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Pirc’s Stagecoach campaign departs early

The transport operator has announced a 99.4% vote in favour of a pay award that the advisory group opposed. Never mind: there’ll be another one along shortly

Stagecoach, the bus and train operator, has responded in unusually frank terms to a call for shareholders to oppose its remuneration report at this week’s annual general meeting.

Pirc, the shareholder advisory group, advised its clients to vote against the report on Friday, arguing that the £1.5m pay for Martin Griffiths, Stagecoach’s chief executive, is excessive and out of line with financial performance.

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Source: The Guardian Circular Economy RSS

Bank of England chief says interest rate plans unaffected by Chinese slowdown

Speaking at Jackson Hole conference, Mark Carney says situation must be monitored but ‘recent events do not yet merit changing strategy’ on inflation

The governor of the Bank of England, Mark Carney, said on Saturday that a slowdown in China’s economy could push down further on inflation but did not change, for now, the central bank’s position on when and how it might increase interest rates.

Related: Fed vice-chairman hints at interest rate increase in speech on inflation

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Source: The Guardian Circular Economy RSS

Fed vice-chairman hints at interest rate increase in speech on inflation

‘The door is definitely open’ to a September rate increase, a senior economist said in response to Stanley Fischer saying factors that kept inflation down are fading

Federal Reserve vice-chairman Stanley Fischer left the door open Saturday for a Fed rate increase in September, saying the factors that have kept inflation below the central bank’s target level have likely begun to fade.

Fischer said there’s “good reason to believe that inflation will move higher as the forces holding down inflation dissipate further”. He said, for example, that some effects of a stronger dollar and a plunge in oil prices – key factors in holding down inflation – have already started to diminish.

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Source: The Guardian Circular Economy RSS

What will China’s Black Monday mean for the UK?

As jittery investors brace for more shockwaves after last week’s rout on world markets, we look at the impact, from property to petrol prices

This was supposed to be the year when normality returned to the global economic landscape. Growth was looking more established and the legacy of the financial crisis was dimming. The US central bank and the Bank of England looked poised to affirm the recovery by finally starting to raise interest rates after keeping them for years at emergency levels. Even the eurozone, having come close to unravelling once again, by this month appeared to have put the latest Greek crisis behind it.

All that changed on China’s “Black Monday” last week, when the stock market sell-off that had been rumbling along for weeks turned into a rout. A near 9% fall in the main Shanghai Composite index, its biggest one-day drop since 2007, reverberated around global markets, sending other bourses from Sydney to Wall Street tumbling. In London, dramatic moves on the FTSE 100 were reminiscent of the worst days of the last crash.

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Source: The Guardian Circular Economy RSS

B&W owner hopes to become a big noise for speaker firm

Canadian Joe Atkins tells Karl West why he is looking to entrust his high-end electronics company in West Sussex to the likes of LVMH

Joe Atkins has a contacts book that includes George Lucas, the Sultan of Brunei and the senior management teams at Apple and Maserati. For 30 years he has built Bowers & Wilkins (B&W) from a niche British speaker manufacturer into a world-beating consumer audio brand.

But unlike its ubiquitous rectangular headphones or its Zeppelin Air and A7 wireless speakers, the Canadian owner of B&W is a virtual unknown.

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Source: The Guardian Circular Economy RSS

7-Eleven chain allegedly pays some staff in Australian stores just $10 per hour

Around two-thirds of 7-Eleven shops are underpaying their employees, many of whom are foreign students, it is alleged

The 7-Eleven convenience store chain pays many of its Australian staff just $10 an hour, an investigation says.

A report by Fairfax Media and ABC’s Four Corners program says around two-thirds of 7-Eleven shops are underpaying their employees, many of whom are foreign students.

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Source: The Guardian Circular Economy RSS

The Chinese economy is slowing down and there can be no denying it

Global investors and the bankers at Jackson Hole might not want to admit it, but China is no longer a powerhouse for global growth

The China slowdown is real and central banks pumping up stock markets with cash and confidence is not going to reverse that situation.

At some point, investors from Shanghai to New York, via London, will need to recognise that China is no longer a powerhouse for global growth.

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Source: The Guardian Circular Economy RSS

HSBC to process 275,000 delayed payments overnight

System failure leaves many workers without their salaries ahead of bank holiday weekend, but bank promises to refund any costs incurred

HSBC has promised to send delayed payments to frustrated customers by Saturday morning after a day of chaos left hundreds of thousands of people without cash on payday, ahead of the bank holiday weekend.

Early on Friday, it emerged many companies that bank with HSBC were unable to pay their staff or suppliers after its IT systems failed.

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Source: The Guardian Circular Economy RSS

US stocks dip as rollercoaster week continues – live

4.55pm BST

Reuters has been snapping the highlights from Fischer’s CNBC interview, where importantly he has also said that with the economy getting back to normal the Fed will have to show that at some point by normalising rates and he has made no decision on September.

4.45pm BST

Comments from US policymaker Stanley Fischer are just hitting the wires, and he seems to share his fellow rate-setter William Dudley’s view that the latest bout of market turmoil could push back a rate hike that, until this week, many had expected to come as soon as next month.

Fischer has told broadcaster CNBC that market volatility does affect the timing of interest rate decisions.

Fischer to CNBC: Economy is returning to normal; we’ve not yet made decision about September. http://t.co/ddr59GYiHq pic.twitter.com/tnBvYhbXeB

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Source: The Guardian Circular Economy RSS