As Davos kicks off, Oxfam calls for tax on food companies to reduce inequality

Food companies making big profits as inflation has surged should face windfall taxes to help cut global inequality, anti-poverty group Oxfam said Monday as the World Economic Forum's annual meeting gets underway.

That's one of the ideas in a report by Oxfam International, which has sought for a decade to highlight inequality at the conclave of political and business elites in the Swiss ski resort of Davos.

The report, which aims to provoke discussions on panels featuring corporate and government leaders this week, said the world has been beset with simultaneous crises, including climate change, the surging cost of living, Russia's war in Ukraine and the COVID-19 pandemic, yet the world's richest have gotten richer and corporate profits are surging.