Raising tax on North Sea oil and gas profits could “kill the goose that lays the golden egg” and threaten the transition to net zero, an MP has warned. The SNP’s Dave Doogan claimed the Finance Bill was “a further and final attack on North Sea oil and gas, on Scotland’s natural endowment”. Harriet Cross, Conservative MP for Gordon and Buchan, said the Government risks baking in the energy profits levy (EPL) to the tax system as a permanent feature, “creating long-term uncertainty that will drive investment away from north-east Scotland”. The Conservative government introduced the levy in May 2022, a time-limited windfall tax, which is currently set at a rate of 35% and due to end in March 2029. If MPs agree the Finance Bill, which they backed at its second reading on Wednesday by 332 votes to 176, majority 156, the levy would rise to 38% and continue until 2030. The draft legislation will undergo further scrutiny at a later date. Mr Doogan told the Commons: “The UK has drawn billions – hundreds of billions – of pounds from the North Sea over the course of my lifetime, the last 50 years, and it’s almost as though they’re addicted to it, so much so they’re going to kill the goose that lays the golden egg. “They’re hiking taxes, eroding allowances and driving investment from the North Sea in the businesses that are precisely the ones that we need to drive the transition to net zero in the places that we need them. “What other state would attack one of their own industries in this way? It’s beggars belief and it will come home to roost in spades. “It will not shift the dial towards the net-zero future that we’re trying to get to one bit. “The oil and gas that is being displaced from the Scottish sector by this Government’s ineptitude will be replaced by oil and gas from other jurisdictions, where the tax will be paid and where doubtless human rights are very much worse.” Ms Cross said: “What other industry in the UK would be expected to deliver something as fundamental as our heating, our lighting or our transport fuels, indeed energy to make sure the NHS can operate or schools can run, while also being taxed to such an extent that this Government is driving away investment in a sector so crucial to our national security? “What is particularly concerning with the EPL is the impact on homegrown energy businesses. These are not global multinationals that are often used as examples of the energy giants who make massive profits, companies which can and do buffer the impacts of EPL by increasing their overseas investments and reducing their investments in the North Sea. “Instead, this policy hits hardest the companies that have emerged and grown out of north-east Scotland, employing local people, supporting local supply chains and helping our local economies.” The MP, whose constituency lies north of Aberdeen, later added: “This Labour Government is turning what should be and what was a windfall tax into a permanent feature of our tax system, creating long-term uncertainty that will drive investment away from north-east Scotland.” Treasury minister Tulip Siddiq told MPs: “We recognise that oil and gas will continue to have a role in the energy mix during the transition. We need to drive public and private investment towards cleaner energy. “The money that’s raised by these changes will help contribute towards this public investment while the sector continues to benefit from £84.25 relief for every £100 of private investment, and to reflect our commitment to facilitating cleaner homegrown energy, the Government has confirmed that the sector will continue to benefit from a decarbonisation investment allowance at similar value of relief as it received prior to November energy profits levy rate increases.”
NoneINDIANAPOLIS – When the concept of the NFL’s most dangerous offense is broached, the image that first comes to mind likely depends on the age of the beholder. It could be Dan Marino’s Miami Dolphins or perhaps Kurt Warner’s Los Angeles Rams. Maybe it’s Peyton Manning’s Indianapolis Colts or Tom Brady’s New England Patriots. For the youngest observers, it’s likely Patrick Mahomes’ Kansas City Chiefs. Each of those units – no matter the era in which they played – had one thing in common: an explosive passing game that put video game numbers on the stat sheet week in and week out. The Detroit Lions – this year’s highest scoring NFL offense – certainly have that capability. But this is a team that very much reflects the personality of its head coach – former NFL tight end Dan Campbell. In addition to the aerial exploits of quarterback Jared Goff and his fleet of receivers, the Lions (9-1) boast the league’s third-ranked rushing offense. Two players – Jahmyr Gibbs (796 yards, eight touchdowns) and David Montgomery (595 yards, 10 touchdowns) – already have surpassed the 500-yard rushing mark, and Detroit is not afraid to get down in the trenches and bully the opposition when the situation calls for it. “We had a joint practice what, two years ago with them, and I think what stood out is that they are a physical, tough team,” Colts defensive coordinator Gus Bradley said. “They come in with a mentality. So it starts with that. It comes from their head coach. He's done a great job with that culture. Then you look at their skillset, right? They've got two really good running backs. Their offensive line is – I mean compared to a lot of the great offensive lines that have played. “So up front, they can run the ball. They can protect. The quarterback is playing – I mean, if he has three incompletions in a game, that's a shocker to him. So they're just very effective. They're very efficient. They've got playmakers on the perimeter. ... If they don't score every series, they're upset. So very explosive that way, and it's a great challenge for us.” Indianapolis has won its last two meetings against Mahomes and the Chiefs in large part by being the more physical team on the field. The Colts ran the ball efficiently in both a 2019 victory at Arrowhead Stadium and a 2023 upset at Lucas Oil Stadium. That helped keep the Kansas City offense on the sideline, and the Indianapolis defense made some big plays at opportune times to further limit the damage. That won’t be a simple formula to replicate Sunday against the Lions. Detroit has the fifth-ranked run defense in terms of total yards and is 11th with an average of 4.3 yards allowed per carry. So keeping the ball out of the Lions’ hands will take significant effort. And when Detroit has possession, it’s absolutely lethal. The Lions average 33.6 points per game and have topped the 40-point barrier four times – including two 52-point showings in the past four weeks, against the Colts’ AFC South rivals Tennessee and Jacksonville. Detroit put up a massive 645 yards of total offense last week against the Jaguars, and its 46-point margin of victory marked the third time this year it has won by more than 35 points. This is domination often witnessed in the college game but rarely at the pro level. “Obviously, they play hard for all four quarters,” Indianapolis defensive tackle DeForest Buckner said. “They play really well together, especially offensively. On the offensive line, they do a really good job working with each other, communicating. They’ve got a lot of great skill players. They’ve probably got one of the best running back duos in the league. Obviously, Jared Goff is playing at a very high level. “So, defensively, we’ve got to be on a lot of our keys and our technique. We’ve just got to continue to communicate better and just make sure that everybody, especially in the run game, are in their gaps and their fits.” Left tackle Bernhard Raimann (knee) did not practice again Thursday, increasing the chances Indianapolis will again start three rookies on the offensive line. Right tackle Braden Smith (foot) was upgraded to full participation. Defensive end Tyquan Lewis (elbow) and wide receiver Michael Pittman Jr. (back) were full participants for the second straight day. Wide receiver Josh Downs (calf) and cornerback Kenny Moore II (knee) were added to the report but were full participants Thursday. Cornerback Terrion Arnold (groin) was added a limited participant for the Lions and was the only player on Detroit’s 53-man roster who was not a full participant.
BOSTON — Joonas Korpisalo stopped 21 shots, Elias Lindholm scored the game’s only goal, and the Boston Bruins beat the Utah Hockey Club 1-0 on Thursday night in their first game since the team fired coach Jim Montgomery and named Joe Sacco as interim coach. The win snapped Boston's three-game losing streak. Karel Vejmelka made 30 saves for Utah, which has now lost three straight. After coming up empty on their first four power-play opportunities, the Bruins struck on their fifth extra-man chance when Lindholm chipped in a rebound for his third goal of the season with 7:19 left in the second period. Boston thought it had the game sealed when David Pastrnak fired into an open net with 58.8 seconds to play, but the goal was taken off the board after a video review. Takeaways Utah: On the first game of a four-game road trip, Utah went 0 for 4 on the power play with the last chance coming with 6:56 remaining. Bruins: The Bruins heard a few boos from the crowd after failing on all three of their power-play chances in the first period. Sacco got his first win as a head coach since 2014 when he was with the Colorado Avalanche. Key moment The scoring chance that led to Lindholm cleaning up a rebound began when Pastrnak sent a pass from the circle to Brad Marchand, who was stationed in front of the net. Both were credited with assists on Lindholm’s goal. Boston Bruins center Elias Lindholm (28), top left, celebrates after scoring with right wing David Pastrnak (88) and left wing Brad Marchand (63) in the second period of an NHL hockey game against the Utah Hockey Club, Thursday, Nov. 21, 2024, in Boston. Credit: AP/Steven Senne Key stat The NHL’s two most penalized teams lived up to their reputation. Ranked first in penalty minutes entering Thursday’s game, Boston was penalized four times. Ranked second in penalty minutes, Utah went to the box three times in the first period and seven for the game. Up next Utah: Travels to Pittsburgh on Saturday. Boston: Visits Detroit on Saturday.Draft Ottawa budget adds 23 paramedics, 22 firefighters, 10 bylaw officers
President-elect Donald Trump announced on his social media platform, Truth Social, the appointment of David Sacks, a venture capitalist and prominent Silicon Valley figure, as the White House's first AI and crypto czar. Sacks will serve in this newly created position, which reflects Donald Trump's ambition to bolster America's leadership in AI and cryptocurrency advancements. In a post on Truth, Trump said, "David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas." Trump also added that Sacks would also lead the Presidential Council of Advisors for Science and Technology. Sacks is the former COO of PayPal and is also famed as a part of the " ." He played a key role in Trump's fundraising campaigns, including co-hosting an event at his San Francisco home, with tickets costing $300,000 a head. A close ally of Vice President-elect JD Vance, Sacks also founded "Yammer," a workspace communication platform, which was acquired by Microsoft for $1.2 billion in 2012. His venture capital firm, Craft Ventures, has investments in major companies like Elon Musk's SpaceX, Reddit, and ClickUp. In one of his "All-In" podcasts, Sacks mentioned that his contractual obligations with Craft Ventures may prevent him from taking a full-time government position. Still, he could take up an advisory role in Trump's administration. Trump expressed confidence in Sacks's ability to "safeguard Free Speech online, and also counter "Big Tech bias and censorship." While the precise scope of this new "czar" role remains unclear, the move clearly shows Trump's admin will put a high priority on AI and cryptocurrency to bolster the US economy. Source:Hinton scores 15 points as Harvard takes down New Hampshire 72-62
and will battle it out for €50 million-rated , while free agent has been linked with a return to France. Join us for the latest transfer news, gossip, and rumors from around the globe. TOP STORIES - - - TRENDING RUMORS - are open to letting captain leave the club but will demand a €50 million fee from any interested party, according to . The Frenchman is highly regarded by several European sides and could leave San Siro as early as this January. Hernández's current contract is set to expire in June 2026, meaning Milan have a narrow window in which they can command a large transfer fee for the player. With talks having stalled over a contract extension, and are now said to be considering a move for the 27-year-old. - are weighing-up an audacious move for free agent Paul Pogba, reports. The side are said to be big admirers of the midfielder, who is aiming to return to the national team in the future. As such, the 31-year-old is receptive to the idea of joining Marseille, which could provide Pogba with a platform to showcase his talents. However, the transfer has also been described as "difficult" by the outlet, with the 2018 winner's salary being one potential stumbling block. - are keeping a close eye on and could launch a bid for the Real Madrid youngster next summer, according to . The 19-year-old has found first-team minutes hard to come by since joining Real in 2023 from . While the Spanish giants have no intention of letting Güler go in January, a summer move in 2025 could materialize if he grows frustrated with his current situation. The international is under contract at Real Madrid until 2029. - , alongside several other top European clubs, are keeping tabs on defender , according to . Reds head coach Arne Slot is said to be a long-term admirer of the Dutchman, who joined Bologna from in 2023. The side have ruled out a January exit for their star defender, but the report says that a summer transfer in 2025 could be possible if Liverpool stump up a fee of at least €25m. Real Madrid and are also said to be monitoring Beukema's progress. - has completed a medical at and will soon join the Hungarian side on a one-year loan deal, according to . The former Liverpool midfielder has struggled massively since joining in the summer of 2023, playing just five games. A deal is now in place for Keïta to join the , which also includes a clause to make the transfer a permanent one at the end of his loan spell.
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By JOSH BOAK WASHINGTON (AP) — Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different . The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. “There’s going to be a lot more tariffs, I mean, he’s pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing. The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted. Business groups were quick to warn about rapidly escalating inflation , while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries. Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs “if the situation comes to that.” “The economy department is preparing it,” Sheinbaum said. “If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico,” she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas. House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans’ coming control of both the House and Senate. “This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs,” said Rep. Suzan DelBene, D-Wash. But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November’s election largely involved restraining inflation. The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second largest economy. Biden administration officials looked at removing Trump’s tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly. Tariffs were “so new and unique that it freaked everybody out in 2017,” said Stumo, but they were ultimately somewhat modest. Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina. His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods. Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its “soft power” as the Chinese population began to watch fewer American movies. The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically. When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records. While that sum might seem meaningful, it was relatively small compared to the overall economy. America’s gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts. If Mexico, Canada, and China faced the additional tariffs proposed by Trump on all goods imported to the United States, that could be roughly equal to $266 billion in tax collections, a number that does not assume any disruptions in trade or retaliatory moves by other countries. The cost of those taxes would likely be borne by U.S. families, importers and domestic and foreign companies in the form of higher prices or lower profits. Former Biden administration officials said they worried that companies could piggyback on Trump’s tariffs — if they’re imposed — as a rationale to raise their prices, just as many companies after Russia’s invasion of Ukraine in 2022 boosted food and energy costs and gave several major companies the space to raise prices, according to their own earnings calls with investors. But what Trump didn’t really spell out is what might cause him to back down on tariffs and declare a victory. What he is creating instead with his tariff threats is a sense of uncertainty as companies and countries await the details to figure out what all of this could mean. “We know the key economic policy priorities of the incoming Trump administration, but we don’t know how or when they will be addressed,” said Greg Daco, chief U.S. economist at EY-Parthenon. AP writer Mark Stevenson contributed to this report from Mexico City.
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