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Jaguar Land Rover cuts prices in China after falling sales hit Tata profits

Luxury carmaker suffers 7% drop in sales in vital China market partly due to slowdown in economy, but European sales surge 28%

Jaguar Land Rover is cutting prices in China after being hit by sliding sales in the world’s biggest car market.

Demand for the British-designed luxury sedans and four-wheel-drives has slumped during a slowdown in the Chinese economy and continued campaign against corruption that is deterring some Chinese from making extravagant purchases.

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Source: The Guardian Circular Economy RSS

Union files pay claim to Sports Direct over zero hours contracts

Unite wants the retailer to move thousands of zero-hours workers at its main warehouse in Shirebrook on to permanent contracts

Unions representing staff at Sports Direct’s main warehouse in Shirebrook have filed a pay claim asking the retailer to move thousands of zero-hours workers on to permanent contracts.

Unite, which represents just a handful of permanent staff at the site in Derbyshire despite having had a union recognition agreement in place for many years, said Sports Direct should pay staff the living wage of £7.85 an hour.

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Source: The Guardian Circular Economy RSS

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

As the US economy continues to add jobs, the Federal Reserve is expected to raise interest rates for the first time in almost a decade come September

The US economy added 215,000 jobs in July, while the unemployment rate remained steady at 5.3%, meeting expectations. The numbers released by the Department of Labor on Friday heighten expectations that the Federal Reserve will raise interest rates as soon as September.

Economists expected US employment to have grown by 225,000 jobs last month, and for the unemployment rate to hold at a seven-year low of 5.3%. So far this year, job gains have averaged 208,000 a month.

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Source: The Guardian Circular Economy RSS

Jeremy Corbyn's bill for nationalising energy sector costed by City at £185bn

City analysts say regulatory hurdles for Labour leadership runner’s ambition to nationalise energy sector would see minimum £124bn bill

Nationalising the major power providers, as suggested by Labour leadership candidate Jeremy Corbyn, could cost £185bn, according to leading City analysts.

Following a report in the Financial Times in which Corbyn discusses an ambition to take control of the big energy companies, analysts at Jefferies stockbrokers concluded there would be a number of hurdles to this idea. They cite European Union law and stock exchange rules which require an offer for a whole company to be made once a shareholder owns 30% of the shares.

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Source: The Guardian Circular Economy RSS

GVC raises stakes in battle for online gambling group Bwin

Bid valuing the group at just over £1bn trumps offer made by rival suitor 888 Holdings that was recommended by Bwin board

The battle for control of Bwin.party took another twist as GVC Holdings outlined a higher offer for the online gambling group.

GVC said on Friday it had made a cash and shares offer worth 125.5p a share that values Bwin at just over £1bn.

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Source: The Guardian Circular Economy RSS

RBA unlikely to cut interest rates further after issuing upbeat economic forecast

Reserve Bank expects growth to pick up to between 3 and 4.5% by December 2017, but ASX200 down 2% amid sell-off of shares in the big four banks

The Reserve Bank appears likely to keep its powder dry on another interest rate cut, issuing an upbeat assessment of the economy.

While the central bank has reduced its economic growth forecasts for the current financial year by half a percentage point, it expects growth to pick up to between 3% and 4.5% by December 2017.

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Source: The Guardian Circular Economy RSS

High street stores suffer worst summer for six years

Fashion retailers worst hit as shops blame sales slumps on poor weather and lingering low consumer confidence, according to accountants BDO

The UK high street has endured its worst summer in six years, as volatile weather and the lure of restaurants and holidays kept shoppers away.

Underlying sales, which exclude new store openings, slipped by 1.1% in July according to accountants BDO, meaning stores have seen three consecutive months of decline for the first time since 2009. Sales fell by 0.9% in May and 2% in June.

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Source: The Guardian Circular Economy RSS

RSA's results make independence a credible alternative to Zurich buyout

First-half results vindicate chief Stephen Hester and could take insurer’s share price beyond the reach of Swiss rival, whose own reported figures are weak

As the first chapter of a possible defence document, RSA’s first-half results read very well. After 18 months of cutting costs and flogging small units overseas, chief executive Stephen Hester has something to shout about. Unlike a year ago, the company achieved the basic requirement for a general insurer of making an underwriting profit.

Throw in a reasonable investment result, and RSA smashed City forecasts at the level of operating profits – £259m was about £50m better than expected. Hester’s boast that RSA is “a company that is getting more valuable” is plainly correct.

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Source: The Guardian Circular Economy RSS

Big Mac 'n fries, sure! Your McDonald's waiter will be with you in a minute

Table service goes down well with visitors to the burger chain in Greater Manchester as the fast-food giant tries ways to reverse sliding sales

For McDonald’s executive Andy Shaw, it is the perfect day to test a radical change on customers.

“August. Raining. Kids off school. Families looking for a treat,” he says, standing inside the first British branch to offer table service. On a Thursday lunchtime in Mottram, Greater Manchester, this particular fast-food outlet wants people to take their time for once.

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Source: The Guardian Circular Economy RSS