Brazilian president hails BRICS mechanism for advancing global economic development

Brazilian President Luiz Inacio Lula da Silva emphasized the significant contributions of the BRICS cooperation mechanism to global economic development and multilateralism at the opening session of the BRICS Business Forum 2025 on Saturday.

The forum, held in Rio de Janeiro, brought together participants to deliberate on topics including sustainable economic development, food security, energy transition, and digital economy of BRICS countries.

Lula stated that 40 percent of the global GDP is contributed by BRICS countries, with the overall GDP growth of BRICS countries reaching four percent in 2024, significantly exceeding the global average of 3.3 percent.

The Brazilian president said the BRICS mechanism will make more contributions to the world.

"As global protectionism is on the rise, emerging economies should jointly defend the global multilateral trading system and reshape the international financial architecture. The BRICS cooperation mechanism will continue to provide guarantees for a better life for the people," Lula said.

Lula also spoke highly of the significant contribution of the New Development Bank (NDB) to the international financial system.

Five BRICS countries -- Brazil, Russia, India, China and South Africa -- established the NDB in 2014. Headquartered in Shanghai, the NDB officially began operations in 2015 to fulfill its mission of mobilizing resources for infrastructure and sustainable development projects in BRICS member nations, as well as other emerging-market economies and developing countries.

The 17th BRICS Summit is being held Sunday and Monday in Rio de Janeiro. As the rotating chair of the bloc, Brazil is hosting the summit under the banner of "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance".

Brazilian president hails BRICS mechanism for advancing global economic development

Brazilian president hails BRICS mechanism for advancing global economic development

Brazilian president hails BRICS mechanism for advancing global economic development

Japanese shares closed sharply lower Monday, with the Nikkei 225 plunging 3.9 percent to around 64,000 points as investors sold off heavyweight technology stocks, said Timothy Pope, a market analyst for China Global Television Network (CGTN).

Analysts said the drop, which briefly exceeded 4 percent intraday, reflected profit-taking after recent gains and mounting concerns over U.S. rate hikes and the Middle East conflict.

The 225-issue Nikkei Stock Average ended down 2,563.52 points, or 3.85 percent, from Friday at 64,024.60.

The broader Topix index finished 96.71 points, or 2.45 percent, lower at 3,852.38.

Artificial intelligence- and semiconductor-related shares led the decline, tracking Wall Street losses late last week amid growing expectations of a U.S. Federal Reserve rate hike later this year. Lingering uncertainty over the Middle East conflict also weighed on market sentiment.

Despite the Nikkei posting its fourth-largest intraday point drop on record, analysts said the move was more likely a temporary pullback following the recent rally, as growth hopes for the technology sector remain intact.

Pope noted that the tech slide coincided with fresh missile strikes by Israel and Iran, raising worries over higher fuel costs for energy‑import dependent Japan.

"Over in Tokyo the Nikkei 225 shed 3.9 percent to close back around 64,000 points. For the Nikkei the tech slump coincided with more missile strikes by Israel and Iran in the Middle East. For energy import dependent Japan, we are seeing the prospect of still higher fuel costs and that sent government bonds lower. The Japanese Yen also remains around 160 per dollar, which makes currency intervention a real worry for the markets as well. And despite the healthy real wage growth data out of Japan last week, the first quarter GDP was revised down today thanks to weak capital expenditure from businesses," said Pope.

Japanese shares drop sharply as Middle East conflict weighs on sentiment: analyst