roulette of questions
2025-01-10
roulette of questions
The presidency has refuted claims that some sections of the Tax Reform Bills are targeted at impoverishing the northern region of the country. President Bola Tinubu sent the bills to the National Assembly some weeks back but that has been greeted with controversy. Some sections of persons claim the bills are against the northern region and aimed at impoverishing it. However, presidential spokesman Bayo Onanuga says such claims are misleading. “The tax reform bills will not make Lagos or Rivers more affluent and other parts of the country, as recklessly canvassed, poorer,” Onanuga said in a Monday statement. “The bills will not destroy the economy of any section of the country. Instead, they aim to enhance the quality of life for Nigerians, especially the disadvantaged, who are trying to make a living.” According to him, contrary to speculations, no part of the bills is targeted at scrapping some agencies. “Contrary to the lies being peddled, the bills do not suggest that NASENI, TETFUND, and NITDA will cease to exist in 2029 after the passage of the bills. Government agencies, such as NASENI, TETFUND, and NITDA, are funded through budgetary provisions with company income tax and other taxes paid by the same businesses that are being overburdened with the special taxes,” he said. “One reason President Bola Tinubu embarked on the Tax and Fiscal Policy Reforms is the need to streamline tax administration in Nigeria and make the operating environment conducive for businesses. “For decades, businesses, investors, and private sector players in Nigeria have complained of being overburdened by a myriad of taxes and levies, including those earmarked to fund various government agencies and initiatives. “The multiple taxes complicate the economic environment, making Nigeria uncompetitive for investment and preventing many businesses from growing or continuing their operations. Some companies have had to make the rational decision to relocate to other countries. We can not continue on this path or wait for 20 years if this country is to deliver the prosperity we need for our people. “The proposal, as contained in section 59(3) of the Nigeria Tax Bill, only seeks to consolidate some of the earmarked taxes imposed on companies and replace them with a single tax to be shared with the key agencies as beneficiaries in a phased manner until 2030. “The time frame offers ample opportunity for the affected agencies to explore other funding sources in addition to budgetary allocations in line with the constitution and international best practices. “It is a misrepresentation of facts to conclude that changing an agency’s funding source amounts to scrapping it. None of the countries leading globally in education, science, engineering, or information technology have similar earmarked taxes.”BIV Forty Under 40 Awards: Ryan Lang
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Leading academic experts in the fields of health, end of life care and the legal system have joined together to sign an open letter opposing the assited dying bill which MPs are due to debate on Friday. The bill tabled by Labour MP Kim Leadbeater would for the first time allow for the NHS to assist people to take their own lives. Ms Leadbeater and supporters of the legisaltion claim that the bill would provide the “strictest safeguards anywhere in the world” to prevent the system being abused and ensure it only applied to terminally ill patients. Among these are that any requests to end life would need to be signed off by two doctors and a judge. However, the 73 academics in an open letter to MPs have fuelled concerns that the safeguards are not strong enough and could open the doors for coercion of the vulnerable to end their own lives. This follows similar concerns being raised by 11-time Paralympic gold medalist now member of the House of Lords, Tanni Grey-Thompson in a devastating intervention in The Independent last week. Her concerns were echoed by Liberty and the former head of the family court division . The academics questioned Ms Leadbeater’s private member’s bill as “an inadequate parliamentary process for an issue of such ethical and legal complexity.” They also said that the central argument in favour of the change of the law, on the need to provide choice “is too simplistic.” The letter warned: “Laws must be concerned for the safety of the whole population, especially the most vulnerable. “ And they noted that “research has shown that a person’s stated wish to die is frequently unstable and depends on the care and support they receive.” The academics also cited data which suggested that end of life care provision notably gets worse once a country such as Canada, Switzerland or the US State of Oregon adopts assisted dying or euthanasia. “The decrease in the rankings in terms of palliative care of countries with assisted suicide or euthanasia is worrying in this regard. Such care, not the offer of assisted suicide, is the ethical imperative.” Turning to the bill itself they demanded much greater scrutiny on the safeguards. The letter warned: “Coercion would be a reality with a change in the law. To deny this is to ignore the 400,000 cases annually of domestic abuse for older people in England and Wales. If the law were to change, we would see people with terminal disease feeling they should accept assisted suicide because (as has been the case for over 47 per cent of those seeking assisted suicide in Oregon and over 59 per cent in the State of Washington) they would feel they were a burden to friends and family.” The letter went on: “Experts in the subtle field of mental capacity and disability can err in their assessments and non-experts would have to spot where a question about decision-making capacity arose in the first place. Capacity assessments would not assess whether someone felt they were a burden. “And being informed about palliative care by a non-expert is very different from receiving it. Even a High Court judge would find it difficult to investigate all such complexities.” Looking at the ethical dimension of the debate, there was a danger the bill “undermines the western legal, ethical and common-sense” approach by introducing a provision for killing. “The proposed bill relies on worrying differences between, on the one hand, ‘providing’, ‘preparing’ a medical device to ‘assist’ a person to take lethal drugs (all of which are regarded as legal in the bill) and, on the other hand, ‘inducing another person to take the lethal drugs (which would warrant up to 14 years in prison).” They warned that the example of the State of Oregon used by proponents of the bill actually underlines its dangers. “Oregon, often held up as the paradigm where eligibility criteria have not expanded, has in fact shown slippage. The definition of “’terminal’ turns out to include non-terminal conditions where the person has refused treatment, which would include anorexia and type-1 diabetes.” The academics also supported the argument put forward by health secretary Wes Streeting to oppose the bill that introducing assisted dying when palliative care is not in a fit state would be wrong. “It lacks prudence to allow such a radical change to healthcare practice at a time of crisis for the NHS, especially given the increased financial pressures on general practice, hospices and care homes.” The argument supports the intervention made by former Gordon Brown last week calling for a commission into palliative care treatment before any decision to support assisted dying. The academics added: “To allow assisted suicide would be to upend the ethics of healthcare. As Lord Walton (a neurologist) said, the prohibition of intentional killing ‘is the cornerstone of law and of social relationships.’ Assisting suicide should have no place in medical practice or in a civilised society.” Among the medical signatories are: Dr Matthew Doré, honorary secretary of the Association for Palliative Medicine for Great Britain and Ireland; Irene Tuffrey-Wijne, professor of intellectual disability and palliative care at Kingston University, London; Mari Lloyd-Williams, professor of supportive and palliative care at University of Liverpool; Dr Robert Barber, consultant in old age psychiatrist and honorary clinical senior lecturer at Newcastle; John O’Brien, professor of old age psychiatry at the University of Cambridge School of Clinical Medicine; Alan Thomas, professor of old age psychiatry, director of Brains for Dementia Research at Newcastle University; Dr Paul Keeley, clinical associate professor and consultant at Glasgow Royal Infirmary; Professor Sheila the Baroness Hollins, emeritus professor of psychiatry of disability at St George’s University of London. Legal experts include Professor Charles Foster, Faculty of Law, University of Oxford; Dr Philip Murray, fellow and director of studies in law at Robinson College, Cambridge University; Dr Mary Neal, reader in Law (healthcare law and ethics) at the University of Strathclyde. Academics in ethics include Dr Nigel Biggar, professor emeritus of moral theology at the University of Oxford; and Joshua Hordern, professor of christian ethics, University of Oxford.Rivian receives conditional $6.6-billion federal loan for plant expansion, new models
THE Commission on Elections (Comelec) is confident that the 2025 midterm elections will be the most transparent and credible electoral exercise in the country's history. The Comelec will be holding three elections in 2025. To be held alongside the national elections is the first parliamentary elections in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), while the Barangay and Sangguniang Kabataan Election (BSKE) will be in December. Register to read this story and more for free . Signing up for an account helps us improve your browsing experience. OR See our subscription options.ROSEN, LEADING INVESTOR COUNSEL, Encourages Celsius Holdings, Inc. Investors To Secure Counsel Before Important Deadline In Securities Class Action – CELH
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Australian market watchers have raised concerns over what another Trump administration and an uncertain Chinese economy could mean for the local bourse next year as markets come off a prosperous 2024. The S&P/ASX 200 grew about 10 per cent in 2024, its best gain since 2021, marking a recovery after two years hampered by inflationary pressures and ballooning interest rates. Donald Trump, Xi Jinping and Elon Musk will hold great influence over the fate of global markets in 2025. Credit: Nathan Perri While forecasts in January were optimistic about the year ahead, Tribeca Investment Partners portfolio manager Jun Bei Liu said the ASX “defied all expectations” with the “incredible” returns observed across 2024. “At the beginning, we all thought the Australian market would be strong, but not as strong as it has been,” Liu said. “It’s been thanks to the resilience of our economy and optimism returning to the sharemarket.” Among the best performers was the finance sector – which grew 30 per cent in the past year and was spurred on by Commonwealth Bank – and the IT sector, which enjoyed significant gains as artificial intelligence demand surged. Jessica Amir, market strategist at Moomoo, observed that late annual growth on the bourse came behind the “hot spice” kicked into markets following the US election and release of a new Chinese stimulus. Among the late lifters was Block Inc., the Jack Dorsey-founded financial services firm that emerged as a major beneficiary of the Bitcoin price surge that followed Donald Trump’s election victory. Moomoo market strategist Jessica Amir has backed Block in for a big 2025 amid the Trump-inspired Bitcoin boom. Credit: Louie Douvis “It was a monumental day and showed the changing face of the Australian sharemarket when we saw Block overtake ANZ and Macquarie [in December],” Amir said. “Block will probably become a top-five company in 2025.” Analysts view Trump’s inauguration on January 20 as the first major test for the Australian sharemarket in 2025, likely to be followed by the Australian Reserve Bank’s interest rates decision on February 6. Some of Trump’s policies – including new trade tariffs – spell trouble for global markets. IG market analyst Tony Sycamore said that Trump’s immediate actions following his inauguration would be “very important” for the health of the Australian sharemarket. “Most of the forecasts that I’ve seen say it’ll be a good year for the stock market if Trump does this or that,” Sycamore said. “It depends on whether Trump prioritises tax cuts, regulation and cutting the fat off the US bureaucracy, or whether he goes for the tariffs.” AMP chief economist Shane Oliver has said the Australian dollar could be in for a “rough ride” under Donald Trump’s America-first policies. Credit: Peter Rae While the prospect of increased tariffs has accelerated inflationary fears, Trump’s agenda is also forecast to stimulate growth for big tech, industrial and mining stocks, and the banks, which are expected to enjoy increased borrowing demand as interest rates continue to be lowered in 2025. “Trump is quite supportive of the stock market in general,” Amir said. “Cutting taxes, regulation and red tape is really good for tech stocks, especially the chip sector.” Tesla is among the companies that’s expected to benefit from an expected reduction in the cost of batteries in 2025, and reap reward from chief executive Elon Musk’s tight-knit relationship with Trump. AMP chief economist Shane Oliver said the Australian dollar could face a “rough ride” under Trump, though he noted that lower spending in the US could put upward pressure on the Aussie dollar. “It wouldn’t surprise me if as the US economy cools down into next year, that it leads to lower services inflation, which leads to lower inflation,” said Oliver, who expects constrained global growth in 2025. “The Aussie dollar could turn less than 60¢ on the downside, or head towards high 60s if the US Federal Reserve turns dovish, and the Chinese stimulus comes strong.” The RBA is expected to cut interest rates as early as February, as underlying inflation falls further and unemployment rises. The federal election, slated for sometime between March and May, might prompt an increase in government spending although is unlikely to influence short-term economic policies. Weak Chinese economic data released this month renewed calls for an increased stimulus from its government, which could promise increased trade opportunities for Australian businesses. Liu thought investors could expect “more and more” targeted stimulus packages from the Chinese government, as it loosens its policies in a bid to supercharge a slowing economy. “Policymakers have been very clear – they will keep stimulating until they get it right,” Liu said. “Given the underperformance of the [Australian] utilities sector, the stimulus will provide a tailwind for them.” Miners are also expected to benefit from new Chinese stimulus packages, and from movement across global currencies. “You would expect the US dollar to eventually roll over, and the rolling over would allow the pushing up of commodity demand, which is to the benefit of our mining sector,” Amir said. “It will make for – all in all – a pretty good year.” The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning .
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Goyal for promoting sustainable consumption patterns to cut carbon footprint NEW DELHI: Union Minister for Commerce and Industry, Piyush Goyal on Monday called for promoting sustainable consumption patterns to cut carbon footprint and resolve issues of environment. Global South is not responsible for global environmental damage but has been caused by the developed countries who enjoyed the benefit of low cost energy, he highlighted. The minister said that people of the world would have to focus on consuming products which are environmentally sustainable. “We need to be conscious of the waste and carbon footprint due to our current lifestyle patterns. This is going to be a core of a better future for the world. Unless we address the consumption patterns, we are not going to resolve sustainability and environmental challenges,” Goyal said. The minister was addressing the inaugural session of Confederation of Indian Industry (CII) Partnership Summit 2024 in New Delhi. He highlighted that each of the partner countries have shared responsibilities towards environment and sustainability, but countries present at the summit are not responsible for the damage to the environment. Therefore, the responsibilities towards shared supply chains and sustainability will have to be met through common but differentiated responsibility, he said. Goyal said that while all have to work together, everybody needs to be given responsibility based on their contribution to the environmental problem. The Union Minister said that India offers a trusted hand of friendship and partnership to countries of the Global South. Sharing the common themes mentioned at the session, he pointed out that stability, space, satellite and sustainability were most spoken of by the officials in attendance and emphasised that the world today needs these discussions. Goyal said that Artificial Intelligence (AI) and automation will have an impact on the future of employment and the skills required to adapt to the changing job profiles. He said that technology will transform lives and change the nature of livelihoods, but tradition and culture will also need to be maintained equally. Therefore, it needs to be a mix of tradition and legacy on one hand and technology on the other, he noted. Pointing out that India is marching forward with a large pool of youth with high aspirations, he stressed that there is a need to empower them with education and skill to grapple with the challenges of tomorrow. This will lead to Ease of Doing Business and Ease of Living, he said. Agencies
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