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Airport shops row: Boots and Dixons to issue new rules on boarding pass checks

Amid passenger revolt retailers are understood to be speaking to staff reminding them customers are not obliged to show boarding cards

Boots and Dixons are to issue new guidance to airport staff about checking customers’ boarding passes following a consumer revolt over “rip-off” VAT charges.

Customers of Boots and Dixons and other prominent stores including WH Smith pledged not to show their boarding passes at airports after it emerged that retailers were benefiting from VAT savings without lowering prices.

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Source: The Guardian Circular Economy RSS

Markets slide as China moves to weaken yuan again – live

1.11pm BST

Greek prime minister Alexis Tsipras said a deal with its lenders would end economic uncertainty in the country, but warned some people were trying to put obstacles in the way (now who could that be?). Reuters reports:

“Despite the obstacles that some are trying to put into our path, I’m optimistic we will get to an agreement, loan support from the European mechanism, which will put a final end to economic uncertainty,” Tsipras said during a visit to the Greek infrastructure ministry in Athens.

It was the leftist leader’s first comments after lenders and Greece reached a deal on Tuesday in a new bailout accord worth up to €86bn. He did not specify who was attempting to scupper the accord.

#Tsipras says that it is a political pledge for the govt to institutionalize new rules for transparency & new mechanisms to fight red tape.

#Tsipras says that the fines & penalties will be extremely hard on whatever entities are found to be tax-evading. #Greece

#Tsipras talks about a new ‘code of values’ that the Greek society needs, and the former status quo refrained from creating. #Greece

12.54pm BST

Chinese e-commerce company Alibaba has disappointed investors with its first-quarter results, sending its US shares down 6% in premarket trading.

The company’s net income more than doubled to 12.34m yuan, while revenues rose 28% to 20.25m yuan ($3.27bn), compared to expectations of $3.32bn.

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Source: The Guardian Circular Economy RSS

Zoopla founder cements agreement with new pay deal

Alex Chesterman commits to future at property website with £11m share sale windfall plus long-term bonus deal worth up to £20m over four years

Zoopla founder Alex Chesterman on Wednesday lined up an £11m share sale windfall together with a long-term bonus deal worth up to £20m over four years after committing his future to the property website group.

Mr Chesterman’s new pay arrangements were disclosed as the group’s latest trading update showed it bouncing back from a sharp loss of customers to rivals. Shares in the FTSE 250 listed company rose 5%.

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Source: The Guardian Circular Economy RSS

Co-op bank boss praises move to waive £120m fine as 'pragmatic solution'

Niall Booker said any financial penalty on the bank needed to be weighed against the impact it would have on financial stability

The boss of the Co-operative Bank has described the decision by City regulators to waive a £120m fine on the loss-making institution as “a pragmatic solution”. Niall Booker, the chief executive of the bank, said that any financial penalty needed to be weighed against the impact it would have on financial stability.

He said the Financial Conduct Authority had not discussed the size of any potential fine. The FCA publicly censured the bank for misleading investors about its financial strength in 2012 and for failing to provide details of changes to senior management.

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Source: The Guardian Circular Economy RSS

Rise in UK unemployment fuels labour market jitters

Number of people in work was 63,000 lower and while employment rose most of the jobs went to non-UK citizens

Fears that the improvement in Britain’s labour market has stalled have been fuelled by a second successive month of job losses.

Official data showed that the number of people in work was 63,000 lower in the three months to June than in the previous quarter, while the number unemployed rose by 25,000.

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Source: The Guardian Circular Economy RSS

Greek PM seeks bailout ratification as doubts remain over German support

Parliament to reconvene for emergency session to ratify bailout text amid uncertainty over whether €85bn deal has backing of all EU member states

Greece’s parliament will convene for an emergency session to ratify the text of a new multibillion-euro bailout, according to the parliament website, but the timing of the crucial vote remained uncertain and doubts persisted about whether the deal enjoyed the full support of all EU capitals.

It was not clear when MPs, recalled from their summer recess on Tuesday by prime minister Alexis Tsipras, would begin discussing the 400-page bill at committee level, with reports suggesting that parliamentary committees would probably not meet until Thursday morning, hours before the plenary debate and a vote now likely to take place in the early hours of Friday.

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Source: The Guardian Circular Economy RSS

China stuns financial markets by devaluing yuan for second day running

Stocks, currencies and commodities fall sharply across region as investors fear a stalling China economy and possible currency war despite Beijing’s assurances

China stunned the world’s financial markets on Wednesday by devaluing the yuan for the second consecutive day, triggering fears the world’s second largest economy is in worse shape than investors believed.

The move sent fresh shockwaves through global markets, pushing shares sharply lower and sending commodity prices further into reverse as traders feared the move could ignite a currency war that would destabilise the world economy.

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Source: The Guardian Circular Economy RSS

Consumer confidence leaps 7.8% between July and August, survey finds

Results ‘very surprising’, says Westpac economist, adding ‘consumers are feeling more relaxed’ because international crises no longer dominating media

Consumer confidence has surged, buoyed by continued positive news around house prices and reduced concerns over the international outlook.

Whether such confidence translates into equally robust spending habits is open to question as wage growth remains at its slowest pace in nearly 20 years.

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Source: The Guardian Circular Economy RSS

Employment figures expected to show slight improvement

Latest data predicted to show slight drop in unemployment and annual earnings growth running close to 3%

Fresh jobs and wages data for the UK will be closely scrutinised by the Bank of England and the City for evidence that the surprise jump in unemployment reported last month was a blip.

With the economy growing strongly in the second quarter, the latest figures for the labour market are expected to show a modest improvement in employment and annual earnings growth running close to 3%.

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Source: The Guardian Circular Economy RSS

Commonwealth Bank announces record $9bn profit, seeks to raise $5bn in capital

The result is up 5% from last year’s $8.68bn profit and is in line with market expectations

Commonwealth Bank of Australia has announced a $5bn capital raising as it unveiled a record $9.14bn cash profit.

The profit result is up 5% from last year’s $8.68bn result and is largely in line with expectations.

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Source: The Guardian Circular Economy RSS