Navinder Singh Sarao granted bail amid battle against extradition to US on charges of fraud and commodity manipulation

The British financial trader accused of contributing to a multibillion-dollar stock market crash is to be released after being granted bail.

Navinder Singh Sarao, 36, who was fighting extradition to the US on 22 counts of fraud and commodity manipulation, was granted bail at Westminster magistrates court on Friday morning. As a condition of his bail Sarao must remain within the bounds of the M25. The amount of his bail was reduced from £5m to £50,000.

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Source: The Guardian Circular Economy RSS

Uncertainty surrounding the outcome of the Greek crisis dented consumer and business confidence, especially in France

A slump in French manufacturing and construction sapped the strength of the eurozone economy in the second quarter, pushing the 19-member currency bloc’s GDP growth rate down to 0.3% from 0.4% in the first three months of the year.

A solid performance by Germany and continuing expansion, albeit modest, in Italy offset the figures from Paris, which showed that the second-largest economy in the currency bloc failed to expand between April and the end of June.

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Source: The Guardian Circular Economy RSS

Aga Rangemaster reveals ‘marked change in attitude’ after May election, leading to 16.7% rise in operating profits in runup to Middleby takeover

Upmarket consumers flocked to buy Aga cookers after the Tory election victory in May as they abandoned pre-poll caution.

The cookers’ maker, Aga Rangemaster, said sales were slow at the beginning of the year but there had been a “marked change in attitude” after May’s vote. Its Rangemaster lines benefited from greater consumer confidence as well as higher incomes feeding through to more spending on the home and house moves.

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Source: The Guardian Circular Economy RSS

Central bank moves to ease uncertainty around currency on global markets after cutting exchange rate for three days running

Related: China’s economic mandarins are proving to be human after all

China’s central bank has raised the value of the yuan against the US dollar by 0.05%, ending three days of falls in a surprise series of devaluations.

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Source: The Guardian Circular Economy RSS

Volume of milk sales is rising steadily but its shrinking value to farmers backs claims that supermarkets are using milk as a weapon in a price war

Asda has caved in to pressure from dairy farmers and raised the price it pays its milk supplier, as figures show that sales of fresh milk in Britain are on course to hit their lowest level by value in eight years.

Britain’s third-largest grocer said it is increasing the supplier price to “a level that will assist” farmers. Asda will commit to paying 28p per litre for 100% of its liquid milk volume throughout its entire range.

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Source: The Guardian Circular Economy RSS

Greece needs serious debt relief, not token measures: it is about time lenders accepted that piecemeal measures are pointless when debt ratios reach 200%

The good news for the International Monetary Fund, which has been saying for ages that Greece’s debts are unsustainable, is that European lenders now seem to agree.

There are “serious concerns” about the sustainability of the country’s debts, the three European institutions negotiating the latest bailout said on Thursday. They think Greece’s debts will peak at 201% of GDP in 2016, which is roughly what the IMF said a month ago when it projected a high “close to 200% of GDP in the next two years”.

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Source: The Guardian Circular Economy RSS

Sales of milk are rising steadily but the value of sales to farmers is falling fast

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Source: The Guardian Circular Economy RSS

The lithographic work of the iconic American architect is on display at SC Johnson in Racine, Wisconsin

Fans of American architecture have a new way to see the work of Frank Lloyd Wright. Wright’s Wasmuth lithograph design portfolio, a collection of commercial and residential lithograph prints of his most famous works is on exhibit at SC Johnson’s Racine headquarters. The portfolio includes the Larkin Administration Building in Buffalo, NY; the Robie House in Chicago; and Unity Temple in Oak Park, Ill. Of the 100 renderings in the portfolio, 43 are currently displayed.

During a free tour of the SC Johnson campus, visitors can see the refurbished 1940s penthouse office of SC Johnson’s third-generation leader HF Johnson Jr. The office has been restored to depict its original state, including an original Wright-designed desk and chairs. Other Wright-designed spaces visitors will be able to tour include SC Johnson’s famed great workroom in the administration building and the research tower – in its second year of being open to the public – which served as a hub of creativity and the birthplace to some of companies most well-known household products, including Raid, Glade, and Pledge.

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Source: The Guardian Circular Economy RSS

Airline plans back-stiffening 17-hour and 35-minute shuttle from Dubai to new Central American gateway at Panama City

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Source: The Guardian Circular Economy RSS