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European companies beat US to Iran business after nuclear deal reached

US firms await outcome of Congress deliberations over Iran agreement, leaving them at the back of the queue for a market due to reopen after years of sanctions

The ink was barely dry on the agreement with Iran to limit its nuclear programme before a German government plane packed with the nation’s economic elite touched down in Tehran.

The trip was the first in a rush of European ministers and business people flocking to a market poised to reopen after years of grinding sanctions. Upscale Tehran hotels are packed and tables at trendy restaurants are scarce as foreigners jostle for bargains, even amid uncertainty over whether President Obama can overcome US congressional opposition to the deal.

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Source: The Guardian Circular Economy RSS

China opts for measured response to days of stock market panic

Beijing cuts interest rates to support the real economy, but keeps some of its powder dry to avoid further damaging investor confidence

Beijing has taken action. After two days of painful stock market falls, the People’s Bank of China (PBoC) has seen enough. Interest rates have been cut to put a floor under share prices and support the real economy.

The reduction in borrowing costs was modest but significant. The one-year lending rate went down by a quarter point to 4.6%. The reserve requirement ratio (RRR), which determines how much banks can lend to the economy, has been cut by half a percentage point.

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Source: The Guardian Circular Economy RSS

Mining stocks drive FTSE 100 rebound

BHP Billiton leads peers higher after world’s biggest miner promises to slash spending to shore up dividends

Mining stocks hammered on Black Monday have clawed back some ground, after major companies announced cost savings that are likely to preserve expected dividend payouts.

Shares in BHP Billiton jumped by 8.5% to £10.49, despite reporting a 52% slump in annual profit to a decade low, after the group said it would slash spending to shore up dividends.

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Source: The Guardian Circular Economy RSS

Searching questions for Tony Abbott if turmoil on stock markets gets worse

Australia’s economy can survive these share shocks for now, but further falls in stock prices could challenge the Coalition’s resistance to fiscal stimulus

The savage market ructions of recent weeks and days are disconcerting. While not unprecedented, the quite staggering fall in share markets and commodity prices are threatening to undermine the global economy. For Australia, the news is particularly alarming. Australia’s stock market, the ASX, has not performed well in recent years, lagging well behind the other markets. If the market ructions translate to an extended period of weak global growth, Australia’s already dismal export performance will be hampered and the commodity price weakness will further undermine national incomes.

We are not there yet. There needs to be either further falls in stocks and commodities or an extended period where market weakness persists for there to be material damage to the Australian economy.

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Source: The Guardian Circular Economy RSS

Asian stock markets swing wildly as Chinese shares take another battering

Benchmark Chinese markets fall 6% but some indices bounce back after day dubbed ‘Black Monday’

Markets across Asia were hit by more turbulence on Tuesday, with Chinese shares suffering a dramatical fall of more than 6% a day after hundreds of billions of dollars were knocked off global stocks.

As the gravity of China’s market woes – dubbed “Black Monday” by the country’s official news agency – continued to sink in, stock markets in the region were hit by wild fluctuations in their fortunes in early trading.

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Source: The Guardian Circular Economy RSS

'This is a correction, not a crisis,' says Joe Hockey, after share-market rout

‘The fundamentals of the Australian and global economy are still good,’ says treasurer, after Australia’s benchmark indices fall more than 4% on Monday

Joe Hockey has sought to reassure Australians about the strength of the local and global economies after sharp falls on China’s main share market triggered jitters on other markets around the world.

Related: $70bn wiped from Australian shares in worst day of trading for six years

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Source: The Guardian Circular Economy RSS

Female bosses are working for free as gender pay gap persists

Difference between the sexes in UK managers’ pay equates to nearly two hours of unpaid work a day by women

Female managers earn 22% less than their male counterparts and “work for free” for nearly two hours a day, research shows.

According to a survey of more than 72,000 managers in the UK, the difference in pay equates to one hour and 40 minutes of unpaid labour a day by women, or 57 working days a year.

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Source: The Guardian Circular Economy RSS

'Hold tight and hold your breath': Wall Street workers advise against panic

Global markets rode a rollercoaster on Monday, providing plenty of turbulence to worry investors – but bankers and lawyers on the Street itself called for calm

It was a tumultuous Monday on Wall Street, as the US stock market suffered its biggest one-day fall since 2011 over fears of a collapse in the Chinese economy.

The Dow Jones Industrial average lost 586 points, or 3.56%, recovering slightly from when it plunged 1,089 points on Monday morning. The S&P 500 lost about 3.9%, closing at a seven-month low, and Nasdaq lost 3.8%.

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Source: The Guardian Circular Economy RSS