20 delegations headed by Heads of State or Government attend the mega eventAs many as 20 delegations headed by Heads of State or Government attended the world cup matches in Brazil. The event was declared as a huge diplomatic success of Brazil. It was a rare scene to see a great number of foreign dignitaries gathered in Brazil on this occasion. The Brazil embassy in Islamabad made elaborate arrangements on the occasion which include publication of a magazine on Football published in English and Urdu, informative broachure about Brazilian cities, stadiums and names, photo exhibition title Football by the Brazilian photographer Jorge Rodrigues, opening reception for the photo exhibmtion with a penalty competition for guests, welcome ceremony for Pakistan Street Child team, appreciation ceremony in Lyiari, distribution of 1.300 footballs and other gifts for school and street children in Islamabad.

After a decade in which reserve managers built ever greater stockpiles to shield themselves against external shocks, global reserve growth stalled last year as the Federal Reserve’s plans to taper stimulus prompted a flight from emerging markets. But a year on from the ‘taper tantrum’, global reserves are growing at the fastest pace since early 2012, according to a Citigroup analysis of eight countries that publish figures on a daily or weekly basis. With low volatility fuelling an exuberant carry trade in emerging markets assets, some authorities are taking the opportunity to rebuild their defences in preparation for an eventual rise in US interest rates.

FORTALEZA, Brazil—The leaders of the Brics countries took another step toward carving a larger role for themselves in the global financial system when they agreed Tuesday to base a new development bank in Shanghai. The New Development Bank, as it will be called, is intended to finance infrastructure projects in the founding members of Brazil, Russia, India, China and South Africa, and in other emerging-market countries as well.