thank you for joining me now the group of twenty nations the g. twenty met today here in moscow as we've been reporting of course and aside from an exploding missy a crashing through the skies there were plenty of other elements to contend with while the planet was dealing with quite literally an earth shattering rock the twenty most powerful influential leaders gathered to discuss how to save the world economy. as their wraps up the days of ends for us president putin called on the g. twenty nations to liberate what he called economic imbalances to put the global economy back on its growth track she also reminded the g twenty finance ministers of something that russia and other developing nations have been insisting on for quite some time the need to redistribute the voting rights within the international monetary fund russia's yearlong presidency in the g. twenty normally means that it will hold the summit here in the country later on in

september but also that it has a unique opportunity to put the issues that it considers a putin on that summit agenda and that's quite an important mission considering that the g twenty members accounted for about ninety percent of the world's oh good old bulls domestic product and about truth thirds of its population as the group of twenty finance ministers gathered here in moscow for their meeting this week many of them want to focus primarily on chub issues fiscal health and monetary policies and that's not surprising considering that be both of the g. twenty nations are really struggling with mounting debt and budget deficits as their biggest flaps but not door shut with the lowest debt ratio of any g twenty member russia has its old set of goals its own set of priorities one of the issues that it has already put on the table is the invest. incentives and creating jobs

primarily in the high tech sector as the main driving force of teacher growth in fact is precisely that we're setting the right policy target that was the original idea behind the g. twenty some of these policies are already bearing fruit like stabilizing economic growth certainly in the euro zone that's according to the european central bank had mario drawing it as usual he was scarce on the details but here's what he said during a press conference in the central bank headquarters here in moscow you see uniformly signs of instability zeeshan of increasing confidence we see spreads going down we see volatility going down we've seen by a large stock markets going up early on friday i had an opportunity to speak with our kid cudi oh he's the head of the organization for economic cooperation and development he was enthusiastically sharing the o.e.c.d. his latest work called going for growth and sensually it's

a very detailed country by country a rule him out for how to get the global economy out of its current stagnation know what we're seeing as a lot of the side of the old diploma in topics that really dominate the agenda that's exactly what's happening right now with the so-called currency wars and the over of central banks from china to japan and the us federal service while our massaging their currency rates to give their autonomy as a competitive edge i asked the o.e.c.d. these gurus if he thinks that these currency interventions are actually a threat to the global economy there are no currency wars today we are far far further away today from the a currency war than we were two or three years ago when this french phrase was coined ok what we have today is a number of countries exploring ways in which. they can improve the growth

prospects and improve the job creation ok not necessarily manipulating the currency to gain competitiveness at the expense of the next person you can watch that entire interview we're on our she did you should keep in mind that regardless of what agenda the finance minister has said it could not really be expected to be the main agenda for the summit which is in six months from now and you know what can happen between now and then. and it wasn't just the russian skies suffered a blow today but russia's main stock market moskos exchange offered its initial public offering this friday but ended up at the bottom of the suggested range fifty five roubles a pop now the total value of the bourse now stands at four point two billion dollars that was a disaster both five hundred million dollars in total was raised from the i.p.o.

but not nearly as much as home russia is keen to make the stock market more desirable to companies who prefer to live in london or new york and i would out of my which check out the markets and see what happens in moscow today and we did end up with declines really seven tenths of a percent for the r.t.s. and the mice it's just that i want to mention that one stock in particular took a battering from the blast chill of zing zing company near the brass not solve the metal roof was partly destroyed by it so we're watching that once a stock already suffering we have the financial implications on monday the russian ruble finished up the day low to the basket of currencies to the u.s. dollar and the common currency to see what happened in europe because we had u.k. stocks they spent much of the day we languish in in the red but have gradually crew old their way into positive territory very modestly indeed as you can see just one basis point dismal u.k.

retail figures came out largely but down to bad weather though meanwhile mainland europe in stocks didn't manage to get above the line their hearts are down for the dax to get as stocks are still losing value that's despite encouraging us data including the best of forecasts data on consumer confidence and new york area manufacturing that was upbeat but also want to mention the fact that industrial production nationwide actually posted contraction in january that is factories to a breeder of the biggest back to back in three decades as the declines for wall street. now moving on just from is not budging when it comes to ukraine and gas contracts kiev wants to renegotiate its deal with russia's gas major because they don't want to pay seven billion dollars of our news gas but as far as gas from is concerned at deal's a deal use gas or not in accordance with the take all paid clause in its two

thousand ice supply contract now last month ukraine signed a deal with shell to exploit its extensive show gas reserves which has been widely interpreted as an attempt by ukraine to reduce its heavy dependence on russian gas imports. all right then up next the world's moves in sight is a day to him all skies so the talks of the wild ailing find is also one of the main players in the discussions he's a joke area the section of the organization for economic. development that has the right to me in essence to oust business like. free. free. free. free. free. free. free.

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sea. reviving global economic growth is one of the priorities for the g twenty summit that will take place here in russia here but the key to achieving that is setting the right policies to discuss what these policies should be i'm joined by on him. the head of the organization for economic cooperation and development thank you so much for joining me sir. during this visit to moscow we had a chance to meet with russia's president vladimir putin was russia's bid to join the o.e.c.d. discussed. almost the only topic because we did not have time to discuss too many more we discuss the g twenty also the accession of russia into the o.e.c.d. is for us of a game changer and it's going to be very important russia is very large economy

it's a very important presence in the world of energy it's a very important presence in all these international fora accent and so we really are very interested very excited about the buzz ability of having as a member and i think russia can benefit also from being in an institution that is not about lending money is not about giving grants it's not about the fixing economies that are not broken it's about policy discussions about what are the best possible policies and therefore what can be the best practices. that russia can adopt we're not going to tell russia what to do with russia we're going to tell the russians what all other countries in the world are doing about the same problem of health care the same problem of education the same problem with innovation the same problem with research and development the same problem with the tax structures the same problem with the deficit whatever you just mentioned

taxation and that's definitely one of the big issues that you're working on in particular with this. yes. trying to work with this scheme that many companies use to avoid paying taxes and these are big companies we're talking about including google and you know a number of others. what then amazon of course and starbucks and so on these are big names but there are plenty of companies i don't why refer to any company in particular because there are thousands we created the set of rules that are being used legally by these companies to avoid paying taxes ok now we have had a big war against tax havens about excessive bank secrecy about the secret accounts by people not divulging the names those are to hide away from

the taxpayers so that was in a way an easier war because we were fighting evil guy lity ok right now we are trying to combat a legal practice but that is giving absolutely the wrong results why because we wanted to avoid double taxation now we have created double nontoxic asian. and what is happening is that the balance between the multinationals and the states in terms of the states the governments receiving a certain amount of resources that they need to discharge their duties towards the most vulnerable mainly is not happening and in times of tight purchase who is who is getting the brunt of increases in taxes. the middle class

the small and medium enterprises that cannot go away and push their profits to the low taxation jurisdictions this is exactly what is happening it is very unfair but also it is politically very dangerous it's not going to be possible for too long as you mentioned you were in this war is difficult because you're fighting a practice that is technically illegal in the what are the tools and the weapons to fight the war we have to change the regulations and the laws that we have created over so many years to try to avoid the so-called double taxation and that has produced this nontoxic and it also requires typically a g. twenty type of effort like we did with the tax even cindy tax avoidance schemes what is it about it's about everybody having a legislation that is conducive to or it's demanding that companies pay more taxes

based on the wealth that they produce in each one of these countries the question of sourcing taxation from the place where wealth is generated is an internationally accepted principle that is now being betrayed by these practices that we are talking about but it requires that everybody does it because if not you're just going to go to the next country that has not changed its codes yet or to the other country that has not changed it's called and to ask for the corporation through the g twenty. of all the countries in the world like we're asking them on the question of exchange of ducks information of one hundred twenty countries are helping to generate tax information exchange and there is nowhere to hide anymore well that is the kind of cooperation that we would like to see and we

would like russia to be the champion of this effort we're doing it out we're launching it out of moscow we're launching it in the finance ministers meetings in moscow and we're going to take it all the way to st petersburg with a plan of action that could be supported by the political clout of the leaders so you think that's one of the issues that's going to be on the g. twenty in janda i certainly think so it is already in the agenda the question of whether the leaders keep it in the agenda it's their prerogative but that's one of the things that we talked about with president putin yesterday or the other thing that's widely discussed of course is certainly in europe is the so-called tax on the financial transactions that is very controversial for a very simple reason only a few countries will adopt it. and it if it's not adopted by all the countries in the world at least all the countries that do a very important volume of international financial transactions then it can very easily move to the next country and the other problem is what do you want the

resources for do you want to to. recover part of the losses incurred by the systems or do you wanted to create a fund to be able to face any future crisis you want to just for general purposes for the treasury to you know is it just one more tax in order to generate more revenue perhaps there are other ways of imposing taxes including by the way more effective tax collection base growth rather than rate growth or more taxes on the books so this is controversial and it's not something which is going to be adopted many of the emerging economies are not going to use it. the united states is not going to use it very probably u.k. is not going to use it so it's mostly it seems like a continental european issue. the euro perhaps we'll see we'll see in the

near future ok so it does sound like here you're not a big fan of this idea i think that you should call a spade a spade i think if you need more tax revenue which is an absolutely legitimate of ject in times of stress then would you should do is first of all close the loopholes eliminate all those privileges all those parag actives all those exceptions all those exceptions that are legally in the books today fight tax evasion. like we're doing through the tax forum then tried to close the loopholes it with the multinationals tried to tax more of the activity that takes place in your own territory lower the taxes on labor so that it's cheaper to create an additional new job perhaps even lower the taxes on the regular companies the companies inside that are isolated by the by the borders of the country are having

to pay the twenty five or twenty eight to thirty percent tax revenue the tax rate because they don't have anywhere to park their profits that is low taxation you know so in a way it's very unfair for them do that also and then. tax emissions make it make your tax system greener ok tax property tax. real estate their lives distortive and more socially progressive than it is to for example give subsidies for the consumption or the production of fossil fuels today some of the things you mentioned are really troubling you know the efforts to try and to boost the competitiveness of the real economy and what we're seeing now is this growing divide between the health of the financial sector and the the dire

situation in the real economy where we are seeing that a lot of the times when things are really bad the stock market keeps growing you know there's there's that outdoor i think i think it's a false dilemma now i think it's a me rush be careful attention i'd say if you only focus on the financial system. then you will have a problem with as you called the real economy but don't only focus on the real economy because of your own fix the financial system then you will have like a one month that has only one leg and the other one is a wooden leg that is trailing behind you would need to work on both one last question is of course something i have to ask everybody is talking about the currency wars everyone is doing at the central banks all over the world are trying to consolidate their currency rates to make their economies more competitive and that in a way is is natural in their desire to get there there are no currency wars today

we are far far further away today from the currency war than we were two or three years ago when these french phrase was coined ok what we have today is a number of countries exploring ways in which they can improve the growth prospects and improve the job creation ok not necessarily manipulating the currency to gain compared to numbers at the expense of the next person it is in everybody's interest that the united states recover their dynamism it's going to create growth and jobs everywhere in the world it is in everybody's interest that europe recovers dynamism therefore if you have tight fiscal policy because you already have very high levels of debt and very high levels of deficit then have the monetary policy loose so that

that's going to help in stimulating some investment and some consumption then in the case of japan japan has been flirting with deflation negative growth negative prices for more than ten years we want them to be off that danger. some of us would like to see a little bit more inflation to the system rather than the danger of deflation that not. only about japan but about everybody else ok so what we should what we are seeing is that these large economies are looking for ways in which to stimulate growth that is no longer based on more is spending because they cannot afford more spending so i say yes continue exploring those possibilities and go structural go for the innovation did you creation and the competition and go for the flexibility in the labor markets and in the product markets and go for a tax structure that is more business friendly and more job friendly but do not say

that there's a currency war because the countries are using their instruments and the little room that they have left in order to grow more this is in the best interest of everybody this is what we're trying to do in the whole of the world this is what the g. twenty is about to get the world back on a growth path thank you very much thank you.

new year's celebrations on the move with the traditional t.v. all festive food surprising meetings and new adventures stories of love found and love lost the russians teach foreigners to celebrate then biggest holiday of the year from moscow st petersburg by train over you. may be miracles. live.

live. live. live. klyn. well. science technology innovation all the latest developments from

around russia we've got the future covered. wealthy british style sign. is no time to. market why not candles find out what's really happening to the global economy with mike's concert for a no holds barred look at the global financial headlines tune into kinds a report on r g. i never knew adam lanza in person but i was in the same high school as adam he was younger than me just a little bit younger. i always thought he was different i always into something funny he rarely talks and you don't he was a shy kid. i don't know anyone who was friends with him i also don't know of anyone who's particularly mean to the what i do know is that it was very clear that this

person was not like everybody else. can imagine the level of mental illness that would be present to a murder show. america's you know so when you go on this there would be an american bind every tree with a gun. for kids growing up in this environment is good for them at an early age to least see the gun and respect it because they need to know what kind of damage it can do. this is our first task as a society. keeping our children safe. this is how we will be judged.

more news today violence has once again flared up. these are the images the world has been seeing from the streets of canada. the giant corporations are today. please. face isn't based on. you know care or read the. news. content the show today on how to sing we just sent a studio upgrade like a modest system to the debate which is basically dividing the united states. to the class it seems for the rich it's to say new books must someone tell them it's a stop the bloodshed on this one tom stoppard government coming is there a concept of the steam past.

you know how sometimes you see a story and it seems so for lengthly you think you understand it and then you glimpse something else you hear or see some other part of it and realize that everything you thought you knew you don't know i'm charming welcome to the big picture. muppet. muppet got me to. move. a. little.