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NAB rules out funding Adani's Carmichael mine as buyer LG pulls out

Australia’s biggest proposed coal project loses 4m tonne deal with one of its two big customers as the country’s fourth-largest bank publicly distances itself

The National Australia Bank has ruled out funding Adani’s Carmichael mine, as the country’s biggest proposed coal project also lost a key customer in Korean electronics giant LG.

NAB, Australia’s fourth largest bank, had “no plans to be involved in any financing” of the controversial project, the Australian Financial Review reported. Sources said the bank would not buy in even if approached by Adani, the report said.

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Source: The Guardian Circular Economy RSS

Low growth, low wages, low exports: GDP figures are no laughing matter

Joe Hockey’s ‘clowns’ comment may come back to haunt him as defence and housing sector were the only bright spots in a gloomy picture of the economy

The latest gross domestic product (GDP) figures show just how dependent Australia is on exports, and that when they fall away, so too do any hopes of strong (or even average) economic growth.

Three months ago, when the March GDP figures showed surprisingly strong growth, Joe Hockey suggested that those who believed there were “dark clouds on the horizon” were “clowns”.

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Source: The Guardian Circular Economy RSS

Joe Hockey says there is no risk of recession in Australia

As the services sector grows at its fastest rate for seven years, the treasurer says the government’s policies are strengthening the economy

Joe Hockey says there is “no risk” that Australia will have a recession as he defended the government’s record on the economy.

After national accounts released on Wednesday showed the economy grew just 0.2% in the June quarter, the treasurer said the government’s policies were adding momentum to the economy.

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Source: The Guardian Circular Economy RSS

Australia's top CEOs earn 72% more than declared, research shows

Stock options among factors that took incomes of ASX100’s 10 highest paid chief executives to a cumulative $171.4m in 2014, against the $99.6m reported

The rules governing Australia’s biggest companies may only reveal “the tip of the iceberg” when it comes to senior executive pay in Australia.

The collective pay packet of the ASX100’s 10 highest paid chief executives was more than 70% larger than the pay declared in their companies’ 2014 financial reports, the Australian Council of Superannuation Investors says.

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Source: The Guardian Circular Economy RSS

Net-a-Porter founder quits in surprise move ahead of takeover

Natalie Massenet had said she would stay on as chairman after approval was given to deal with Italian online retailer Yoox

Natalie Massenet, the founder of Net-a-Porter, has quit the online fashion empire she created just weeks before its takeover by an Italian discounter is finalised.

The former Tatler journalist, who launched the company selling designer clothes from her Chelsea flat, leaves with more than £100m cash after selling her stake in the company, according to Bloomberg.

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Source: The Guardian Circular Economy RSS

Shell still has to prove its BG Group takeover is a slick deal

As its £55bn purchase moves closer, falling oil prices mean Shell’s offer is less compelling than when first announced

Royal Dutch Shell has got the thumbs up from the European commission for its £55bn takeover of BG Group. That is two regulatory hurdles cleared, three to go. At that point, harder questions can be asked. Does this cash and shares deal, unveiled in early April, which feels like a different era for the oil market, still make sense? And will Shell shareholders back it?

Related: Shell bid for BG likely to go ahead despite oil slide, say analysts

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Source: The Guardian Circular Economy RSS

Burger King continues quest for Peace Day burger after McWhopper rejection

Fast-food chain’s offer of a joint ‘peace burger’ drew disdainful rebuff from McDonald’s but other US burger chains may be interested

Burger King is refusing to give up on its attempt to release a showpiece burger in conjunction with rival fast-food chains to mark the United Nations’ International Day of Peace, despite being publicly rebuffed by McDonald’s.

A week after asking its rival for a ceasefire in their “burger wars” by creating a special McWhopper burger for the occasion, Burger King has now invited four other US fast-food chains to help create a “peace day burger”.

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Source: The Guardian Circular Economy RSS

Sports Direct chairman under pressure to go

Changes to FCA rules mean minority shareholders could block Keith Hellawell’s re-election

Sports Direct chairman, Keith Hellawell, is expected to come under renewed pressure to step down from the retailer’s board at its annual meeting next week as a result of new rules giving increased rights to minority shareholders.

New guidance from the Financial Conduct Authority, the financial watchdog, means that for the first time, Sports Direct’s executive deputy chairman, Mike Ashley, who owns a 55% stake in the company he founded, can be challenged by other investors.

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Source: The Guardian Circular Economy RSS

Migrants targeting UK bound passenger trains taking ever greater risks

As Eurostar train delayed by people on roof finally arrives, Eurotunnel reports increased security is resulting in more desperate tactics

People who are taking ever greater risks to reach Britain from Calais have targeted UK-bound passenger trains for the first time because of increased security measures at the Channel tunnel.

Two Eurostar passenger trains were forced to turn back on Tuesday, one to London and one to Paris, while a rescue train was sent for stranded passengers when their service broke down near Calais.

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Source: The Guardian Circular Economy RSS