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Greece clinches bailout deal, Commission says – as it happened

5.47pm BST

Greece has agreed a deal in principle with its lenders about a third bailout, worth around €85bn and allowing some €10bn to be disbursed to the country’s struggling banks almost immediately. There is a long list of reforms the country has to carry out in return for the cash.

But the agreement needs to be approved by state parliaments, with Greece set to discuss it on Thursday. The Eurogroup of finance ministers is expected to meet on Friday to examine the deal, after conference calls between deputies taking place today.

5.45pm BST

New IMF Greece mission chief told senior euro officials that fund ready 2 participate by Oct, provided action on debt http://t.co/Z1HmUkWhBP

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Source: The Guardian Circular Economy RSS

Jaguar Land Rover urged to give assurances over 36,000 British jobs

Unite union calls on luxury carmaker to guarantee future of its UK workforce after JLR signs agreement to open factory in Slovakia

Jaguar Land Rover (JLR) is under pressure to guarantee the future of its UK workforce after the luxury carmaker signed a letter of intent to build a factory in Slovakia.

Des Quinn, the Unite officer for JLR, said the company’s global expansion “should not be to the detriment of the UK workforce who have built the foundations for that global success”.

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Source: The Guardian Circular Economy RSS

Why is Carphone Warehouse still called Carphone Warehouse?

Do you know anybody who has a carphone? Neither do we – but how could the high-street retailer, recently the alleged victim of a data hack, update its moniker to something a bit more modern?

Some data breaches are baffling – June’s US government personnel database, for instance, or Ashley Madison, which trades on illicit liaisons but can’t keep its own secrets safe. Carphone Warehouse, on the other hand, not so much. When the data watchdog warned that as many as 2.4 million customers might have had their details snatched from the company’s server, the immediate response was surprise that they actually had a server.

Perhaps it’s the name – Carphone Warehouse, so steeped in the 1980s that it’s practically smeared in fake tan. Given that actually using a phone while driving a car has been illegal since 2003, you assume it’s an awkward legacy from a lazy boardroom. But no. In 2014, when the company’s £3.8bn merger with Dixons was announced, they chose the corporate portmanteau Dixons Carphone. Chief exec Graham Stapleton called it the most recognised brand in the business, despite pitching the merged company as a cutting edge “internet of things” retailer.

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Source: The Guardian Circular Economy RSS

New Look to launch dedicated menswear stores

High street clothing retailer hopes to capitalise on booming fashion market with standalone spaces dedicated to young men

The launch of menswear-only stores shows that New Look is taking fashion’s growth market seriously.

Men’s fashion, once the poor relation of womenswear, is booming. It grew by nearly 20% in five years between 2008 and 2103 and London now has its own very successful men’s fashion week, London Collections Men. On the back of that, labels including House of Holland and Whistles have launched menswear lines and this has had a knock-on effect on the fast fashion market.

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Source: The Guardian Circular Economy RSS

China devalues yuan by 2% to boost flagging economy

China has moved after recent data showed slumping exports and a shrinking manufacturing sector, but the devaluation could deepen global currency wars

China has devalued its currency to boost flagging exports in a move that risks deepening the global currency war.

Related: Global stock markets boosted amid speculation China may devalue

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Source: The Guardian Circular Economy RSS

Indonesia increases number of cattle import permits, say reports

Australian exporters are unclear how they will be affected by changes prompted by butcher strikes in Indonesia over high beef prices

Strikes by butchers over the price of beef have led the Indonesian government to seek to import more cattle into the country, but Australian exporters are still awaiting confirmation on how the changes will affect them.

Indonesian trade minister Rachmat Gobel has increased the number of permits for the importation of live cattle, Indonesian news outlets have reported, less than a month after Jakarta announced it would slash permits for Australia by 80% from 250,000 head of cattle to just 50,000 this quarter.

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Source: The Guardian Circular Economy RSS

Supermarket food sales fall despite consumers' rising spending power

Newly cash-rich consumers are continuing to budget carefully on food and using extra money to buy luxuries they were previously unable to afford

Britain’s supermarkets are struggling to attract newly cash-rich consumers who are using their extra spending power to buy luxuries they denied themselves when incomes were being squeezed, according to the latest retailing health check.

Food sales fell for the first time this year in July, according to the monthly British Retail Consortium-KPMG sales monitor, in a month when overall sales rose 2.2% on a year earlier.

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Source: The Guardian Circular Economy RSS

Co-op bank expected to escape FCA and Bank of England fines

Regulators likely to let Co-op bank off paying penalties as large fine could undermine bank’s capital position

The Co-operative Bank is expected to escape a hefty fine after a long-running investigation into its near collapse two years ago.

The bank was warned in June it could face penalties from the Financial Conduct Authority and the Bank of England, which are preparing to announce their findings on Tuesday.

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Source: The Guardian Circular Economy RSS

Berkeley's supercharged share payout makes Sir Martin Sorrell's look modest

Tony Pidgley of Berkeley Group, which builds one in 10 London homes, netted £20m worth of shares this year in a scheme that is expected to run and run

Sir Martin Sorrell eat your heart out. The boss of WPP attracts flak every year when he collects the winnings from his supercharged incentive scheme, but they almost look modest when set against the financial prizes accumulating at Berkeley Group, the company that builds one in 10 new homes in London.

Tony Pidgley, founder and chairman, got £20m worth of shares in April from a long-term scheme created in 2009, yesterday’s annual report revealed; the same scheme is virtually nailed on to pay out similarly next year.

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Source: The Guardian Circular Economy RSS