1997 windfall tax

Pakistan’s stock exchange briefly halted trading Friday after its benchmark index plunged sharply following an announcement by the newly elected Prime Minister Shahbaz Sharif that he was imposing a new, 10% tax on major industries. Sharif, who appeared on the state-run Pakistan Television TV and almost all other stations in the country, warned that the economy was on the verge of bankruptcy. He said he was taking the measures to “save the country and avoid further taxes on the poor." The new tax would apply to industries such as cement, steel, sugar, banking, textile and others. There would also be new, graduated taxes on the wealthy. The measures are expected to go into effect on July 1, following approval by parliament. Following the broadcast, the Karachi Stock Exchange benchmark index, known as KSE-100, plunged more than 2,000 points or 4.8%, sending the market into shock and forcing administrators to briefly halt the trading. It was the last working day of … [Read more...] about Pakistan stock market plunges on new govt tax on industries

City banks defy Brussels to out-earn French rivals PM urged to back bid for factory at heart of Britain’s food supply FTSE 100 rises 1pc Matthew Lynn: Biden’s global tax plan is sinking rapidly — and good riddance Sign up here for our daily business briefing newsletter T he Kremlin is poised to cut future spending plans by £24bn as Western sanctions against Russia bite. Defence, technology and transport budgets are all set to be trimmed, according to Russian media. More than 1.6 trillion roubles, or £24bn, has been slashed from the Russian state budget over the next three years as Moscow braces for a two-year recession. Spending will be 557bn roubles (£8.2bn) lower in 2023 than previously approved plans, with similar cuts pencilled in for the following two years. The budget tweaks are minor compared to the size of Moscow’s overall budget but the figures are one of the first signs of the fiscal blow being dealt by the conflict in Ukraine. The 2023 … [Read more...] about Kremlin slashes spending by £24bn as West’s sanctions batter Russia

A royal biographer who fought the Government to make the Mountbatten diaries public has revealed that the crusade has cost him his inheritance, after a legal appeal failed. The University of Southampton used £2.8 million of taxpayers’ money to buy Lord and Lady Mountbatten’s diaries, with the promise of making them publicly available, but the archive remained sealed and the Cabinet Office blocked their release despite repeated requests for access from royal biographer Andrew Lownie. Mr Lownie spent £350,000 on a four-year legal battle against “censorship” to ensure the diaries of the Queen’s cousin were made public, and now his application to claim costs from the university and the Cabinet Office has now been refused, leaving his inheritance “completely cleaned out”. The royal biographer said the funds left by his mother had been exhausted in the struggle for access to the diaries, adding: “It took me, a private citizen, over four years and £350,000 to demolish this. “That … [Read more...] about ‘Trying to make the Mountbatten diaries public cost me my inheritance’, says historian

Families on low incomes are enduring a “year of financial fear” and making grim choices such as falling behind on bills, going without essentials or taking on expensive debt, a report has found. The Joseph Rowntree Foundation (JRF) said the cost-of-living crisis and a decade of social security cuts and underfunding are taking a heavy toll. It used a survey of about 4,000 people on low household incomes in May and June (the bottom 40%, which equates to an income of under £25,000 for a couple with no children), for the report. Rather than making the trade-off between heating or eating, one in five (21%) low income households were unable to do either – going without enough food as well as being unable to keep their homes warm, researchers found. Six in 10 (60%) had gone without essentials since the start of 2022, or, had cut down on or skipped meals, or gone hungry in the previous 30 days. Recommended Over £130m handed to housing providers named and … [Read more...] about Families on low incomes suffering ‘year of financial fear’ – charity

After enduring six months of rising inflation , Americans could feel the pinch even more in the second half (H2) of the year, according to one banking expert who has warned that the country's economic turmoil is about to get even tougher. The annualized rate of inflation recorded its highest jump in May since 1981 as the administration of President Joe Biden faces pressure over how to curb soaring costs, exacerbated by record gas prices being blamed on the Ukraine war . Adding to the bad economic outlook was the news last week that at 20.6 percent, the S&P 500 endured its largest first half decline since 1970. But inflationary pressures are likely to get worse, according to HSBC's global chief strategist Joe Little who said that the era of historically low inflation and interest rates was over. "Any of the tailwinds for investment markets are now becoming headwinds," he told CNBC on Tuesday. "That points to a phase of ongoing market turbulence." The network reported … [Read more...] about High inflation and higher interest rates still to come, banking chief warns

Putin mouthpiece Prof. Avatkov says Nato is 'all about war' Sign up HERE for science breakthroughs in health, business and more that matter SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The announcement was made on the back-end of the recent NATO summit which was held in Madrid. NATO members discussed the ongoing threat from Russia following the ongoing invasion of Ukraine, as well as making pledges to increase defence spending and prepare stronger defences across the continent, with particular focus being paid to Eastern Europe. Related articles Liz Truss finally comes out swinging over China - JONATHAN SAXTY Russia's 'bloody victory' in Ukraine war to cost Putin 'a great deal' The two US navy ships are … [Read more...] about ‘Powerful message’ as Biden sends two warships to Spain to bolster NATO defence

July 05, 2022 - 15:48 BST HELLO!'s Daily Lowdown Podcast is bringing you all the best celebrity news... Welcome to your Daily Lowdown from HELLO! . In today's episode, we're talking about Ellie Goulding making a big announcement about new music and Olivia Rodrigo surprises fans in Manchester. MORE: Daily Lowdown: Harry Styles cancels Copenhagen gig and Adele talks Vegas residency We're also discussing Lauryn Hill reuniting with fellow Fugees star Wyclef Jean on stage and Guns N' Roses cancelling their gig. Tune into the latest episode of The Daily Lowdown below... Check out the latest episode of The Daily Lowdown! Here's the transcript from today's episode: Ellie Goulding's music comeback is happening imminently as the singer is set to drop a brand new single very soon. The Starry Eyed star will be releasing her track, Easy Lover, on July 15th which will feature the rapper Big Sean. Ellie told her fans … [Read more...] about Ellie Goulding finally announces release date for new music

Inflation is a nightmare for the many Americans who already stretch their dollars to cover basic needs. What happens when those dollars lose value? They have to make difficult trade-offs, beyond cutting streaming subscriptions or purchasing cheaper, store-brand groceries. Instead, Americans coping with high inflation may now be have to choose between buying enough food and paying rent. The families hit hardest by inflation typically have little in savings and few back up resources. Their limited financial means can be rooted in historical inequality, said Phuong Luong, a Massachusetts-based certified financial planner and founder of financial education firm Just Wealth. When inflation causes everything to become more expensive, for families of limited means, basic necessities can become unaffordable. You may have to scrape together cash to support yourself as well as extended family members. Perhaps you have to spend money and time traveling across town to the grocery store … [Read more...] about Can’t “out-budget” inflation? Here are things you can do

A PREMIER League international footballer arrested on suspicion of rape has been re-arrested for two more attacks against a different woman. The player, who is in his late 20s and is due to play at the World Cup in Qatar in November, was detained yesterday after six police cars swooped on a gated North London address. Scotland Yard confirmed the footballer, who cannot be named for legal reasons, was taken into custody and subsequently bailed until August. He was quizzed for at least 15 hours over an alleged attack which is said to have taken place during a holiday in the Mediterranean last month when two further allegations came to light. Cops today said the man had been further arrested on suspicion of two incidents of rape in 2021 against a different woman. A Metropolitan Police spokesperson said: "On 4 July, an allegation of rape of a woman in her 20s was reported to police. Read more football news GLOBAL CITIZENS Man City owners … [Read more...] about Premier League international re-arrested on suspicion of two more rapes against different woman

HOUSEHOLDS on Universal Credit will want to make a note of these key dates in July and August. During these two months, some big money changes will be taking place including the first instalment of the cost of living payments. These changes will include Universal Credit , National Insurance and benefits . The Sun has condensed the changes down for you so you can easily keep track of key dates. First £650 cost of living payment Eight million households in the UK will receive their first £650 cost of living payment . You’ll receive £326 between 14 July and the end of the month. Read more on money BUDGET BOSS We reviewed the five best budgeting apps that can help you save £1,000s GRUBS UP I save nearly £1,000 a YEAR on groceries by joining a food club - here’s how In order to claim the benefit you must receive Universal Credit , income-based Jobseeker’s Allowance (JSA), income-related Employment … [Read more...] about Three big Universal Credit changes in July and August you need to know including National Insurance