it's focused on -- and the g20 first committee. we have been working on -- has requested assistance under the framework to deal with the debt framework. so we will work with the imf on that. as we go to middle income countries, many of them will have market-based finance. i think i'm going to fall back on transparency being very important. and we need to look for a more balanced relationship between creditors and debtors. the systems for creditors now is in terms of port to enforce, even got and contracts that are not disclosed appear to be enforceable and i want to face the challenges of middle income countries with the latter lysed that it's hard to restructure with equity-based challenges in 2020. there was some historical contract, but not the current contract and collateralization. these are ongoing challenges for middle income countries that i think be improved. and also the type of contracts that have collective action clauses that could be made more balanced in terms of the relationship with the middle income emerging marke

at g20 this morning, i will give you a little context. there is the good news that there is faster global growth driven primarily by the west and china and india having strong rebound, but there is also the concern that there is inequality in terms of vaccinations, in terms of median income that is not going up fast for some other countries and may even be going down. there is the interest rate differential where poor countries face higher interest rates and they have not gone down the way global interest rates have done. there isn't inequality in terms of the bankruptcy process, which is not available to sovereign countries, so the border countries don't have a way out of these heavy debt burdens and there is inequality in terms of access to credit with a lot of the stimulus going to the upper end and people that don't have pristine credit ratings or small businesses, women that would like to start a business, having difficulty getting credit. what g20 did, and we were happy, they welcome to the acceleration of the process and we are loo

by their nature cross-border payments are global and involved many other countries outside of the g20membership. we therefore have to become inclusive in our approach while remaining well-organized for what we set while we suffer so that event and we have murder with the world bank and imf in their respective missions and global region of the importing import engaged with the financial situation service providers into seager's seager is practitioners and academics as we advance this work. they plan to mitigate information seek feedback to public consultation conferences and bilateral multilateral outreach. the roadmaps are passed but the practical reality is the consensus of action a any entity of competing stakeholder would achieve success awaited double in the roadmap opportunities to course-correct as expect to learn more as we go. the fsa report annually to the g20 summit in the public during progress in seeking confirmation on the next step and it's an immensely important. what i just discuss covers a large portion of the sf bees 2021 work plan but i'd be remiss if i didn't at a

if the g20 does extend his jet suspension -- if the g20 does extend its debt suspension for more monthsat enough to stem what she refers to as the quietly bring financial crisis that hits mainly in emerging markets but could spread more broadly? later, carlos to make us -- dominguez, finance secretary the philippines, a case study and what carmen reinhart is looking at even other that situation is fairly strong among asian emerging markets, there lockdowns are enforce again in manila where the virus has been surging. what will this do to their growth and what is it me for hitting growth targets? and inflation rising in the philippines, as well as new plans they may have to finance the investment they will need to fight the virus. carmen reinhart next. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your co

g20. we are klavern in closely with the committee on payments and market the structures which has key role given the decision of central banks and ecosystem and to study targets the fsb is leaving multiple elements of the roadmap itself advancing building blocks that are more exploratory nature for example the soundness of the global coin in on this particular topic listed thela issue be made recommendations for the supervision of stable coin on the national and international level. cross-border payments are are global and bald many countries outside of the g20 membership could read every to be conclusive in our approach all remaining well organized for the goals we set ourselves in that and we partner with the world bank and i in their respective missions. we will also engage a financial institution service providers practitioners and academics as we advance this work. we plan to communicate information and back public consultation conferences in bilateral and multilateral outreach for th

bruce, why were the g20 chiefs so optimistic?: in part, because of the changed administration in the u.s. after years of disputes during the presidency of donald trump, they feel like they have a real partner now with the biden administration. as part of his infrastructure plan, president biden called for a global minimum tax, and so negotiations are seriously going forward now. annmarie: what exactly is the united states proposing, bruce? bruce: so, president biden in his plan last week and then since then, janet yellen, treasury secretary, have both talked about how the u.s. would like a 21% minimum tax, which is well above the 12.5% that have been floated. the plan also calls for taxing rights to be allocated based on a formula that accounts for revenues generated within a specific country. so, the idea is that the plan would not necessarily raise companies' taxes, but what change where they pay those taxes based on where they have users or consumers and based on just where they are headquartered. annmarie: bruce einhorn, than

the g20 said we need to phase _ 2009 when president 0bama and the g20 said we need to phase out- 2009ase out fossil fuel subsidies. they— g20 said we need to phase out fossil fuel subsidies. they are _ g20 said we need to phase out fossil fuel subsidies. they are still- g20 said we need to phase out fossil fuel subsidies. they are still here. i fuel subsidies. they are still here. but one _ fuel subsidies. they are still here. but one of— fuel subsidies. they are still here. but one of the _ fuel subsidies. they are still here. but one of the things _ fuel subsidies. they are still here. but one of the things that - fuel subsidies. they are still here. i but one of the things that president biden— but one of the things that president biden did _ but one of the things that president biden did was — but one of the things that president biden did was he _ but one of the things that president biden did was he came _ but one of the things that president biden did was he came in— but one of the things that president biden did was he came in right - but one of the things that presidentj bide

or g20 can incur? >> congress recently passed a $1.9 trillion package, the american rescue plan, to address the pandemic and its economic consequences. i would describe that is going big. the purpose of the package is to address the needs of american households, families, companies that have been adversely affected by the pandemic to avoid scarring, to avoid damage that could permanently impact the ability of individuals and families to get to the other side of the pandemic and get back on track with their lives. and to avoid the failure of small businesses that are the lifeblood of their communities and this provides so many jobs to americans. we have designed the package to direct support, to make sure that people, especially the minority and low wage workers who have been so adversely affected by this crisis, to make sure they have income during the time that they are jobless, to make sure they have enough food to eat, to make sure they can keep a roof over their head, and don't lose a family home.

in your letter to the g20 about six weeks ago, you urged the g20 to go big and take significant actionsvoid withdrawing support too early in order to foster growth. how big is big? is there a limit to how much debt either the u.s. or g20 can occur? at what point does it become inflationary? if they go bad, -- if they go big, how do we go forward without causing another recession? sec. yellen: great questions. congress recently passed a $1.9 trillion package, the american rescue plan, to address the pandemic and its economic consequences. i would describe that as going big. the purpose of the package is to address the needs of american households, families, companies that have been adversely affected by the pandemic to avoid scarring, to avoid damage that could permanently impact the ability of individuals and families against the other side of the pandemic and get back on track with their lives. and to avoid the failure of small businesses that are the lifeblood of their communities and that provides so many jobs to americans. we have designed the package to direct support to make sure

i am pleased the g20 is endorsing -- through year end. that is the suspension of debt payments by official creditors and they urge private sectors to participate. so far they have not. there is progress being made, but there needs to be more. specifically, we need to recognize the huge debt burdens that will return onto the poorest countries after the deferral period. alix: what have the conversations been in terms of china? they have done very well in relation to the oecd. would they be forced to extend more debt relief? david: i do not think we should use the word "force." countries should recognize it is in their benefit to have a sustainable relationship with the developing world. including the poorest countries. the poorest countries have a big part of the population. they are going to be future markets. one thing to recognize in the debt problem is the need for burden sharing among creditors. private-sector creditors have to participate and be more transparent. all of the official bilateral creditors should participate and i think r

today, the g20 gave its blessing for a new $650 billion allocation.s is one concrete way in which we can use the strength of the 190 members to support those that are in a more difficult position, by boosting their reserves. tom: divergence is the word of the moment. in your financial stability report, which i read each spring meeting, you speak about an asynchronous and divergent moment. we have an asynchronous and divergent pandemic. all of us focused on the challenges of brazil and indeed, the unique challenges of india as well. maybe that is a turf of david malpass on the world bank. but what can the imf do to assist these nations beleaguered by covid? kristalina: first and foremost, we provide clear and compelling cases for accelerating vaccinations everywhere. the world economy is going to be $9 trillion richer between now and 2025. if vaccinations are accelerated and if countries like brazil and india are in a position to do more to get out of the health crisis. and of course, the front has been there for the most vulnerable members with signif

it is important for g20, which accounts for 80% of the global pollution.me together at this issue. i want to add another point, mohammed, that for the u.s. it is not only action but credibility that is important. it's 20 years of climate change negotiations, the u.s. is walked away twice. biden will have to convince the world that it will not happen again. therefore, this will have to be enshrined into domestic lock so the next president does not walk away. it is a question of delivery, action, but also very important is the fact of credibility. u.s., despite our last few months of the biden nutrition, there is a credibility gap as far as climate change is concerned regarding the u.s.. >> it was just earlier this week that the u.n. report said that 2020 was one of the three hottest years on record and the u.n. secretary general said we are on the verge of the abyss. this morning could not be more stark. it seems like we keep hearing more dire warnings all the time from officials around the world and that nothing really substantial changes. is it realistic

nadia: we will have the g20 imf and have meetings.st encouraging news that we have had is the u.s. is back at the table. secretary yellen has been outspoken with proposals. that gives us hope that by the summer we will be able to reach a global agreement on the tax issues which we have been working on for years. this includes the digital tax and a minimum taxation level. we have to stop the race to the bottom. that is weakening the fiscal ability of countries throughout the world. i think the u.s. proposal is quite important in that regard. we have to look into the details. spain hopes to reach an agreement by this summer. matt: mark's job is to bring us back to the professional economic and markets conversation. i'm supposed to be the one who loves to go to the moto gp, and to valencia for the final race. i hope the season is fantastic, but this leads me to think about the u.s.-spain relationship. mark marques always wins. we have a new president in the u.s., joe biden. does your relationship improve? does the chances for a global mi

is working with g20 nations to find an appropriate rate. she singled out china saying the u.s.g presence to level the playing field. officials from iran and the u.s. are set together in vienna later tuesday as they take part in talks to end the crisis over the nuclear deal struck in 2015. both countries will attend with e.u., russia and china. iran insists on the full removal of sanctions over its nuclear program while the u.s. has rolled out any unilateral gestures. is really prime minister benjamin netanyahu has appeared in court as his corruption trial resumed. he faces charges of accepting bribes, fraud and breach of trust in three long-running cases. he calls the while again -- he calls the allegations a witchhunt. new zealand prime minister jacinda ardern is reportedly expected to greenlight a bubble. it has paved the way for quarantine travel both ways between australia and new zealand by the start of next week. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. th

one of the things coming out of the g20 is, there are a lot of skilled voices, interested voices, andds solutions that really work for the people. i think that —— work for the people. i think that -- i work for the people. i think that —— i hope that will be the focus. the world bank has been providing money to help poorer countries by vaccines but it strikes me that the real issue right now is the availability? that right. the advanced economies, it looks like we'll begin to have access or at least adequate supplies soon, so the earlier that they can develop a system to share those with the world, the better, because every week, every month counts in getting started with the vaccination programmes and the vaccination programmes and the poorer countries. the the vaccination programmes and the poorer countries.— the poorer countries. the us looks like — the poorer countries. the us looks like it's _ the poorer countries. the us looks like it's going - the poorer countries. the us looks like it's going to - the poorer countries. the us looks like it's going to be - the poorer countries.

the g20 is set to back a boost to the imf emergency reserve. with look at where european markets are right now. equities are mixed out of your. the ftse is on the front foot but the stock 16 is down. the astrazeneca stock is down. >> nothing is really happening in the u.s.. we are seeing some softness in the recovery trades. we also hit record highs so nothing to write home about. the dollar is looking for a little direction, but nothing big and movement. the 10 year yield, it feels like we are looking at a different range. president joe biden will be speaking later today about the tax increase part of his stimulus plan. guy: there's a lot to get through over the next 24 hours. let's get back to the astrazeneca story. the eu and u.k. regulators are agreeing that the benefits of the shot outweigh the risks. they do divert on age group limits. >> the benefits of the astrazeneca vaccine in preventing covid-19 overall outweigh the risks of side effects. the reported cases of unusual blood clotting following vaccination should be listed as possible

. ♪ >> we are working with g20 nations to agree to a global minimum corporate tax rate that can stop race to the bottom. >> [indiscernible] at this point in time, the principal of a global minimum tax rate [indiscernible] but we went to hear all views in relation to this. >> and offered to increase the level of new taxation, we have proposed 12.5%. >> the part of the usa gives this initiative a seriously deciding tailwind for the maximum tax rate that i have put forward, along with my colleague. >> it would make sure profits are not -- and tech statements. one country would take the difference up to the minimum level of taxation. >> we have the blueprint, building on the blueprint, [indiscernible] >> there is a unique window of opportunity to have a new international taxation system, which would be more efficient and fairer. >> if we want a real recovery from the covid crisis, we need spending for public goods by governments, and to have this, we have to stop the race to the bottom on corporate taxation. juliette: the latest on the global minimum tax push as the g20 finance chief ple

. >> we are working with g20 nations to agree to a global minimum corporate tax re that can stop theace to the bottom. together, we can use the global minimum tax to make sure the global economy thrives based on a more level playing field and the taxation of multinational corporations. it will spur innovation and prosperity. >> the beginning of spring meetings. first slated to run until sunday. they are expected to raise their projections of global growth. many other countries risk being left behind. we are seeing the uneven recovery mark we have been seeing for the last few months. highly anticipated world economic outlook report is coming tomorrow. we will see how that goes. you have been hearing about this uneven recovery. >> great to see you. stay with us. more news to come. >> our guest today is a historian and chairman of the french archives related to rwanda and the genocide of --. >> you presented macron with a report of 1000 pages of important report. france has -- is reting the complicity of genocide. it is an important step to what is a mutual understanding of the role of

is working with g20 nations to find an appropriate minimum rate.china, saying the u.s. needs a strong presence in global markets to level the playing field. north korea says it will not participate in the tokyo olympics to safeguard its athletes from covid-19, making it one of the first countries to skip the games because of the pandemic. in the u.s., new york city's vaccination program picked up speed last week, reporting a record of a half million doses administered. brazil will vaccinate 2 million people per day next month, a doubling of the planned rate for april. blackrock is examining its business to see how it may have contributed to racism in the financial system, breaking ranks with wall street peers. the world's biggest money manager is planning to undergo an independent racial audit of its operations following a shareholder request. by contrast, goldman and citi have asked shareholders not to back similar orders, saying they have already taken steps to address racial injustice. that is the bloomberg business flash. matt: thank you very m

we call it the g20 group. and we have the problem solvers coming over and working with us. we are working in a bipartisan and bicameral way to have the executive branch of governors involved completes the triangle and helped us have good input. so we do not have redundancies or waste. that is what we are trying to achieve. i think that today was a tremendous start for that. it josh? -- josh? >> this past winter and go into the new year on the covid package is the model in how you govern not just on this issue but on every issue. working together across the aisle and across chambers and working with governors, mayors, and local communities to actually get things done and bring the country together. >> any other questions? >> can you talk a little about how this proposal or these conversations would correlate with plans you want to see implemented in maryland, specifically in baltimore in communities that need public transit? how do you see the private sector working with the public sector to make that happen? >> we have invested more money in baltimore than any other jurisdi

we are working in close collaboration with the imf to support the g20 implementation of the common framework. we are pushing forward together on chat in the world bank hopes to put in substantial fast disbursing resources. chad has a heavy burden of collateralized debt owed to a very narrow group of creditors presenting specific challenges. and finally, we are finalizing a new climate change action plan which includes a big step up in financing building on our record, climate financing over the past two years. it includes new analytical countries as part of the climate development program. we want to achieve as much impact as possible with the increased financing. our plan identifies key priorities for action with a focus on both adaptation and mitigation. it also includes a strong focus on a just transition from coal. and we are working towards aligning our financial with the objectives of the paris agreement to conclude i have noted big challenges. we are working to bring together altogether to achieve what we call grid clean resilient and inclusive development. we will have separate event

take a look. >> we're work with g20 -- working with g20 nations to agree to a global minimum corporatee the global economy thrives based on a more level playing field in the taxation of multi-national corporation and spurs innovation, and prosperity. neil: all right. here's the thing though, a lot of those foreign friends of ours might not be too keen on doing that especially when we're raising the corporate rate in this country -- at least that is the goal -- to 28%. for the g7 right now the average is closer to 24%, so what's in it for them to raise rates or initiate a global tax when they have a clear advantage over america, and they're going to seize on that? but the whole issue here of a global tax is meant to tell corporations you can run, but you can't hide from taxes. carol roth, mark madsen. carol, what do you think of that? you know, you want everyone on the same tax playing field, but i could imagine from their point of view and on their field they're going to enjoy the advantage they'll have with a lower tax the rate, right? >> and this is a horror movie. and the call is co

we call it the g20 group and we meet consistently and we have the problem solvers with josh and brian coming over and working with us. we are working in a bipartisan, bicameral way. to have the executive branch of the governors involved truly complete set triangle and helps us have good input so we don't have redundancies or waste. that is what we are trying to achieve and set a pass forward. i think today was the tremendous start for that. >> i think our whole goal here is to work together, not just democrats and republicans, but working with the senate as we do and as we did this past winter and going into the new year on the covid package and that is the model. not just on this issue, but on every issue, working together across the aisle, with our mayors and local communities, that is how you actually get things done and bring the country together. gov. hogan: any other questions? reporter: could you tell us about how this proposal comedies conversations -- specifically in baltimore and some of the communities where we have the need for public transit. how do you see this federal p

we are working with g20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom. together, we can use a global minimum tax to make sure the global economy thrives based on a more level playing field and the taxation of multinational corporations and spurs innovation, growth and prosperity. host: what do you think about that as a means of financing echo -- financing? guest: i think it is a very nice statement. it is one that does not take into account history that she has lived through and participated. in order to have a common corporate tax, you have to have a common base. this is what we are going to tax. but in every country, people like to exclude things. you can have a common rate, say 21%, but if you broadly define r&d and give an r&d tax credit like we do, you are really going to have a smaller tax than everyone else. not everybody is going to want to impose the same credits. that is the first thing. the second thing is that we have been engaged in negotiations for many years about how internet companies should be taxed because you have a bas

this is part of the virtual g7 and g20 meetings that started tuesday.cover in isolation, so co—ordination would help all concerned. joining me now is yael selfin, chief economist, kpmg. what you are the meetings and their aims? what you are the meetings and theiraims? any what you are the meetings and their aims? any practical way they can make it happen to ensure an even recovery? absolutely, verbally is very much welcome, we are part of one world ultimately and whatever happens elsewhere will affect each economy. when it comes to co—ordination at the moment, the key is really trying to get out of this crisis as quickly and smoothly as possible and therefore, co—ordination on the vaccine side is the focus we are going to see in these meetings at the moment. ~ ., , . moment. what is the incentive for countries _ moment. what is the incentive for countries to _ moment. what is the incentive for countries to ensure - moment. what is the incentive for countries to ensure an - moment. what is the incentive| for countries to ensure an even recovery, where we

competition and co in the pressures of tax competition and corporate tax based erosion we are working with g20 nations to agree to a global minimum corporate tax rate that can stop the reach to the bottom. together we can use a double minimum tax of multi-nap international corporations with innovation, growth and prosperity in order to have a common corporate tax at a minimum rate you have to have a common base and say this is what were going to tax, in every country people like to exclude things, you can have a common 21% but if you broadly defined r&d and give r&d tax credit like we do you can have a smaller tax than everyone else and not everyone will oppose the same credit, that is the first thing, the second thing we've been engaged in negotiations for many years about how internet company should be taxed give a basic decision where goods are made and where their child.th in the good old days when we shipped automobiles around and we made cars in detroit and japan and here and there there was plenty to tax any tax and when they made the cars in the distribution cost. so everybody shared.

i would say the g20 common framework is one mechanism through which that could happen. we have countries that have decided to use this particular framework, so that is one mechanism to bring everybody, including the private sector, on board in providing relief on the debt front. >> what is the risk of an emerging market debt crisis at this point? and if one country has a problem, how insulated, isolated is it possible to make that country to avoid contagion? what does your modeling tell you? >> just to be clear, we are not seeing any kind of systemic debt crisis. we have a world that is recovering strongly, and it is good for everybody when there is high global growth, especially if you are a large trading partner of the u.s. more generally, if you are an exporter, you benefit from it, and we know that when there are periods when interest rates go up in response to positive news, that is not terribly damaging for emerging markets, but on the other hand, if there is a surprise tightening in financial conditions, than that, of course, is a concern. unlike 2013, many emerg

your working with g20 nations to agree to global minimum corporate tax rate that and stop at the bar. together, we use a global minimum tax to make sure the global economy thrives based on a level playing field. paul: treasury secretary janet yellen calling for global minimum tax saying it will level international plainfield. that's the administration to find billing taller spending bill. president bush's to raise corporate tax rate to 28% to 21 and imposed 21% minimum tax on foreign profits potentially putting american companies at disadvantage. the other nations go along with his, this push to end this? joe has been following story london. joe, what is the logic behind the global medical tax? when i think of most national tax policies, they try to design them to track capitol and get the country and edge no, but make it all even for everybody, what is behind this? >> it's been a progressive policy goal for a long time. a lot of parts especially ryan based precisely because of politicians and economists on the left want to end tax competition, they think the problem a lot of countrie

is working with g20 nations to find an appropriate minimum rate. she signaled china saying, the u.s. needs a strong presence in global markets to level the playing field. north korea will not participate in the tokyo olympics to safeguard its athletes from covid, making it one of the first countries to skip the games because of the pandemic. in the u.s., new york's vaccination program picked up speed with a record of a half million doses administered. brazil will vaccinate 2 million people per day next month. blackrock is examining its business to see how it may have contributed to racism in the financial system. the world's biggest money manager is planning to undergo an independent racial audit of its operations following a shareholder request. goldman and citi have asked shareholders not to back similar orders, saying they have taken steps to address racial injustice. global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: thank you v

we are working with the nations of the g20 to restore confidence in our financial system avoid the possibility of escalating protectionism and spur demand for american goods in markets across the globe for the world depends on us having a strong economy. just as our economy depends on the strength of the world's. so we stand in this crossroads of history. the eyes of all people in all nations are once again upon us. watching to see what we do with this moment. waiting for us to lead those of us gathered here tonight have been called to govern in extraordinary times. it is a tremendous burden, but also a great privilege. one that has been entrusted to few generations of americans. for in our hands lies the ability to shape our world. for good or for ill i know that it's easy to lose sight of this truth to become cynical and doubtful consumed with the petty and the trivial. but in my life, i've also learned that hope is found in unlikely places. that inspiration often comes not from those with the most power or celebrity, but from the dreams and aspirations of ordinary americans who are anything

is working with the g20 nations to find an appropriate minimum rate. she also singled out china, saying the u.s. needs a strong presence in global markets to level the playing field. new zealand prime minister is reportedly expected to greenlight a bubble later today after meeting with her cabinet. according to the australian newspaper, it paves the way for quarantine free travel. both ways between new zealand and australia next week. only people traveling from new zealand to australia are exempt from mandatory quarantine. thailand has ordered the closure of nearly 200 night entertainment venues, including bars and some areas of the capital after a new spike in coven infections. the two week long closure comes ahead of the tiny your holiday. it may be extended if the outbreak does not ease. global news, 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts and more than 120 countries. this is bloomberg. haslinda: still ahead on bloomberg's markets asia, we will discuss what the pandemic digitalization mean

coming up, g20 finance ministers and central bankers gather for a virtual meeting.a press conference. we will have to look out for that. across the atlantic, the chicago fed president discusses economic outlooks. a lot to look out for. manus: how bullish will he be on the prospect of jobs markets? you have the minutes of the mark -- march federal open markets committee meeting. we will look over the bones of that and they will shed light on u.s. policymakers views on -- guess what? inflation. that's at 7:00 london time. a bit late for me. it's time for a data check. equities holding records. 10 year government bond yields. i like what mike nova graph had to say. never mind bitcoin. your job was to find out exactly what jackson hole was. annmarie: i have an answer. we don't have the date just yet. we know what will be the summer. it will most likely be virtual. manus: summer is a long time. summer is like this. annmarie: [laughter] i will get you a date soon. that's it for us. this is daybreak era. the european open us up next. thanks for joining us. this is bloomber

guy: g20 finance and central bank governors meeting tomorrow. fed minutes later on this week.rtainly something will be paying attention to. many of great guests coming up as well. alix: indeed, especially tomorrow. we will talk to david malpass. that should be a lot of fun. obviously the developed market issue and how to finance them. a lot of controversy. we'll discuss that with him. coming up on tv, jason furman, former council of economic advisors chairman will be joining "balance of power" with david westin on bloomberg television and radio. corporate taxes in the u.s., where will they end up is the real question. guy: laura cooper joining us for the first few blocks on the table discussing what the markets will like. europe back in record territory, back out of the pandemic whole your will figure out some of where the -- back out of the pandemic hole. we will figure out where some of the equity markets will go. how bumpy will it be? you can find it on db digital radio. this is bloomberg. ♪ want to save hundreds on your wireless bill? with xfinity mobile, you can. how abou

. >>> finance leaders from g20 nations taking upsetting a global minimum corporate tax rate.s is after janet yellen said a minimum rate would help keep american businesses from heading over seas and overhaul agreement could come later this year. >>> public tally is expected to begin as early as this afternoon in amazon's high stakes union election. more than 5800 workers were eligible to vote on whether to have their warehouse be first amazon facility ever to unionize. voter turn out is about 55%. organizers want higher pay for warehouse workers and more break time. >>> i understand apple is working on a way to help us find those items we always seem to lose. please fill me in on this. i need help. >> reporter: i do too. the new app will be similar to find my phone and will work on items outside the typical apple universe. next week the find my app will help you track down a missing e bike and wireless ear buds from bell kin. others will be added as the app continues to grow. i need all the help i can get. my problem is i always have my phone in my hand as i am frantically ru

is working with g20 nations to find an appropriate minimum.hite house a six to 21% rate to help ensure a more level playing field globally. in france, the economy will grow less than expected due to the four midweek coronavirus lucked out. they cut the gdp forecast from 6% to 5%. france's closing schools and 150,000 stores to slow the spread of the virus. a four-day, 32 hour week, will hurt the economy? spain wants to find out. the prime minister's government will ask hundreds of companies to join in on one of the biggest tests ever. they have earmarked 59 million dollars to help pay for a three have in your program with the idea of a small left-wing political party. donald trump is holding off, for now, on plans to establish a presidential library. the former president has not publicly ruled out another presidential bid, but sources say he thinks planning a library could suggest he will not run again. all u.s. presidents since franklin d roosevelt have pursued a presidential library archive records and burnish their legacy. global news 24 hou

yellen: we are working with g20 nations to agree to a global minimum corporate tax rate that can stop race to the bottom. >> what want to hear -- relative to this. >> there is a unique window of opportunity to have a new international taxation system which would be more efficient and fairer. >> the part of the usa gives this initiative as a tailwind. >> the hope is by this summer, we will be able to reach agreement on the tax issues. >> it would make sure that profits cannot end up in tax havens. we have a blueprint which is ready. building on the blueprint, i think we could have such an exhibition by this summer. >> taxation will play less of a role in the future of attracting companies if we have a common framework. >> we have had to stop the race to the bottom on corporate taxation. alix: you just heard some of the world's finance and economy chiefs giving their view on the global minimum corporate tax, but what is l.a. interesting -- what is really interesting is the biden adminstration blew this issue wide open and really shook up negotiations that have truly stalled under presid

here i would say that the g20 common framework is one mechanism through which that can happen.have three countries that have all decided to use this particular framework. i would say that is one mechanism to bring everybody, including the private sector, on board in providing relief on the debt front. guy: what is the risk of an emerging market debt crisis at this point? if one country has a problem, how insulated, isolated is it possible to make that country to avoid contagions, do you think? what does your modeling tell you? gita: firstly, to be very clear, we are not seeing any kind of systemic debt crisis. we have a world that is recovering strongly, and it is good for everybody when there is high yield growth, especially if you are a large trading partner of the u.s. that helps you. more generally, if you are in exporter, you benefit from it. we know there are periods when interest rates go up in response to positive news. that is not terribly damaging for emerging markets. on the other hand, with the faster recovery in the u.s., if there is surprise tightening in financia

we are working with g20 nations to agree to a global minimum corporate tax rate that can stop the racetom. amy: treasury secretary yellen's remarks comes as part of a broader pushy the bin ministration to propose the president's infrastructure plan. during a speech friday, biden criticized corporations who pay no taxes at all. pres. biden: this helped build the country and have been ignored or neglected for much too long by our government. it is a once in a generation investment on our economic future, a chance to win the future, paid for by asking big corporations -- many of which do not pay any taxes at all -- just to begin to pay their fair share. amy: to talk more about the proposal and binds plans tfind it, were joiney darric hamilt, professoof economi the new sool, whe he is alsoounding direor of the stitute onace & polical economy. he served as economic adviser to the bernie sanders 2020 presidential campaign. professor hamilton, welcome back to democracy now! can you assess this infrastructure plan? everything from highways and failing bridges to eldercare and childcare, and ra

they're both g20 nations.llen and the administration are really trying to open up to this idea. they're all major economies. maybe a lot of hard-nosed there but certainly something they can try. it's a politically difficult idea when the world is coming out of a pandemic and looking for more revenue and a lot of these countries would love for some multi national corporation to move there. at least on yellen's helped, this is coming as you mentioned the biden administration is proposing to raise the corporate tax rate in the u.s. from 21% to 28% as part of the infrastructure plan. kind of a two-sided battle here to sort of raise our corporate intertax rates to raise money for this and get other companies to not be so competitive and steal companies from the u.s. >> the question will be why on earth would they do that, especially those european companies? they want any business they can possibly get. >> absolutely. >> janet yellen is widely respected but she's got no lover to pull here. >>> we have breaking news

of weeks ago there was a plan to have a bilateral with the chinese president on the sidelines of the g20. and were any bilateral's plane on the sidelines about any business outside of the overall climate summit taking place? press sec. psaki: it's a great question and we are something out with the additional components of the format will look like. we've invited about 40 leaders so there's a lot of scheduling to be done, but i expect we will not have a final update on that until we get within days of the summit. >> thank you very much. i have a question on ukraine, do you have a response [indiscernible] -- is there any concern that the new challenges from russia are tightening up? and is the new administration ready for that? does this administration have a response ready to go if russia moves in the ukraine? if you do have a response ready to go, how do you commute -- have you communicated this? press sec. psaki: of the actions that have already been taken that we've had ongoing reviews about, we've been clear but i will reiterate that there will be consequences, some unseen and some sc