A Victorian man involved in an airport scuffle in which a police gun was accidentally fired is back in custody for allegedly assaulting several people the next day.
Nicholas Teplin, 41, faced a court on Friday on allegations he hit three men in the head at Sydney’s Central railway station and then shoved a police officer while in custody.
The media in Kazakhstan is once again debating the revision of production sharing agreements (PSAs) with foreign companies in the country’s major oil consortia. PSA LLP, the state-owned operator authorized by the Ministry of Energy to represent Kazakhstan’s interests in the North Caspian Production Sharing Agreement, has released new data on revenues from the Kashagan field, information expected to reignite calls to amend agreements with major Western oil producers in Kazakhstan’s favor.
President Kassym-Jomart Tokayev has publicly backed the discussion. In January, he instructed the government to intensify negotiations with foreign investors. “The implementation of production-sharing agreements for large fields has allowed Kazakhstan to become a reliable supplier of energy to the global market. These projects have made a great contribution to the country’s socio-economic development. However, large investments require a long-term planning horizon. Therefore, the government must intensify negotiations on extending PSA contracts, possibly on revised terms that are more favorable for Kazakhstan,” Tokayev said at an expanded government meeting.
The PSA company, headed by Tokayev’s nephew, Beket Izbastin, reported that in 2024, the Kashagan consortium’s total revenue from oil, gas, and sulfur sales exceeded $11 billion. Of this, 80% covered capital and operating costs (“Cost Oil”), while only 20% came from “Profit Oil,” amounting to $2.2 billion. Kazakhstan’s share was 10%, or $220 million. Including the $430 million in taxes paid by the operator, NCOC, the country’s total revenue was $650 million.
“With revenues of $11 billion, the republic’s share, including taxes, was only 6%, the lowest among oil companies not only in Kazakhstan but globally,” PSA said.
Under the current terms, Kazakhstan’s share of Profit Oil will not increase until three billion barrels have been extracted from Kashagan. Only the first billion has been produced over the past decade. Shareholders are expected to begin paying a 30% income tax soon; KazMunayGas has already transferred an initial $45 million payment from the Kashagan profits.
The fairness of this revenue distribution is now a central point of debate. Some observers believe the renewed focus ahead of the next parliamentary session could signal that Tokayev will again raise the issue in his annual address, alongside agreements for Karachaganak and Tengiz, the other pillars of Kazakhstan’s oil sector. Tengiz operates under a contract expiring in 2033, earlier than Karachaganak (2037) and Kashagan (2041).
At his press conference in Astana last month, Prime Minister Olzhas Bektenov confirmed that negotiations with major oil companies had only just begun. “Indeed, there is a view that the country’s interests are significantly infringed upon. We are starting negotiations with our consortium partners to conclude new PSAs for a new period. This will be done in a measured and balanced manner, without sudden moves, while defending the national interests of our country,” Bektenov stated.
The question of what exactly constitutes “national interests” remains open. In February, Mazhilis deputy Edil Zhanbirshin linked the issue to Kazakhstan’s dependence on imported fuel. Despite the $3.7 billion spent on modernizing the country’s three oil refineries, annual processing volumes remain below 18 million tons and are declining, causing recurring shortages of gasoline, aviation fuel, and diesel. Over the past seven years, Kazakhstan has imported more than six million tons of petroleum products, most from Russia.
“We cover this deficit with imports. This is nonsense for a country with such oil reserves. The time has come to solve this problem,” Zhanbirshin said.
How Kazakhstan Compares Internationally
Field / Country
Contract Expiry
Annual Revenue (latest available)
State Take (incl. taxes)
Notes
Kashagan (Kazakhstan)
2041
$11B (2024)
6%
Operated under the North Caspian PSA. High cost-recovery ceiling (80%) delays profit share growth until 3B barrels extracted; only ~1B produced so far.
Tengiz (Kazakhstan)
2033
$20B (est. 2023)
18–20%
One of the largest onshore oil fields. Operated under long-term concession; earlier expiry than Kashagan or Karachaganak may give Kazakhstan earlier leverage in renegotiations.
Karachaganak (Kazakhstan)
2037
$10B (est. 2023)
22%
Gas-condensate field; PSA terms revised in 2012 to increase Kazakhstan’s share.
Norway (North Sea)
N/A (licensing)
Varies
75–78%
A combination of a 78% marginal tax rate and state participation ensures a high state take.
UAE (Abu Dhabi)
N/A (concession)
Varies
65–70%
ADNOC maintains a majority stake; a low-cost recovery share compared to Kazakhstan PSAs.
Nigeria (Deepwater PSAs)
2030s
Varies
50–55%
Earlier PSAs gave lower returns, but the 2019 amendments improved the state’s share of deepwater projects.
Globally, many major oil producers under PSAs secure far higher effective state takes. According to industry benchmarks, countries like Norway and the UAE often retain 60–80% of net oil revenues, while even more investor-friendly regimes such as Nigeria typically see 50–55%. In contrast, Kazakhstan’s current 6% take from Kashagan in 2024 — even when factoring in taxes — is exceptionally low. This gap reflects the heavy cost-recovery clauses and production thresholds built into the original contracts, signed in the 1990s and early 2000s, when the country sought to attract massive foreign investment to develop technically challenging offshore fields.
The debate over revising PSAs reflects both external and internal priorities: reducing dependence on Russian fuel imports for the Western audience, and ensuring fairer returns on natural resources for the domestic public. Whether this dual strategy will help Kazakhstan move beyond its role as a raw material supplier, however, remains to be seen.
EU Launches Public Consultation on Air Services Regulation
The European Union is revamping its air service regulations, launching a public consultation to gather feedback from citizens, travelers, and stakeholders. The initiative, led by the European Commission, aims to revise the Air Services Regulation, which governs access to the EU internal aviation market, reports 24brussels.
This regulation outlines the operational freedoms of EU airlines, including their rights to operate within the EU and the transparency of ticket pricing.
The upcoming review is expected to equip the air services sector for future challenges, ensuring competitiveness, enhancing connectivity, and safeguarding consumer interests. Key areas of focus include hand luggage allowances and strategies to mitigate disruptions caused by air traffic controller strikes throughout the EU.
Originally enacted in 1992 and revised in 2008, the Air Services Regulation has been instrumental in shaping the EU’s aviation landscape, fostering growth and improving connectivity, particularly for citizens in remote and outermost regions.
A 2019 evaluation, alongside lessons from the COVID-19 pandemic and recent assessments, has underscored the necessity for greater support in driving the sector’s green transition and boosting its resilience against crises.
The public consultation is open until November 4, with participation available through the Have Your Say portal. An European Commission spokesman stated that the feedback gathered will inform the Impact Assessment regarding the regulation’s revision, which is presently underway.
Eduardo Noriega spent over a decade preparing for the possibility that Microsoft would one day lay him off. When that day came, he was ready.
In May, after 17 years with the company at its Redmond, Washington, headquarters, Noriega learned his role as a senior software engineer was being cut. He told Business Insider he’s extremely grateful for his time at Microsoft. However, he started having concerns about job security amid the Great Recession when, less than a year into his role, the company announced plans to cut about 5,000 workers.
“When I saw the layoff, I realized that job security isn’t real,” said the 51-year-old.
After weighing his options, Noriega concluded that his best shot at financial stability was building a business he could rely on if he ever lost his job at Microsoft. Rather than focusing solely on climbing the corporate ladder, he decided to continue working on a side business he’d started in Mexico. He said it was one of the best career decisions he’s ever made.
“I decided not to put all my eggs in the career promotion basket, but to try to build something on my own,” he said. “That’s where I put a good deal of my eggs, and that’s what paid off once I was laid off.”
Noriega is among the thousands of Microsoft employees who have been laid off in recent months. After cutting 6,000 jobs in May, the company laid off roughly 9,000 more in July. A Microsoft spokesperson previously told Business Insider that the company was focused on reducing management layers and streamlining processes. The cuts have also included many individual contributor-level engineers like Noriega.
Microsoft isn’t alone. Google, Intel, Amazon, and Walmart are among the companies that have also announced plans to reduce the number of managers in a trend dubbed the “Great Flattening.”Layoffs remain low by historical standards, but tech workers have been hit hard — just as white-collar hiring has slowed. That’s made it more difficult for workers like Noriega to count on traditional employers for income.Instead, they may turn to working for themselves.
Choosing between 3 possible career strategies
When Noriega started at Microsoft, he saw three potential career paths. One was to dedicate himself to the job and hope that promotions and raises would follow. Another was to jump between companies every few years, gradually landing more senior and higher-paying roles. The third was to build a side business with the goal of someday turning it into a full-time job.
Noriega said his lifelong passion for entrepreneurship — along with a desire for a backup plan in case of a layoff — pulled him toward the third path. When he wasn’t working at Microsoft, he dedicated time to a software education business that he’d begun developing before he moved to the US. After a few years, when the business didn’t take off as he’d hoped, he shifted his focus to an online piano lessons venture — but that one also struggled to get off the ground.
In 2016, he launched NTSprint, a staffing firm that helps Latin American software engineers access remote jobs in the US and Canada. Noriega, who is originally from Cuba and lived in Mexico for several years, said his goal was to help engineers in the region land higher-paying jobs and “break the cycle of poverty” in their communities.
Over the past decade, Noriega has poured significant time and energy into building the business. In the year leading up to his Microsoft layoff, he said his typical schedule involved finishing work at 5 p.m., then exercising, showering, and eating dinner before working on NTSprint from 8 p.m. to midnight. In addition to those four-hour weeknights, he said he’d often spend up to eight hours on the business each Saturday and Sunday.
“I was working like crazy,” he said.
Noriega said working on his business outside work hours was in compliance with Microsoft’s moonlighting policy, which he said allows employees to pursue side projects or businesses as long as it’s done outside company hours, the business doesn’t compete with Microsoft, and company resources aren’t used. Noriega said he was transparent about his business with his manager and didn’t face any pushback.
Winning the ‘Microsoft game’
When Microsoft laid him off in May, Noriega said he’d already been talking with his wife about whether he should quit his job and focus exclusively on his business. He said he was earning more money from the business than from his Microsoft role, and the long hours were taking a toll. However, he said he couldn’t bring himself to resign — doing so would mean giving up a steady paycheck, excellent health insurance, and unvested stock.
Noriega said getting laid off by Microsoft was likely very difficult for most employees, but for him, it provided the push he needed to focus on his business full-time. He hasn’t looked for another job since.
“I never dared to quit,” he said. “And then Microsoft presented the layoff, and for me, that was like an exit.”
Noriega said he thinks people who have concerns about their job security should consider diversifying their incomes — whether through freelancing, consulting, or building a business. He knows this isn’t feasible for everyone, but said doing so helped him blunt the financial and career impacts of his layoff.
In his final days at Microsoft, Noriega said a coworker told him he “won the Microsoft game.”
“What she meant is that I worked hard for the company, but once I was laid off, I was not left empty-handed and in despair, rushing to get the next job to support my family,” he said.
Addressing reception marking 80th anniversary of VJ Day, prime minister says he spoke to Zelenskyy about allies’ values as Trump prepares to meet Putin
Parliament will not benefit from “more Putin apologists”, a cabinet minister said, as he poured cold water on Nigel Farage’s call for the prime minister to allow him to appoint peers to the Lords.
Farage has previously pushed for reform of the upper chamber, saying it is too large and needs to be made more democratic.
But look, I’m not sure that parliament’s going to benefit from more Putin apologists like Nigel Farage, to be honest.
Look at what he’s said about Russia, look at what he’s said about Putin in the past. Look [at] what he said in the middle of the general election campaign.
At this point, when maximum pressure needs to be put on Putin to support Ukraine in negotiations, when the maximum condemnation of Putin is required from someone who is sitting down with Trump in Alaska but turning up the attacks on Ukraine, it needs all voices.
I sat on this terrace this very morning with President [Volodymyr] Zelenskyy, who is fighting for the same values as we were fighting for. And so when we say never forget, we must pass on the stories of those who have gone before us.
