New value-added tax to be tested in Shanghai

Source: Marketwatch
© Scanpix/Reuters

On Thursday China's government disclosed details of testing program for new VAT in Shanghai aimed at boosting development in services sector. The VAT will also ease the pressure of tightening monetary policy on small firms. The new tax will come into effect in 1 January 2012 and it will replace current business tax for companies mainly involved in service industry.

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Fri, 18 Nov 2011 09:34:37 GMT

US initial unemployment claims hit 7-month low

According to Labour Department statistics, claims for unemployment compensations declined to 7-month low. Applications for jobless allowances slipped 5000 last week. On annual basis the jobless claims decreased by 628,000 in October. Decreased number of firings is a signal that companies are considering more employees cutting current employment rate at 9%.

Fri, 18 Nov 2011 15:34:36 GMT

Oil Spill near Rio de Janeiro coasts

Brazil is investigating oil spill in 120km from the coast of Rio de Janeiro state. The responsibility of the spill lies on the US company Chevron. About 600 barrels of oil shaped a slick on the water. Fortunately the spill moves away from Brazilian coast as more than 17 ships clearing up the spill. In case Chevron does not fulfill its obligations to clean

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