apparently spend a lot of time together, so it seems as this has a really a private background use. you just pull reporting, you know, these rub once is up. next was dw business news on break off. i will see you tomorrow, the not just another day. so much is happening all at once. we take time to understand this is the day an in depth look at current use events, analyzed by experts and critical thinking is weekdays on d, w. in charlotte. the currently move people them in the,

on the world wide and such a base in life on the bus. and so it does have committed to actually find out about rubinez story info, migraines, the challenging china. so world wide influence is global gateway initiative. aims to invest billions in infrastructure, bobby on your of that kind of really competes with aging research as cold for a world wide tax on 1000000000 as well. we'll ask them if that plan could either actually happens. it says dw business on robots. info and welcome to the program is the use response to belt and road. but as china's massive global infrastructure

projects boxed its 10th anniversary, brussels is just completing its 1st global gateway summit. the use of 65 to 66000000000. yours has been pledged to projects around the world so far with more to come as the the we use rosie budget reports, bridges ports on hydro, electric dams. these are all part of brussels latest page to compete with beijing. it's called google gateway, a part of infrastructure investment funds designed to rival china, spelt and wrote initiative as makes a european union the most attractive partner for developing economies, racing to expand from many countries around the world. investment options are not only limited, but they all come with a lot of small print and sometimes with a very high price. sometimes it is the environment that pays the price.

sometimes it is workers. no country should be faced with a situation in which the only options or to finance it's essential. infrastructure is to sell its future as a host of world leaders defend his own brussels. this week, the you signed screeds of new deals, a renewable energy package with bund, goodish critical role materials contracts with the d r c, and some via the plan for fiber optic connectors in egypt. but some wonder who benefits most from this approach. it, you said essentially about pushing private investment in the global south. and the problem with that private investment is it's going to specific sectors which essentially europe has an interest or it's green transition. a lot of it will go to large transnational corporations rather than the small and the micro industries will really should be the engines of okay, now for most sustainable development,

the 300000000000 euros pond for the use global gateway initiative is also dwarfed by the estimated one trillion beijing is pouring into belton road and in brussels, many leaders stress the need for more investment, left fixes and yeah, then dvd to not the is one point $4000000000.00 individuals on the territory of more than 15000000 square kilometers. and we have to do every single drinking water, electricity, roads, we need to build that old on the you, the member states, but above all the private sector through blending, defend the leverage effect. we can raise much more financing that can also so well this week somebody may have helped brussels build bridges on a competitive geo political playing field. the funding itself may be too little too late. right, so you'll have to end with that report that as a rosie joins is from brussels. now really, what's the reaction been from lead to is gathered why you all this week as well? it's been a really optimistic approach overall. we heard plenty of the leaders,

they're really trying to sort of sell their country as an investment destination. so for example, the prime minister of bangladesh gave a speech in which she was talking about her transport links and the geographic location of the country homes that could you could incentivize and say investors. similarly, we heard from lucky sol present of set a goal. we heard not report talking about the abundant potential resources, clean energy potential of the african continent. of course, that's important to those leaders because the summit has also included private sector investors. however, there has been a lot of criticism of this initiative over the past couple of years since it was 1st the nice that it's perhaps a bit unclear that there isn't a clarity on the governance structures. the results of criticism early on that it was just existing funding being moved about in budgets. and of course, that's something that leaders and gathers and process will of who has come from the summit is that there is a clear path note for investors because of course in the process really wants to get the scheme of the garbage. and we heard that from the leaders that were gathered and brought them,

they really need also private sector investment as well as public funds. and we've talked a lot about how this is the really trying to rival china on global in infrastructure . i mean, is it succeeding in doing that? yeah. robots, really, the worst kept secret and brussels. you will never hear the official saying on the records. they're trying to rival china, but it's really, they're in the background of every speech they're making. we've heard that from our swivel underline saying, some countries offer loans, but with strings attached so that you can't really compete when it comes to the financial muscle. we've seen that with this 300000000000 euro approach, but it's much less than what china has been offering in terms of its own built in road initiative for what brussels is really trying to do is saying this is a values based approach that it's offering a different way and of course the, the, the implications there, the unspoken accusation is that china has essentially gotten countries into a debt, trump through its own, built in roads initiative, investments. all that, something of course, that facing with an, i mean gathering of course comes just a week after this. china was celebrating belts and roads. how did the 2 gatherings

combat? yeah, quite a different mood and these 2 gatherings. so it's important to say that some of the countries are represented in both of these big initiatives and particularly important to say that they include some e u countries. for example, the home during pregnant is to victoria. yvonne was about me to get china. i'm was picture shaking hands of flooding or putting which is really caused a bit of a stir here in brussels, of course that you has as, as slots a slew of sanctions on brush over its invasion of ukraine. so the geopolitics, around all of this, very clear to see both here, brussels at the summit, of course, also in china when it comes to belt and roads initiative. and these 2 rival schemes are as invested in brussels for us. thank you very much. i this let's take a look at some of the other type of business stories that are making the news. european central bank is broken in the streak of interest rates rise, as keeping them on hold for the 1st time since july 20, 2210 interest rate hikes in a row merit of the central banks around the world. and with design to cub inflation,

which is more than ha, in the past year, the us economy heated up in the 3rd quarter of this year with gdc gravitating 4.9 percent government agents as a resilient job market with boosted consumers spending the bumper to g d, p is likely to ease phase of the us something into recession that it tries to bring down inflation. now governments could raise up to $250000000000.00 annual annually. if they impose a global tax on 1000000000 is that's according to the latest report from independent research group, the u tax observatory. it says that 1000000000 has currently pay less personal tax tax present more modest means because they can talk their wealth and shell companies as a way to avoid income tax. they claim that a 1000000000 tax could raise financing for the energy transition and pay off debt wrapped up during the content. but we can now speak to gabriel's oakland who is one

of the authors of the e u tax observatories report. thanks a lot for being with us. i guess we should start with the issue of why 1000000000 as all paying so little compared to the wealth in tax a yes indeed. that's one of the main findings of the repulse. when you look at the global b and there's a death text payments in liberty, income tax plus whatever taxes when they exist, add up to only 0 to 0.5 percent of the width. very little. the reason for that is that when you're very wealthy, is very easy to structure your wealth, such that your wealth generates very little taxable income. we've seen that in the west, in 2021 with the revelations, from the us media property that showed how narrows like jeff bezos are most often times pay 0 or most 0 in indeed your income tax. but the same problem exists in

many other countries. so what's the tax observatories proposition, how you can actually change that? the most logical way to address the problem would be to have a minimum taxes on a global deo narrows express directly as a function of wealth. so we propose to create a global minimum of west tax of 2 per cent meaning being and as would have to pay at least 2 percent of the wealth in texas. each year, less than $20000.00 people wouldn't be affected group id because or less than $3000.00 video narrows. but because they're very rich, this tax to generate a lot of tax revenue. we estimate that it could generate almost $250.00, an additional tax revenue growth to why a wealth tax rather than an income tax like everyone else is paying. because for

a very rich people, the notion of income is not very well defined. they can structurally that wealth such that such as to rebuild very the income. but the notion of wealth on the contrary is with very well defined. if you're deal near, i means that the total market value of your assets. net of y'all, debts is more than wouldn't be and daughter, so when be on yours. that's why and it's critically important. the minimum tax on video now should be expressed as a function of width. but what is what i want to get down to is how realistic this proposal actually is. i mean, if we look at the global minimum corporate tax, for example, yes, a $140.00 countries have set that, that route for it. but as it's been moving through that process, it's been was down, some want and it's so come, a struggle is started off as a struggle. why do you think the, the, your taxes, any more realistic? so 1st of all, it's important to acknowledge that we know that global,

called the 19 minimum tax rates, all possible because in 2021 more than $140.00 countries agreed on an email tax of 15 percent from the international companies. now you'll have suits you, all right, and you need, this is one of the main findings of the repo that this tax has a important problems. it has loopholes that have been cry. you're the introduced seems twins 21. that's why we think it's important to explain how with minimum tax and via narrows i should wear. but the point i want to make that's most important is i think we can replicate what's been done from 19 nationals from the west individuals. it should be the priority on the international tax reform agenda for the coming years. and while at the same time avoiding the controls of what was done, a family connection horse and the main problem. the main from the main reason where the agreement from international is, is not satisfactory, is because we started from the prime is that,

that should become sense. so that would definitely be you need me to that for countries for degree. if you do that, it amounts to getting a need to a power tax havens. i think a bit to process is for some countries on groups of countries to unit i, trudy, implement the minimum tags on the condition of those. i'll be good now and then dishes one, and then these can pave the way to make me fall and be shows global agreements. the stereo was like men from the tech steps of history. that's all for this edition of the to be business until next time to get the

neighborhood assistance instead of in some sense, especially my town, north of paris, jews, muslims, and christians live peacefully side by side. yet what consequences do the terrorist attacks by how much tab for the co existence and friends concerns about isn't mr. tax growing focused on your next on d. w. preserving people are slowly in climate change with scientists are studying the wetlands of our planet because they are gigantic c o 2 reservoir. but how to make the most of that? researchers are encouraging officials to cut down trees and grow on useful crumbs. in 60 minutes on d w. well then progress pop calls to everyone who wants to know

more about this topic. the 2nd son of good about this story is the on the headline world in progress. the w talk cost the, the, the hello and welcome to focus on, you know, if it's good to have you with us. but then situation in the middle east is having an impact all over the world, including on people here in germany. they've been zip know to by defense over 7. nothing has come to say that for the president's time like.