echo -- oecd?s. singh: you have my commitment. i share your view that multilateral organizations should be subject to scrutiny, to accountability. beyond them have grown their original mandate and in order to make them more effective and a better use of time for all of the investment that we put in these organizations, we need to scrutinize them and that is why i mentioned the external evaluations with respect to the oecd and every organization. iu have my commitment that will work with you and the committee to ensure proper reviews of all organizations. sen. young: thank you. you have my commitment, should i remain chairman of the subcommittee, to appear at a hearing pertaining to this topic of reforming multilateral institutions, pursuant to any reports we receive, like those multilateralhe review act? ms. singh: i commit i will do what i can to appear. sen. young: fair enough. douglass, bahamas risk being exploited by criminal enterprises, terrorist organizations, and state actors seeking to eva

>> we are seeking reforms at the oecd and in fact many of our like-minded partners in the oecd would like to see similar reforms. we would like to see accountability. we would like to see transparency. we would like to see an external evaluation of the oecd as is customary with all our international organizations and i think that the oecd will receive the support and repurpose that it needs from the united states government but i would submit to you that i would welcome our like-minded partners to make sure the reforms make the oecd into a stronger, better organization for theamerican taxpayer . >> i appreciate that, i would simply say that there's not much that can be done. wherefore transparency, we're all involved in in any institution but i'm trying to determine whether reform efforts. one final question if i may and i willyield back to the chairman . as the response to our pandemic crisis continues globally for the next several months and maybe even extending a year or more, how will you advocate that governments and international actors ensure that their responses to the covid

it is a trust given to oecd.ouple of years,, 140 companies -- countries, trying to find a new architecture for global taxing when it comes to huge companies. where do they make the profit and pay their taxes? it's a lot of work and we've seen signals from the new u.s. at attrition that they really want to work together with others to find a solution by the summer or autumn. i think it is feasible. >> can you talk about scarring? we've just gone through the pandemic and a lot of people are still in and, and we are getting some vaccinations. how can you address these imbalances? >> we will see scars a long time and many people are still in the pandemic. we will have to work a long time to build up money, companies have gone bankrupt, people have lost their jobs, and any countries have put themselves in a big debt trap. that will take a long time to recover. we must make sure we get the global wheels rolling and global trade working, rules-based trade, i'm happy the wto has a new attorney general to help marginalize

i have been getting to know the team at the oecd.e a terrific team, and excited about the opportunity to work on one of the most important multilateral organizations anywhere. we think this is a terrific moment in time for all of us, all of the members of the oecd to prove we can deliver for our people. francine: a lot of criticism has been made on multinational corporations, something about the wto and others. can you confirm the u.s. commitment to those? jack: absolutely. i met with president biden a couple of weeks ago, and had a conversation with our vice president, vice president harris, and they like all of us are committed to multilateral diplomacy. this is a particularly important moment in time when democracies and market oriented economic systems can prove that we will deliver for all of our citizens. there are other models out there, and we have to show that like-minded countries like ours will get the job done for the people who live in our countries. francine: you were key in trying to help with the afghan refugees. i do

especially in the oecd. .. ., ., the us so nobody especially in the oecd... ., ., ., ., ~ oecd. .. want to take interest rates down _ oecd. .. ok. you want to take interest rates down so - oecd. .. ok. you want to take interest rates down so you - oecd. .. ok. you want to take | interest rates down so you don't want to see oil interest rates soar too much. before we go and briefly, you mentioned iran as part of opec, third biggest supplier. is there membership at riskier? ha. third biggest supplier. is there membership at riskier? no. iran's membership _ membership at riskier? no. iran's membership was _ membership at riskier? no. iran's membership was not _ membership at riskier? no. iran's membership was not at _ membership at riskier? no. iran's membership was not at risk- membership at riskier? no. iran's membership was not at risk when | membership was not at risk when there was a war going on between iran and iraq, so, no. iran's membership is not. opec is very good at working through crisis and working through animosity. absolutely not.— working through animosity. absolutely

and all of the oecd team also, so oecd and all of the oecd team also, so any complaints you have about the g7 countries. in april 20161 presented a study on the economic impact of brexit, and impact which is materialising gradually. the growth stood at 0.8%. in the first half of this year annualised growth fell to only 1%, and then it was the weakest in the g7. our survey predicts a similar rate of growth in 2018. the uk's preparation for brexit in 2019 is of course the source, and i don't need to tell you — this is not a mystery, something creating an element of uncertainty, and therefore it will continue to weigh on the outlook of the economy until those uncertainties are resolved. and they will be, hopefully along the lines that the chancellor suggested a moment ago, but of course in the meantime there is a bit of a bumpy road. it will be crucial that the uk and eu maintain the closest relationship possible. after the decision, regardless of what i personally and the oecd institution had been advocating for before the referendum, we now are devoted to... because the uk is a very dis

count . ., . , . , oecd country.untry. so how are they able to have a better safety net and - oecd country. so how are they able to have a better safety net and we i to have a better safety net and we are not? what are these other countries doing that we are not doing, and we should be able to do it? ~ , , ., , ., , doing, and we should be able to do it? ., it? we definitely should be able to do it, yeah. _ it? we definitely should be able to do it, yeah, there _ it? we definitely should be able to do it, yeah, there is _ it? we definitely should be able to do it, yeah, there is a _ it? we definitely should be able to do it, yeah, there is a lot - it? we definitely should be able to do it, yeah, there is a lot that - it? we definitely should be able to do it, yeah, there is a lot that can | do it, yeah, there is a lot that can be done to boost our safety net, increase the incomes of those on the lowest incomes in society, and i think that is something that, as a society, we should be moving towards. in fact, at the n

says the oecd forecast is hugely significant.in an earlier assessment of the economy did highlight the risk both to leave the eu. pick clearly remains in the remain cap get -- the remain camp. markets are down. both get some meat on the bone. nejra: european stocks falling for a second day, down 8/10 of a percent on the stoxx 600. things for investors to take into account at the moment. brexit, the ecb meeting tomorrow, and data from china earlier today. does this show stabilization or is it a sign of lackluster growth? i do not have the answer but let me show you a chart of the yuan. this tracks it back five years. it is drawing closer to eclipsing the lows it hit during january turmoil. a stronger dollar is playing a part, but have we come to the end of the sweet spot for the yuan? if we have, what will that mean both for the yuan and global markets? i want to show you the dollar-yen specifically, the yen headed for its biggest gain in a week. today, japanese prime minister shinzo abe said he would delay an increase in japan's

the result was the g-20 oecd betts project. and the betts action plan endorsed by g-20 leaders last september in st. petersburg. the betts action plan outlines 15 specific areas where governments need to work to change the tax rules that encourage companies to shift their income at the expense of the tax base and our own tax base. the betts project is expected to release the first set of recommendations this fall and is set to conclude its work with final recommendations at the end of 2015. the united states has a great deal at stake in the betts project and a strong interest in its success. our active participation is crucial to protecting our own tax base by stripping by multinational companies. because the united states provides a foreign tax credit to u.s. companies for taxes they pay overseas, the united states also has a strong interest in rules that enjoy a broad international consensus. in addition, as home of some of the world's most successful and vibrant multinationals, we have a stake in insuring that companies play

europe has always said that it would be favoring an oecd solution, but if the oecd solution would not, then europe will take the initiative at its own level. this is what is at stake. if there is retaliation from the u.s., everything is on the table. europe has said that it would be backing up france. we hope there are still some room for discussion and that we can find a solution. taylor: you say europe has been backing up france, but frankly you are the only ones who have gone through with this unilateral tax as of yet. cedric: i said there are other european countries that would be interested. u.k. being one of them. spain has been one of them. italy and austria as well. it is not only a french thing. the european commission has been tax.g it once a a tax and is favoring the oecd solution. it would go for a european solution. we need to create that level playing field. if the americans do not want to go for that solution, we will go for a european solution. taylor: and you really feel europe is behind you? cedric: oh yeah. if at the end of the day, we have to go in that discussion,

what would be a mandate or way to make the oecd more global?: i think the oecd has been on an expansion course and rightly so. at the same time, it sets certain standards of democracy i think it's, and important to maintain those and have a plan for the long-term. i think on hell has done that has done that well. global cooperation is on the back foot. it's important we we -- it's important that we reinvigorated. it's good for growth, and therefore i believe the oecd will be in an important position in the years to come. francine: on the oecd, one thing we have heard over and over from angel is the crackdown on tax havens. is that really the best use of the oecd if we do not have commonality or if people can't do much with it? philipp: i think the tax haven story is a story of the past, past history, particularly the story around private banking secrecy, which was an important piece in switzerland. the country is fully compliant with current oecd standards, full information exchange, procedures and plays. i think the real challenge going forwar

week by the 05cm),— by the oecd, which forecasted the british economy _ by the oecd, which forecasted would _ by the oecd, which forecasted the british economy would not - by the oecd, which forecasted the british economy would not be - by the oecd, which forecasted the | british economy would not be great all next year, the worst growth out of the 620 apart from russia. so i do unfortunately think things are set to get worse. there's a big argument going on in government about what kind of conservative government this conservative party is. is it a low tax party, or a party of higher spending? what's interesting within the 0ecd report last week, one thing rishi sunak got criticised for is that even with the package of support that was announced just a few weeks ago to try and help houses, particularly low income households with rising food bills, even taking into that —— that package into account, the government's package is contractionary, which means actually the government is taking money out of the economy. the 0ecd was very critical about that with sunak. many would argue that n

the oecd says attention is and is increasingly hurting confidence and investments. -- the oecd says nationalismcreasingly hurting confidence and investments. police said it would not comment on individual cases. global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i'm jessica summers. this is bloomberg. shery: china traders disappointed by a lack of policy rate cuts this week are shifting focus to a new gauge of borrowing costs, hoping to see a lower rate released by the central bank on friday. bloomberg's china correspondent joins us. what are the expectations for today? >> this is the newly revamped loan prime rate which first came out in august. this is the second time we will get it. the excitations according to a bloomberg survey, are you will see a cut of about five basis to 4.2from 4.25% percent. remember that the loan prime rate is essentially based on the submissions of 18 different banks in terms of their best lending rates, and those lending rates are based essentially and primarily on the medium-ter

for example in 2013 the oecd launched the erosion project. while we appreciate the oecd suffers to bring a tax authorities together to discuss the issues, many of us have asked raskin and that the budget could be used by other countries as a way to increase taxes on american taxpayers. the issues under negotiation that the project are complex, and cannot far-reaching negative consequences. i think we should be willing to work through these issues until an international can think this is reached, we should not be rushed into accepting a bad deal. just for the sake of reaching agreement. i think we write to ask if the treasury department will aggressively represent american employers and their workers in the negotiation while responsibly can alternate congress is the discussion. hopefully in the end to focus of these discussions will return to base version print both instead of ways foreign countries can read the treasury or american businesses. of course while the negotiations are important, the most high-profile international tax issue today

europe has always said that it would be favoring an oecd solution.olution would not be issued, europe would take the initiative at its own level. if there is some retaliation from the u.s., i think everything is on the table. europe has said it would be backing up france. we still hope there is some room for discussion and that we can find a solution at the oecd level. taylor: you said that europe has been backing up france and wants a global solution, but friendly, you guys are the only ones going through with the unilateral tax. cedric: other countries have been [indiscernible] austria has already passed a law. it wants a tax on digital companies and is favoring the oecd solution. i think that we need to create that level playing field, the att level is that the -- is the international level. taylor: you really feel that europe is behind you? cedric: i think that was voiced by the european commissioner on trade. it would favor an international solution. at the end of the day if we have to go with that discussion, then europe would be backing france

you are a different oecd secretary-general.to go to your australia, western australia, and the idea of the debate over big people american tech companies. a be is tangential to see the come of this is going to be in the crosshairs. the fact is amazon at the perth airport has been a massive job creator for western australia. form where you sit with your finance work in australia, i know you moved to paris, how would you dovetail being in fear of american tech with the reality to great jobs like the perth airport fulfillment center? tom: firstly, there's 38 member countries of the oecd, and the one thing that joins us altogether is that we are all market buyers to democracies and we are all committed to generating opportunities for to get ahead by free market principles, and indeed, based on democratic principles in the context of a rules biased trading system. i think you will find the things that we have in common are much stronger than the variance between different parts of membership. i also bring to this job my back round a

caroline hyde will have more from oecd. beautiful shots from that oecd conference.than: good morning, and welcome to "on the move." a busy morning already. india cuts rates. the governor drops the benchmark rate in an attempt to spur private investment. midnight in berlin. europe's high-ranking officials hammer out an offer for greece. eurozone inflation data expected to rise 0.2%, but is the inflation scare over? i will bring you those numbers. ftse futures up to 21 points. dax futures up by 31 points as well. >> will we get the higher open indeed? some of these are not showing yet, so we will have to come back to you later when they actually react. the cac 40 up just half a percent. you see the ftse 100 up a little stronger as well. that would be the second day of gains if we see those higher today. let's take a look at what we are watching. potentially going to see some big moves for the stocks this morning. starting with tobacco companies british american tobacco and imperial tobacco both trading low

we had the oecd coming out with their economic outlook. that was released about an hour ago, and the oecd, it is a smarter way of doing it, tom. forecasting the pandemic would cause a global economic slump of 6% here, but if there is a second wave, that becomes a seven point 6% slump. it is a good way of visualizing percent -- comes a 7.6 slump. by thewas taken aback differentials between the bar chart's of europe and the united states. i did not have in my head how much worse the guesstimate is for gdp decline in the europe verses in the u.s. it is a very good report. francine: it is also because of where europe was in the economic cycle. let's get straight to first word news in new york city with ritika gupta. ritika: good morning. a warning from jeffrey gundlach. he says that central bank policy may return if long dated bond yields continue to rise. the chief investment officer at doubleline capital says that jerome powell may have meant yields could have control if rates on treasury securities drive much higher. secretary of state mike

laurence boone, chief economist at the oecd.ome back, we will talk about trump versus huawei. what the administration may be plenty for the chinese tech giant, and what that could mean between washington and beijing. this is bloomberg. ♪ greg: this is bloomberg markets. i'm greg bonnell in toronto. alongside vonnie quinn in new york. we have reports of trump administration is finalizing -- rewardingeping certain contracts to firms. joining us now for more on this is nick wadhams. let's talk about what we saw today, the sanctioning of a top chinese party official. >> that's right. the administration announced today what amounts to sanctioning the highest level chinese communist party official ever sanctioned by the united states. this is the communist party secretary from the shin zhang province. broader effort to pressure china on all fronts but it is hard to stay in the degrees to which this will infuriate china. bureau member of the that is essentially the u.s. cabinet. a very senior official. it comes just one day after china

the oecd produced _ the problem becomes. indeed. the oecd produced a _ the problem becomes. indeed.the problem becomes. indeed. the oecd produced a recent forecast i the problem becomes. indeed. the i oecd produced a recent forecast that indicated that we have elevated shipping costs, even a doubling of shipping costs, even a doubling of shipping costs, even a doubling of shipping costs, from where they were last year. if that persists for a year that could increase cpi inflation across the globe by 0.4%. that are the sort of headwind is that businesses across the world is facing in terms of this continued disruption, that this becomes the new normal. disruption, that this becomes the new normal-— new normal. apart from the diplomatic _ new normal. apart from the diplomatic and _ new normal. apart from the diplomatic and military - new normal. apart from the - diplomatic and military response, i wonder what government can do to help make things a bit easier for business. in help make things a bit easier for business. ., , business. in the uk we have been advocating _ business. in th

and oecd nostradamus. really? and oecd forecasts. nostradamus was much better at it. in light of the new brexit checks implemented, it's no surprise that the oecd has made such a gloomy forecast . made such a gloomy forecast. surely brexit plays some role here. no, they are not brexit checks. these are an act of self—harm. the government has voluntarily imposed on the border. it is not a consequence of brexit, it is a choice and in my view, a moronic one, in case ihadnt my view, a moronic one, in case i hadn't been clear yesterday , i hadn't been clear yesterday, philip, please explain why cutting spending would help britain's economy . our public britain's economy. our public services are barely running, mainly because the tories won't fund them properly . if we want fund them properly. if we want a healthy economy, surely we need pubuc healthy economy, surely we need public services running well. productivity in public services is no higher than it was in 1997. that's the problem with pubuc 1997. that's the problem with public services. it's not money, it's producti

the oecd thinks it should concentrate more efforts on the problems of youth unemployment. long term unemployed in particular it favors the government insisting on training programs in return for social welfare payments to complete a long discussion with your system from being one that uses is on lateness is a condition for payment to one that expects people to engage in an exhibition program as part of the process of being at the support received in the welfare system. so that's been going around the nation degrees in the way the system works. the long term unemployed to the courts the mom of one term unemployed people in ireland and to ensure more dynamism or dynamics them in some other countries. reduce heat and there's a kind of inertia will its fullest. this is the case in on him. this is a quite grateful to them. also work as weaker us market the actual employment outcomes of individual training courses to ensure money is wasted. the annual review by the oecd all the action plan for jobs said the government plans to consult with them about specific issues where they c

last week, the oecd managed to get 130 countries and jurisdictions on board.al for implementation could be as soon as 2023. the oecd's current plan would bring in an extra $150 billion a year. >> what would harm innovation is the absence of trade wars. taxation would harm innovation. be such a historic crackdown. the 15% level would be higher than ireland's 12.5, but lower than all g7 and most other e.u. nations. ireland and hungary have not yet joined the plan. ireland is likely to remain the go to in europe including google,ñ,ñ,ñ, for ambitious enough. >> 15%, still a big drop ahead of us. dropping to the minimum instead of dropping to the bottom. we need a minimum corporate tax trade that is close to the level where we are now on average. we would have to be at around 25%. >> those most at risk must be the zero tax territory, countries like the uae, which is not part of the g20, might choose to be exempt. however, offshore tax havens including a network of british overseas territories like bermuda, cayman islands, also jersey, the isle of man, under pressur

tom: the oec is part of the alphabet soup of the oecd.he people that actually prosecuted the marshall plan, how do you respond when we hear so many people in a flippant way say, what we need is a new marshall plan, on ukraine and the rest as well? how do you feel we will affect a modern marshall plan? laurence: i think there are two things. one is what is happening in ukraine, where, as we can see, everything is being destroyed, all of the infrastructure, and so a large part of the infrastructure and the capacities, the predictive capacity of the economy. this will need to be revealed. the marshall plan, good and in hand, as you well know, money on the one side, but also reforms, policy reform, on the other hand to ensure the money is there. that is one thing. the other thing up -- i think people have in mind immediately, that we have in mind at least, is globally to avoid a food crisis. for this we are saying a couple of things. one is, ensure the transport and logistics of the cereals around the world so it reaches middle east and afric

, the oecd, an the eu or the oecd, the oecd, an organisation that i don't think is well known acrossthe country, an obscure paris based organisation that wants to give us rules, whereas we used to get them from brussels. what advantage there in paris over brussels .7 this agreement was brussels? this agreement was signed . in 2021 with the paris signed. in 2021 with the paris based oecd. and there's no very clear procedure about how we can leave this international to set corporation tax at 15% per in. jeremy the chancellor. not that long ago was in favour cutting corporation tax down 12 and a half% so why should we now agree to something that risks all future economic competitiveness 7 future economic competitiveness ? because tax competition is a good thing. we are a competitive world. we want investment in the uk and if we can have a lower corporation tax rate , surely corporation tax rate, surely that will help us attract investment here rather than allowing it to go to other countries. look how successfully the republic of ireland has through its low corporation tax. it has encou

and with that -- oecd. and with that, i'm pleased to see that the house ways and means committee and then the house passed this bill and it's out of the finance committee and look forward to the senate moving it forward right after the thanksgiving break. i'll start in the front row and work back. >> perfect. >> yeah. [laughter] yeah, that's right. i'm just an economist. [laughter] >> kevin, i know you're an economist but, obviously, a political component to all of this. you've got at least six senators up on the hill including ron johnson saying they can't support the bill in its current form or they have serious concerns about it. you can only afford to lose two. are you confident that you can get this passed through the senate, or could the president run into another situation like he did with obamacare, that he wins the house and loses everything in the senate? >> there's an old joke about economists that there are three types, those who can count and those who can't. it takes a while for that one to si

we've had a terrible economic forecast and the last week by the oecd,— by the oecd, which forecasted- by the oecd, which forecasted the | british economy would not be great all next year, the worst growth out of the g20 apart from russia. so i do unfortunately think things are set to get worse. there's a big argument going on in government about what

after the oecd down graded the forecast, we'll speak to the chief economist coming up. that's it for the show "worldwide exchange" will come your way next. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. >>> it is 5:00 at cnbc here are your "top five at 5:00." all about the fed futures. they are higher. tech in command. sector showing no signs of slowing. facebook, apple, microsoft all at record highs. troubling trend as money pours into insolvency spoks. investors may be putting themselves at risk of losing it all. >> continuing to respond to issues o

the oecd appears to want more of a multilateral deal. those are in conflict.hurt progress? >> so far, it hasn't, because there was a deal i was mentioning. we have the deal. we would favor an international solution that would be this tax in the meantime -- but there would be this tax in the meantime. if there were differences, we would refund the company. now there is this announcement from the u.s.. the main issue is that we can find a common solution at the oecd level, and this is what is at stake. it could be agreed to by all the countries. technically, france has been making many steps forward towards the u.s. solution now question is raised to the u.s. administration to to the agree to the solution on the table. taylor: what do you want the broad framework to look like? >> there were two pillars. the first is minimum taxation. the second pillar is we have to rethink the way we assess the value of the presence of the company. not based on physical things, but digital footprints in some countries. we have to reassess the way we assess presence and footprint

the oecd is what the u.n. was intended to be, a group of free , democratic countries cooperating to advance their values and shared interests. it has rigorous membership standards, and new members must be approved by all existing members. as secretary general -- its secretary general has demonstrated commitment to ensuring that israel's candidacy and others are determined on the merit and are not politicized. that's why the u.s. should and does participate in the oecd, including by actively supporting israel's candidacy for membership. in contrast, the u.n.'s misnamed human rights council has no meaningful standards for membership other than the ability to gain the support of a mere majority of the u.n. general assembly, which is in itself includes scores of countries that are not free democracies. in the most recent so-called election, using the term loosely, to the human rights council earlier this month, every single candidate, no matter how repressive the candidate, ran on previously agreed upon regional s

that is according to the oecd. it predicts spain's economy and others will continue contracting for the foreseeable future. it sees eurozone nations grappling with a dangerous mix of high deficits, nonexistent growth, and the vulnerable financial sector. the oecd believes the chances of a severe recession is growing. >> things have begun to deteriorate again recently, so we cannot rule out the development of a downside scenario, which if ignited, could lead to serious repercussion worldwide. >> the oecd is urging the european central bank to resume buying up government bonds of troubled eurozone states, and it has added its voice to calls for jointly guaranteed eurobonds. france also wants eurobonds, but germany remains opposed. eu leaders have much to talk about at their summit on wednesday. >> it is still unclear who will represent greece at future eu summits. the election was inconclusive, which means greek voters will be headed back to the ballot box the middle of next month. rebels showed the radical left part

interesting that al chief economist at oecd.ai will be improving productivity there. more now on the political crisis in france where once more the country could be without a government later today. prime minister michel barnier, who was appointed by president macron afterjuly�*s inconclusive parliamentary election, faces a no—confidence motion over the budget — a vote he is expected to lose. on monday monsieur barnier used a presidential decree to force through his budget without a parliamentay vote. furious opposition parties said they would back a no—confidence motion to oust the former brexit negotiator in a vote expected today. in parliament, he pleaded with legislators about the gravity of the political threat. translation: the situation is difficult in terms - of the budget, in terms of finance. i'm also very vigilant when it comes to financial markets, which i know quite well. it's very difficult in economic and social terms. one thing i'm sure of, monsieur chassagne, and keep what i say today in mind, is that the vote o

the oecd has specific country members that almost every country on earth follows the oecd guidelines we believe that's the best way to get to a truly global solution. >> if france impose its own duties on e-commerce or what have you that we might see bigger countries like india, south africa, elsewhere start to impose their own taxes? >> guest: many countries have suggested they will do so. on the geographic scope that's problematic if you're if you dt countries adopting different regions for taxation. also on innovation standpoint, if you will, it makes it more difficult if we are trying to effectively ring fenced digital services and treat them differently for tax purposes and physical goods. that's not a good way to be. that's not the way that will promote innovation. >> host: jason oxman, let's bring it domestic. election security. is iti involved in it? >> guest: our member companies are the compass and to provide election security. it's an important issue. it's an headlines because we've seen attempts to interfere with u.s. elections. our member companies are focused on cyberse

here is the oecd's chief economist.— global growth. here is the oecd's chief economist.e good news in the forecast — chief economist. some good news in the forecast today, _ chief economist. some good news in the forecast today, the _ chief economist. some good news in the forecast today, the overall - the forecast today, the overall economy is improving. we expected it to moderate to 2.7% in 2023 and 2.4 in 2024, but it is low in terms of the growth we saw before the recent crises. a , the growth we saw before the recent crises. n, , ., the growth we saw before the recent crises. , ., , the growth we saw before the recent crises. , ., crises. many of the gloomy forecasts of a few months _ crises. many of the gloomy forecasts of a few months ago, _ crises. many of the gloomy forecasts of a few months ago, the _ crises. many of the gloomy forecasts of a few months ago, the reality - crises. many of the gloomy forecasts of a few months ago, the reality is l of a few months ago, the reality is not as bad as expected. we are also seeing high inflation its remaining stickier

tom: the secretary-general of the oecd is with us.alf hour, joachim fels will join us from pimco. some of us i think will talk about the dot polot. we will find that out from janet yellen at lunch today. ♪ tom: a most busy morning. the secretary-general of the ocd -- the secretary-general of the oecd is with us. has oil found stability? angel: i do not think it has found stability. we are still going to see volatility, we are still going to see turbulence. i am a mexican, so i am interested. tom: you are living this. angel: i was finance minister of mexico, and i had oil at $8.50 a barrel. goingfraid there is still to be volatility because there are a lot of investment decisions being deferred. they will depend on whether it $40, $50, $60. investment -- this is also part of the global slowdown , that a lot of investments are being deferred because of the low price of oil. tom: we are going to come back with important research on the oecd on what our cities have to do. on "bloomberg ," we continue the discussion on economics. shill

when we looked at the income inequality across oecd countries , the u.s. had the highest inequality of any of the major industrialized countries, that is part of the problem and that we are not counting all of ours and france, council affairs as i recall. there's a methodology section of that data. we do it to ourselves. in other words if we submitted the same data that the french did and that's part of that data and we have added it w back in d did the recalculation it would look a lot different. and in fact if you look at another set of data which is based on the national account in the percent of gdp on transfer payments we more than anybodyh, except the french, more than the brits so that says we ares spending that money but it's not showing us the other and of what the income is. >> also the oecd in responding to anrd rewrote that basic materials and rich in the book argues that it's not fair for america to count medicaid and medicare is transfer payments. because they are to have socialized medicine. the point is wee don't. they don't got everybody u

to the oecd.d their latest economic outlook this morning, saying those reasons to be hopeful. they projected that global output will rise by nearly 6% this year after a 3.5% contraction last year. but the caution is there the recovery will be uneven. bloomberg matt miller spoke with the outgoing oecd secretary-general this morning. >> we feel it is pretty solid, pretty robust, but it depends crucially on whether we can keep up the rhythm of vaccination. it is vaccination, vaccination, vaccination. that is going to define how robust the recovery is. and the other question is is it going to be vaccination only for the wealthiest countries, or are we going to generalize it? we need a very important effort to be able to get vaccines into the arms of people in developing and emerging economies, and without that, we won't be able to say that we have overcome the crisis. matt: the wealthiest countries are going to be looking at 60%, 70% coverage in the next weeks and months. they are well on the way to d

and we are far below the oecd average talking about fiscal deficit. so that is the lesson we learn from the past, from the past mexican crisis, in the '70s, in the '80s, in the '90s. we need to preserve fiscal deficit under control. and actually, we are reducing even more the fiscal deficit in the country. i'm talking about public debt. you can see the nafrnlg oecd -- i made a mistake a few minutes ago. but the average is 62.5% of gdp. mexico has 32% of gdp. we are in good shape in macroeconomic stability, in public finances. that is a very important point on infrastructure in the country. on average we're spending like 3% of gdp, which is actually very close to the average of oecd countries. in the oecd the average investment in infrastructure is 3.4% of gdp. we increase the investment in mexico from 3% to 5% of gdp a year, which implies to invest roughly more than $50 billion a year in infrastructure in mexico, public and private. and with that we are increasing in a very important manner the capabilities of the country and the competitiveness of th

the result was the g-20 oecd betts project. and the betts action plan endorsed by g-20 leaders last september in st. petersburg. the betts action plan outlines 15 specific areas where governments need to work to change the tax rules that encourage companies to shift their income at the expense of the tax base and our own tax base. the betts project is expected to release the first set of recommendations this fall and is set to conclude its work with final recommendations at the end of 2015. the united states has a great deal at stake in the betts project and a strong interest in its success. our active participation is crucial to protecting our own tax base by stripping by multinational companies. because the united states provides a foreign tax credit to u.s. companies for taxes they pay overseas, the united states also has a strong interest in rules that enjoy a broad international consensus. in addition as home of some of the world's most successful and vibrant multinationals, we have a stake in insuring that companies play

the oecd agrees with all the u.s.that have put into place prescription monitoring programs, and those that have mandated better prescription practices for prescribers. they recommended great are focus on prevention and improving educational materials and something that canada has done through its opioid wisely campaign. that enurges can thoughtful conversations between doctors and patients to reduce harm and opioid prescriptions. turkey created a campaign to control counterfeit lost and stolen prescriptions. germany put into place a law that narcotic drugs will be described only when there's no other option. to help those in addiction, medically supervised consumption heights and the highlights the need for coordination across health services, social interventions around housing and employment support. and finally, it's important not to forget the patients who do need opioids for pain management and the oecd recommends that countries take actions to reach an appropriate balance to cover the real needs for pain control

economy is good for even our friends in the oecd. i am pleased to see the house ways and means committee and the house has passed the bill and look forward to the senate moving forward after the break. i am not good at this. i do not know the protocol. i will start in the front white and work back. [laughter] i am just an economist. [laughter] reporter: i know you are an economist, there is a political component to this with six senators on the hill, including ron johnson, saying they cannot support the bill in its current form. or they have serious concerns about it. you can only afford to lose two. are you confident you can get this passed in the senate or could the president run into another situation like obamacare that he wins the house and loses the senate? mr. hassett: there is a joke about the economist, three types, those who can count and those who can't. it takes a while for that to sink in. the president has supported from the beginning regular order, because he doesn't think we have to wait until the thing becomes law to

statistice oecd 5.7% released moments ago.ll, glide path forces jerome powell to be central banker to the world, doesn't it? mike: i think it's important to understand how the shift that has happened in china has had such a significant impact on global growth. it's not just growth is slowing down, but the composition. the fact that you see this weakness in the growth of that would normally support europe from china, capex investments, infrastructure investments, and industrial production slowdown. that is leading to a slow down you see in europe. isin, the consensus view that it is concentrated in manufacturing but the services sector will hold up. when you look at the new future business expectations for the german economy on the service sector, again, that weekend quite significantly last month. to me, it seems like the risks are rising somewhat. tom: david riley, frame what we heard from mr. powell yesterday. will the oecd look forward, which is clearly for a global slowdown. clearly are in a lower for longer interest rate

o. the paris based oecd. warns the job crisis caused by covered nineteteen will last for years women young people and lotus and getting hurt most. the oecd says the current crisis is deeper and more far reaching than that of two thousand eight. they could last until twenty twenty two. for more on this our business e editor kate moody joins us cake even to do the bank of france. i'm happy making positive sounds a month but he then use looking. even gloomier. argued actually corrected means into saying on monday well there's a lot of gloomy news i have to say. to bring into thehe business of business and economy at the mall. at this fall on the heels of a- gloomy outlook from the european commission. at which on tuesday once again splashed its projections namik grow. the organization for economic what. development says the tax on jobs a global scale. and times worse than the- crisis and- a- unemployment for the group's. seven members had highest in u. a century since it depressed. route twenty. even if. on and

for individuals and the average in the oecd is 43%. united states is actually punishing country for high earners. oecd country a number of years ago found we have the most progressive tax system amongst all their member countries. that's not a good thing. the top 10% in the united states pay 45% of all income and social security taxes. so 45% the average in the oecd is just 32% so for a country supposed to be a haven for entrepreneurship and opportunity, i think our punishing taxation at the high end is bad economics. let me talk about the gop framework, alex touched on the business provisions. for individuals the main thrust is to drop our current seven tax brackets down to three lower brackets. that's good stuff. the republicans would also double the standard deduction and increase the child tax credit. those provisions won't do anything for growth because they don't change an individual worker's sort of marginal behavior to increase their work effort. it is true doubling the standard deduction would be a big simfully indication. i'm

you oecd.ou know there is almost no relationship between how we conceive of ourselves and how we actually played relative to other countries. the book spends a lot of time trying out these kinds of comparisons to help people see the truth but we are the lowest taxed country, including state and local in the entire 34 member oecd relative to our income. we excel at tax whining, planning but we are not overburdened the taxation. >> did you have written this book we are better than this when you were on the joint committee? 's. >> absolutely not. this is not a nonpartisan book. this book i tell it as i see it. it is not easily categorized it argues that the right has things wrong in their belief's that government should be smaller, quite to smaller, quite to the contrary our government is too small. low tax small government. so the so the political right gets that incorrect's. the political left is also wrong in thinking that the solution to inequality today lies in steeply higher marginal tax rat

the oecd says foreign workers would help boost the french economy. if all of them point labor immigration as favorable in terms of taxes growth and regional development different forwarded to the twelve. the oecd has rated france eight other developed economies in terms of attracting skilled foreign workers behind the u. s. canada and the united arab emirates. in addition to complex immigration procedures the oecd also said francis high cost of living and it's relatively low salaries were discouraging workers from migrating their. skilled but is that's what we need has made some sterling you can thank you very much indeed you can avoid that with the business was taking a short break here on france24 to stay with us much most of the. com 11/22/17 11/22/17 [captioning made possible by democracy now!] amy: from pacifica, this is democracy nonow! demandsis a moment that a frank and honest assessment about where we stand in the safety of women. might" norahs o'donnell responding about sexual misconduct allegations against former colleague charlie rose, as

the oecd figures...ngs apart from productivity, for a sample big regional inequalities in the uk, would you think that is a valid point to be making? that is important, having a renaissance for the regions should be a key point of the regions should be a key point of the brexit britain we can build. people who voted leave felt that britain and the eu word too much for the elite. what about the point that the elite. what about the point that the home secretary that it is —— made that the prospect of no deal, says amber rudd, is unthinkable? that's pretty unqualified, how she put it at a parliamentary committee hearing. unthinkable, no deal. would you agree? we all hope for a deal and the ideal would be that we get a deal but we must prepare for every eventuality. we have a situation where the european union wants us to agree to pay large amounts of money just to have discussions. how can we agree a price until we know what we are paying agree a price until we know what we are ' agree a price until we know