China
Author: Wang Mingjie
Source: usa.chinadaily.com.cn

China says it is "fed up" with the United States' irresponsible remarks about the Belt and Road Initiative, also known as BRI, following criticism from US Secretary of State Mike Pompeo.

The initiative, proposed by President Xi Jinping in 2013 in a bid to accelerate economic development along the Silk Road, was slammed by Pompeo during his speech in London on Wednesday.

He criticized China for peddling "corrupt infrastructure deals in exchange for political influence," and using "bribe-fuelled debt-trap diplomacy" to undermine good governance.

In a news conference in Beijing on Thursday, Chinese Foreign Ministry spokesman Geng Shuang said China is tired of the irresponsible comments made by the US.

"But what was the outcome?" said Geng. "One hundred and fifty countries, 92 international organizations and more than 6,000 delegates from various countries attended the second Belt and Road Forum for International Cooperation, including 50 delegates from the United States.

"I think this is the vote of confidence for the international community taking actions to build the BRI. It is also the best response to the words and deeds of the US."

In the past few days, we have noticed that a few individuals in the US seem to be singing the same old tune, seeking to attack and smear the BRI, Geng said. "They're not fed up with saying this, but we're fed up with hearing it,"he added.

"I want to remind them again, don't overestimate your ability to fabricate rumors, and don't underestimate the judgement of others. If they want to, let them continue talking and we will continue getting on with things."

Christopher Bovis, professor of business law at the Business School of the University of Hull, sees the BRI as an extremely sophisticated policy of outward investment, which links investment with the outcomes of economic recovery, especially in parts of the world that have suffered market failures.

"To call the BRI an instrument of 'bribe-fuelled debt-trap diplomacy which undermines good governance and threatens to upend the free market economic model on which so many countries depend' is unjustifiable and reflects protectionism," he said.

"The BRI is a good example of responsive and responsible leadership which embraces the positive dynamics of industrial policies across the developing world and offers infrastructure and investment solutions to the challenge of the new world order."

Jim O'Neill, chairman of the Chatham House organization, and the man who coined the term 'BRIC' to describe Brazil, Russia, India and China, said:" Executed correctly, BRI could transform world trade. I think China needs to learn from the first few years and adapt with others as the recent meeting showed. The US would be better served offering constructive criticism to help the journey."

The second forum on the Belt and Road cooperation was held in Beijing in late April. Erik Berglof, director of the Institute of Global Affairs at London School of Economics, said it was "a great success for China, but the Chinese leadership also got clear signals from many participating countries and organizations about how to approach the initiative going forward."

He pointed out that China needs to work with the multilateral development banks and sign up to the international principles of environmental, social and governance standards, such as the Asian Infrastructure Investment Bank has largely done.

"These kinds of infrastructure projects must be owned and embraced by the countries and fit into their overall development plans — otherwise they will not work out—and they must not create additional vulnerabilities, many of the countries involved are already strained in terms of debt capacity," said Berglof. "Respecting these principles is in China's own interest."

United States
Author: Cinthia Murphy
Source: www.nasdaq.com

China equity funds have been the best-performing emerging market ETFs in 2019, tallying gains of up to 37% year-to-date largely on hopes of a trade deal with the U.S.

China has led BRIC nations in returns this year, and has helped buoy broader emerging market ETFs such as the iShares Core MSCI Emerging Markets ETF(IEMG) and the Vanguard FTSE Emerging Markets ETF (VWO)—each of these funds allocating 50-58% of their portfolios to BRICs. IEMG and VWO are up 14% year-to-date.

Best-Performing China Equity ETFs In 2019 (excluding leveraged/inverse (ETFs)
Ticker; ETF; YTD Return (%)
CHIS; Global X MSCI China Consumer Staples ETF; 36.57
CHIK; Global X MSCI China Information Technology ETF; 34.24
AFTY; CSOP FTSE China A50 ETF; 33.41
KFYP; KraneShares CICC China Leaders 100 Index ETF; 32.95
PGJ; Invesco Golden Dragon China ETF; 32.94
CHIQ; Global X MSCI China Consumer Discretionary ETF; 31.54
CXSE; WisdomTree China ex-State-Owned Enterprises Fund; 31.17
ASHR; Xtrackers Harvest CSI 300 China A-Shares ETF; 30.55
PEK; VanEck Vectors ChinaAMC CSI 300 ETF; 30.40
ASHX; Xtrackers MSCI China A Inclusion Equity ETF; 30.31
XINA; SPDR MSCI China A Shares IMI ETF; 30.07
CNXT; VanEck Vectors ChinaAMC SME-ChiNext ETF; 30.03
KBA; KraneShares Bosera MSCI China A Share ETF; 29.80
CNYA; iShares MSCI China A ETF; 29.72
KWEB; KraneShares CSI China Internet ETF; 29.31
CQQQ; Invesco China Technology ETF; 28.60
CHIH; Global X MSCI China Health Care ETF; 28.24
BCNA; Reality Shares Nasdaq NexGen Economy China ETF; 28.07

Deal Or No Deal?

A lot of the upward momentum in China ETFs has centered on the U.S.-China trade deal, once expected to be completed by the end of this week. That deal is now in question.

The U.S. administration this weekend threatened further tariffs over Chinese goods, expressing frustration at the pace of negotiations. In return, the Chinese delegation threatened to be a no-show at the negotiating table later this week. Global markets were roiled Monday, with all eyes on U.S. and China equities.

What happens next is anyone's guess. It could be that China ETFs, and broader emerging market funds, see consolidation as this trade spat unfolds, especially after strong gains this year.

Some argue that if a deal is struck, China ETFs could see a lot more upside, however. Not only would the trade deal be beneficial, but Chinese economic growth is picking up, projected now to hit close to 7% GDP expansion in 2019, thanks in part to government stimulus fueling consumer sectors, and structural reforms that could lead to solid earnings growth.

BRICs Doing Well

Other pockets of the emerging market universe also doing well include Russia ETFs. Russia has been the second-best-performing emerging market this year. It too was on shaky ground Monday as global markets reacted to the U.S.-China trade dispute, but the VanEck Vectors Russia ETF (RSX) and the iShares MSCI Russia ETF (ERUS) have delivered double-digit gains in 2019. Fueling the funds is strong crude oil prices as well as solid corporate earnings despite unimpressive GDP growth.

Other BRICs—India and Brazil—haven't rallied as much, but are also serving up interesting storylines for investors this year. One is in the middle of a five-week-long election process that many expect will reelect Prime Minister Modi; the other under a newly minted pro-business administration—the first in 12 or so years—that could implement much needed reforms. Funds like the iShares India 50 ETF (INDY), the iShares MSCI India ETF (INDA) and the WisdomTree India Earnings Fund (EPI), as well as the iShares Brazil Capped ETF (EWZ), could remain in focus in weeks ahead.

Russian Federation
Source: sputniknews.com

Moscow has been systematically abandoning various dollar-related assets since Washington began imposing unilateral sanctions against Russia over its alleged role in the 2014 Ukrainian crisis and purported meddling in the US presidential election in 2016 - something which Moscow strongly denies.

Russia has increased the use of its national currency, the rouble, in transactions with BRICS partners Brazil, India, China, and South Africa, increasing the currency's share by 720%, amounting to 9.4% of all transactions over the period between 2013 and 2018, Russian international consulting firm FinExpertiza reported. In total, the rouble was used in $6.3 billion worth of transactions with these states.

The biggest growth in rouble-based transactions was achieved with India, where the Russian national currency comprised 37.2% — an increase of 3,380%. Russia's largest trading partner in the bloc, China, witnessed an increase in the volume of rouble-denominated deals by 520%.

Other BRICS countries have also exhibited growth in the volume of mutual transactions in their national currencies, as well as in euros, with the former comprising up to 4% and the latter up to 9.5% of all transactions between members of the group. The growth was achieved due to a dramatic fall in volume of dollar-denominated transactions — greenbacks now make up 77%, which means a 20% reduction over the course of the last five years.

"An increase in commodity turnover became the driver for switching to settlements in national currencies between the BRICS countries while reducing the share of settlements in dollars", Elena Trubnikova, the chairwoman of FinExpertiza's board, commented on the change.

Russia has been systematically reducing the share of its investments in dollar-denominated assets. Namely, it sold off a significant portion of its US securities, while at the same time actively building up its gold reserves. The shift in the Russian central bank's policy began after Washington initiated a campaign of imposing unilateral sanctions against Russia under the pretext of Moscow's alleged involvement in the Ukrainian crisis in 2014 and alleged meddling in the US presidential election in 2016.

Washington has failed to provide any credible evidence to substantiate the accusations, which Russia has vehemently denied on multiple occasions.

United Kingdom
Author: Chris Wright
Source: www.euromoney.com

Over the last 12 months, the New Development Bank has gone from concept to fully fledged lender. It says it wants to be differentiated by its nimbleness and focus on sustainability. Where does it fit in a changing multilateral landscape?

There is a certain cosiness to the 36th floor of the Brics Tower, where the executives of the New Development Bank reside, and it's not just because it's a grim and murky day in Shanghai.

"The guy who just walked in is one of the vice-presidents; his office is next to mine," says Leslie Maasdorp, CFO of New Development Bank and a vice-president himself. "The president's office is there. There are two more VPs there," he says, pointing. "On this floor is the entire credit committee."

Being small, centralized and nimble is a key differentiator for NDB, says Maasdorp: "If there's a project, we don't have to wait for weeks to convene the investment committee. We call a meeting, assess the project, approve it and move on with our lives.

"To convene five people on one floor is a lot easier than 12 in different time zones."

Over the last 12 months, NDB has had the chance to put that nimbleness to the test. It has gone from being an interesting idea to being a genuine lender and, in doing so, has become perhaps the single most important outcome of Jim O'Neill's iconic Brics acronym of 2001 referring to Brazil, Russia, India and China.

Bric became a formal institution in 2010, with South Africa added later in the year. It was never entirely clear what it meant, other than an arbitrary and conveniently pronounceable aggregation of enormous emerging market economies. It was and is strikingly diverse in geography, culture, political systems and economic outlook.

So why did such an apparently meaningless bloc need a bank?

Leslie Maasdorp, New Development Bank "In the context that there are several multilateral banks, why was this thing actually set up?" Maasdorp nods.

"The creation of the bank," he says, "is an expression of the intent of emerging markets to take their rightful role in global governance."

Also, the five Brics nations illustrated the desperate need for infrastructure development in emerging markets. Clearly, they are not the only countries with that need – Indonesia and the Philippines need roads and power just as much as South Africa and India – but there was a sense that a bank for the Bric economies would still have plenty it could achieve.

"Also, given climate change – and we are absolutely persuaded that the world is undergoing fundamental changes – these banks have a public good objective to build infrastructure in a new kind of way," Maasdorp says. "It's not just about building roads or ports or power plants, but looking through the lens of what damage you are doing to the environment."

A Brics bank, it was decided, should be all about sustainable infrastructure, climate resilient and built with proper governance. It would also need to have a long-term view and a profound understanding of technological change.

"You cannot just build a road," Maasdorp says. "You've got to configure what autonomous driving will mean in five, 10, 25 years for that road. So we weren't just created to be another bank for emerging markets."

With those ambitions in mind, the bank set about the practical side of formation. The idea of a Brics bank was first mooted at the fourth Brics summit, in New Delhi in 2012. The finance ministers of the five constituent nations reported back with their ideas at the next summit in Durban the following year.

During the next one, in Fortaleza in Brazil in 2014, an agreement was signed to establish what was now called the New Development Bank. The inaugural meeting of its board of governors took place just before the Ufa summit in Russia, on July 7, 2015. KV Kamath, formerly chief executive of India's ICICI Bank, and chairman of Infosys, was appointed president. The agreement for the bank's headquarters, in Shanghai's Pudong, was signed in February 2016.

Commitment

The bank's shareholding is split equally five ways among the member countries and they have all been expected to commit themselves fully.

"The bank shareholders put in considerable capital to create this institution," says Maasdorp, whose own background includes being president of Bank of America Merrill Lynch for southern Africa, vice-chairman of Barclays Capital and Absa Capital and an international adviser to Goldman Sachs.

He has had several senior roles in the South African government, including as deputy director general, leading the restructuring and privatization of state-owned enterprises in the late 1990s.

"This is a major commitment by these institutions," Maasdorp says. "Each put in $2 billion, coming in instalments; we just received the fourth instalment and are more than halfway to the $10 billion."

This is another important distinction, he says. The ratio of paid-in capital to subscribed capital at the NDB – 20%, with $10 billion paid in and $50 billion subscribed – is the highest among multilateral banks.

"It's a much higher proportion of equity, which demonstrates the strong commitment of our shareholders to the institution," he says.

In 2016 to 2017, the bank approved loans involving financial assistance of over $3.4 billion across green and renewable energy, transportation, water sanitation and irrigation. But the real milestones began to come in 2018.

The first one Maasdorp raises is particularly important for a CFO in charge of treasury matters: a credit rating. The bank is now rated AA+ by both S&P and Fitch.

"The credit rating is a very critical metric for a financial institution, even more so for a multilateral bank," says Maasdorp.

Although NDB, like any multilateral, has both paid-in and subscribed capital, "the most important resource for us is the capital we raise in the debt capital markets. To raise those resources as cheaply as possible you need a solid and high credit rating."

Most of its peers are triple-A, reflecting risk-aversion, liquidity, solidity and low leverage. NDB has started out a notch below. But that must be seen in context: the weighted average of the five constituent members is BBB minus. Brazil and South Africa, at BB+ are junk status (though South Africa is investment grade, Baa3, with Moody's); Russia and India, at BBB minus, are just on the cusp of investment grade; and China, at A+, is the strongest but still the subject of a recent downgrade.

"Over the last few years each of our countries have experienced a downturn, but despite that the bank's own credit rating is several levels above the average of those countries, which is a significant achievement," Maasdorp says. "It's because of the financial metrics and benchmarks, which are very solid, and that's what Fitch and S&P recognized. The credit rating is the first major achievement of the bank, a critical ingredient."

Also, the lending book is now getting up to high levels. At the time of this interview, it stands at $8.4 billion of approved loans.

"That's a small amount in the context of infrastructure requirements globally and in those countries," says Maasdorp, "but it's a significant number for a new institution a little bit more than three years old."

Projects

NDB has proven it can identify, appraise and fund projects, but what it hasn't done nearly so much of is put the funds that it has approved to work. Only $650 million has been disbursed to date.

"There is obviously a delay in getting disbursements out," says Maasdorp. "It's one thing to design a project and have it formally approved by the board, but it's another to have the money flowing, the procurement done, the power station built, the port upgraded."

Still, he presents this as just a matter of time and points out that the approvals to date cover 30 projects in all five countries.

With the bank established, there is an intention to grow it – not just in terms of loan book but also location.

"It was never intended only to be a Brics bank," says Maasdorp. "The idea was always to create an institution that can eventually become the voice of emerging markets."

The bank's governors are considering a "phased expansion", he says.

The articles of association are quite clear on how this might happen. They countenance a gradual dilution through which the Brics countries drop to 55% between them – that is, from 20% each to 11% – with another 25% allocated to emerging markets and 20% to developed countries that would come in as non-borrowing members.

The articles of association also specify that no non-founding nation can come to hold more than 7% of the shareholding.

"There's nothing unusual about that," Maasdorp says. "It's the way AIIB [Asian Infrastructure Investment Bank] is also set up and how other MDBs [multilateral development banks] work. We are unique now in that we only have borrowing members – lending to ourselves, where we are the shareholders and also the borrowers."

But that won't be the case for ever. He says he hopes "the likes of the UK, Germany, France will join." (This is perhaps not a good moment to ask the US to participate in globalization.)

Maasdorp says there is "very strong interest" for others to join, partly because of the sheer scale of their needs. "Whether it's Vietnam, Turkey or Mexico, they have a massive need for funding."

Also, the gap is so severe that there is no sense of multilaterals stepping on one another's toes: joining one does not annoy another, so one might as well join as many as possible. Notably the Mumbai metro rail project, to which the NDB has committed a $260 million loan, involves funding from NDB, AIIB and the Asian Development Bank (ADB).

"There's a sufficient number of projects out there, and not enough capital," says Maasdorp.

Then there is the China angle. China is now the headquarters of two multilaterals, first AIIB and now NDB. "There's no question China is playing a bigger role in the multilateral system," says Maasdorp. But while the bank talks of expansion, it still faces a challenge in getting things done in its founder countries. There has been a heavy focus on China and India, and far less on South Africa.

"There is definitely an intention to have a properly balanced portfolio among the five countries," he says. "It's not surprising that China and India would be disproportionate in the initial phase."

They have larger economies and China has a very clear infrastructure rollout programme mandated by the state, he says. "You wouldn't find such a robust clearly defined five-year plan in South Africa. They're certainly not building 60 airports there."

Still, he expects what he calls "a hockey stick" graph of investment uptick in South Africa, noting that new president Cyril Ramaphosa said in his first address to the nation that he would stimulate new investment in infrastructure. NDB has a target of $1.5 billion to $2 billion to be deployed in South Africa this year, which would be a fourfold increase on the $500 million committed in 2018.

"What you are going to see now is a shift in momentum towards Brazil and South Africa," says Maasdorp.

These are not always easy places to do deals on the right terms, however. The first attempt to engage with South Africa involved lending to a renewable energy project through the national utility Eskom. That was swiftly caught up in allegations of corruption.

"We originally had a loan to Eskom, which was saddled with corruption allegations and governance challenges," he confirms. "So that loan was put on ice and never formally concluded."

The management of Eskom has changed since then, as has the national leadership.

"We have great confidence in the new leadership in South Africa," says Maasdorp. "That's given us comfort levels."

And what of the new leadership in Brazil? "People are taking office as we speak. [Euromoney was speaking to Maasdorp at the beginning of the year.] We don't know the people yet, so it is too early to comment on what the likely impact is going to be."

But he says he takes comfort from public statements about fighting corruption.

Funding

With the debt rating in place, Maasdorp is now planning to use it in funding. He intends to borrow both in dollars and in local currency, most obviously in renminbi, since China has by far the biggest domestic capital market of the five founder nations. It will then lend in local currency.

"The aim is not to raise local currency, as some have done, and swap for the arbitrage," he says. "We will raise local currency and lend in local currency, and remove the exchange rate risk."

The bank borrowed in renminbi in July 2016, raising Rmb3 billion ($446 million), and has a Rmb10 billion programme registered, approved in December by the People's Bank of China. A first tranche of that programme raised Rmb3 billion in February. Renminbi funds are already being deployed: the bank has committed a Rmb2 billion loan for the Guangdong Yangjiang Shapa offshore wind power project.

The NDB is registering a rand bond programme in South Africa and plans an inward listing on the Johannesburg Stock Exchange, which was "at an advanced stage of regulatory approval" in March.

India will probably be next, starting with an offshore rupee bond. The hope is that, in addition to raising appropriate funding, the bank can also help the development of the local bond markets, which tend to be dominated by shorter-term money; NDB expects to extend the maturity profile of local bond curves, matching the long duration of its project loans.

Climate change, cybersecurity, refugees, terrorism – all these things have cross-jurisdictional origins and you can't deal with them without institutions that take a transnational view - Leslie Maasdorp, NDB

A debut in dollars won't come before 2020.

"It takes a lot more time to register a US dollar programme," says Maasdorp. "AIIB has just registered theirs and it has taken the better part of 15 months to do. We've been watching that closely."

Indeed, NDB has been watching AIIB, which is somewhat ahead in its staffing and membership, if not lending.

"We work very closely together," says Maasdorp. "We will do a lot more with them this year."

Like AIIB, NDB believes it can be much faster than older multilaterals.

"We want to be more agile. Just faster, basically," he says. "We have decided that the time it takes for a project to be designed and approved should not be more than six months."

That contrasts with a more typical 18 months today. "We are hoping to remove the occupational hazard aspects of dealing with MDBs. They are seen as bureaucratic and slow moving, with red tape. But when you are new, you have a huge advantage because there is no legacy."

This is fine, but the reason banks like the ADB take so long is because they feel it is necessary for suitable due diligence and the avoidance of corruption.

"There's no way that the bank can change from the accepted policies and practices of how risk management in project appraisal is done," says Maasdorp. "If you look at our policies, they are mirror images of those at the European Investment Bank, ADB and so on."

Instead, he says, the scope for improvement in efficiency comes in other areas, principally size, which brings us back to his comment about all the expertise being on one floor. Technology, too, has a role to play, with greater use of video links instead of feeling obliged to fly to countries for loan negotiations. But there will not be compromise on environmental sustainability, he says.

The bank won't stay small. At the time of our interview, NDB has 145 staff, expects to hit 250 by the end of 2019, 390 by the end of 2020 and 500 by 2021.

And looking further out, 10 years from now, how will the multilateral landscape look?

"I'd say there are going to be fundamental changes in this space," he says. "The Trump phenomenon has caused a questioning of the role of multilaterals in the world, but I think that debate will be useful because it will deepen the understanding of multilaterals – not just banks, but the WTO, the UN.

"Climate change, cybersecurity, refugees, terrorism – all these things have cross-jurisdictional origins and you can't deal with them without institutions that take a transnational view."

United States
Author: Mark Townsend
Source: www.gfmag.com

BRICs are back. The countries comprising one of the most ubiquitous acronyms in the financial markets—Brazil, Russia, India and China—have turned a corner economically, according to a recent report, although the outlook for is far from uniform. Oxford Economics says its Financial Conditions Indices (FCIs), which measure asset prices, foreign exchange, money, credit, interest rates and spreads, place the BRICs firmly in positive territory. New data suggests advanced economies will be supported by BRIC economies' reemergence from a financial winter.

The four big developing economies will reach a third of the world's GDP this year—33.28%, to be precise—measured by purchasing power parity (PPP), so that their "turn of financial conditions from overall negative to supportive will provide support for the global economy," says Tamara Basic Vasiljev, senior economist at Oxford Economics. Broadly, Brazil is firmly in positive territory, Oxford calculates, while Russia is close, and India and China are trending up from end-of-year lows, with their FCIs correlating to some leading indicators of GDP growth.

At the country level, the picture is nuanced. Brazil enjoyed a recovery in equity and real-estate markets in the second half of 2018, which is providing a boost to the economy. But mixed signals in January are increasing pressure on the Central Bank of Brazil to cut interest rates.

Russia's risk indicators remain elevated, with 10-year government bond yields creeping higher while interbank spreads and the Emerging Market Bond Index are plodding along. Still, Russia's FCI displays a leading indicator for GDP, which should provide tailwinds for growth.

In India, the Reserve Bank has reversed course and begun easing monetary policy, with a cut in the repo rate in February and another in the cards. That should alter the FCI's downward trend, and financial conditions should support growth in the first half of 2019.

China's better-than expected first-quarter growth figures have stoked optimism about the world's second-largest economy. Further monetary-policy easing could trigger a reversal in interest rates and spreads, boosting growth, Oxford says.

Russian Federation
Source: sputniknews.com

A number of diplomats, ex-army generals and other dignitaries have paid rich homage to the heroic Soviet people for their sacrifice and contribution to the great victory that signalled the end of World War II. Tributes were also paid to the 87, 000 Indian military personnel who died in action during the six-year-long war.

New Delhi (Sputnik) — "Victory Day", an event marking the 74th Anniversary of the victory over fascism in the Great Patriotic War and the 75th anniversary of the Liberation of Belarus, were celebrated in the Indian capital city of New Delhi with a deep sense of emotion, pride, and solemnity.

At a special function, rich homage was paid by envoys of the Commonwealth of Independent States (CIS), which were once part of the erstwhile Soviet Union, as well as by ex-army generals, political and social leaders to the heroic Soviet people for their sacrifice and contribution to the great victory that signalled the end of World War II and of Nazi rule under German dictator Adolf Hitler.

A major highlight of the programme was a seminar titled "Impact and Lessons of the Great Victory of Soviet People over Fascism for Mankind".

Three photo exhibitions, too, were opened on the occasion: "The Great Patriotic War in Paintings, Graphics and in Human Destiny", "The Times Links (TASS)" and "Cost of the Great Victory". These exhibits were presented by the Embassy of Belarus.

Speaking on the occasion, Nikolai Kudashev, ambassador of the Russian Federation to India, said: "The Victory Day has always been and always remained the dearest and most sacred day for every family, for not only our huge country but also for the world itself, a day of national pride and eternal unfailing memory".

The ambassador said it is of "utmost importance to note that we must cherish the memory of the unparalleled courage of everyone on the frontlines and on the home front, of warriors who gave their lives, of all our soldiers and the brave fighters of the second front, of the contribution made by the anti-Hitler coalition countries, of the brotherhood-in-arms of those who stood up against Nazism".

Describing World War II as the most destructive conflict suffered by the mankind, Major General G.D. Bakshi (retired), emphatically lauded the unparalleled courage of the Soviet Red Army which ultimately led to the unconditional surrender of the Nazi forces.

India's immense contribution to that war effort was also recalled.

India was not an independent country at the time, yet its soldiers enlisted in their thousands to help the Allied war effort against Nazi Germany.

Former Vice Chief of Staff of the Indian Army Lt. Gen. Arvinder Singh Lamba (retired) emphasised the extreme care with which Russia wants to see India become self-sufficient and strong in all spheres.

India has always been an active participant in Russia's Victory Day Parade, the event assuming great significance in view of the enhanced military ties and the special and privileged strategic partnership between the two countries, Major General Dhruv Katoch (retired), director of the India Foundation, a think-tank based in New Delhi, stated on the occasion.

"Russia's Victory Day Commemoration on 9 May 2019 is thus a good occasion to once again review the strategic defence relationship that exists between the two countries and further strengthen the strong bonds that tie the two nations together", he added.

India has always participated whenever Russia has invited it to such events, Brigadier Rahul Bhonsle, a security and strategic analyst, said on the occasion. "We (India) have a strong military-technical cooperation with Russia. We follow a policy of multilateral alignment in which the ties with Russia will continue to remain strong for another 30, 40, 50 years. Russia will remain the primary player; I have got no doubt about that".

India
Source: www.uniindia.com

New Delhi, May 10 (UNI) The Shared Services Forum (SSF) along with BRICS Chamber of Commerce and Industry (BRICS CCI) and Achromic Point organised the third National HR Leadership Summit 2019 here on Friday.

The theme of the summit was "Building Organization of Tomorrow" with the objective to bring the focus of the HR and

Business leaders to reflect and crystalise the role of HR to help build organisations of tomorrow.

The agenda of third National HR Leadership Summit 2019 is to provide immense opportunity and insights across today's most important HR and leadership challenges, especially in the light of a rapidly changing HR role and the juggernaut of digital technologies that is changing the rules of the game faster.

On the occasion, Dr BBL Madhukar, Director General, BRICS CCI and Ravi S Ramkrishnan, Founder & CEO, RvaluE Group and Founder, SSF felicitated Ved Prakash, Chairman and Managing Director, MMTC and Chairman SCOPE Executive Board.

In the inaugural address, Dr Aquil Busrai, CEO, AquilBusrai Consulting, focused on the New Age traits of Agile HR Leaders who are directly responsible for building organisations.

The summit witnessed the participation of senior practitioners, executives, eminent industry leaders and veterans from the HR fraternity from more than 60 plus organisations across India.

The BRICS CCI is an organisation which promotes commerce and industry in the BRICS and other nations.

The Chamber, founded in 2012, with the efforts of prominent professionals and entrepreneurs, is a not-for-profit and non-governmental organization. The objective of BRICS CCI is to create an enabling support system especially for MSME segment of business and young entrepreneurs from across all geographies.