WITH the most historic BRICS summit under way one cannot help noticing the hypocrisy shown by the banks, to have the group chief executive of Standard Bank, Sim Tshabalala, get a platform, while the bank is also in a bid to shut down Independent Media.
BRICS countries (Brazil, Russia, India, China, and South Africa) account for nearly 40% of the world’s total population, about 25% of global gross domestic product (GDP), and about 20% of global trade, and talks of a common currency that could replace the US dollar in trade among them are on the cards.
Standard Bank is owned by the Industrial and Commercial Bank of China, currently the largest shareholder, with 20% of shares outstanding.
With 15% and 5.1% of the shares respectively, Public Investment Corporation (PIC)…