done the sold out stadium and their opponents to become the 1st of the 8 debutant nations. to record a victory at the tournament. you're all up to date, but stay with us though, because k ferguson has all the latest from the world of business after a short break. if it's more headlines you're looking for, you can always find those on our website that has to be w dot com and make sure to follow us on social media to find this student we news article really from the entire team here in our news. remember land, thank you so much for your company by the people in trucks insured when trying to free the city center. more and more refugees are being turned away. the beast, straight pieces, screens around 200 people

around the world. more than 100. which we ask why? because no one should have the make up your own mind. me for mine's the the, the global economy is losing momentum on the fight against inflation is far from over. that's the conclusion of the international monetary funds. lease just economic outlook. the reports also notes that have china tolling of post on that make recovery is affecting the rest of the world's tax havens. will deprive

governments of 5 trillion dollars over the next decade will speak to the author of the report that accuses multi nationals on wealthy individuals. on the large scale tax avoidance and tearing the highest of the environmentally friendly way, the netherlands and braces, circular in 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'm looking for us, which paints a bleak picture of how the rising cost of borrowing is affecting individuals as well as businesses. they'll going science. the global activity is losing momentum. the global typing of monetary policy is brought 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 fund depend demik with the transfers which helped household whether the cost of leading quizes 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 report is, janelle delilah spoke to paycheck quite a brooks that she is the deputy director in the research department at the i m. s. she asked her what effect of china's faltering recovery is housing on the rest of the world? now when it comes to the fight against inflation, we do have a um, a reduction in our forecast for installation for this year globally. and this is almost entirely accounted by china. the fact that in china and like the rest of the world installation 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. 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 and to foreign investment and such. we've tried to quantify some of these effects and to think about what it means and our, our sense was that 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 operator 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 either you case other mobile providers cents a month among durham and businesses have to terry rate it 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 on 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 this network, a campaign group calling for global tax reform. according to his research, the use of tax havens by multi nationals involved the individual supply of countries of $472000000000.00 in tax revenue every year. and then to put that into

perspective, that is more than the entire world spends on public health annually. to talk more about this, we can bring in alex cobham, chief executive out the tax justice 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 will look over all the way to the work. it's actually impossible to draw a line between what's illegal on loss of avoidance and what floor full. so what we can see in the data is simply the scale of profit shifting, the amount of profits and multinational companies. but 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. that'd be a lot. typically, we're talking to say for sure in every case, but they're breaking the law to do that, which has to be compensated, but 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 and you know what the g 20 group of countries actually agreed 10 years ago. but the cd has completeness fail 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 stuff where they make their sales. now there's a simple method of tax,

the unit 3 taxation that we could easily link to. that requires that we assess 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 agreed 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 mix. it's, it's not true and it's 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 making 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 put to move forward with negotiations at the united nations where there's just

a much greater chance of having the kind of trends found. and uncomfortable negotiations, the blue allow us to get to a place where everyone is taxed relatively. sadly, 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 baby. she 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. the 1st is to the one that's about dealing with some of the types abuse of digital companies. what leaves not a full, it will not be rectifying. it 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 intents and purposes, alexis a dramatic shift in the us to the world is waiting on one country and kind of move forward. feel it too, which is the minimum types that util 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 the movie had like switzerland, like the cayman islands. and that's because they've worked side of it, but this is such a bodily 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 increasing the unlikely. so we've had 10 years really since 2013 of the cd having the responsibility to deliver this and ceiling to do so. and you can watch the full engineer with alex cobham on the dw news youtube channel. now

building the highest is a challenging undertaking, but tearing a thought, it might be just of complicated in 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. i saw you like the beam would which will read use this beam. would that hind it? you can see the concrete rumble, which will be used as a gravel substitute, a new concrete, new some, some line russell, that goes back to the suppliers who will eventually use that again as i have

looking for. it's almost all the new labor. 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 the decade. but the red tape and policy will have to move at the same speed that will pedal attacks using materials they will already text. and 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 dutch buildings may be rubbish, but that's a good thing. and a reminder of our top story, i think the economy is missing. momentum of the fight against inflation is far from over. that's the conclusion of the i'm escalation speaking. i'm a guy 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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