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

maria tadeo is in venice oecd with the -- is in venice with the oecd secretary-general.maria: we are joined by mathias cormann. you've an interesting life history that we just talked about. a big, global vision. this is important and you want to get this deal on the table approved. we know there are a number of countries that have an issue with the rate. what is going to happen sunday? mathias: this has been a long process. all g20 countries have agreed to the fundamental framework. the digitalization of our economies have created inequities -- has created and equities. the deal that is on the table now and that was agreed by 131 countries around the world is a very fear -- fair deal. maria: i know the irish government have said we could work to tax profits to countries were services are made but we cannot agree to that 15% tax rate. do you see a hybrid solution or is this a package both need to be in? mathias: reform has two pillars. one is what you described. ensuring larger taxes also -- larger coming to also pay taxes in the markets where they generate profit. then t

in the oecd framework and the administration's tax report -- tax proposals, they're going to be strong incentives to prevent companies, multinational companies from continuing to locate in tax havens. i'm talking about is the removal of tax deductions that multinationals currently benefit from when they are in low tax areas. once you have 90% of the global economy on board, the rest have a strong incentive to follow. joe: what do you see as the goal of this? suppose all this two ends implementation. -- all this does go into implementation. what has been achieved? >> this is fundamentally about changing the nature of competition in global economies. instead of companies competing based on locating in a tax haven, now they are going to compete based on their ability to innovate, their ability to hire workers with skills and ingenuity, their ability to produce products that could be sold over the world. i like our chances in that competition. for us, this is about having self-confidence in who we are in our economic model and how we can compete in the global economy. caroline: as we know,

getting headlines coming through from the oecd.dicating the global tax overall that all of the g20 countries are now backing a global minimum corporate tax. that breaking in the last few minutes. the global tax overhaul is being endorsed by 130 nations. we understand the details, remember this is being done under the stewardship of the g20, which is under the stewardship of the italians at the moment, that the agreement will be finalized in october. we will get details there. the oecd timeline includes a plan for implementation in 2023. taylor: perhaps it will be a big win for janet yellen, the treasury secretary who has tried to spearhead some of these conversations. you'll have to correct me if i miss speaking. when this was announced, we had a lot of these conversations in early june. countries like ireland, which i'm taking a look at the oecd right now, they have a 12.5% corporate tax. i think they came out and said yeah, right. i don't think so. i am curious to see ireland, hungary, switzerland, how they respond, if they are p

has proposed a 15% global minimum tax at the oecd. however the administration's domestic tax agenda includes raising our current global minimum tax, the guilty tax, effective rate to more than 26%. and the administration appears to be pushing for changes to u.s. law before any other country has even enacted a global minimum tax. a number of countries have pushed back on the idea, including ireland, hungary, and india. and most notably, china. in fact, there are reports that china will not sign a global minimum tax without carveouts for its companies and tax policies. so my first question is, is the administration's position that the u.s. should increase its global minimum tax, the guilty, or its minimum tax to an effected rate of 26% before others, including china, enact a minimum tax themselves? >> we have proposed a global minimum tax effective rate of 21%, not 26%. and what we're working toward internationally is a global minimum tax that is at least 15%, and hopefully higher than that. what the g7 agreed to in london last week was

for direction after another record in the united states. 130 countries and territories sign up to an oecd plan on corporate taxation. the hurdles remain with next week's g20 meeting in focus. opec-plus talks break down. the uae blocks april limit area deal to hike output caused by saudi arabia and russia. wti trades above $70 -- $75 a barrel. i'll come to the program, everybody. 7:00 in london. good morning to you. the cash equity session here for this friday morning in europe, just under one hour away and this is what futures look like at this early stage of our trading day here on the european market open so euros stoxx 50 futures up by .3% as our ftse futures. in yesterday's session, we saw gains for u.s. and european stocks. six days of gains on the s&p 500. reflation trade back to the four, boosting oil stocks, one of the themes, and we will get to that with opec-plus as well. futures to the upside. a little flatter and more mixed in the united states. once again, we see this in divergence between the reflation trades and the tech trades. nasdaq futures point to the downside. if we h

the oecd calls the proposal there. haidi: we see that reflation trade fading fast globally including here in asia. let's look at how we are setting up for the friday session. sophie: we are seeing a risk-off tone for market. futures posting lower as numbers continue for regional stocks in a shot, set for the biggest weekly drop since mid-may. at around pre-pandemic lows. hong kong stocks have been the worst hit in the region. the hang seng in the red for the year and the hang seng text gauge eyeing a bear market. they also have deepened amid the tech crackdown and switching out the chart, division signals from authorities have pushed the china 10 year yield to an 11 month low, breaching that 3% level for the first time since august and over at citi, they say we could see a push towards 2.95% among this unwind of expectations and fears for china. we are seeing the offshore yuan hovering around the 650 level. and switching out the chart amid the global bond rally, treasuries are on course for the best week in 13 months a

anna: the oecd secretary-general talking about tax.t of people are going to be talking about tax, central bankers and government ministers meeting in venice. the group's formal endorsement will be a key milestone after years of arguments on the subject. joining us is maria tadeo who is in venice. what do we expect on tax? >> we did get here in about an we just saw janet yellen with a big delegation on a boat. you know, this is really a meeting finance ministers already say will put forth a tax revolution. you are looking at a corporate minimum tax of 15% but also something that in particular for the europeans is key. this idea they will now be able to tax companies that operate in their countries and won't be able to shift profits into lower tax countries. that is something they are looking for. yesterday i did speak with the head of the oecd and he said, look, we are confident we are going to get a deal by the end of the week. we know it is a situation that will require a lot of negotiating. in particular with the irish. but we are su

according to the oecd, we could see an increase in tax revenue of around $150 billion on an annual basisbased on this minimum tax. the second step for both countries is even more important than the effective rate. the fact that it would allow countries to tax based on market jurisdiction. it could put an end to profit shifting. there's been a conversation for years now that some of the big companies, particularly big american tech, goaded low tax jurisdictions and do not get taxed in the countries where they provide service. that could change if this goes ahead. it's 130 countries, 139. this was something put forward by the g7. it seems that it carries a lot of momentum going into the g20. as you mention, there's a few hurdles to clear. dani: what are those hurdles? are those low tax countries, do they seem to be going along with this idea? maria: there's not been a lot of naming and shaming of those countries that have not signed up for the solution. i'm sure you could guess who they are. yesterday, the irish government already responded to this, saying they would in principle agreed to

there might be other approaches, but many oecd countries do permit expensing of r&d. this is something we would want to work with you on and find a way to be supportive of more tech support for r&d. i would mention the president's budget proposes to repeal the foreign derived and tangible income feature of the tax law. >> madame secretary, can i interject? >> -- finance this. >> why is our proposal not in the president's green book? >> i think the president -- the president has proposed to repeal the fdii exemption, and to use the money for supportive r&d, but wants to work with congress to decide on what is the best approach to doing that. certainly open to this strategy. >> okay. well in consultation with other eminent economists and learned individuals, policy experts and colleagues alike, they believe that we would get a lot more bang for the buck through the american innovation and jobs act with senator hassan than we would through the fdii manipulation that you mentioned, and the two are not entirely equivalent. i'm going to move on in light of time limitations

will be hard to see how they do that with two taxes, one from the europeans and the other from the oecdconversation will be very much about that digital levy. if i could, a very quick word for our italian viewers, i have to say, well done yesterday in the game. just a very quick word. an incredible turnaround of that italian game. i had a great night. anna: there we go. i on the other hand did not have a great night, but we don't need to go in all those details. [laughter] when you don't have possession, it is hard to do anything with it. maria tadeo with the latest. she was getting sounds on what we are expecting from the euro final just ahead of the weekend, and covering the tax story in venice for us. let's tell you what is coming up on the program. get ready for guidance. christine lagarde tells bloomberg that investors should prepare for a policy change in the next 10 days. hear more from our exclusive interview next. this is bloomberg. ♪ anna: welcome back to the european market open. 20 minutes until the start of cash equities trading for this monday morning. futures fairly flat,

is the only major advanced economy where the oecd projections of future outputs are higher today than they were in january of 2020 before the pandemic hit. and america was ranked first in the bloomberg covid resilience ranking. it is a direct result of the american rescue plan, and at the time people questioned whether or not we should do that even though we did not have bipartisan support. well, it worked. the budget office predicted economic growth would be 3.7%. yesterday, they doubled that number to 7.4%, in large part thanks to the american rescue plan and our work to defeat the virus. the last time the economy grew at this rate was in 1984 and ronald reagan was telling us it is morning in america. well it is getting close to afternoon here. at the time, the cbo revised their projections down. the american rescue plan is strengthening our financial position and it grows our economy. in the strength of area economy is helping us flip the script. instead of workers competing with each other, employers are competing to attract workers. that kind of competition doesn't just give the

is the only major advanced economy where the oecd projections of a future output are higher today than they were in january 2020 before the pandemic yet. and america was ranked first in bloom burgs covid resilience ranking. none of this happened by accident. again, it's a direct result of the american rescue plan. and at the time people question whether or not we should do that even though we didn't have bipartisan support. well, it worked. in february, the congressional budget office projected 2021 economic growth would be 3.7%. yesterday, they doubled that number to 7.4%. in large part angst to the american rescue plan and work to defeat the virus. the last time the economy grew at this rate was in 1984 and ronald reagan was telling us it's morning in america. well, it's getting close to afternoon here. the sun is coming up. at the time cvo revised their long-run deficit projections down as a share of gdp that they just have done. so the american rescue plan is strength in our financial position and it grows our economy. it's continuing to grow our economy. the strength of our recove

the oecd has been putting up suggestions for what i global minimum tax should look like.e are a lot further down the road than it may seem. if you look at the holdouts, it is largely small but wealthy countries, and then a number of developing countries. if the concerns of that group are going to be addressed, if not all of them are on board, i think we got consensus. we've got the big countries there already. but importantly, the u.s. is behind this. china has come on board. i would expect to see something implement it probably in 2023. if not that, then 2024. taylor: how do people prepare in the next year or two for if those holdouts stay? some of those loopholes that might be able to allow avoiding a 15% and minimum -- a 15% my mom tax, will those exist? tim: there will be very few loopholes eerie of the biggest loophole, you could say, is that any company below a certain threshold of 750 million euros of turnover per year, if you are an sme or even a pretty large or medium size business, you don't have to worry about this anyway. if you are a big is this, it is not on

that's the point >> reporter: china signed on to the oecd framework to get rid of the digital servicesy country will have to implement it that is when taxes gets involved and it gets really tough. >> it certainly does if singapore, not big physically, but with growth business says no thanks. we could see corporate headquarters relocating there. ylan mui, thank you. >>> it is not just stock futures down this morning. oil prices are down for a third session. joining us now is senior analyst. l louise, thank you for coming on. do you think there are growing concerns that the longer this opec tussle stretches out, the more likely it is the uae could go its own way and other countries ignore the rules and pump whatever they want? >> brian, that is correct. the market panic has pivoted from fearing the oil market in short supply to actually a breakup of opec plus and, in fact, overproduction, free-for-all scenario. ala pre-pandemic >> you know, we interviewed the saudi minister yesterday salman he was confident if the new deal to add more barrels could not get done, that the current deal whi

the europeans are actually pushing for both pommel and that is eu and the second that is oecd. lot of this is probably due to u.s. pressures, that the european union has since cited -- has decided to postpone the announcement of that european digital tax, so in principle, to cut a long story short, we are looking at just one type of taxation, not two. the reason for this is very much political. the united states has to vote on this thing. it will have to go through congress. for the u.s. delegation, saying we are not only going to tax you on one front, but coming home with two new taxes. guy: thank, indeed. we will be catching up with maria a little later to talk to the austrian finance minister. elon musk testifying in wilmington, delaware in the trial over tesla's $2 billion acquisition of solarcity. musk accused of overpaying to acquire the company and failing to disclose how deep the business was in terms of financial trouble. dana howell covers tesla. what else are relearning here? reporter: right now, musk is being questioned by his attorney, going through the rationale f

also this week, we saw the oecd region agreement with 130 countries endorsing a global minimum tax of at least 15%. says bennett priority for president biden and our economic strategy from the beginning of this administration to try to galvanize the global effort to actually and the race to the bottom on taxes and to encourage multinational companies to invest and compete on quality and price and not the effectiveness of the be able to strip profits into low tax jurisdictions. to an important milestone in our effort to get that done. i just wanted to also let you know in terms of actions that we are focused on to try and help address issues that consumers are facing with increased competition and lower prices. i want to confirm that there was some reporting this morning that the president is indeed intending to direct department of transportation to engage in a series of rulemaking to protect airline passengers and promote fair competition in the airline industry. this may sound esoteric that i will make it simple for any of you who are intending to fly now that that's more available.

also this week, we saw the oecd region agreement with 130 countries endorsing a global minimum tax of at least 15%. says bennett priority for president biden and our economic strategy from the beginning of this administration to try to galvanize the global effort to actually and the race to the bottom on taxes and to encourage multinational companies to invest and compete on quality and price and not the effectiveness of the be able to strip profits into low tax jurisdictions. to an important milestone in our effort to get that done. i just wanted to also let you know in terms of actions that we are focused on to try and help address issues that consumers are facing with increased competition and lower prices. i want to confirm that there was some reporting this morning that the president is indeed intending to direct department of transportation to engage in a series of rulemaking to protect airline passengers and promote fair competition in the airline industry. this may sound esoteric that i will make it simple for any of you who are intending to fly now that that's more available.

announcement by the we cd that 130 nations have agreed to a minimum 15% tax rate -- announcement by the oecd. >> the agreement is for the 100 biggest companies. this is for many, many more. from i think mostly europeans for more sides of the world, and has the potential of financing sort of our common costs of the european union among recovery and resilience plans. >> the united nations generation of olive or wrapped up friday, its goal to promote gender equality. in the u.s., the situation has been improving in recent months, particularly within the white house. female biden administration staffers earn a gap of less than 1% of male counterparts, compared to close to 30% during the trump administration. progress there, but still a bit of a gap. >> thank you very much for that. let's bring you today's "focus" report which takes us to spain where nine separatist leaders were freed last week after the spanish government pardoned them. pedro sanchez hopes his gesture will lead to reconciliation in the northwestern region, but separatist call the move insufficient, and unionist say the move is a

. >> 130 nations have signed on to support a global minimum tax according to the oecd. under the deal, multinational firms like u.s. tech giants google, apple, facebook, amazon, would have to be taxed at a rate of 15% at least. the u.s. treasury secretary hailed what she called a historic deal that brings the world one step closer to ending the race to the bottom for corporate tax rates. clear divisions still remain, though. nine countries involved in negotiations declined to sign on to the negotiations, including hungary and ireland, where many u.s. tech giants keep their equity. >> it is and ambitious, global, and innovative agreement. i will continue reaching out to my european and international counterparts, and i will ask them to make all the necessary efforts to join this historic agreement. >> time now for a look at economics. wall street kicked off the second half of the year in the green. airlines and energy stocks gained. the dow and s&p closing up. european indexes got a good start to the second half as well. new data out or stay manufacturing activity on the

. >> the second part could raise oecd estimates 150 billion pounds per year.s at a time when we are talking about the fact that we need to see a recovery that builds back better, but where is one going to come from? this isn't something that's just arrived, it's been about a decade or so in the making. this started in the aftermath of the financial crisis. how do we have a fairer growth system around the wld? it has taken many years to get to this wind. it is not over yet, but the aim is to get aystem in place and up and running by 2023. ♪ ros: hello, i'm ros atkins with "outside source." our lead story comes from new york. the trump organization cfo, allen weisselberg, is being charged with tax fraud in new york. bad news, i'm afraid -- it has been engulfed by a wildfire. the latest images in british columbia. >> are house is actually doing pretty well so far. ros: the population of 250 has been told to leave. lytton recorded the temperature 49.6 degrees celsius on tuesday. let's hear a report from 11:30 in vancouver. >> the entire town was evacuated with ver

reporter: this modest press release from the oecd could have a huge impact on the global taxation systeme newly agreed minimum tax rate could add as much as $150 a billion to government coffers worldwide. germany's finance minister says the deal is an enormous step forward. >> this will stop the race to the bottom. as democratic states, we can now decide for ourselves on a fair and appropriate level of taxation. we will no longer have to watch out for tax havens and tax avoiders, and multinationals that pay hardly any tax. reporter: the push to secure international agreement for the global tax rate came from the biden administration. now, the u.s. government will have to impose them on its own corporate giants, and some low tax economies including ireland and hungary are not signing up. brent: thousands of women are protesting in istanbul against the turkish government's formal withdrawal today from an international treaty against femicide and domestic abuse. the istanbul convention is the world's first binding treaty to prevent and combat violence against women. president erdogan defend

oecd things it could be higher. that puts the american rescue plan -- our work is going to move forward. we are close to defeating the virus. the last time the economy grew at this rate was in 1984 and ronald reagan was telling us it was an american morning. this is going to be an american century. [applause] with my american families plan, and other elements of the agenda, experts on wall street have said we will create millions of good paying jobs for decades to come. i am going to be making the case to the american people until the job is done, until we bring this deal home, until we meet needs of families today and tomorrow. this -- by the way, the american national plan for infrastructure is paid for. it is paid for. this plan i am talking about, which is expensive, guess what? that is paid for as well. let me tell you how we are going to pay for it, over the last couple of years, 55 of the fortune 500 companies, making billions of dollars, did not pay a single penny in taxes. not one cent. i hope someday my gr

and the oecd, organization for economic development, warning covid is getting worse, the delta variant. we have data showing we're going to go straight to a special report and the president of the united states talking about afghanistan. >>> this is an nbc news special report. here's peter alexander. >> good day to you, we are coming on the air right >>> good day we are coming on the air with breaking news. president biden about to update the draw down in afghanistan. the taliban is making large gains. here's the president. by our ser military, and national security leaders on the status of the draw down of u.s. forces and allied forces in afghanistan. when i announced our draw down in april, i said we would be out by september. and we're on track to meet that target. our military mission in afghanistan will conclude on august 31st. the draw down is proceeding in a secure and orderly way, prioritizing the safety of our troops as they depart. our military commanders advised me that once i made the decision to end the war, we needed to move swiftly to conduct the main elements of the dra

last week, the oecd managed to get 130 countries on board.as soon as 2023. oecd's current plan would bring in an extra $150 billion a year. >> the absence of a solution and trade wars. taxation would harm innovation. dani: technically this might be a historic crackdown. the 15% would be higher than ireland's level of 12.5%, but lower than all g7 and eu nations except for hungry. island and hungary are the go to in europe, including google, apple or facebook. for some, it is not ambitious enough. >> 15%, there is still a big drop ahead of us. we need a minimum corporate tax rate close to the level where we are now on average. that would mean we have to be at around 25%. dani: those most at risk might be the zero territories. they might choose to be exempt. including british overseas territories like bermuda, the cayman islands are under pressure as britain hosted the g7 meeting. the approximate $7 billion going through those islands, it might be the end of the game if global powers find a way to agree and implement a 15% global tax. anna: dani

the first part of that will redistribute tax take around the world, the second part could raise the oecd we are all talking about the fact that we need to see recovery that builds back better but where is the money going to come from? this could be part of the answer but this isn't something that has just arrived, it has been a decade orso arrived, it has been a decade or so and the making, these conversations first started in the aftermath of the financial crisis when the emphasis there as well was how do we have a fairy growth system around the world, it has taken many years to get to this point. it is not over yet but the aim, we are told, is to get a system that is in place up and running by 2023, it might sound a while off but in tax terms that is a pretty fast turnaround. prince william and prince harry have unveiled a statue of their mother, diana, princess of wales on what would have been her 60th birthday. the duke of cambridge and duke of sussex, whose relationship has been strained in recent months, met for the first time since the duke of edinburgh's funeral in april. our roy

according to the oecd and math china's number one. china number one.rica still view slovenia yes slovakia can you scroll it down a bit, here we are number 37. united states ahead of basket case at belarus. maybe on the esco mother liberals in dallas should agree to send their kids to schools and belarus same results but a lot cheaper even with the cost of the plane tickets.os to go back to the government statistics, at 43 percent 41 percent of whites at 37 percent of blacks are in college. those numbers are all away to hide because most of those quot unquote students are not learning anything worth knowing. staying in school to a great 28 or 37 is a waste of life. each of china graduates getting close to ten times that more stem students than america does because stem is difficult and doing class except winston or you no longer need to know that an org or english at gill we ca no longer need to know shakespeare it isn't difficult our all. methods important american educators at think math is racist. it's not hard to see where the ends. we are always at

do those withinj hospitality not paying the highest property taxes in the oecd highest property taxescd and have a chance of recovery from that. do those within be very close to other people in bars and restaurants, there will be a lot of nervousness out there, isn't there? , ., nervousness out there, isn't there? , . ., there? there is, and we need to work without. _ there? there is, and we need to work without. two-thirds - there? there is, and we need to work without. two-thirds of - work without. two—thirds of customers have come back to the hospitality sector since reopening in april, and reassuringly, over 80% of them tell us that we believe we are safe, and we can allow them to socialise safely. this will be a gradual iteration, there are lots of changes that have happened within hospitality over the course of the crisis that many businesses will want to keep moving forward, is a table service, using apps to order and pay forfood table service, using apps to order and pay for food and drinks, those will be kept for a lot of people, equally a lot of businesses will continue with

i think there are good conversations, and we support the global oecd conversations figuring out what what's your policy on screen time for kids? i think this generation needs to learn to adapt to technology. it's going to be a big part of their lives, so i've encouraged them to develop boundaries on their own, but i've approached it as a journey of personal responsibility. how worried are you that, today, the internet seems to be splitting into different domains, where we have a kind of californian internet and increasingly a chinese one, and the chinese one might be in the ascendant? the free and open internet has been a tremendous force for good, and i think we take it for granted a bit. but i do think the model is being attacked. and so i think it's something we take for granted, but i hope we can stand up, particularly in countries with strong democratic traditions and values. sundar pichai is clear, it's up to democracies, as much as any tech giant, to shape our digital future. amol rajan, bbc news, in silicon valley. huge challenges there for google, for sundar pichai i and for

leaders of the oecd pushing this are hoping to get approval for this later this year when the g20 mateeets. and then the plan would go into effect next year. yvonne: we heard from janet yellen saying, she is optimistic about this. she offered her rough framework so far. what are really the chances of this going through in the u.s.? >> well, the big issue is that for pillar number two, that is one that congress can pass on a simple majority in both houses. democrats control both houses. that is something that, if the bind and demonstration wanted to happen, likely it means it will happen. pillar number one is the problem , the one calling for companies -- that is something that, if the biden administration wants it to happen, it likely means it will happen. pillar number one is the problem and that likely means an international treaty and passing a treaty needs a two thirds approval in the senate. it is a 50-58 senate and getting the republicans to vote for just about anything. biden administration wants is a hard slog. getting all the way up to two thirds of the senate to agree to some

that is the reaction initially and we also know, however, that as much as this is agreed on for the oecdevel and support from many countries, it has to go through national parliaments and governments and it will take some time before it gets approved. i think that there's not going to be a lot of appetite in the united states for that global minimum tax, as already shown by the republicans coming out on that front. shery: we continue to hear about regulatory plans. they made sure to include amazon. is that an issue? ben: i think it is not an issue for the broader market per se. sure, amazon could be affected by this company and it has weight in the index that is reasonable but for the broader market, it does not, really because if you want to target specific companies or sectors, you are really going after that particular aspect of markets so again, it is more the relative value idea than broader markets. but the global minimum tax is a new thing that was looming for some time and ultimately does lead to more competition. if you are getting more competition in the marketplace, it also le

the former oecd chief economist , catherine man, endorsed by the treasury committee for the post at the bank of england. tom: this is a huge deal for prime minister johnson this brings to him the authoritative trade voice on trade deficit and trade surplus. she is absolutely definitive. catherine mann out of m.i.t. her book 20 or 30 years ago, is a trade deficit sustainable? , was required reading. this is an inspired choice by the u.k. jonathan: on central-bank appointments, let us talk about the federal reserve. pushing the story forward with the following headline -- chairman powell and joyce support for reappointment, but he is not a lark. " biden's selection is likely to be the choice between keeping the current chief or replacing him with one of its well regarded colleagues, governor brainard." just a bit of a push forward on that story from the wall street journal. tom: a well-written calendar item. it is the third week of july. not so much after labor day, but let us go into october. jonathan: chairman powell in february. taylor, what is your take? taylor: i am always interested

australia is the second vaccine rollout among countries on the oecd. vonnie: lack of legal protections left asia's domestic workers among the hardest hit by covid. the implications with the international labor organizations. investors i potential problems. we bring in the details. this is bloomberg. ♪ ♪ david: we are looking ahead to u.s. bank warnings with three new ones set to report, wells fargo, city, and bank of america less in-line. morgan stanley numbers come up and a day after that, j.p. morgan and goldman sachs stocks hit despite a blowing away analyst estimates. second quarter revenue of jp morgan shows opportunity bounce with consumers emerging from pandemic lockdowns. >> house values are up your stock values are up. incomes are out. savings are up. the pandemic is in the rearview mirror. hopefully nothing gets worse. home prices, auto agencies, they could be much higher if supplies constraints go down. yvonne: it doesn't seem like the market, not as optimistic as jamie dimon himself. >> investors looking beyond this latest quarter which jam

government has been trying to have them postpone this digital tax while they come up with a comprehensive oecd to get done a more comprehensive global tax. if they go their own way, it could be harder for the administration to push through any sort of global taxation through congress. there is a ton of questions. you still have holdouts. hungary, estonia, ireland. this takes away their leverage to get companies to go to their country. what kind of negotiating leverage does janet yellen have given the fact she needs to wrangle together congress to get the u.s. on board and the parameters of that? >> it is a very good question. right now the leverage they have is global momentum. i spoke to the german finance minister after his meeting with the secretary and he said the train is going. given the fact you have so many countries even in the developing world coming on board. you go to the point that this goes the hands of congress. republicans do not like this and it will be very difficult potentially through budget reconciliation they can get 15% global minimum tax. that other pillar, they need tw

here that india, china, turkey, and some others opposed to the deal are now on board according to the oecdbroadly, the deal would make multinational companies pay an effective tax rate of at least 15% and get some smaller countries more revenue for smaller countries, and it is seen as a big room for governments, almost $150 billion in extra revenue for governments, which is a help message, given the massive budget shortfalls in the covid era. there was some disagreement around what was struck in june. this revised agreement, the process could be reallocated with 20% to 30% of residual profit, slight change there, and companies with revenue about 20 billion euros will be subject, so reportedly, amazon.com will be subject to tax and local jurisdictions, which was a bit of a thorny issue about how to count that tech giant. still a ways to go, though, and a small group of nations including hungary and ireland have not yet joined, so the focus is on those two, among others. juliette: you mentioned thorny issues. what are some of the other big obstacles ahead before this will take full effect? >

but the un and the oecd estimate that, by 2018, the total had reached nearly $79 billion and it won'tng went to asia, 25% africa and 17% to the americas — a lot of it spent on green energy or transport infrastructure. within the g7, the united states and italy in particular have been lagging behind their promises, but a big push to increase the overall amount of money provided is certainly on. we have had many key discussions about that in recent days and i have personally spoken to the president about it. president biden has indicated his complete and total commitment to helping to make that happen. let me just say that from my point of view if the west, the developed world, or whatever you want to call the conglomeration of large economies, if they don't come together and produce that it will be exceedingly hard to get any kind of broad—based agreement. here's a crucial point — by 2018, about three—quarters of the public money made available for climate action in developing countries was in the form of loans that need to be paid back, rather than grants that don't. the share of gran

it is interesting i did speak yesterday with the hood of -- the head of the oecd.ll package. it is a two-step solution and we want to carry that through. i asked is that going to be a problem that countries like ireland are not playing ball, that they are holding out? he said they are confident there will be a solution come sunday. which again he described as nothing short of a tech revolution. i did ask whether we could see a hybrid solution meeting you agree to the proper rotation but you don't agree to the tax rate. he said that at this point is not an option. it is hard to see how you bring consensus with countries like ireland about this. dani: what does it ultimately mean for big tech? >> this is for them something that i have to say is not going to come as a surprise. they knew the political mood was changing. they were heading into a system where they would have to pay more taxes, certainly in europe. they make a good point on this that the fact you have a global solution, one set of rules for everyone across the world, across every major country in the wor

the oecd annual conference. claims as well. i am less interested in claims.s a guide but not a particular accurate one. guy: you go -- taylor: you go from the u.s. economy to a rally in the u.s. market. the sell on amc and gamestop. taylor: you told me -- guy: you told me earlier on i am the sell signal. if ed is the buy signal, good for him. coming up, the united states. this is bloomberg -- the russian ambassador to the united states. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. >> from the world of politics -- >> clearly time will be the enemy of congress. there is not enough time. >> to the world of business -- >> the world econo

is the only major advanced economy where the oecd projections of future output are higher today thanre in january 2020 before the pandemic hits. reporter: a key to the economic growth in america was the vaccines, with 156 million americans fully vaccinated, about half the entire eligible population, people are out spending money and getting back to work. and traveling. thursday, 2.1 million people were screened at airport security checkpoints in the u.s.. that is higher than on the same day pre-pandemic. the jobs report outlined several sectors of growth, leisure and hospitality, everything from hotels and restaurants hiring again. public and private education. teachers and staff headed back to class as kids go back to school. the u.s. economy is clearly rebounding. but there are still around 7 million americans who lost their jobs during the pandemic who have yet to find work again. and here in new york city, analysts say 21% of office spaces have no tenants, prove perhaps that even as more americans are expected to return to the office this summer, many are still working from home.

australia had the worst rate in terms of vaccination of oecd countries. what is the problem?had some supply issues. initially we had astrazeneca on rollout. obviously for one reason or another we were not able to get delivery of that. we also stood up our own homegrown process when it comes to astrazeneca and our scientific body, which advises us on the rollout of the vaccine advised we would have to limit astrazeneca to those over 60. that will obviously put a halt on our ability to rollout the vaccine. right now we have supplies of pfizer coming into the country and we are about to ramp up quite considerably the vaccination rollout, and we are reasonably confident we'll be able to offer every australian a vaccine by the end of the year. we are about to see a massive ramp-up in our vaccination rollout and we are hopeful that by christmas everyone will of been offered a vaccine who wants want. annmarie: right now three states are still in lockdown and those will stay until you get the vaccine? minister tehan: no, we are hopeful through those lockdowns we will be able to press

talking about the, you know, the oecd and how it disproportionately affects american companies.hy in the world would we be thinking i am going to put this in simple terms, why would we take taxpayer dollars and money generated in the u.s. and transferring to europe to fund their social programs? that doesn't make sense. shouldn't we be looking at increasing revenues for americans, not other countries? >> gentleman's time has expired. i'll let the treasury secretary, if you would like to give a brief answer, madam secretary. >> well, i think that the global economy has changed substantially in ways that source of income and residency of corporations is not clearly the proper basis for all tax collection decisions. >> thank you. let me recognize the gentleman from virginia, mr. buyer, to enquire. >> thank you, mr. chairman. madam secretary, thank you for coming to about with us. my republican friends keep making these specious empty arguments because someone somewhere illegally leaked taxpayer info on a handful of american billionaires, we should give all americans a pass on payin

i think when you get into the details of what the agreement was reached with the oecd, you see there's still some holes in the rate, in the base, and those issues are going to have to be worked out why are we having this conversation first joe biden wants to raise taxes on u.s. multinational income they're worried about raising taxes on the u.s. and taxes outside the u.s. not going up at the same time. so, they want a proportional shift. and second to your point in the opening about tech companies, tech companies are being hit with discriminatory taxes called service taxes. this is a negotiation to create a new global wind fall profits tax on companies that would be based on where they're located so, there's two different taxes there. one is a wind fall profits tax the other is a global minimum tax. and it is very much integrated into the negotiations with the u.s. on corporate tax reform that you'll see congress debating over the next few months >> i'm sure there's got to be something in it for these other countries to go along with it and maybe saying they'll pay tax based on where t