alix: oecd deal, just say it real fast. within the markets, it looks like we are buying energy, we are buying value. energy up almost 3%. wti at $80, the highest level since 2014. financials getting a nice boost as well. outside that, the s&p tech leading the way. the nasdaq 100 trading a little heavy. i should point out volume not great across the board for all the major indices. the nasdaq 100 off by 0.25%. this could be a reason why you are seeing a nice bid to financials. the twos-tens curve steepening at 1.28%. the front end really anchored by the fed if we are going to make that this tension between the taper and any kind of hike on that jobs number. the back end for yields being led higher. his because of the u.s., or what is happening in the u.k.? potential growth issues in the u.k. dragging up that long and. -- that long end. guy: alix continues to blame us for pretty much every thing at the moment. [laughter] it is not all our fault. maybe the gilt market has been having it is proportionate affect, but nevertheles

this agreement at the level of the oecd is clearly a tax revolution. a tax revolution which will lead to less unfairness, to more justice, more efficiency. more on this now, daniel bunn is at the tax foundation and joins metlife from baltimore. this has been in motion since about 2015 and quite a big deal —— joins me now live. it -- joins me now live. it certainly _ —— joins me now live. it certainly is. this is a deal, as you mentioned, for a generation or even multiple generations. it's been about 100 years since this sort of agreement has been met and get there is still a lot of road to run as far as implementing the deal by seeing whether countries actually follow through on their commitments and of course the impact on businesses and the global economy. businesses and the global economy-— businesses and the global econom . . ., . , economy. the concern is, i sunspose. _ economy. the concern is, i suapose. that _ economy. the concern is, i suppose, that a _ economy. the concern is, i suppose, that a lot - economy. the concern is, i suppos

this - agreement at the level of the oecd is clearly a tax revolution. a tax revolution which will lead to less unfairness, to morejustice, to more efficiency. to unfairness, to more 'ustice, to more efficiency. to eliminate tax havens — more efficiency. to eliminate tax havens and _ more efficiency. to eliminate tax havens and rake - more efficiency. to eliminate tax havens and rake in - more efficiency. to eliminate tax havens and rake in more | tax havens and rake in more from multinationals, hundred and 36 nations agreed to a new global minimum tax rate of 15% on a firm's income to stop them paying less elsewhere and for a large chunk of the profits paid to where they actually do business, ratherthan to where they actually do business, rather than where they are based. it will affect digital giants like facebook and amazon, with global sales in the billions of dollars, and healthy profit margins. the oecd expects it will bring around a in new revenues per year, and taxes on $125 billion of profits shifted to countries where big multinationals and t

this agreement at the level of the oecd is clearly a tax revolution — a tax revolution which will lead to less unfairness, to more justice, more efficiency. i've been speaking to daniel bunn at the tax foundation about the significance of this deal. this is a deal, as you mentioned, for a generation or even multiple generations. it's been about 100 years since this sort of agreement has been met and get there is still a lot of road to run as far as implementing the deal by seeing whether countries actually follow through on their commitments and of course the impact on businesses and the global economy. the concern is, i suppose, that a lot of people have been voicing, that the big companies that are being targeted in this — the googles and the facebooks — they've found ways to get around things in the past and they may well be able to get around this? that's one of the concerns. now, this deal is targeted certainly at the largest companies and in some of the methods that have been used in the past to shift profits. there are some carveouts for payroll and tangible assets so where

that agreement, orchestrated by the oecd and to which more than 130 countries have signed up to, includes a 15% global minimum tax rate, as well as new rules to force multinationals to pay more in the countries where they do business. in the us, the deal needs to be ratified by congress and perhaps with an ion that the uk, france, italy, spain and austria which i all introduced their own digital services taxes agreed that multinationals are affected by the changes would be given a credit that could be applied against future tax bills. so, a us-eu against future tax bills. so, a us—eu tariff war over digital taxes has been averted. at least for now. at least for now! the final last words! susannah streeter is senior investment analyst at hargreaves lansdown. has everyone won here or has no—one the war on tax? 0r or is it another battleground where everyone is happy to take their little victory and walk away. it their little victory and walk awa . , , ., their little victory and walk awa. ,, their little victory and walk awa. away. it is slow progress but certainly _ away. it is slow pr

. >> of course, most countries sign up for this within the oecd and you even managed to get the likes of ireland on board, agreeing to this. the 15%. the rules though are always the joy of accountancy to certain extents, finding legitimate legal ways in many ways, a fiduciary duty to your shareholders, some would say, applying the most limited way to pay or tax dues. where will they go? can you see loopholes where we would see companies managing to lower their effective tax rate? elise: we haven't seen the language yet, so we don't know, but those countries are going to be doing the infrastructure, the court systems, the law enforcement they all need to. sonali: i wonder if any special considerations should be made. how are these tech companies doing it, moving the profits abroad? elise: there has been a lot of gameplaying. apple is the poster child for that, playing between the court and irish law and when it became public it really triggered a worldwide conversation about the tricks that were going on and how corporations were playing one country off another so that they didn't have

on the eve of a key oecd meeting between 140 countries, the irish government said it will join the push for a 15% tax on company profits. we will be speaking to ireland's finance minister, pascal donahue, in an exclusive interview. armin laschet is prepared to step aside as the head of germany's cdu after the conservative electoral defeat last month. in a video call with party members, bloomberg understands laschet says the cdu needs new blood across-the-board. the social democrats say they got off to a good start in coalition talks with the greens and the pro-business free democrats. the u.k. has eased entry rose to 47 countries and territories that were previously subject to the tightest covid restrictions. visitors from south africa, mexico and brazil are among those who will be able to avoid a 10 day hotel quarantine as they are removed from the red -- so-called red list. the u.k. will also recognize vaccine certificates from more countries. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. t

you are starting with the oecd today. the countries have agreed to a landmark global tax deal. what do we know about that? cole: yes, pakistan, sri lanka, kenya and nigeria are the only holdouts bid it sets a new global minimum corporate tax rate at 15%, this after ireland finally back to the court, agreeing to lift its current rate from 12.5%. that is a big reason why it is the european home of some tech giants like google. the updated deal makes a 50% the standard minimum rate as of -- makes 15% this tandem minimum rate instead of a floor that can be pushed up in the future. it could keep effective rates closer to where they are today. anchor: the new minimum rate is a key part of the deal, but it goes beyond that, i assume. cole: that's right, it also agreed to tax large firms where they are doing business as opposed to where they are headquartered. 750 million euros in annual sales with a 25% rate when significant profits are made outside their borders. that is in excess of the firm's revenue. they hope this will take effect by 2023 but the fate is far from certain. there w

psaki: the federal reserve and the oecd and others have said inflation is six acted to come down. they continue to say it is transitory. it is a tenure package, but what is important about the package is that several economists have conveyed it would help address inflation over the long-term, which is something i think is in the interest of the american people, the public, and future governments. >> in the last 24 hours, north korea's press agency say they have reopened the hotline to south korea. what concerns do you have about the proposed -- i don't know if this is real -- the alleged missile? sec. psaki: we of course support and continue to support inter-korean dialogue and engagement and cooperation and we will continue to work with our r.o.k. partners to that end. as it relates to our engagement -- let me another missile launches -- so i don't miss that , we of course condemn any illicit missile launches. we are consulting closely with our allies as we assess the recent event and determine next steps. as it relates to our own engagement, which i think you were asking about,

prodigal son of ireland has forced, at last, the irish to accept 15% of tax instead of 12.5%, while the oecd and the eu failed for years to do that. i think it shows that joe biden has some leverage, at least in ireland, and it's welcome, because we do not need to have all these tax havens all over the place. the only caveat, of course, is thatjoe biden represents delaware, which is the biggest tax haven in the us. but he does a good job in ireland. laughter. marc roche, jef mcallister, celia hatton, thank you very much. that's dateline london. back at the same time next week. from all of us on the programme, goodbye. hello. last week brought us some heavy rain followed by some particularly warm weather. the week ahead, well, things will be much drier, rain mainly confined to the north of scotland, but it will be also cooler. temperatures will actually be around average but there will be incursions of chilly air towards the north and east at times, all running around the eastern edge of an area of high pressure which will dominate through this week. that's what's happening into monday, but w

the oecd expects it will bring around $150 billion in new revenues a year, and taxes on $125 billion of profit shifted to countries where big multinationals earn their income. so who will profit most? ., ., most? to the extent that it does generate _ most? to the extent that it does generate some - most? to the extent that it - does generate some additional revenues, they are almost all going to go to the united states and a few other countries, and that will leave everyone else pretty much where they were. everyone else pretty much where the were. �* everyone else pretty much where they were-— they were. also sceptical of this is the _ they were. also sceptical of this is the charity _ they were. also sceptical of this is the charity oxfam. i they were. also sceptical of i this is the charity oxfam. they this is the charity 0xfam. they said the tax devil is in the details, including a complex web of exemptions that could let big offenders off the hook stop this seachange has emerged following years of negotiations, with differences finally bridged stop under pressure from irelan

unfortunately i think we're going to see a high—level statement today where the oecd says, yes, everyone is still with us, but almost all of the technical looks like it is going to be pushed further down the line again and we start to wonder whether we are actually going to get that deal at all. goodness. ok. alex, thank you very much for the assessment. so not quite what it looks like on the chin. thank you very much, alex. to stay with us here on bbc news. cosplay conquers covid. it is the return of the comic con. this was a celebration by people who were relishing their freedom. they believe everything's going to be different from now on. they think their country will be respected in the world once more, as it used to be before slobodan milosevic took power. the dalai lama, the exiled spiritual leader of tibet, has won this year's nobel peace prize. as the parade was reaching its climax, two grenades i exploded and a group of- soldiersjumped from a military truck taking part in a parade i and ran towards the president, firing from — kalashnikov automatic rifles. after 437 years, the

now, i don't a lot has changed, but i would say that the biden—oecd tax plan, which we're going to get an announcement on later this week, about stopping multinationals shifting profits around the world is probably in part due to reporting like the pandora papers. ok, ok, but i want to go back to the whole notion of making these stories, if you like, sexy. again from my personal experience working on a tv documentary on the enron scandal, the producer had to come up with some really imaginative visual metaphors to try and keep the viewer engaged and hooked. and, alexandra, i'm sure in a sense the economist has to think hard about this, too. keeping the reader hooked. i think, absolutely. and also i think what unites both of these stories is it confirms things that people already suspected and didn't quite know. so, also how... everyone assumes that the wealthy and oligarchs kind of bend the rules and own properties in tonnes of different luxurious territories. and everyone kind of assumes that facebook chooses profits over consumers and societal welfare. how do you tell what might feel

these agreements of the oecd is the world. these agreements of the 0ecd is what we need to have more justice, more efficiency. let’s justice, more efficiency. let's cross life _ justice, more efficiency. let's cross life to _ justice, more efficiency. let's cross life to the _ justice, more efficiency. let's cross life to the canary - justice, more efficiency. let's| cross life to the canary islands where he can speak to alex. an economist that is the chief executive of the tax justice network. thank you very much. it is clearly an important evening. how significant is it, it depends on the detail. ., . , significant is it, it depends on the detail. ., ., , ., significant is it, it depends on the detail. ., . , . . detail. unfortunately, what we have seen today is _ detail. unfortunately, what we have seen today is almost _ detail. unfortunately, what we have seen today is almost an _ detail. unfortunately, what we have seen today is almost an unravelling | seen today is almost an unravelling of the end of the deal. it is ve

the meeting in paris of the oecd. nearly 140 countries are set to agree on a global minimum tax rate of 15%. islands of al noor and its low corporation tax on large multinational countries which successive governments have upheld. while in public finance minister announced the decision. this is the right decision. this is the right decision. it is a sensible and a pragmatic decision made by the government in the interests of our country, and ultimately a decision that i believe will be critical to conditions to create longer term certainty for businesses and investors. which in turn will be to the benefit of many thousands of employees in the future. we are going to be diving into the details of that story in the details of that story in the business news in about half—an—hour stop now, this weekend, iraq holds its general election, the fifth vote since the us led invasion that toppled saddam hussein in 2003. the country was complex party system remains largely defined by the act or ethnicity and there is little h

but despite that, the ecb forecast, the oecd forecast, the imf forecast is that information will exceed 2% this year. but next year and the year after that, at least in the medium-term, it will fall below 2%. david: just to quickly point out since we are talking about the rbi inflation and oil the currency is now positively correlated to oil which you don't normally see. inflation is coming out next week. u.s. 10 year yield is now at the forecast. consensus -- average consensus forecast for the end-of-the-year. here we go as we approach the u.s. jobs report coming up today. yvonne: 500,000, but as we were talking to our teammates here anything below that could make the mark. this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your re

>> we know that there will be in agreement on the oecd corporate minimum tax. this is something that in particular the europeans have been pushing and calling on for years. that is expected to be sealed. there are questions in terms of the real implementation, but the real debate this morning is more on the climate. that is where officials say they are concerned that we may not get a breakthrough here in rome leading into the cop summit. it could be a problem if it is seen as not being seen to it enough to hit the paris target. the real concerns are in the climate front and the expectation is that this will be very difficult and voices are becoming increasingly pessimistic on the fact that we may not get an ambitious deal. we know that russia and china are not attending this g20 summit. china is seen as the biggest country that needs to make the bigger move. we are hearing that behind the scenes negotiations are still happening, but that breakthrough until now has proven elusive. francine: what is for lunch? i don't know whether i'm talking about you or the g20

his point, if you have prices that keep rising between 2020 and 2022, over all oecd costs could be as much as $4.5 trillion. what is the impact of that? the iea director admits the energy transition will be messy. >> there might be a misunderstanding where some people are trying to trade in a way as if the current market crisis is the first crisis of the clean energy transition. the current state with natural gas, oil, coal has nothing to do with the clean energy transfers. there are different drivers for it. clean energy is not the cause but the solution to these problems we have. alix: let's get into the ring. coal versus the environment. gas prices are rising so you have to use more coal. the first increase since 2013. joining us now is andrew cosgrove of bloomberg intelligence. are we seeing gas to coal switching happening? >> we are seeing some at the margins but not nearly as much as some historical precedents or models were projecting more recently that is because of two things. there is not enough labor supply at the mines. number two, there is not enough or any capacity for t

. >> the oecd has predicted that it would come that in the next year but bottom line or focuses on preventing inflationary pressures been an issue in the future. >> they're talking about it's obvious on what everybody's radar is there pockets investor should look right now if we continue to see persistent inflation. >> first of all you want to think about things that protect against inflation do you own a house are you invested in alternatives like real estate, global transportation, infrastructure things i keep the real value, that is one question and also within the stock market talk about higher inflation if that means higher loans and interest-rate which i think it will that will help financials in other sectors, those are two areas to look at. liz: good to see you, thank you very much up the russell 2000 did into negative territory but popping back up, the small and mid-cap to the gutsy at the moment let's get to a fox business alert david kelly mentioned rising used car prices are provided enough cash to make a new acquisition room shares accelerating 2.5% as we had the final hour after

last year the oecd reached an unprecedented tax deal. nations agreed to overhaul the system, including a minimum tax rate on corporations. one country at the heart of the matter is the netherlands. the deputy finance minister is attending meetings in washington now and joins us from our studio in d.c. thank you so much for joining us . let me ask you first about that tax deal. you were a supporter of the international tax law. what else do you think needs to happen to overcome tax havens, ticket countries their fair share, and to avoid tax evasion? i don't know if evasion is too strong of a word, but gaming the system, let's say. hans: thanks, matt, and great to be here. netherlands supports this agreement very much. used to be a country to us in the wrong lists of countries which were accommodating things which we don't look very positive now at. this agreement is great. it basically means that all countries are levying the same kind of corporate tax, so you are losing this race to the bottom with this corporate tax rate. and you are as

this would also come in line with treasury secretary janet yellen in terms of the oecd around the world. potentially, that is something that would likely happen, but you could see remnants of the trump era tax cuts sticking through this democratically led house, senate, and white house. lisa: just to fast forward to next week, if what you say is correct and they don't get anything done before joe biden gets on that plane, what does that mean for the virginia gubernatorial races? annmarie: he is going to be campaigning this evening with terry mcauliffe. remember, terry mcauliffe was saying we know joe biden isn't doing well, and was trying to distance himself. now it seems like he needs him. the polls for virginia arnett and -- are and -- are neck and neck. the question is whether virginians are willing to vote for hard infrastructure if there is a meeting of the minds on what reconciliation will look like. there's still a number of questions on that. but we hear constantly, time and time again, from progressives is that they will not vote for hard infrastructure unless there is a vote o

this time we are worried, with a cold winter, that foreign demand coverage for the oecd as a whole and observable inventory, it is all most unheard of. two it is almost an exact reverse 14 or 15 months ago. guy: you guys are fine over there. you guys are in energy island. it is the rest of us having her get what you think the outlook is going to be in europe and in asia? ed: we are absolutely self sufficient in natural gas. you get spot prices of lng in asia hovering around 33 dollars, $35. the same level at the heart of europe. so yes, it is a very tough entry for most of the rest of the world. alix: guy always says this to me. you guys are fine. you are going to be energy independent. but we are not actually producing it. so why do you think that price signal is so broken? ed: it is partly broken. it is not fully broken. it is the discipline of the publicly traded companies, the privately owned companies are really ramping up their drilling activity, and i don't know what the production number was from the eiea today. we are getting the return of everything shut down from hurricane i

. >> one thing that was remarkableably different is in his remarks today, to the oecd of economic development here to all of the ministers, they talked about the impact, the disproportionate impact on black and brown people in the united states from the pandemic and now going forward on climate, and how they are in the gulf states and louisiana. and in large parts of the country and in the south. the hurricanes and the tornadoes. we see how people who cannot afford good housing are affected by it. >> that is exactly right. it is not enough to just reenter paris, paris was just meant to be a starting point. there is so much to do to reverse the effects or mitigate the effects of climate change and you're right. there is a real focus on your administration in certain parts of society in terms of as you point out black and brown communities. the better resourced companies. so i think that is all a huge challenge for secretary blinken and president biden. that is part of the reason they need to mend fences. they can focus on these priorities and the disputes that can't be resolved otherwise. >> a

but this time we worry with a cold winter that demand for the oecd as a whole and observable inventory could get up to 50 days. that is almost unheard of. it is the reverse of 14 or 15 months ago. jonathan: that was ed morse, the global head of commodity research at citi. here's the market right now. equities down 14, -0.3%. yields higher by two basis points, 1.6727%. 10 basis points short of the year, highs we have not seen since the first quarter of this year. $84 on crude. the turnaround in this market, when it comes to things like copper, we are having a real conversation about their not being anything in storage, and storage and lme warehouses. tom: not just the supply, the demand dynamics, but the economics. amrita sen on copper is interesting. we are making jokes about magnesium, and i would suggest the manufacture of aluminum, the manufacture of magnesium, the manufacture of copper still goes back to hydrocarbons. jonathan: and you pointed out what has been happening with zinc and the likes of glencore. when power prices go up and it costs more to develop some of these metals,

secretary sunday about how confident in the passage of that global minimum tax deal that was done with the oecd. what comes next? what else goes in that reconciliation package? bloomberg correspondent joe mathieu joining us now. the administration gets a win with this global tax deal. house comes back tomorrow. can we expect any more wins for the president this week? joe: might be pushing it a little bit here, guy. they still have to finish the work of last week, which was seen by some as a win, which was kicking the can on the debt ceiling, and that would bring us to december 3, when we would potentially be facing another default. to your point, the house we back to vote on that tomorrow. then it goes to the president's desk, and we go back to the same debate we were having last week because we have set ourselves up with a big collision of the debt ceiling expiring on the very same day that government funding runs out. you might also remember kicking the can on that. government funding runs out december 3. now we've got two of them happening on the same day, and a lot of lawmakers are wonderin

the oecd has agreed a global tax deal that will see large businesses pay a minimum rate of 15%. the pact signed by 136 nations is set to collect an extra $150 billion for governments around the world each year the secretary general called the move a major victory for balanced multilateralism the french- minister said the deal with make sure everyone makes fair contributions. >> translator: this opens a deal for a tax revolution, it's a tax revolution because we won't go back, it creates more justice in terms of taxation. finally the digital giants will pay their share of taxes in the countries, including france, where they profit. >> silvia joins us with more this deal has been years in the making break down for us what exactly what agreed. >> there are two aspects here. on the one hand companies will be forced to pay taxes wherever they operate and not just where they have their physical headquarters and that essentially is meant to relocate $125 billion from around 100 companies to countries worldwide. and then, on the other hand, this deal is imposing a minimum corporate tax

the oecd is hosting a crucial meeting on taxes for one hoarded -- for 140 countries. taiwan semiconductor manufacturing rose to a record. that explains how the company is benefiting from the manufacture of a product. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ ♪ sen. schumer: we have reached agreement to extend the debt ceiling through early december, and it is our hope we can get this done a soon as today. sen. mcconnell: the pathway our colleagues have accepted the spare the american people any near-term crisis. jonathan: senate majority leader chuck schumer and minority leader mitch mcconnell. we will see them both again sometime before december 3 to talk about the same thing all over again. on this payrolls friday, up five on the s&p. we advance by a little more than 0.1 percent. yields higher by a basis point to 1.5838% on tends. let's call it $79 on wti. tom: we are in the pre-payroll churn. jonathan: i agree. tom: i love w

we have the oecd plan. does this mean we will not see the digital levies in europe? minister le maire: the digital levy to me is not the right solution. it would mean taxation on private companies. we have succeeded in finding compromise on the strategic question for the 21st century. this is the tax revolution. this is the first time we succeeded in finding a solution on taxation issues. there is no way back. this means more fairness, more efficiency in the way we will tax the biggest companies in the world, the way we tax profits made by companies without physical presence in the nation's. that is a major achievement. france played a key role in the united states and president biden's leadership gave the final push. that is clear evidence we are working well together on those key questions. annmarie: but will the eu drop the digital levy? does that set the path forward? minister le maire: we will drop our national taxation as soon as the system will enter an be implemented. we will withdraw national taxation. i made a commitment to the u.s. administration. i will s

in the meantime we have a world where the oecd of wealthy countries including for the most part the united states are getting vaccinated but the other part of the world is woefully behind. you've got 90 percent of shops shops in people's arms taking place in wealthy countries. isn't this an area where there is competition in china and the us? the chinese are leading in thatcompetition and maybe the russians to . their vaccines aren't nearly as good as the ones developed in the west but there's something more from abroad. isn't this a problem from the west? >> it's a huge problem and to be honest not just primarily geopolitically but for us we would both agree on that. it's a human problem and it's also a geopolitical problem but first and foremost i think it's a global public health problem. it boggles my mind really that the imf estimates the cost of the pandemic will be around or just over i think it's 22 or $23 trillion between the start of the pandemic and 2025 and when you think about that number which could well grow, the cost, marginal cost of our unaccented world we're talking abou

has been called and the oecd among other bodies have been calling for one to be held. well, staying with australia, and major infrastructure work in the country set to double in the next three years. opening up a potential squeeze in skilled labor and materials. and paul allen has been tracking this and paul, this seems to come at a time where we continue to see supply chain issues, more demand than supply of just about everything including the labor market here. paul: that's right. this report from infrastructure australia looks out -- at three years and one would hope some of those supply chain issues have eased a little by then and australia in the grip of a skills shortage at the moment as well thanks to the closed borders and perhaps some relief coming on that front as well. but to the content of the report, infrastructure australia sees infrastructure spending, peaking over the next three years at $38 billion. and that's going to require a couple of things. first off, workers. the report sees demand for skilled workers exceeding supply by 48%. and of course there

psaki: today oecd's agreement shows how american leadership and diplomacy can advance the economic interest of american working families. a global tax of 15% up from 0% today will even the playing field for american workers and taxpayers. president biden, secretary yellen in the administration worked overtime to rally more than 130 countries representing more than 90% of the gdp to ensure profitable corporations pay their fair share and provide governments with resources. the build back better agenda will build on this agreement and eliminate incentives to shift jobs abroad, and ensure multinational corporations pay their fair share here at home. the international agreement has proved the rest of the world agrees corporations can and should do more that lead to help build back better. i know you are looking forward to the week ahead. last item, we talk about serious things, but we have one fun thing today. chris is getting married in a week. [applause] we will not see him for two weeks, and nobody can call or bother him. and to embarrass him a little bit, i got him something special. [laugh

finally they agreed on this agreement at the oecd level, clear evidence there is room for maneuver. second example, the question of debt. we succeeded in a common framework in this common framework, china is trying to abide by the rules and to engage, to reduce the level of public debt within the poorest countries in the world. we can register some limited progress, but we have to build on this limited progress. >> i want to ask about supply chain issues because, of course, america is not the only country suffering under these right now. just as our ports are clogged and backed up with container ships, et cetera. europe experiencing the same. is this supply chain crisis, does it alleviate in weeks, months? is it lasting? >> i would say month. i would say that it will last until the end of 2022, at least. at least. >> more than a year? >> more than a year. because we have this negative consequences of good news. good news is we have a very strong, quick and solid economic recovery. but the consequence of that is the lack of people on the liberal markets, the lack of key components li

oecd. organization of all developed countries. france spent 31% of the gdp. finland, 29%. belgium, 28%. italy, 28.2%. the united states is 18.7%. this is the country that so many conservatives worry is sliding to socialism. yes, although president biden's build back better plan has been scaled down, it is still big. it is still transformational for the country. most reasonable people would agree america has a long way to go and this would be our best chance. we are in the middle of the pandemic that pushed people off the financial cliff. the temporary money has largely dried up. if there is ever for a moment america has proved it is the modern country it is, now is the moment. the opportunity cost of missing the chance and go big and enact robust programs and bring america closer to the perfect union could far out number the dollar amount that washington cannot get beyond. joining me now is the member of the white house council of advisers. heather, your job is at the white house. it is your job to tell me it is transformational. i am sad about the things you and i used to

ireland abandoning its 12.5% corporate tax rate, removing a major hurdle to an oecd deal that could deliver a minimum tax rate of 15% for global multinationals. we will talk about that in a moment. the eu is set to explore joint gas purchases and storage as weather forecasters worn that temperatures and wind speeds are set to drop in the near future. exports continue to china despite a major fire at a processing

the oecd has also projected -- made similar projections about inflation and when it will come back down. i've also said we also anticipated that there could be increases as the economy was turning back on. that's something the federal reserve and other outside economists have also predicted and projected. if you're talking about different costs for different components of society, there are different issues that are happening. whether it is the price of food, we've talked a little bit in the past or i have here about the fact that there is meat conglomerates, who there is a lack of competition. we are addressing that issue. obviously, the price of gas is a separate issue. so we can talk about any component you are interested in, but in terms of the projection of inflation and data, that's under the purview of the federal reserve and that's what i would point to. reporter: one question about climate change. so the president, of course, is preparing for the meeting next week. what about the u.s. military reducing emissions, munition disposal, etc.? jen: certainly i know military leaders,

the oecd has been working on essentially a global minimum corporate tax. so the idea is there's a race to the bottom. there are all kinds of countries that have essentially kind of used very, very low tax rates to attract not just business but a lot of very shady, shady money hiding and laundering frankly. >> right. >> there's a deal now struck of a 15% global minimum. is this real is my question? is this going to be enforced? >> yes. great question. it is real. it is a big deal. one reason i think you can attest to its reality is 136 countries just joined hands representing 90% of global gdp to take the global minimum tax from zero to 15%. now, why would all those different countries, some of which by the way, have been pretty low tax havens themselves. why would they join hands and do this? precisely for the reason you gave. they're tired -- their middle class just like their middle class, their leaders just like joe biden are tired of seeing countries book their profits in low tax havens, book their deductible expenses in higher tax countries and come a

if we look at the united states compared to our oecd countries, we're at the bot dom in terms of economic dollars that are pushed out. we have to raise the bar on ourselves in terms of hour commitment and long term commitment. that's a point i continue to drive home. >> that's exciting to hear about the opportunity you put out to continue to make, significantly increase and make the significant increases consistent over time. that kind of flex nl, long term i vestment has diminished significantly over the last three decades. it's very difficult for communities to find the kind of investment that ines and connie are talking about that can really support the holistic community visions and a new type of leadership that ines talked about to be able to go forward in their communities. this has been a really relinquish discussion. i want to look at the clock, and i want to go on. we're at time. i want to thank you all. i really appreciate your candor and ability to get practical about what's necessary. i think to the assistant secretary's point, this is a seminal moment. it's one that i think w

growth of any advanced economy in the world next year, that's notjust rishi sunak saying that, it is the oecd. consumer spending in the uk per capita is almost a third higher than our friends in the eu. and when you look at the lightning speed of the vaccine roll—out, there were all sorts of things that made it possible. we had scientists at a great university, my own, as it happens, who produced an affordable room temperature vaccine, and then did a fantastic deal with the uk government by which we were able to send about 1.5 billion doses, at cost, around the world. we had the nhs to put it into our arms, all the army of council workers, the volunteers, everybody who helped, but we had one other thing that made those vaccines possible, my friends, and you know what it is, it was something that many of you represent, all of you represent, and thatis represent, all of you represent, and that is free—market capitalism. free—market capitalism, the willingness to spend massive sums, and risk, on something that might never come off. and we had great companies, astrazeneca, i direct lineal d

we saw secretary of state antony blinken today in paris at the oecd meetings calling on china to stop its propagation regarding taiwan. the margin and the risks for some kind of misunderstanding or miscalculation is always present. we've also seen some pretty tough talk from trade representative katherine tai about china's need to honor its commitments in the phase one trade deal that was agreed with the trump administration at the beginning of 2020. a large and multifaceted relationship. emerging and evolving on several fronts at once. shery: are one of those fronts being the imf? the biden administration is the fading -- debating the fate of the iof chief over a scandal involving china. >> certainly one thing in this report and the audit, though -- it shines a light on the geopolitics behind the bretton woods institutions. the political calculations that went into the 2018 doing business report where wilmer hill audit found that current imf managing director krista lean agre jefe during her part as a top official at the world bank put pressure on staff to improve china's score such

it is worth noting that if all oecd countries right now stopped burning fossil fuels, stopped emitting any carbon dioxide whatsoever, all of them for the next hundred years, we would only reduce the temperature by 2100, by .8 degrees fahrenheit. it is a huge cost for almost no benefit whatsoever. i only point that out to get us back to some kind of rational thinking when it comes to a cost benefit analysis and how we might look for better solutions that reduce emissions, so i think we all have the same goal there but do so in a pragmatic , way. i yield back. rep. castor: i want to thank our witnesses for your testimony today. your testimony comes at a vital moment for americans and the human race, frankly. congress is poised to act on the historic build back better infrastructure and clean energy package. that is good news for american families because it will lower costs, provide cleaner air, good paying jobs across the economy. we know that americans are awake it like never before to the rising costs and impact of the climate crisis. just take a look at what we are shelling out for c

take the oecd tax agreement. as if this weren't enough, the administration is trying to enact an international tax treaty that will harm u.s. competitiveness and do it without obtaining the necessary 2/3 approval of the senate. you will recall the tax increase consists of two pillars. one is an unprecedented treaty change that would allow foreign countries to tax american companies based on the american companies sales overseas. it's a big tax revenue transfer from us to them. unsurprisingly this is the priority for other countries who have long sought this tax transfer. pillar two is the 15% global minimum tax on multinational's foreign income. this is the administration's attempt to justify the huge tax increase it wants to impose on u.s. companies. unsurprisingly this is the administration's priority since it's an integral part of dismantling the 2017 tax reforms. but by imploring other countries to implement a global minimum tax that will harm their own workers and business, the administration is implicitly a