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Starbucks says pays British corporation tax after row LONDON: US-based coffee giant Starbucks said on Sunday it had paid £5 million in British corporation tax and will pay another £15 million by next year after facing a backlash from lawmakers and customers over non-payment.The moved comes despite Starbucks claiming that it remained unprofitable in Britain, and that it was looking at closing its struggling stores in the country. Corporation tax is levied on a company's profits and currently stands at a rate of 23 percent in Britain.The announcement comes after leaders of the G8 major economies last week struck a deal to fight corporate tax avoidance, which while not illegal, robs government coffers of sizeable income at a time of deep cuts to public spending.Sunday's statement confirms an announcement by Starbucks last December that it intended to pay £10 million ($15.4 million, 11.8 million euros) in British corporation tax both this year and in 2014. The last time ...

Freeport resumes some output at world's No.2 copper mine JAKARTA: Freeport McMoRan Copper and Gold Inc has restarted some operations at the world's second biggest copper mine after receiving approval from the Indonesian government, a senior company official told Reuters on Saturday.The Arizona-based company has slowly resumed open-pit mining at its Grasberg complex in eastern Indonesia, more than a month after a training tunnel collapsed, killing 28 people in one of Indonesia's worst mining accidents. Underground production remained shut."The open-pit is already allowed to ...
Canada inflation edges up in May OTTAWA: Consumer prices in Canada rose 0.7 percent in the 12 months to May, as higher food and shelter costs were partly offset by lower transportation costs, the government statistical agency said on Friday.The inflation figure was slightly less than the 0.9 percent forecast by analysts after April's 0.4 percent rise in prices.Natural gas prices increased for a third time in four months, following 25 consecutive declines, Statistics Canada said in a statement.Rent and property ...
Russia, China sign 'unprecedented' $270 bn oil deal SAINT-PETERSBURG: Russian oil giant Rosneft and Chinese state firm CNPC signed Friday a $270 billion deal to supply China with oil over 25 years as Russian President Vladimir Putin pushes to diversify the country's energy customer base away from Europe.The agreement between Russia, the world's largest energy producer and China, the world's largest energy consumer one of the biggest deals in the history of world oil industry was signed by Rosneft chief executive Igor Sechin ...
Norwegian wage growth could remain subdued OSLO: Norwegian wage growth could be subdued for years to come as economic growth at home and abroad remains weaker than earlier expected and unemployment is also higher, Central Bank Governor Oeystein Olsen said on Friday.Norway's vast oil sector, which expects record investments this year, will remain the driving force behind growth as long as oil prices remain over $100 per barrel, Olsen told reporters.Copyright Reuters, 2013 ...
Philippines' balance of payments surplus set to support peso MANILA: The Philippines is likely to end the year with a balance of payments surplus of $4.4 billion, the Bangko Sentral ng Pilipinas said on Friday, backing views the peso would keep its long-term strength, despite an ongoing selloff in the currency. The peso hit a low of 44.17 to the dollar on Friday, its weakest since January 2012, as outflows increased on news the US Federal Reserve plans to begin scaling back its massive ...
Moody's says rupee weakness affects India's credit profile MUMBAI: The rupee's weakness reflects domestic economic challenges, primarily a high current account deficit and lower capital flows, but does not significantly impact India's foreign debt repayment capacity, Moody's told Reuters on Friday."Given the very low level of foreign currency debt owed by the Indian government, rupee depreciation does not significantly affect sovereign debt repayment capacity," said Atsi Sheth, vice-president of the sovereign risk group at Moody's Investors Service, in an e-mailed response."However, it is ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln