For Creamer Media in Johannesburg, I’m Sane Dhlamini.

Making headlines: DA makes court bid for Putin arrest, new Russia-SA concerns push rand to record low and, Brics Bank to expand membership

 

DA makes court bid for Putin arrest

The Democratic Alliance has applied to the Gauteng High Court to request a declaratory order warranting the arrest of Russian President Vladimir Putin.

There is speculation as to whether Putin will arrive in South Africa to attend the fifteenth annual Brics Summit taking place between August 22 and 24.

Yesterday, government said it would provide diplomatic immunity to attendees of the upcoming Brics ministerial meeting in Cape Town this week and the summit in August. 

The move is described as a “a routine procedure” but the DA is seeking an order to compel the South African government to detain and surrender Putin to the International Criminal Court if he attends the Brics Summit.

 

New Russia-SA concerns push rand to record low

Meanwhile, the rand hit a new record low against the dollar amid concerns about South Africa's relationship with Russia.

The rand reached R19.83 to the dollar in early trading. A year ago, it was trading below R15.30.

By mid-morning, the local currency regained some of its losses to trade around R19.80. It was last trading at R24.45 to the pound and R21.15 to the euro.

Gryphon Asset Management research analyst and portfolio manager Casparus Treurnicht says South Africa’s decision to provide diplomatic immunity to Russian President Vladimir Putin at the BRICS summit in August has unnerved traders.

 

Brics Bank to expand membership

The New Development Bank, the lender created by the Brics group of nations, will widen its membership as it seeks to boost its capital and counter the influence of Western-dominated multilateral banks.

The bank’s president Dilma Rousseff said at its annual meeting in Shanghai today that the lender will look at increasing the diversity of its members in terms of geography, development stages and on the size of the countries.

Saudi Arabia is the latest to discuss joining the bank.

The Financial Times has reported that this move that would give the lender more financial muscle.

The bank was created in 2014 as a counterweight to the International Monetary Fund and the World Bank.

 

That’s a roundup of news making headlines today

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