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Federal Reserve hints at interest rate rise but leaves them unchanged for now

Calling economy’s job gains ‘solid’, latest statement leads many to believe Fed chair Janet Yellen is targeting 16-17 September policy meeting for rate hike

The Federal Reserve on Wednesday continued to pave the way for an increase in interest rates as early as September.

The US central bank left its key interest rate unchanged at near zero – where it has been since the 2008 financial crisis – but once again signalled that rates will rise later this year.

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Source: The Guardian Circular Economy RSS

Firms in UK will have to reveal efforts to stop supply chain slavery and trafficking

From October all companies doing business in the UK with a turnover of £36m or more will have to deliver annual statement covering international supply chains

The major supermarkets, the likes of Primark, Marks & Spencer and well-known food and technology brands, will all have to set out how they are preventing slavery and human trafficking taking place in their supply chains, under rules announced by the UK government.

From October, all companies doing business in the UK with a turnover of £36m or more will have to deliver an annual slavery and human trafficking statement covering their manufacturers, farmers and wholesalers elsewhere in the world.

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Source: The Guardian Circular Economy RSS

GlaxoSmithKline CEO: business stabilising despite China slowdown

Pharmaceutical company reported better than expected second-quarter results of £5.9bn, although Chinese sales fell 14%

The GlaxoSmithKline CEO, Sir Andrew Witty, said the Chinese drug market has slowed down dramatically over the past year but insisted that the drugmaker’s own business there is stabilising, as it unveiled second-quarter results that beat City expectations.

Witty also flagged up 40 new drugs and vaccines that are in mid- to late-stage development, half of which are expected to be approved by regulators or filed for approval by 2020. He highlighted a new shingles vaccine, as well as treatments for chronic lung disease, severe asthma, anaemia and heart disease, which are in development.

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Source: The Guardian Circular Economy RSS

Theo Chocolate and others aims to end farmers' cycle of poverty

Companies including Nespresso and Timberland are working with local communities in developing countries to build sustainable supply chains

Every chocolate company needs to buy cocoa beans. For Seattle-based Theo Chocolate, sourcing this essential ingredient is not about finding the right vendors – it’s about creating them. This unorthodox approach yields a better quality of chocolate for Theo, and a better quality of life for the cocoa farmers with whom the business works, according to founder and CEO Joe Whinney.

“Unless you’re really willing to change the game [and] the way it’s done, you’re going to end up with the same cycle,” he said. He’s referring to a cycle in which, despite the efforts of global chocolate companies, many of the world’s cocoa farmers remain poor.

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Source: The Guardian Circular Economy RSS

Lone Star buys Wembley Arena owner Quintain for £700m

Each of UK property firm’s shares will be bought for 131p in cash after its directors recommended that shareholders accept offer from private equity group

Quintain Estates and Development, the developer behind Wembley Arena, has been bought by US private equity group Lone Star for £700m.

Dallas-based Lone Star agreed to pay 131p in cash for each Quintain share. It pledged to contribute “significant additional financial resources” to help Quintain build “more homes more quickly” at Wembley. The directors of Quintain voted unanimously to recommend that shareholders accept the offer.

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Source: The Guardian Circular Economy RSS

Taylor Wimpey and Rightmove shrug off election uncertainty as profits rise

Housebuilder and property website report strong first halves, despite estate agent Foxtons blaming general election for a slump in its profits

Taylor Wimpey, one of Britain’s largest housebuilders, and Rightmove, the property website, shrugged off the political uncertainty in the run-up to the spring election and enjoyed a strong first half – with further evidence that the housing market is picking up.

Taylor Wimpey said it had a “strong” spring and early summer selling season. It built 5,842 homes across the UK in the first six months of the year, with the average selling price rising 9.2% to £225,000.

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Source: The Guardian Circular Economy RSS

What are the business benefits of being more transparent?

Adopting an open leadership style can bring enormous benefits in terms of company culture, employee engagement, customer loyalty and productivity

Interested in what a company or its chief executive is really like behind the corporate PR machine? These days it’s easy to find out. The internet has enabled employees to share exactly what they think about working where they do, and websites such as Glassdoor give employees the opportunity to leave anonymous reviews about their companies. Glassdoor’s most recent survey of the most popular CEOs attracted a lot of publicity.

So, should CEOs adapt their leadership style now they are open to public criticism? Yes – but not simply with a view to ratings-chasing. Adopting a more transparent leadership style can bring enormous benefits in terms of company culture, employee engagement and productivity. Increased transparency does also tend to have a very positive impact on a company’s reputation.
The benefits of this go way beyond inclusion on lists of top CEOs or best employers. A great reputation leads to increased loyalty from both employees and customers, which brings real bottom-line benefits.

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Source: The Guardian Circular Economy RSS

Bank of England's Sir Jon Cunliffe: 'Markets are quite fragile'

Deputy governor for financial stability concerned about financial markets and the impact of a US interest rate rise

A leading Bank of England policymaker has expressed concerns about the “fragility” of the global financial markets as he warned against any watering down of regulatory reforms eight years on from the financial crisis.

“I do think financial markets at the moment are quite fragile,” said Sir Jon Cunliffe, a deputy governor for financial stability. Cunliffe said he was not too concerned about the recent sharp falls in China feeding through to other stock markets but highlighted a lack of liquidity in global markets. This, he said, could make it more difficult to sell some investments in strained circumstances.

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Source: The Guardian Circular Economy RSS

Greek bailout talks continue as Merkel ally warns of Grexit 'chaos' – live

Rolling business and financial news, as negotiations over a third Greek bailout continue and markets await the Fed’s decision on interest rates tonight

9.40am BST

After getting off to a bumpy start yesterday, negotiations with mission chiefs representing Greece’s creditor institutions will begin today minus one, we have just been told.

“There’s no particular reason for the delay.

But I can confirm she won’t be coming in today, she’ll be arriving tomorrow.”

@deliavelculescu new @IMFNews delegation chief to #Greece in #Greecrisis – a cool "Draculescu" http://t.co/2qzrapJlAZ pic.twitter.com/Xk5xuOJysc

“As far as reports of prior actions are concerned it should be noted that neither in the agreement of the European summit on the 12 of July nor in the two letters that the Finance Minister Euclid Tsakalotos sent to the ESM was there the slightest hint of a third package of prior actions.”

9.18am BST

Here’s a few gems from the deluge of corporate news this morning:

Related: Foxtons blames election for fall in sales and profits

Related: Sky profits rise as it passes 12 million UK and Ireland customers

Strong spring selling boosts Taylor Wimpey sales http://t.co/N2PVqyRoWX

Antofagasta lowers full year copper guidance http://t.co/a9yzZ72aFy

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Source: The Guardian Circular Economy RSS