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World Business Report: First broadcast 31/10/2022 22:32 GMT : Biden threatens oil companies with windfall taxes

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Biden threatens oil companies with windfall taxes

First broadcast 31/10/2022 22:32 GMT 

First broadcast 31/10/2022 22:32 GMT : Biden threatens oil companies with windfall taxes

BBC World Service - World Business Report, Biden threatens oil companies with windfall taxes

The US President has suggested new penalties against energy profits

The US President, Joe Biden, is considering tax penalties for oil and gas companies if they do not help to lower costs for Americans.

US President Joe Biden has called on oil and gas companies to either use their record profits to lower costs for Americans at the pump, or pay a higher tax rate. President Biden also wants them to boost US production or face additional restrictions. 

Also on the programme, The International Labour Organization, which is affiliated to the United Nations, has said there's now a decline in the global demand for workers, reversing recent rises in employment numbers in the wake of the Covid-19 pandemic.

We get to know how the business community in Brazil is reacting to Luiz Inacio Lula da Silva's victory at the polls.

There have been major fears about global food shortages this week following the news that Russia was pulling out of a UN-brokered deal to allow grain shipments out of the Black Sea. The programme director for Africa at the International Crisis Group, Murithi Mutiga, echoes the anxieties of many.   

Also, more reactions to president Nana Akufo Addo's speech as Ghana grapples with runaway inflation as prices of basic commodities hit the roof.(Picture: WASHINGTON, DC - OCTOBER 31: U.S. President Joe Biden delivers remarks on oil company profits in the Roosevelt Room of the White House on October 31, 2022 in Washington, DC.  Picture Credit: Getty Images).

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First broadcast 31/10/2022 22:32 GMT : Biden threatens oil companies with windfall taxes

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