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Bogotá unveils new tax increases as fiscal deficit deepens

The Colombian government will increase taxes on dozens of products and industries—including oil and gold extraction—for the remainder of 2025, according to a decree published late Wednesday. The move aims to raise up to $1.57 billion USD as the country faces a growing fiscal deficit.

Colombia’s public finances have worsened due to declining tax revenues, a high public debt, and limited room to cut spending. An independent expert committee estimated that the government needs a $11 billion USD fiscal adjustment to meet its own fiscal rule.

According to the decree, signed by Finance Minister Germán Ávila, the tax on oil extraction will slightly increase from 2.6% to 2.7%, while gold and other precious metals will see a steeper hike, from 2.4% to 4.5%.

Several other sectors—including agriculture, forestry, sugar refining, petroleum refining supplies, and textile manufacturing—will also face tax increases, with rates rising from 0.55% to 1.2%.

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International

UK prepares court battle to ensure Chelsea sale money supports ukrainian humanitarian aid

The British government has threatened legal action against Russian oligarch Roman Abramovich to ensure that the £2.5 billion (€2.97 billion) raised from the sale of Chelsea Football Club reaches the Ukrainian victims of Russia’s full-scale war.

“The government is determined that the proceeds from the sale of Chelsea Football Club go to humanitarian causes in Ukraine following Russia’s illegal large-scale invasion,” said Chancellor of the Exchequer Rachel Reeves and Foreign Secretary David Lammy in a joint statement on Tuesday.

“We are deeply frustrated that so far it has not been possible to reach an agreement with Mr. Abramovich on this matter,” they added. “While the door to negotiations remains open, we are fully prepared to take this to court if necessary, to ensure that the people suffering in Ukraine can benefit from these funds as soon as possible.”

Abramovich, who has denied accusations of being a close ally of Russian President Vladimir Putin, was sanctioned following Russia’s large-scale invasion of Ukraine in February 2022. The oil and gas magnate sold Chelsea in May 2022 to a consortium led by U.S. investor Todd Boehly and Clearlake Capital after the British government allowed him to relinquish the club on the condition that he would not personally profit from the transaction.

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International

Ukraine’s Security Service Damages Foundations of Crimea Bridge in Underwater Explosion

The Security Service of Ukraine (SBU) announced on Tuesday that it damaged the foundations of the Kerch Bridge, which connects the Crimean Peninsula with mainland Russia, in a special operation by detonating 1,100 kilograms of explosives placed underwater.

“The operation lasted several months. SBU agents placed mines on the foundations of this illegal structure. And today, with no civilian casualties, at 04:44 local time, the first explosive was detonated,” the SBU said in a statement accompanied by a video and a photograph of the damaged bridge.

The SBU recalled that this is the third Ukrainian attack on the bridge since the war began. The bridge was built by Russian President Vladimir Putin after Russia’s annexation of the Ukrainian Crimean Peninsula in 2014.

The head of the SBU, Vasil Maliuk, personally supervised the operation. Maliuk stated in the release that “the Crimea Bridge is an absolutely legitimate target,” as it was constructed to connect Russia to occupied Ukrainian territory and serves as a “logistical artery for supplying” the Russian military.

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International

Bob Cai: Latin America can leverage China’s AI network experience to boost ICT infrastructure

Bob Cai, President of Huawei Latin America’s Operators Business Department, emphasized that artificial intelligence (AI) is driving the transformation of the global industry. He highlighted that governments, regulators, operators, and industry partners in Latin America can collaborate to leverage China’s successful experience in network construction, thereby continuously advancing ICT network infrastructure to face the opportunities and challenges of the AI era.

According to Bob Cai, 2024 was the first year of large-scale AI deployment. By the end of 2024, the number of AI large language models (LLMs) worldwide surpassed 1,300, and the shipments and applications of AI devices increased tenfold in just one year.

As a pioneer in AI development, he said China initially created a relatively complete AI application ecosystem.

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