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Dow plunges after rollercoaster trading on ‘Black Monday’ for global markets

Dow’s 586-point drop puts it on track for its worst month since February 2009 as White House seeks to reassure investors that US economy can withstand volatility

Related: Asian stock markets fall again after Wall Street slump – live

Hundreds of billions of dollars were wiped off global stocks on Monday as a panic that started in China spread across the world on a day dubbed by China’s official news agency, Xinhua, as “Black Monday”.

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Source: The Guardian Circular Economy RSS

Businesses do – and should – play a role in creating a better society

For a growing number of businesses, the lines between corporate profits, NGO values and government standards are blurring – and that’s a good thing

CEO Veronique Laury last month said that her company’s long term ambition is to create “a society that is better for all”. It’s a lofty statement, the kind one might expect to hear from the head of a nonprofit. But Laury doesn’t run a charity or NGO – she’s the head of Kingfisher, the publicly-held, $17bn home retailer.

Laury isn’t the only big business leader addressing her company’s impact on the world. This spring, chemical giant Dow launched its new 2025 goals with the explicit statement that it plans to “help redefine the role of business in society” and develop a “social blueprint that integrates public policy solutions, science and technology, and value chain innovation to facilitate the transition to a sustainable planet and society”.

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Source: The Guardian Circular Economy RSS

Osborne plays down fears China stock market slide will derail EU economies

Chancellor’s remarks come on day Beijing dubbed ‘Black Monday’ and as European markets saw biggest falls since 2008 financial crisis

George Osborne has played down fears that European economies will be derailed by the dramatic stock market slide in China that triggered some of biggest swings at bourses around the world since the 2008 financial crisis.

The UK chancellor said the volatility in China, where the main Shanghai Composite index on Monday had its biggest one-day drop since 2007, was “a cause for real concern”.

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Source: The Guardian Circular Economy RSS

US stocks nosedive in early trading amid collapse in global markets

Dow plummets 1,000 points minutes after opening and raises fears that a tech bubble has burst, with Facebook and Apple among the biggest early losers

US stock markets collapsed on Monday, continuing a global stock market rout that has wiped hundreds of billions of dollars off shares across the world.

The Dow Jones Industrial Average dropped more than 1,000 points shortly after the markets opened, but it recovered slightly to be down 620 points, or 6%, shortly before 10am.

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Source: The Guardian Circular Economy RSS

FTSE 100 loses more than £60bn after China's 'Black Monday'

London index and Germany’s Dax fall sharply as global markets reel from worst day in Shanghai and Hong Kong since 2007

European stocks tumbled and US equity markets prepared for steep falls after Chinese shares had their worst day since 2007 – intensifying a stock market rout driven by fears about the world’s second-biggest economy.

In lunchtime trading local time, the FTSE 100 had fallen almost 4.5% to 5,914 points, wiping more than £60bn off the index of leading UK shares. It was the first time the index had dropped below the 6,000 mark since early 2013, with almost all companies in the red, and followed a week of declines last week.

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Source: The Guardian Circular Economy RSS

China's leaders look powerless against destructive market forces

The longstanding perception created by Communist rulers that they are always ultimately in charge takes a battering from feral capitalism

China’s president, Xi Jinping, is putting a great deal of effort into projecting an image as the country’s most powerful leader since Mao Zedong. Much of Beijing shut down over the weekend as scores of troops, tanks and other military vehicles streamed into the country’s capital to rehearse for an impending military parade.

But just a day after images of the country’s immense state power flooded Chinese social media, they were filled with news of a staggering plummet on the country’s stock exchanges. The government’s efforts to prop up stock prices in the world’s second largest economy hit a brick wall on Monday, as stocks suffered their biggest fall since 2007, when state intervention into the country’s bourses failed.

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Source: The Guardian Circular Economy RSS

London super sewer to cost less than expected, says Ofwat

Regulator awards licence to Bazalgette Tunnel to start building along Thames and says bidding process has cut costs

London’s new £4.2bn super sewer will cost customers less than expected, the water regulator has said, as it awarded a licence to start building the tunnel next year.

Ofwat said Bazalgette Tunnel Ltd, a company formed to lead the project, would build the Thames tideway tunnel. The 16-mile (25km) sewer is designed to reduce the 39m tonnes of untreated sewage that flows into the river Thames each year.

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Source: The Guardian Circular Economy RSS

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

The ASX200 plunged 4.1% to the brink of the 5,000 barrier on ‘Black Monday’ and the dollar also crashed 1% after fears about China gripped the markets

More than $70bn has been wiped from the Australian share market as fears about China’s economy sparked its heaviest fall in six-and-a-half years and prompted warnings that the rout could continue.

A disastrous day on China’s main share market – dubbed “Black Monday” by the state news agency Xinhua – has added to fears that Australia’s top trading partner is faltering.

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Source: The Guardian Circular Economy RSS

Open forums: imaging the future of water

As water and environmental experts gather in Stockholm for the 25th annual World Water Week, Anglo American’s Head of Open Forums, Phil Newman, discusses some of the ideas from the company’s first Open Forum on Sustainability

The world needs water. By 2030, the global population is expected to reach 8.5 billion and the human race could face a 40% water shortfall. With more than 70% of our mining operations located in water-stressed areas, how will Anglo American adapt to this changing reality, and how can we best work with other water users, across all industries, and with the communities around us?

We could make water. Far-fetched as it may sound, humans have access to all the ingredients they need. So why not manufacture it? This was one of many ideas developed at the FutureSmart™ Open Forum on Sustainability that took place in the United Kingdom in June.

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Source: The Guardian Circular Economy RSS

Government sells further stake in Lloyds Banking Group

Sale of shares takes taxpayer’s stake in bailed-out bank to less than 13%

The government has sold 1% of its stake in Lloyds Banking Group to reduce its ownership of the bailed-out bank to less than 13%.

UK Financial Investments, which manages the government’s stakes in Lloyds and Royal Bank of Scotland, has reduced its holding to 12.97%, Lloyds said on Monday.

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Source: The Guardian Circular Economy RSS