Business Bites: New development bank for Brics nations?


Leaders from Brazil, India, China, Russia and South Africa have met in Delhi.

The so-called Brics group of nations have the world's fastest growing economies, together totalling $13.5 trillion (£8.5 trillion; 10 trillion euros) and they represent 45% of the world's population.

Topics under discussion included the possibility of their own development bank, modelled on the World Bank, to fund projects in developing nations.

Meanwhile, Swedish fashion giant H&M has announced first quarter profits of 2.7bn Swedish krona ($406m; £255m), up from 2.6bn krona in the same period in the previous year.

The BBC's Aaron Heslehurst discusses the key financial stories of the day.

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