Back to Top

Bank of England to examine whether financial reforms have held back growth

Governor Mark Carney tells George Osborne that City traders and bankers will be asked for their views on effect of financial stability policies

Mark Carney has told the government that the Bank of England is to examine whether policies intended to strengthen financial stability in the economy have held back economic growth.

The bank governor said Threadneedle Street would use the findings of an open forum in November – when City traders and bankers are expected to give their views on regulation – to “take stock of the reform agenda in financial markets”.

Continue reading…
Source: The Guardian Circular Economy RSS

Chinese yuan: everything depends on what happens next

People’s Bank of China described move as a ‘one-off’ but if Beijing seeks to boost imports through devaluation, it will be a painful process

China’s weakening of the yuan by 1.9% is an event that, in a year’s time, will be seen either as an irrelevance or a major turning point for the global economy. Everything depends on what happens next. If the tweak heralds the start of a proper devaluation to boost exports, the world economy will have to adjust to a new China. The process would be painful.

Related: China devalues yuan by 2% to boost flagging economy

Continue reading…
Source: The Guardian Circular Economy RSS

The Co-operative Bank's timeline of troubles

Bank’s fortunes plummeted following Britannia merger in 2009, leading to record £1.3bn loss, and investigations by regulators continue

August 2009 After almost a year of talks, the Co-operative bank and the building society Britannia agree a merger. The former Britannia boss Neville Richardson takes over as the chief executive of Co-operative Financial Services (CFS) and says the deal marks the “next step in the renaissance of the co-operative and mutual sector”.

July 2011 Richardson quits following a restructuring that leads to the loss of 670 financial adviser jobs. He takes away a package worth £4.6m. The bank’s finance director, Barry Tootell, takes the reins.

Continue reading…
Source: The Guardian Circular Economy RSS

The trends spawning the next wave of sustainable business models

From the sharing economy to digitization, technological and cultural trends are changing the way we think about sustainability

Yarra Valley Water had a problem: the water and sanitation company in Melbourne, Australia, couldn’t easily see what was going on with its operations. It was hard to determine if any of its $2bn US in assets – including almost 12,000 miles of water and sewer pipes, nine treatment plants, two water recycling facilities, and dozens of pump stations – had leaks, needed maintenance or were strained to their limits. And this confusion prevented the company from efficiently serving its customer base of 1.7 million people and 50,000 businesses.

The company’s management systems lay at the heart of the problem. To oversee its confusing mass of infrastructure, Yarra Valley relied on a collection of different, aging computer systems that made it difficult to gain a comprehensive view of its operations. It’s a common issue around the globe: many water utilities lack insight into their aging, leaking, inefficient infrastructure, and are employing unimaginative stopgaps or privatizing their operations.

Continue reading…
Source: The Guardian Circular Economy RSS

Greece clinches bailout deal, Commission says – as it happened

5.47pm BST

Greece has agreed a deal in principle with its lenders about a third bailout, worth around €85bn and allowing some €10bn to be disbursed to the country’s struggling banks almost immediately. There is a long list of reforms the country has to carry out in return for the cash.

But the agreement needs to be approved by state parliaments, with Greece set to discuss it on Thursday. The Eurogroup of finance ministers is expected to meet on Friday to examine the deal, after conference calls between deputies taking place today.

5.45pm BST

New IMF Greece mission chief told senior euro officials that fund ready 2 participate by Oct, provided action on debt http://t.co/Z1HmUkWhBP

Continue reading…
Source: The Guardian Circular Economy RSS

Jaguar Land Rover urged to give assurances over 36,000 British jobs

Unite union calls on luxury carmaker to guarantee future of its UK workforce after JLR signs agreement to open factory in Slovakia

Jaguar Land Rover (JLR) is under pressure to guarantee the future of its UK workforce after the luxury carmaker signed a letter of intent to build a factory in Slovakia.

Des Quinn, the Unite officer for JLR, said the company’s global expansion “should not be to the detriment of the UK workforce who have built the foundations for that global success”.

Continue reading…
Source: The Guardian Circular Economy RSS

Why is Carphone Warehouse still called Carphone Warehouse?

Do you know anybody who has a carphone? Neither do we – but how could the high-street retailer, recently the alleged victim of a data hack, update its moniker to something a bit more modern?

Some data breaches are baffling – June’s US government personnel database, for instance, or Ashley Madison, which trades on illicit liaisons but can’t keep its own secrets safe. Carphone Warehouse, on the other hand, not so much. When the data watchdog warned that as many as 2.4 million customers might have had their details snatched from the company’s server, the immediate response was surprise that they actually had a server.

Perhaps it’s the name – Carphone Warehouse, so steeped in the 1980s that it’s practically smeared in fake tan. Given that actually using a phone while driving a car has been illegal since 2003, you assume it’s an awkward legacy from a lazy boardroom. But no. In 2014, when the company’s £3.8bn merger with Dixons was announced, they chose the corporate portmanteau Dixons Carphone. Chief exec Graham Stapleton called it the most recognised brand in the business, despite pitching the merged company as a cutting edge “internet of things” retailer.

Continue reading…
Source: The Guardian Circular Economy RSS

New Look to launch dedicated menswear stores

High street clothing retailer hopes to capitalise on booming fashion market with standalone spaces dedicated to young men

The launch of menswear-only stores shows that New Look is taking fashion’s growth market seriously.

Men’s fashion, once the poor relation of womenswear, is booming. It grew by nearly 20% in five years between 2008 and 2103 and London now has its own very successful men’s fashion week, London Collections Men. On the back of that, labels including House of Holland and Whistles have launched menswear lines and this has had a knock-on effect on the fast fashion market.

Continue reading…
Source: The Guardian Circular Economy RSS