general goran so also made the point the president putin is rearming the russian army hinting at a threat of being heavily armed to defend yourself is a bad scary thing then joining up with nato seems to be pretty hypocritical if the people of sweden want to join nato well that is their choice but they shouldn't be tricked into having their taxpayers pay for their sons to die in afghanistan based on totally bogus arguments that make no sense but that's just my opinion.

hello there welcome to business the group of twenty nations the g.

twenty met today here in moscow as we've been reporting on a flight from an exploding mishear crossing it through the skies there were plenty of other elements to condemn while the planet was dealing with quite literally an earth shattering rural the twenty most powerful influential leaders gathered to this gulf how to save the world economy. in that scare wraps up the day's events for our president putin told of the g. twenty nations to look at it 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 good model that some its agenda and that's why i don't want mission considering that the g. twenty members accounted for about ninety percent of the world's road rules domestic product and about truth third 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 of primarily on two issues fiscal health and monetary policy and that's not surprising considering that be pulled out of the g. twenty nations are really struggling with mounting debt and budget deficits as their biggest threats but not more shock would build lowest debt ratio of any g twenty member russia has it sold set a goal. it's a whole set of priorities one of the issues that it has already put on the table is the investment incentives and creating jobs primarily in the high tech sector as

the main driving force of future growth in fact is precisely that we're setting the right policy target that will feel good to the 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 stability zation of increasing confidence we see spreads going down we see volatility going down we've seen by and 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 a doozy asked if we sharing the o.e.c.d. his latest work called going for growth and sensually it's

a very detailed country by country a room out for how to get the global economy out of its current stagnation mode and what we're seeing as a lot of the signs of the old the moment topics that really dominate the agenda that's exactly what's happening right now with the so-called currency wars a number of central banks from china to japan and the us federal service while our massaging their currency rates to give you a part of these a competitive edge i asked the o.e.c.d. period 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 compared to numbers at the expense of the next person you can watch that entire interview we're on our team you should keep in mind that regardless of what agenda the finance minister has said it cannot really be expected to be the main agenda for the summit which is it six months from now and you know what can happen between now and then. moving on then it wasn't just the russian skies that suffered a blow today but russia's main stock market the most go 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 balls now stands at four point two billion dollars that wasn't a disaster though five hundred million dollars in toto was raised from the i.p.o.

but not nearly as much as hopes russia is keen to make the stock markets here in russia more desirable to companies who prefer to live. in say london or new york now with that in mind it's check out how the russian markets performed this friday that it will be able to see that they did actually finish up in negative territory as you can see the r.t.s. down the mice it's seven tenths of a percent down no one stole the kick of the to killer fashion stay from the boss was that she brings zinc it's losing company and there was a rumor that its roof had come off and that's why we saw a big decline on that particular stock will have some financial implications of the dissolved stuff on monday let's check out the cars a see how the ruble got on and i've actually lost hours you can see both the u.s. dollar and the common currency in the session today i will move on to the international markets that have now u.k. stocks spent much of the day languishing in the red but have gradually managed to

cruel their way to finish just modestly above the line that just one basis points no thanks to do small u.k. figures which were larger actually put down to the weather meanwhile mainland european stocks they didn't get above the line of descent down for the dax in germany u.s. stocks is still losing ready for a lot to waiting actually and that's despite encouraging us data including better than four com state of kentucky. in a confident and new york area manufacturing that was upbeat to want to mention the fact that industrial production a she what she posted a contraction in january but that's when is patches to a breather off the biggest back to back in three decades a bit of a correction got me all. right let's move on and gas problem is no object when it comes ukraine and gas contracts kiev wants to renegotiate its deal with the

russian gas major because they don't want to buy seven billion dollars of unused gas but as far as gas form is concerned the deal is a deal use gas on not in accordance with the take opaque cools and its two thousand and nine supply called drops now last month ukraine signed a deal with shell to exploit its extensive shell gas reserves which has been widely in tub beat it as an attempt by ukraine to reduce its heavy dependence on russian gas in polls. all right it's a loss of business for now but up next as the world's movers and save his are indeed in moscow for talks on the world's ailing finances altie interviews one of the main players in the discussions he's the secretary general of the old guys nation for economic cooperation and development that's coming up right after the break good bye for now.

they start. to. secure the studio. which is devoted to you know. it looks. to me to stop the bloodshed on this one. is there an absence of the steam past. technology innovation all the list of elements from around russia. the future are

covered. download the official. language stream quality and enjoy favorites. if you're away from your television. mobile devices you can watch artsy anytime anywhere and. more news today. fleda if these are the images the world has been seeing from the streets of canada. today. look.

it's technology innovation all the it's developments from around russia. the future covered. reviving global economic growth is one of the priorities for the g. twenty summit that will take place here in russia later 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 you had a chance to meet with russia's president vladimir putin was rushes bid to join the always discussed was 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 a 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 i 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 counts 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 budgets 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 words 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 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 objective 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 the 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 to 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 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 and there's that you know i think i think it's a false dilemma now i think it's immune rush be careful attention i'd say if you only focus on the financial system. then you will have a problem with as you call 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 meet their economies more competitive and that in a way is is natural in their desire to 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 friends 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 a 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 is a currency war because the countries are using their instruments and the little room that they have left in order to grow more this isn't 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.

juggling job. do hack work and get caught when lobbyists money and lawmakers are combined together that's where the problem of corruption comes from. the document's. keep up a smart look. there is also. another well behind that which is how to influence the citizens steer clear of provocations don't answer any question. came into the office and found banners honey around the office and lots of strange faces around so i

said what's what's happening will somebody please tell me what's going on and they said oh we've come to occupy your building. possibly they want to do a confrontation possibly they wanted me to ring up the police to have the police come in through the mount but it didn't seem to be a good idea to learn the european way with brussels business. in the uk kristie it's one person one fold but in brussels business it's one euro one fault. admission free cretaceous three times for charges free. range month three kids three stooges free. old free broadcast quality video for your media projects free media oh don the r t dot com. move without the traditional t.v.

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