This week’s likely top stories: BRICS leaders meet in Brazil; Argentina and Russia sign energy agreements; U.S. considers action on child immigrants; Colombian forces strike FARC; Argentine soccer fans riot.
BRICS leaders to launch new bank at summit: Leaders from Brazil, Russia, India, China, and South Africa will convene in Fortaleza, Brazil for the sixth BRICS summit on Tuesday. The leaders will launch the “New Development Bank” (NDB) with $50 billion in initial capital to allow developing nations to secure infrastructure construction loans, pending legislative approval from all five BRICS countries. The BRICS countries also plan to set up the Contingent Reserve Arrangement (CRA)—a $100 billion emergency lending pool for countries facing currency crises—whose purpose would be similar to that of the International Monetary Fund (IMF). It is not yet clear how the lending criteria of the CRA will differ from the IMF, if at all. China will contribute $41billion in initial funding to the CRA, South Africa will contribute $5 billion, and Brazil, Russia and India will each contribute $18 billion.
Argentina and Russia reach agreements on nuclear power: Russian President Vladimir Putin and Argentine President Cristina Fernández de Kirchner signed a number of energy deals on Saturday while the Russian leader visited Buenos Aires to cooperate on nuclear energy and other projects. Putin announced that Russia will help build a nuclear reactor and bases for a satellite system in Argentina and may help construct two hydroelectric plants. Fernández de Kirchner confirmed that Russia is also interested in investing in Argentina’s Vaca Muerta shale formation and is planning to send a delegation to the area. On Friday, Putin was in Cuba meeting with Raúl and Fidel Castro to discuss energy, security, and health cooperation between Cuba and Russia.
U.S. Congress to consider $3.7 billion for child immigrants: After U.S. President Barack Obama requested $3.7 billion in funding last week to address the growing crisis of young undocumented immigrants crossing the U.S.-Mexico border, Democrats and Republicans are deeply divided on how to proceed. Some Republicans have said that the $3.7 billion propose spends too little on border security. Many have advocated overturning a 2008 law signed by former President George W. Bush intended to protect unaccompanied children from human and sex trafficking, arguing that the children should be immediately returned to their home countries. Time is running out for congressional action, as Congress will begin a month-long break in August.
FARC guerrillas killed by Colombian army and police: Colombian national police and military killed 12 presumed guerrillas from the Fuerzas Armadas Revolucionarias de Colombia (The Revolutionary Armed Forces of Colombia—FARC) on Sunday in the northwestern Colombian department of Antioquia. In a joint security operation, the police and military forces also seized weapons, computers, cellphones and USB memory sticks that could be useful for Colombian military intelligence. This comes after Saturdays’ capture of Manuel Cepeda Vargas—a member of FARC accused of more than 40 terrorist acts–in another joint operation between the police and army in the southwestern department of Cauca. Peace talks between the Colombian government and the FARC will resume in Havana on Tuesday.
World Cup riots in Argentina: An initially peaceful gathering of Argentine soccer fans near the Obelisk monument in Buenos Aires turned violent late on Sunday night as some hardcore fans rioted in response to the Argentine soccer team’s 0-1 loss to Germany in the 2014 World Cup final, making Germany the first European team to claim the World Cup trophy on American soil. As rioting and looting broke out along Avenida 9 de julio in Buenos Aires, police fired tear gas and rubber bullets and used water cannons on the crowd. At least 15 police officers were reported injured in the violence, and at least 50 people were detained. The Argentine national team is expected to return to Buenos Aires on Monday.