of tax havens will deprive governments of 5 trillion dollars over the next decade will speak to the old or upper report that accuses multi nationals on wealthy individuals. all large scale tax avoidance and tearing the highest of the environmentally friendly way. the netherlands embrace as a circular and demolition in an effort to make the construction stack chair more sustainable. this is think of the business i'm paid for to for the thanks for joining the world. economy is losing steam to in parts the continued fight against inflation. that's according to the international monetary funds lakes just i've looked for for us, which paints a bleak picture of how the rising cost of borrowing is affecting individuals as well as businesses. they're going science. a global activity is losing momentum. the global typing of monetary policy is broad interest rates into contraction to re 30 torrie. this has started the way down on activity slowing the growth of credit

to the non financial sector. increasing households and firms interest payments, and putting pressure on real estate markets. in the us, accessed savings from depend demik with the transfers which helped household, whether the cost of living crisis are old but defeated in china. the recovery following the reopening of its economy show signs of losing steam, weather continued concerns about the property sector. as our reports to, janelle delilah spoke to pay to quite a brooks that she is the deputy director, and the resource department asked the i am us, she asked her what effect of china's filtering recovery is happening on the rest of the world. now, when it comes to the fight against inflation, we do have a reduction in our forecast for inflation for this year, globally. and this is almost entirely accounted by china. the fact that in china and like the rest of the world, inflation is actually much lower. so,

so that is also an interesting an interesting fact i would say. so again, we need to also really differentiate in terms of what's happening with inflation in different part parts of the world. and maybe the most stark example of differences . china. you've also highlighted and the world economic outlook, adult risks of g o. economic fragmentation of the world, sort of hiring off into economic blocks. what sort of blocks are we looking at? and how close are we to this kind of fragmentation? one can think of a whole spectrum of scenarios of a world in which they're different blocks and they really don't trade with each other. i don't interact or, you know, much milder fragmentation scenarios where they're just barriers to trade in to foreign investment and such. we've tried to quantify some of these effects and to

think about what it means and our, our service was in the most extreme, severe fragmentation scenario. so we could be talking about of loss of output at the global level of up to 7 percent in the medium term. that would be a very bad thing for the global economy. thank you very much. that's a clever books deputy director of the international monetary fund. thank you for your insights. thank you very much. i now to some of the other double business stories making news. tony's chip maker a t s. m. c is planning to spend nearly $3000000000.00 to build on an advance on the conductor packaging factory in taiwan. up to meet the demands driven by the i boon. it comes the week after a delay. the stars of production audits, arizona factory due to a skilled labor shortage. media report say fresh mobile authorized are version media o 2 is planning to cost up to $2.00 sizes of jobs of the equivalent to 12 percent

of its total workforce. at the end of this year, the company plans to replace up to a 5th of those jobs with technology, including a i. it follows costs at the new case, other mobile providers cents a month among german businesses. has the terry rated for the 3rd month in a row? the closely watched survey by the eco institute showed a decline and confidence in all sectors, but especially in the construction industry, which has been suffering from rising interest rates and high building costs. tax avoidance will cost the world a total of $5.00 trillion dollars over the next decade. that's the conclusion of a new report by the tax just does not work. a campaign group calling for global tax reform. according to its research, the use of tax havens by multi nationals involved, the individual supply of countries of $472000000000.00 in tax revenue every year.

now to put that into perspective, that is more than the entire world spends on public health. on the way to talk more about this, we can bring an alex cobham, chief executive out the tax just as network which authored stop reports. hi alex, good to have you with us. just to be clear, we are talking about legal tax avoidance. here aren't we? as well as a combination of because of the way that the tech tools work or all the way to the work. it's actually impossible to draw the line between what's illegal on law for the voice and, and what floor full. so what we can see in the data, it should be the scale of profit shifting, the amount of profits and multinational companies that they declaring in low tax on know, tax jurisdictions, instead of in the places where they're actually making that money where they carry out there be a left typically we're talking to say for sure in every case, but they're breaking the law to do that. which says,

we can't say that they're not breaking the law. what we can say is that the impact is, as you've just laid out, these huge loss is a tax revenue. the cost, a lot of us in terms of full going public services in terms of our small business is not being able to compete. not having a level playing field because they all paying their taxes. and because of the inequality that we will suffer as a result of not having these progressive taxes and public services in place. okay, but how, what a progressive tax actually look what, what are you proposing as of reform? so what we need to know what the g 20 group of countries actually agreed 10 years ago. but the cd has completely failed to deliver is simply the company should pay taxes. multinational companies the same as domestic companies should pay taxes in the same place that they make their money. so when they have that stuff where they

make their sales, now there's a simple method of trying to unit 3 taxation that we could easily link to. that requires that we assessed the tax due on the multinational at the global level. and we have portion that between the countries where they have to every electricity in state. we start with a set of type tools, but the league of nations agree 100 years ago. and the cd is trying to defend sent and rely on this. pretend that the individual companies within the multinational group are actually trading with each other as if they were at arm's length as if they were independent companies. now that's a, that's a complete message. it's not true and is wide open to abuse. that's why we get these hundreds of billions of dollars in tax losses. so we need to shift to the system that allows us to tax companies in the places that actually make money. and when it comes through this profit shifting, the receipt he has failed to deliver that. and that's why the reason of this, this push to move forward with negotiations at the united nations where there's

just a much greater chance of having the kind of transparent and uncomfortable negotiation . le, allow us to get to a place where everyone is taxed relatively. finally, i do want to ask you about higher though, because they always see did come to an agreement in 2021 on a minimum of 15 percent tax rate for multinational. first of all, don't they deserve some credit for that. and if you want to move this to the u. n, why, why would tax reform succeed there where it is failed with the always cd? these are very good questions and the 1st one actually got the wrong. they really didn't get an agreement in 2021 except in principle, the was then and continues now to be the legally binding commitment. in fact, the cd proposal has 2 pillars before us just to the one that's about dealing with some of the tax abuse of digital companies. what leaves not a full,

it will not be rectified, will not come into force for anyone unless the united states signs of the united states. it's not clear will not sign up for us. congress is opposed, so that means killer one has gone for all intensive purposes. alexis, a dramatic shift in the us or the world is waiting on one country and kind of move forward, feel it to, which is the minimum tax that you've talked to that some countries and jurisdictions that they're going to introduce a piece of that. but actually, it's the most aggressive corporate tax savings that are moving ahead like switzerland, like the cayman islands. and that's because they've worked side of it, but this is such a badly design tat. they can actually do back to under it. meanwhile, the degree of profit shifting will continue as before, even if other countries sign up, which looks increasingly unlikely. so we've had 10 years really since 2013 was the cd having the responsibility to deliver this and ceiling to do so. and you can

watch the full interview with alex cobo on the dw news youtube channel. now building the highest is a challenging undertaking, but tearing a thought. it might be just of complicated. and the method on demand for construction materials, as well as a desire to increase sustainability has given rise to a movement known as circular demolition. it's a concept of far, he's hopefully to half of old building materials being reused by 2030, demolishing buildings. but carefully with enough cat that parts from the building can be reused again. this concept circular demolition is on the rise in the netherlands x. but say we're using is a better alternative than recycling is. the value of the product still remains the beam would, which will reuse this be, would that a hind it? you can see the concrete rumble, which will be used as a gravel substitute, a new concrete, and you'll sometimes line russell that goes back to the suppliers who live actually

use that again as i'm looking for. it's almost all the new live with this. with this concept, the netherlands construction site can become a climate friendly, foster, the sex, the aims to be half way reliant on we using materials from buildings by the end of a decade. but red tape and policy will have to move at the same speed that will pedal attacks, use materials, they were already taxed on that 1st email so you can not hold the material here will be repossessed. some of it will be thrown away because it doesn't meet the current criteria. now, some dodge buildings may be rubbish, but that's a good thing. the. the reminder of our top story they killed the economy is missing . momentum of the fight against inflation is far from over the conclusion of the i'm a licensed agent. all my guys of course have high interest rates on china. sluggish recovery, or having a dampening effect on on that rock so far. so thank you so much for watching. take care the

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