What next for the Brics?
The Brics started life as a marketing gimmick dreamt up by Goldman Sachs to promote emerging markets, but the notion has taken on a life of its own and this group of nations – Brazil, Russia, India, China and South Africa – are now a formal organisation who have just met for their fifth summit. In this week’s podcast, Gideon Rachman is joined by Stefan Wagstyl, editor of beyondbrics, and Andrew England, South Africa correspondent, reporting from Durban, where the group has agreed to set up a Brics-led development bank. But do the Brics matter, what unites and divides these nations, and are we likely to still be discussing this group in ten years’ time? Read more
By Clive Cookson
The release on Thursday of a stunning map of the oldest light in the universe will almost certainly be the event of the year for cosmologists.
The European Space Agency’s “cosmic microwave background” image, compiled from Planck satellite observations, will remind people that there are two complementary ways of gathering evidence to help scientists understand the universe at the most fundamental level.
One is to create extreme conditions – ultra-small versions of the Big Bang that created the universe 13.8bn years ago – on Earth, by smashing together subatomic particles at almost the speed of light. That’s how physicists used the Large Hadron Collider at Cern last year to discover the Higgs boson. Read more
What lies ahead for Cyprus and the eurozone?
After a failed bailout plan that involved taxing the deposits of small savers, Cyprus is now the epicentre of the eurozone crisis. Lawmakers are now seeking an alternative before Monday, when the European Central Bank will cut emergency liquidity to Cyprus’s foundering banks. Kerin Hope, Greece and Cyprus correspondent; Peter Spiegel, Brussels bureau chief; and Patrick Jenkins, banking editor, join Ben Hall to discuss what’s happened and what lies ahead. Read more
A tale of two Middle East anniversaries
March 15 marks the second anniversary of the start of the uprising against the Assad regime in Syria and on March 20 it will have been a decade since the start of the Iraq war, a conflict that still reverberates around the region and the world. Abigail Fielding-Smith, FT correspondent in Damascus; David Gardner, senior international affairs commentator, and Roula Khalaf, Middle East editor, join Shawn Donnan. Read more
Stunned, then overjoyed (Getty)
By Guy Dinmore and Giulia Segreti
The first pope from the Americas, the first from the Jesuit order, the first to name himself Francis … the election of Jorge Mario Bergoglio signals a break with the past on many fronts for a Roman Catholic Church in desperate need of renewal. Yet he is also regarded as a theological conservative in the mold of his predecessor, Benedict XVI, and at the relatively advanced age of 76 he will have to overcome fears that he too will be a transitional pope.
Father Federico Lombardi, the Vatican’s normally unflappable spokesman and a fellow Jesuit, was just as stunned at the choice as the crowd gathered in St Peter’s Square. “Personally I am shocked that I have a Jesuit pope,” he told reporters, noting that Jesuits usually eschew positions of authority. He added: “He had the courage to pick a name that has never been chosen. It expresses simplicity and evangelical testimony.”
Rebecca Rist, an expert in papal history at Reading University, said the choice of Francis – echoing both the 13th-century St Francis of Assisi and Francis Xavier, one of the first followers of the Jesuits – signalled that the new pope would emphasise poverty and reform. Furthermore, by choosing a name never used before he was indicating “something new – that he would not emulate a predecessor”. Read more
Japan’s Abenomics and the world economy
Japan is still the world’s third-largest economy, but has also been stagnating and idling for twenty years. Now a new government led by Shinzo Abe has come to power pledging to take dramatic steps to turn the situation around. The potential rewards of this policy are high, but so are the risks – and not just for Japan but the whole world economy. Martin Wolf, the FT’s chief economics commentator and Jonathan Soble, Tokyo correspondent, join Gideon Rachman to discuss the consequences of Abenomics. Read more
By Giulia Segreti in Rome
Since Pope Benedict XVI stepped down on February 28, saying he was now “simply a pilgrim who is starting the last stretch of his pilgrimage on this earth”, the Catholic Church has been in a state of sede vacante, literally “vacant seat”. The cardinals are gathering in Rome to elect a new pope; here is how they will do it.
When will the next pope be elected? A date for the beginning of the conclave of cardinals, when the election process begins, has not been chosen by the college of cardinals. However, one of Benedict’s last decrees means they can bring the election forward and break the usual rule of having a minimum of 15 days after a pope dies or leaves office provided all the cardinals who can vote have gathered. So they could start any day now.
Who gets to choose? Only cardinals, or “princes of the church”, and not all of them. There are at present 210 members of the college of cardinals but only those under the age of 80 on the first day of the sede vacante can pick a pope, which whittles it down to 115. Cardinal Keith O’Brien, Britain’s most senior Roman Catholic and only elector, opted to not join the conclave following allegations of inappropriate sexual behaviour and his decision to resign as Archbishop of St Andrews and Edinburgh. Because of old age and an inability to reach Rome, Cardinal Julius Darmaatmadja, from Indonesia, will not be entering the conclave, either. Read more
The early announcement of China’s defence spending one day ahead of the premier’s general budget report has long been one of the setpieces during the annual session of the country’s rubber stamp parliament.
But on Monday morning, international media left empty-handed. When a Reuters reporter asked the question, Mme Fu Ying, the seasoned diplomat who is the new spokesperson for the National People’s Congress, refused to answer and referred the media to the budget report instead. Read more