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‘Hegemonic corporations scared as BRICS plan bank to rival IMF’

A new global bank is being born in South Africa — where the world’s top emerging economies are meeting. The new financial powerhouse would be a direct challenger to the World Bank and the IMF – both dominated by the US. Brazil, Russia, India, China and South Africa also green-lighted a new, mammoth crisis fund – and hinted they would ditch the dollar.