Brics bank plans to double loans
BEIJING • The development bank set up by the Brics economies will aim to lend US$2.5 billion to US$3 billion (S$3.5 billion to S$4.2 billion) this year, bank president K.V. Kamath told the state-owned China Daily, nearly double the amount lent last year.
The New Development Bank (NDB) set up by Brics - Brazil, Russia, India, China and South Africa - will raise funds by issuing rupee- denominated bonds in India, after it issued yuan bonds in China last year.
The bank has approved seven projects, Mr Kamath said, and welcomes China's modern-day "Silk Road" initiative to open up new land and sea routes around the world.
Brewer Inbev's first core profit decline
LEUVEN (Belgium) • The world's largest brewer, Anheuser-Busch InBev, suffered its first decline in core earnings since its formation over a decade ago as recession-hit Brazil depressed beer sales by even more than expected.
The brewer of Budweiser, Stella Artois and Corona, which makes more than a quarter of the world's beer, highlighted difficulties it faces in Brazil, its second-largest market, with both lower sales and increased costs because of the weaker Brazilian real.
The company, which paid nearly US$100 billion (S$141 billion) to take over its nearest rival SABMiller last year, reported its first decline in annual core profit, its key earnings measure, since InBev was founded by the merger of Belgium's Interbrew and Brazil's AmBev in 2004.