Latest news with #costefficiency
Reuters
3 days ago
- Business
- Reuters
Nigeria offers oil tax relief for cost-cutting measures
LAGOS, May 30 (Reuters) - Nigerian President Bola Tinubu has signed an executive order introducing a performance-driven framework for oil sector operators, designed to link tax incentives directly to verifiable cost savings. Under the new Upstream Petroleum Operations Cost Efficiency Incentives Order 2025, operators who successfully implement industry-standard cost reductions in onshore, shallow water, and deep offshore fields will qualify for defined tax relief. These tax credits will be capped at 20% of an operator's annual tax liability. "This Order is a signal to the world: we are building an oil and gas sector that is efficient, competitive, and works for all Nigerians," Tinubu said in a statement. "It is about securing our future, creating jobs, and making every barrel count." Analysts say success will largely be dependent on implementation. "President Tinubu referred in the announcement to the importance of alignment between government agencies. Succeed there and this could be highly significant towards improving Nigeria's investment appeal," said Clementine Wallop, director for sub-Saharan Africa at Horizon Engage. This order is a key component of the government's ongoing reforms aimed at boosting competitiveness within the sector. Last year, Nigeria offered a 25% gas utilisation investment allowance for equipment and plant for new and ongoing projects, and began streamlining contracting processes as part of commercial enablers to make offshore drilling more attractive. These incentives, while they haven't yielded investments in a new field, have spurred a few producers to return to existing fields.
News.com.au
23-05-2025
- Business
- News.com.au
Football Australia confirms $8.5 million deficit despite growth in revenue
Football Australia's $8.5 million loss has angered chairman Anter Isaac, who has demanded improvement as part of the sport's national governing body's commitment to 'cost efficiency' and 'operational effectiveness'. The substantial loss for 2024 was confirmed at Friday afternoon's FA annual general meeting, where Isaac was unanimously re-elected as chairman. 'We are not satisfied and look towards continued improvement,' Isaac said. 'That is our obligation to grassroots football and all our football stakeholders.' Despite the $8.5 million deficit, confirmation has come after James Johnson's sudden resignation as FA chief executive officer earlier this month – FA's revenue grew to $124 million in 2024. 'While we are happy with this, we believe that there continue to be opportunities to increase the value of our brands and commercial activities to help reinvestment into our game from national teams and especially to the grassroots,' Isaac said in his chairman's report. 'The past year has been one of strategic renewal and disciplined ambition. Though it all, our focus remains clear – to build a football ecosystem that is united, resilient and ready for the future.' Isaac said Johnson's interim replacement, Matildas great Heather Garriock brought 'an unmatched passion for the game, deep football knowledge, executive acumen and a clear vision for the future'. 'We are confident in her ability to lead Football Australia with strength, unity and a mindset of service that reflects the values of our entire football family,' he said of Garriock, Isaac FA's 'priorities' were clear.
Reuters
13-05-2025
- Business
- Reuters
British pub group Marston's swings to profit on cost cuts and strong sales
May 13 (Reuters) - British pub group Marston's (MARS.L), opens new tab swung to a half-year pre-tax profit on Tuesday, helped by its cost-efficiency actions and higher food and beverage sales thanks to favourable weather. The company said underlying pre-tax profit for the six months ended March 29 came to 19 million pounds ($25.08 million), compared with a loss of 0.2 million pounds a year earlier. After a period of weak sales due to unfavourable weather conditions and high inflation, pub groups are seeing a rise in customer spending as the weather turns warmer. However, Britain's hospitality sector is facing renewed costs pressures after the introduction of higher employment taxes from last month. Marston's expects to fully offset the financial impact by recalibrating its operations with digitisation and AI-led optimisation initiatives. The pub group also signalled towards a "positive" summer trading period and said like-for-like sales in the five weeks since March-end were up 10.5%. ($1 = 0.7577 pounds)
