AI minister: Cut company tax to boost robotics, automation
Industry Minister Ed Husic called for tax cuts on corporate profits to encourage AI and automation-based investment in advanced manufacturing.
government
Workers awaiting developments at Larnaca port
Workers at the Larnaca port are awaiting developments after the government terminated its contract with Kition Ocean Holdings for the port’s renovation. Trade union leaders are hoping that the current port workers will continue to be employed and that the port will remain open under state management.
On This Day: Russia’s worst recorded earthquake killed 1,989 people in 1995
– In 1940, Belgium’s King Leopold surrendered to the invading Germans in World War Two, and the evacuation of defeated Allied armies from Dunkirk began, saving a total of 224,585 British and 112,546 French and Belgian troops.
Our View: Larnaca marina project was far too ambitious
The termination of the contract for the development of the Larnaca port and marina was due to a loss of trust and breakdown in communication between the contractor Kition Ocean Holdings and the government. The government sought legal advice and decided to terminate the contract after the company refused to pay the guarantee amount. The Kition CEO blamed the government for the project’s failure, stating that changes were needed to make it viable. The government acknowledges mistakes were made and plans for the project were over-ambitious, making it unviable. If a new company takes on the project, plans need to be modified and scaled down.
Saudi Arabia plans Aramco share sale as soon as June, according to sources
Saudi Arabia is planning a multi-billion-dollar share sale in energy giant Aramco as soon as June, with the offering expected to raise around billion.
German business sentiment stagnates in May
German business morale stagnated in May, with the Ifo institute reporting that the business climate index remained constant at 89.3, falling short of the forecasted improvement. The German economy is expected to have slow progress in its recovery this year, with companies being less satisfied with the current business situation. Despite some sectors recovering, the overall outlook remains cautious.
Fewer top women earners in British finance since pandemic, report says
– Women make up a smaller proportion of top earners in British financial and professional services than before the COVID-19 pandemic, with 19.4% of the top 1% of earners being women between the first quarter of 2020 and the second quarter of 2023.
Trump’s new ‘deal’ could save Big Oil $110 billion in taxes
Donald Trump allegedly offered Big Oil executives 0 billion in tax breaks if they donated billion to his campaign. Congressional Democrats are investigating this potential quid pro quo deal. Joe Biden plans to eliminate these tax breaks for the oil and gas industry if elected. The fossil fuel industry is lobbying to maintain these tax breaks, which are set to expire next year. Some attendees at Trump’s fundraising dinner at Mar-a-Lago included executives of smaller oil companies focused on fracking and gas exporting. The event was also attended by individuals with controversial backgrounds in the oil and gas industry.
🔒 Why Biden is the best president that business could hope for
Fact: No Democratic president since at least Grover Cleveland in the late 19th century has been beloved by American business.
Corporate tax not rising for compliant listed companies
Tax rates for publicly-listed companies may remain unchanged in the upcoming fiscal year, with some changes in parlance that could affect the availing of lower tax rates. The base rate may see a rise for publicly listed companies, but compliance with cashless transactions could bring it back down to existing rates. Listed companies with free float up to 10% and above with cashless transactions would have tax rates of 20% and 22.5%. Noncompliance with the cashless transaction limit would result in higher tax rates. The government may also impose capital-gain taxes on individual investors for the first time if profits exceed Tk 4.0 million. The tax gap between listed and non-listed companies may be reduced by cutting corporate tax rates for non-listed companies by 2.5%. Capital-market experts believe that higher taxes and reducing the tax gap between listed and non-listed companies could discourage companies from entering the capital market. The government should focus on simplifying investment procedures rather than increasing taxes on the capital market.