Business

Strengthening the New Development Bank (NDB) — or the so-called BRICS Development Bank — is top agenda of the BRICS summit agenda. Could the NDB, backed by the five emerging world economies: Brazil, Russia, China, India and South Africa, replace existing financial institutions, such as the IMF, in lending funds to developing nations?

As BRICS leaders meet in Johannesburg on Tuesday, they will be sure to discuss ways to increase commercial exchanges within the bloc of emerging economies comprised of Brazil, Russia, India, China and South Africa. The group, which represents 16% of global trade, will also look to encourage the use of local currencies in exchanges. However, the Brazilian idea of creating a common currency for the bloc appears to now be on the back burner.

The People's Bank of China announced it was cutting its key one-year interest rate for the second time in three months on Monday, but left its five-year rate unchanged.

Beijing green-lighted the resumption of North Korea's Air Koryo flights between the two countries. The move comes as they both ease travel restrictions after strict COVID measures.

Fiona Afshar has written software, worked as a florist and raised three kids. She never thought she'd cook for money. Growing up in Iran, she was taught food meant love. "The more we feed you, the more we love you," Afshar, 57, tells CNBC Make It. In 2018, she started her Instagram @cookingwithfiona, specifically to post instructional cooking videos she'd filmed for her daughter.

It's being hailed as an electric vehicle breakthrough: the solid-state battery. The auto industry is investing heavily in the technology, which could improve driving range and safety while cutting production costs.

The UN said over 1 million barrels of oil have been removed from the tanker, off Yemen's Red Sea coast. For years, the UN and other organizations had sounded the alarm over the dangers surrounding the corroding vessel.

High costs, lower demand, fiercer competition — the German automotive industry is coming under pressure. The lucrative Chinese market, in particular, is proving difficult as Chinese consumers choose national brands.

Actor Sandra Bullock's partner Bryan Randall has died following battle with ALS

The German carmaker Volkswagen has clawed back the lead in domestic electric car sales from US competitor Tesla. However, both auto brands finished well ahead of their third place market rival.

Former Prime Minister Imran Khan was handed a three-year jail sentence for failing to declare state gifts he received while in power. He was cited by a spokesman as saying that he was being treated like a "terrorist."

The EU's statistical agency said Germany was the bloc's top beer producer, whereas the Netherlands was the top exporter. The majority of the EU's beer was exported in 2022 to the UK.