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Standard Chartered quits controversial Queensland coal mining project

Involvement with the mine, which critics say threatens endangered species, was exposing the London-based bank to reputational damage

Standard Chartered bank is pulling out of a vast coal mining project in Australia that critics say threatens endangered species and could wreck international efforts to contain global warming.

The London-based bank revealed on Monday it was giving up its role advising the Indian conglomerate, Adani, on building one of the world’s biggest coal mines in Queensland and expanding a port on the Great Barrier Reef.

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Source: The Guardian Circular Economy RSS

Economy sees uptick – now Congress urged to pass bill to create more jobs

US deputy labor secretary Chris Lu says the best way to take advantage of recent gains is for congressional leaders to focus on long-term infrastructure

Congress should pass a long-term infrastructure bill to help improve the economy and job security for American workers, according to Chris Lu, US deputy labor secretary.

Related: Unemployment rate remains steady at 5.3% as US economy adds 215,000 jobs

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Source: The Guardian Circular Economy RSS

Warren Buffett: six key deals

Billionaire investor has gained stakes in Coca-Cola, Gillette and other big names during a career spanning more than half a century, usually with positive results

In more than 50 years of investing, Warren Buffett has bought and sold stakes in some of the biggest companies in the world through his Berkshire Hathaway vehicle. As the famous investor unveils his biggest deal yet, the $37.2bn takeover of Precision Castparts, here are six of his most notable transactions.

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Source: The Guardian Circular Economy RSS

Greece closes in on third bailout deal – live updates

3.06pm BST

The day began with hopes of a Greek debt breakthrough but, as the history of these debt talks shows, there’s a long way to go between the germ of a deal and the signing on the dotted line.

What is certain, for sure, is that Warren Buffett’s Berkshire Hathaway, is on its way to consummating its record takeover, a $37bn bid for an aerospace parts supplier. The sage of Omaha has been busy justifiying the high multiple he is paying for that not so well known company, Precision Castparts.

2.05pm BST

Warren Buffett has revealed details on CNBC of his company’s $37bn takeover of Precision Castparts, which is not exactly a household name. And he’s admitted that he’s paying a “very high multiple” for the aerospace industry supplier.

Buffett told CNBC’s Squawk Box he made a bid for Precision during the Allen & Co. Sun Valley conference last month.

This is right up there at the top of expensive deals. This a very high multiple for us to pay,” said Buffett.

One of Warren Buffett’s biggest deals, for a company you may never have heard of http://t.co/7sbZ0e3Kee

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Source: The Guardian Circular Economy RSS

Knife attack at Ikea store in Sweden leaves two dead

Man arrested on suspicion of murder after another person is seriously injured in incident in Västeras, about an hour west of Stockholm

Two people have been killed and one seriously injured in a knife attack at an Ikea store in Västeras, a city about an hour west of the Swedish capital, Stockholm.

Police said they received a call reporting injuries at the store at about 1pm local time. A man has been arrested on suspicion of murder. Police have not ruled out the possibility that he had an accomplice.

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Source: The Guardian Circular Economy RSS

Berkeley boss gets £23.2m payout after company's profits soar by 42%

Tony Pidgley, co-founder of housebuilders Berkeley Group, now one of the wealthiest business executives in the UK

The boss of Berkeley Homes, one of the UK’s biggest house builders, received £23.3m last year at the start of a series of payouts to the company’s top executives that could add up to £500m in the next six years.

The payment to Tony Pidgley was part of £42m of bonuses for the top five executives at Berkeley who appear to be on track for one of the biggest pay awards ever handed out by a UK listed company.

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Source: The Guardian Circular Economy RSS

Without India, you can forget about achieving a sustainable palm oil sector

All eyes are on India, the world’s largest palm oil importer, and whether companies can help shift consumers towards sustainable choices

In a food stall on a dusty New Delhi street corner, a woman in a bright orange sari drops samosas into a skillet of bubbling liquid, which crackles and pops as it laps up the potato­-filled dough.

She is cooking with palm oil, the ingredient often met with controversy in the west due to concerns about deforestation and habitat loss. In India, however, the world’s top importer of palm oil, its sustainability goes largely unquestioned.

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Source: The Guardian Circular Economy RSS

Warren Buffett strikes his biggest deal with $37.2bn Precision Castparts takeover

Berkshire Hathaway investment conglomerate pays $235 a share in cash for maker of aircraft parts and energy production equipment

Warren Buffett, the octogenarian multibillionaire investor, has struck his biggest deal by agreeing to buy a US maker of aircraft components and industrial pipes for $37.2bn (£24bn) including debt.

Berkshire Hathaway, Buffett’s investment company, has agreed a deal that values the Portland, Oregon-based Precision Castparts at about $32.5bn excluding its net debt. The price of $235 a share in cash is 21% more than the company’s closing share price on Friday.

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Source: The Guardian Circular Economy RSS

Rail watchdog fines Network Rail £2m for London Bridge delays

Timetabling failures and lack of planning for network upgrades caused severe disruption for passengers, the Office of Rail and Road found

The rail regulator has fined Network Rail £2m for inept timetabling and poor planning for upgrades that caused severe disruption at London Bridge station.

The Office of Rail and Road (ORR) said Network Rail had made repeated mistakes in timetabling services in and out of London Bridge, had failed to work properly with train operators, and had neglected to plan in passengers’ interests.

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Source: The Guardian Circular Economy RSS

BHP Billiton to cut 380 South Australia jobs, mostly from Olympic Dam mine

South Australia already has the country’s highest unemployment rate at 7.9%, though BHP says the move is not a reflection of state government policy

Mining giant BHP Billiton will cut 380 jobs, mostly from its Olympic Dam mine, after a review of its South Australian operations.

Related: BHP Billiton fined US$25m for gift trips to Beijing Olympics for foreign officials

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Source: The Guardian Circular Economy RSS