G20 finance meeting continues in Rio

G20 finance ministers' meeting continues in Rio de Janeiro where Brazil's search for a global agreement on taxing the richest of the rich is backed by France, Spain, South Africa, Colombia and the African Union.

The initiative, which was discussed at an afternoon meeting, is a key priority of Brazil's leftist president, Luiz Inacio Lula da Silva, who this year heads the G20 grouping of the world's major economies, the European Union and the African Union.

After the meeting, Brazil's Economy Minister expressed his confidence in the initiative, and said a final "declaration" to be published Friday would mark a "first step."