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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

Asia-Pacific share market plunge triggered by jitters over China

Banks and mining companies hardest hit in Australia, but Japan’s Nikkei and South Korea’s Kospi both slumped in early trading

Fears of a slowdown in the Chinese economy sent Asia-Pacific stocks plummeting on Monday, days after Wall Street suffered its biggest one-day loss in almost four years.

Related: Global stocks sell-off deepens as panic grips markets – live

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Source: The Guardian Circular Economy RSS

Australian share market tumbles at start of trade after global markets fall

The benchmark S&P/ASX 200 falls 2.4% in first 20 minutes as stocks across the board affected by global worries about China, Greece and oil

The Australian share market has plunged at the start of trade, with losses felt across the board from banks to resources stock as uncertainty grips global markets.

The benchmark S&P/ASX 200 and the All Ordinaries indices fell more than 2.4% in the first 20 minutes of trade on Monday.

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Source: The Guardian Circular Economy RSS

Deloitte partners share £593m profit pool as consultancy revenues surge

Accountancy firm’s 721 partners will receive an average payout of £822,000, up almost 10% from £750,000 last year – the first increase in three years

Partners at Deloitte, one of Britain’s biggest accountancy firms, will share a profit pool of £593m after a surge in revenues from its consultancy business.

The profits mean that 721 partners will receive an average payout of £822,000, up almost 10% from £750,000 last year. The increase in profits was driven by a 10.5% rise in consulting revenues, with the group’s core auditing practice growing by just 0.3%.

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Source: The Guardian Circular Economy RSS

Australian stock market predicted to open 2% lower following US losses

Economist says Australia is in better shape than others to weather the global market turmoil fuelled by China’s slowing economy

Related: Global market turmoil in six charts

Australia’s share market could drop more than 2% on Monday after heavy losses on world stock markets driven by fears about China’s slowing economy.

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Source: The Guardian Circular Economy RSS