Venezuela's Congress approves new tax on windfall oil profits

Venezuela's Congress has approved a law forcing foreign oil companies to pay a tax on windfall profits when crude tops US$70 a barrel. Lawmakers say the measure imposes a 50 percent tax when the average monthly price for benchmark Brent crude exceeds that amount. Foreign companies will pay a 60 percent rate when the index goes above US$100 a barrel. The law received final approval Tuesday.