News in Brief
Britain to waive oil, gas windfall tax
CNBC – Britain’s windfall tax on oil and gas producers will not be applied if prices drop below certain levels for six months in a row, the finance ministry said on Friday, in a move the government hopes will boost energy security.
The energy profit levy (EPL) was introduced in May last year after a jump in energy prices, but the industry has warned that the high tax level could lead to reduced output in the long term.
Kazakhstan eyes becoming Eurasia’s digital hub
REUTERS – Kazakhstan aims to become one of the largest digital hubs in Eurasia, said President Kassym-Jomart Tokayev as he chaired the 35th plenary session of the Foreign Investors Council (FIC), which coincided with the Astana International Forum (AIF).
“Geopolitical tensions and increasing protectionism are shaking the global economy. This threatens not only a slowdown but also depresses global growth,” he added.
Tokayev emphasized that the general international new concepts and objects, such as artificial intelligence, block chain, the Internet of Things, and Big Data, are changing the game in the agriculture and finance industries.
Pakistan unveils $51b budget
AFP – Pakistan’s government unveiled a 14.5 trillion rupee (around $50.5 billion) budget Friday, with over half set aside to service 7.3 trillion rupees of debt.
Presenting the budget to the National Assembly on Friday, Finance Minister Ishaq Dar insisted targets had been prudent.