this, you know, this is just the beginning, this is just the start and we have way more work to do. going forward with the philippines. done the sold out stadium and their opponents to become the 1st of the 8 debutant nations, to record a victory at the tournament. magic off the world cuff, you're up to date, dw, business is up next, and of course, it's more on data comp. i'm told me a lot of go, thanks a lot of the size it says to bangladesh, a gold hitting the country with featured

guessing push back even from their own families. i can be this weekend on how to use it a lot more. now i will actually on the, on the slicing social thinking, you're self determined life and let's go from treasury and abuse. stuff focuses on d, w. the, the global economy is losing momentum of the fight against inflation is far from over. that's the conclusion of the international monetary funds, least of economic outlook. the report also looks that have china tolling post on the recovery is affecting the,

the rest of the world. the tax havens will deprive governments of 5 trillion dollars over the next decade will speak to the older upper report that accuses multi nationals on the wealthy individuals of large scale tax avoidance. and tearing the highest, di, the and environmentally friendly way the netherlands and braces, circular in demolition, in an effort to make the constructions text her 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 as low for, 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 a global activity is losing momentum. the global tightening 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 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 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 is filtering? 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, 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 also highlighted in 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 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 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 come up to 2 sizes of jobs of the equivalent to 12 percent of

its total workforce up 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 has the terry rated for the 3rd month in a row. the policy was, 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 justice network. a campaign group calling for global tax reform, according to its research, the use of tax havens by multi nationals and bulky individuals to 5 countries of $472000000.00 in tax revenue every year. and i 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 that report. 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 and low for the voice and, 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 that they declaring in low tax on no tax jurisdictions, instead of in the places where they're actually making that money where they carry out their real activity we're talking to say for sure in every case they're

breaking the law to do that, which has me come and say that they're not breaking the law. what we can say is that the impact is and huge just laid out. these huge loss is a tax revenue, the cost all of us in terms of full going public services in terms of, of small businesses not being able to compete, not having a level playing field because they all paying their taxes. and because of the inequality. but we'll suffer as a result of not having these progressive taxes and public services in place. okay, but how would a progressive tax actually look what, what are you proposing as of reform? ok. so what we need to know, what the g 20 group of countries actually agreed 10 years ago, but the only 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 the sales. now there's a simple method of track 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. instead, 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 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 make money. and when it comes through this profit shifting, the receipt he has failed to deliver that. and that's why the rings none 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 filing. 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 the d are? these are very good questions and the 1st one actually that's wrong, very cd didn't get an agreement in 2021 except in principle the was then and continues now to be legally binding commitments. in fact, the only cd proposal has 2 pillars before us just because the one that's about dealing with some of the tax abuse of digital companies. what lives 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 intensive purposes. alexis, a dramatic shift in the us or the world is waiting on one country and kind of move forward. pivot to, which is the minimum types 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 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 is the 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 this. 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 rubble which will be used as a gravel substitute, a new concrete. and you'll sometimes line russell that goes back to the suppliers.

it will eventually 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 hopefully reliant on we using materials from buildings by the end of the 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 not all of 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. a. and a reminder of our top story that killed the economy is missing. momentum of the fight against inflation is far from over. that's 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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