FT News Briefing

Lula’s comeback, Bolsonaro’s silence

Nov 1, 2022

10:04

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Presidential election aftermath in Brazil, Lula's challenges, and polarization in the country. Renault and Nissan working on repairing their alliance and overcoming challenges and seeking cooperation. President Biden's proposal to tax oil companies for increased production.

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Episode notes

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Quick takeaways

US President Joe Biden is calling on Congress to tax oil companies unless they increase production and lower gas prices, in an attempt to mitigate rising gas prices and political pressure.

Louise Inacio Lula de Silva, also known as Lula, faces significant challenges as the newly elected Brazilian president, including a polarized country, economic slowdown, high interest rates, and balancing the need for fulfilling expectations while addressing financial market concerns.

Deep dives

Biden urges Congress to raise taxes on oil companies

US President Joe Biden has called on Congress to increase taxes on oil companies unless they ramp up their output and lower gas prices. This move comes amid growing pressure on Biden to address rising gas prices and deflect blame from voters ahead of the upcoming US midterm elections. However, the chances of such a measure passing through Congress are slim due to the Democrats' narrow majority, especially in the Senate.

Introduction

3min

Brazil's Election Fallout: Challenges for Lula and Polarization in the Country

5min

Overcoming Challenges and Seeking Cooperation

3min

Joe Biden calls on US Congress to tax oil companies until they pump more oil, and Renault and Nissan close in on a deal to reshape their partnership. Plus, the FT’s Latin America editor, Michael Stott, discusses the presidential election in Brazil.

Mentioned in this podcast:

Biden to float tax penalties on oil companies reaping record profits

Lula keeps investors guessing on his economic vision for Brazil

Renault and Nissan close in on a deal to save longtime alliance

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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