Global Markets: Biden threatens windfall tax for big oil

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Nov. 1 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– United States President Joe Biden suggested on Monday that large oil companies could face a windfall tax if they fail to invest their profits to reduce fuel costs for consumers. In recent days Chevron, ExxonMobil, BP and other major oil companies reported record profits in 2022. The organization, Stop the Oil Profiteering accused these companies of raking in profits of about US$300 billion. Biden accused big oil of war-profiteering off of the Russian invasion of Ukraine, which generated huge spikes in crude oil prices. His comments came eight days before the U.S. midterm elections.

– In keeping with tradition, the governor and deputy governor of Bank of Canada (BoC) will appear before the Senate banking committee. Governor Tiff Macklem and deputy governor Carolyn Rogers will testify this evening. The leaders of Canada’s central bank always meet with the Senate committee following the BoC’s April and October monetary reports. During the course of 2022 the BoC hiked its key interest rate six consecutive times as a means to counter inflation. That has led to a great deal criticism levelled towards the BoC and Macklem.

– Following the highly acrimonious election of leftist leader Luiz Ignacio Lula da Silva in the recent Brazil presidential run-off, truckers throughout Brazil set up more than 340 roadblocks on Monday to protest his return. Lula was president from 2003 to 2010. A report said truckers preferred incumbent President Jair Bolsonaro, stating his government kept diesel costs low. Bolsonaro has yet to concede defeat in the run-off and during the campaign his far-right political movement suggested they would refuse any Lula victory and claim electoral fraud. That bloc also scored a majority in Brazil’s senate, raising the possibility of further dividing the already fractured country.

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