Spain pushed ahead with its controversial plan to impose windfall taxes on banks and energy companies on Thursday as lawmakers approved the move despite the concerns of international institutions. The Socialist-led government proposed the temporary taxes in July to raise €7bn as it seeks funds to mitigate the painful impact of high energy costs and … Read more
Breadcrumb Trail Links PMN Business The Democratic Republic of Congo wants a mining deal it signed with China more than a decade ago to be reworked, with a view to securing all the funding that was pledged for infrastructure projects and a share of windfall profits. Author of the article: Bloomberg News David Malingha Publishing … Read more
Santander boss Ana Botín has hit out at windfall taxes on banks’ profits as cash-strapped European governments consider raiding lenders that are benefiting from rising interest rates. As the eurozone’s third-largest bank, Santander would be one of the hardest hit under proposals by the Spanish government to raise €3bn from banks to cushion the impact … Read more
Jeremy Hunt is preparing a raid on electricity generators with a new tax on their “excess returns” as he tries to find money to pay for an inflation-linked rise in benefits and pensions while extending help for households with energy bills. The chancellor will also use Thursday’s Autumn Statement to lift the existing windfall tax … Read more
Breadcrumb Trail Links Oil & Gas Energy The retroactive tax could cost the Calgary company between $650 million to $750 million over two years Oil barrels are stacked at the site of Vermilion Energy Inc in Parentis-en-Born, France. Photo by REUTERS/Regis Duvignau/File Photo Article content Vermilion Energy Inc. has announced it will suspend its share … Read more
Article content (Bloomberg) — Germany’s clean-energy producers are warning that a government proposal to seize windfall profits from power businesses could discourage further investment in renewables. Article content Energy giants including RWE AG and EnBW Energie Baden-Wuerttemberg AG — who are both large generators of wind power — addressed the plan alongside earnings reports this … Read more
US oil producers have raked in more than $200bn in profits since Russia’s invasion of Ukraine as they cash in on a period of geopolitical turmoil that has shaken up the global energy market and sent prices soaring. Aggregate net income for publicly listed oil and gas companies operating in the US came to $200.24bn … Read more
In the past nine months inflation has surged, stock prices have fallen and global growth has stalled. Everyone seems to be hurting — everyone, that is, except oil companies. While the energy crisis sparked by Russia’s invasion of Ukraine has pushed up the cost of fuel, electricity and thousands of other everyday items, fossil fuel … Read more
Breadcrumb Trail Links FP Comment Transitory windfall gains may be necessary for capitalism to work best Rishi Sunak, the new U.K. prime minister, announced a windfall tax on oil companies earlier this year when he was Chancellor of the Exchequer. Photo by HENRY NICHOLLS /Reuters Article content Windfall taxes are all the rage this year. … Read more
Europe’s largest banks generated huge profits on the back of rising interest rates in the third quarter, raising the prospect of governments targeting the lenders with windfall taxes. Deutsche Bank reported one of its strongest quarterly performances since before the financial crisis on Wednesday morning and is on course for its best annual profits since … Read more