Al Jazeera — BRICS nations fail to launch new bank

Leaders from the so-called BRICS group of emerging nations have failed to launch a much-anticipated new development bank to rival Western-dominated institutions like the World Bank.
After holding talks in the South African port city of Durban on Wednesday, leaders from Brazil, Russia, India, China and host South Africa agreed in principle to create a joint infrastructure lender but said further talks were necessary to finalise the plan.

Al Jazeera
BRICS nations fail to launch new bank

Interesting headline. Talk about prejudicing the case. The first meeting is a "failure" when the parties agree in principle but details need to be hammered out, like where the institution will be based and what the contributions to capital will be? The institution doesn't even have a name yet.