual summit. New Development Bank (NDB) was created in 2014 when five BRICS nations came together to set up a financial institution to cater to developing nations need for money. The idea of NDB was initially propounded by India which after two years of negotiations materialized. NDB as a development bank was set up with a vision to challenge the domination of the World Bank and the International Monetary Fund on one side, and on the other side to finance sustainable development projects in developing countries. Five years since its inception, the NDB has failed in fulfiling its objectives and promises. Recently, it approved loans for projects which are environmentally threatening which includes trans-Amazonian highway in Brazil, a highly controversial project that has resulted in heightened deforestation in the Amazon, the world’s largest tropical rainforest. 

The Chinese officials claimed that the BRICS Summit will mark the beginning of a new “golden decade” of cooperation between the five nations. However, this time Brazil, Russia and India have an uncanny similarity. All the three countries are now either ruled by right-wing governments which can hopefully be seen as a potential for cooperation. Under Modi, India has shown some allegiance to the U.S, but it needs to play its diplomacy quite well this time in order to keep the interest of China and Russia.

 

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Pakistan hit by 5.5-magnitude earthquake, no casualties or damage reported

A 5.5-magnitude earthquake jolted Pakistan on Friday, with authorities reporting no immediate casualties or significant damage.

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earthquake-tremors

A magnitude 5.5 earthquake struck Pakistan on Friday, sending tremors across several parts of the country. However, authorities said there were no immediate reports of casualties or significant property damage.

According to seismic monitoring agencies, the earthquake was recorded at a considerable depth, which may have reduced the impact on the surface. Residents in several cities reported feeling the tremors, prompting many to move outdoors as a precaution.

Emergency and disaster management authorities began assessing the situation soon after the quake. Initial assessments indicated that no major damage to infrastructure or loss of life had been reported. Officials continue to monitor the situation for possible aftershocks.

Pakistan lies in a seismically active region due to the interaction of the Indian and Eurasian tectonic plates, making earthquakes a frequent occurrence in several parts of the country.

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Twin earthquakes strike Venezuela within 39 seconds, triggering panic in Caracas

Venezuela witnessed two powerful earthquakes within 39 seconds, triggering panic in Caracas, damaging infrastructure and leading authorities to declare a state of emergency.

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Two powerful earthquakes struck Venezuela within just 39 seconds, causing widespread panic, damaging buildings and disrupting key infrastructure in and around the capital, Caracas.

According to the United States Geological Survey (USGS), the first earthquake measured magnitude 7.2 and struck on Wednesday evening near the coastal town of Moron. Just 39 seconds later, a stronger 7.5-magnitude tremor hit roughly 45 kilometres away, creating what seismologists described as a “doublet” earthquake sequence.

The back-to-back quakes sent residents rushing into the streets as buildings shook violently across Caracas. Several structures suffered severe damage, with reports of building collapses in parts of the capital. Rescue workers were deployed to search through rubble while emergency teams assessed the extent of the destruction.

Visuals shared on social media showed scenes of chaos at Simon Bolivar International Airport, where parts of the terminal roof reportedly collapsed, filling sections of the facility with dust and smoke. Passengers were seen evacuating the airport as power flickered during the tremors. Authorities later announced the closure of the airport because of significant damage.

More than 20 aftershocks were recorded following the twin earthquakes, raising concerns about additional structural damage. The USGS warned that the disaster could result in significant casualties and economic losses, while landslides were also reported in affected areas.

Venezuela’s interim president Delcy Rodriguez declared a state of emergency following the earthquakes and urged citizens to remain cautious as emergency response efforts continued. Opposition leader Maria Corina Machado also expressed solidarity with those affected by the disaster.

The earthquakes are being described as among the strongest to strike Venezuela in more than a century. Authorities continue to assess the full scale of the damage and search for possible victims trapped beneath collapsed structures.

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London court orders Nirav Modi to pay Bank of India over $11.5 million in loan guarantee case

A London court has ruled that fugitive businessman Nirav Modi must pay Bank of India more than $11.5 million, including interest, in a loan guarantee dispute.

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Fugitive diamond merchant Nirav Modi has been ordered by a London court to pay Bank of India more than $11.5 million, including accrued interest, in connection with a personal guarantee linked to a loan extended to one of his Dubai-based firms.

In a significant ruling delivered by the London Circuit Commercial Court, Justice Simon Tinkler held that Modi remained liable under the personal guarantee issued for a loan granted to Firestar Diamond FZE, a Dubai-incorporated company associated with him. The court rejected Modi’s challenge to the enforceability of the guarantee.

The court examined whether Modi had been properly served with a demand notice, whether the demand related to a liability owed to the bank, and whether the personal guarantee was legally enforceable. Justice Tinkler ruled in favour of Bank of India on all three issues.

According to the judgment, Modi is liable for the principal outstanding amount of $4.1 million. After adding accumulated interest, the total payable amount has risen to an estimated $11.5 million as of March 2026, with additional interest continuing to accrue.

The public sector lender has been pursuing recovery proceedings against Modi since 2018, following the emergence of allegations involving companies linked to the businessman. Modi, who has largely represented himself in the proceedings, is currently lodged in a UK prison while contesting his extradition to India in a separate Punjab National Bank fraud and money laundering case.

Law firm Fladgate LLP, representing Bank of India, clarified after the verdict that the proceedings were strictly related to a commercial banking recovery claim and did not deal with the wider allegations connected to the Punjab National Bank fraud case.

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