The US may no longer be in control of the global economy, warned former Treasury Secretary Lawrence Summers, urging Washington to regain dominance by honoring commitments and stopping its own hypocrisy. China’s establishment of the Asian Infrastructure Investment Bank (AIIB), and Washington’s failure to stop its traditional allies from joining, was a development without precedent since the [...]

Western nations should heed Russia's legitimate security concerns over the volatile situation in Ukraine, a top Chinese diplomat has said in a rare public statement on the crisis that has damaged relations between Russia and the West. Qu Xing, China's ambassador to Belgium, said the Ukrainian crisis came about due to the ongoing “game”– a metaphor similar to that used by US geopolitical s [...]

The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF. The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry. [...]

The Russian government has submitted a bill to lawmakers to ratify the BRICS bank. The New Development Bank will have assets of $100 billion from Brazil, Russia, India, China and South Africa and rival the World Bank and International Monetary Fund. [...]

The pinnacle of political power is slowly changing its homestead, moving eastwards to the Pacific, with the region becoming more and more vital within global matters; and U.S. is pushing itself actively into the regional scene, spurring rising rivalry between America and China. What future holds for the Pacific region? What is at stake between Washington and Beijing? And how’s the political g [...]

European companies now have the opportunity to settle trading accounts in Chinese yuan. The Bank of China in Frankfurt has become the first to operate European yuan clearing. Trading costs will be cut as there will be no dollar exchange first. More than 10 German regional and international banks including Deutsche Bank, Commerzbank, DZ Bank AG, and Landesbank Hessen-Thueringen Girozentrale, hav [...]

Doing away with the US dollar and switching to ruble and yuan payments will significantly increase Russia and China's say in energy and financial markets, Vladimir Putin has said, adding that the first deals are already underway. In short the President said the US dollar has no future, and that the ruble and the yuan have better long-term prospects. [...]

The overwhelming majority of Russians think the US is their main enemy, and more than half name China as Russia's main friend, a recent poll shows. According to the research conducted by the influential Russian VTSIOM center, the number of Russians who think that USA is their country’s main foe grew from 25 percent in 2008 to 73 percent currently. [...]

An analysis of cartridges used by Islamic State militants in Iraq and Syria shows that their newest ammunition is of American origin. China and the Soviet Union were identified as the biggest sources of munitions, but with bullets made 25 years ago. The Conflict Armament Research (CAR) group analyzed the origin of some 1,700 small-caliber cartridges collected from areas in Syria and Iran where [...]

The American fast-food giant witnessed a sharp decline in global profits in August, hit by the closure of its restaurants across Russia and a "rotten meat" scandal in China. McDonald’s earnings slid with stores open at least 13 months taking a worse-than-expected hit in August, falling 3.7 percent, the Oak Brook, Illinois-based hamburger chain said in astatementon Wednesday. This is the bigge [...]

The Russian president is starting his visit to Tajikistan to take part in a major SCO summit, discussing ways to boost cooperation and also the political bloc's policies regarding the ongoing crisis in Ukraine. The Shanghai Cooperation Organization unites Russia, China and ex-Soviet republics of Kazakhstan, Tajikistan, Uzbekistan and Kyrgyzstan, all of which are Russia’s allies in trade, poli [...]

Traveling from Shanghai to San Francisco in under two hours may sound like a fantasy, but China believes it's figured out how to design an underwater vehicle that can make the idea a reality. More worryingly, though, is the possibility that the technology will be used to develop even more dangerous weaponry. [...]

Shanghai is considered to be the frontrunner between Russia, China, India and South Africa to become home to the new BRICS bank, media reports. The bank is an attempt by emerging economies to challenge the US-based global lending institutions. Four of the BRICS countries – China, Russia, India and South Africa [...]

"€œI believe in American exceptionalism with every fiber of my being."€ So there it is, straight from the lion'€™s mouth, as in US President Barack Obama. The rest are details: deadly details, as in the US military remaining “at the core” of the exceptional worldview; the Pentagon reserving for itself “the power to launch unilateral attacks when America’s interests are directly thre [...]

The American government conducted a major intelligence offensive against China, with targets including the Chinese government and networking company Huawei, according to documents from former NSA worker Edward Snowden that have been viewed by SPIEGEL. Among the American intelligence service's targets were former Chinese President Hu Jintao, the Chinese Trade Ministry, banks, as well as telecommuni [...]

Western sanctions might push Russia to deepen cooperation with BRICS states, in particular, to strengthen its ties with China, which will possibly turn out to be a big catastrophe for the US and the EU some time later. On March 18, the spokesperson for the Kremlin, Dmitry Peskov, claimed in a BBC interview that Russia would switch to new partners in case of economic sanctions being imposed by the [...]

What is the significance of this vote? How will it affect South-Eastern Ukraine? How will China and the West react? And, what can we expect next? CrossTalking with George Galloway, Michael Hughes and Dmitry Babich. [...]

The global survey, conducted by WIN/Gallup International, polled residents in 68 countries on everything from the global economy to politics and living conditions. According to the poll, 24 percent of the surveyed countries ranked the United States as the greatest threat to world peace today, followed by Pakistan at 8 percent, China at 6 percent and four countries (Afghanistan, Iran, Israel [...]

This past Monday the government-controlled Chinese media aired a detailed nuclear attack plan on major U.S. cities and military bases.  Outlets on which it appeared included China Central TV, the Peoples Daily, the Global Times, the PLA Daily, the China Youth Daily and the Guangmin Daily. [...]

Brazil, China and Venezuela sharply critical of 'illegal' programme but US says it has taken steps to introduce new guidelines. The US government has defended its use of drone strikes in Pakistan, Yemen and other countries in front of the UN, telling a chamber full of largely critical nations that in President Obama's view the deployment of unmanned aerial attacks [...]

Russia Direct presents the third in its series of monthly roundups from U.S.-based think tanks focused on Russia and Eurasia. In August, the leading U.S.-based think tanks focused on Russia turned their attention to several key issues that could impact the future of U.S.-Russian relations: Russia’s China pivot, the Snowden Affair, new international security concerns in the Asia-Pacific and the c [...]