• But Greece’s European creditors see no need for debt write-off
• Greece bounces back with 0.8% growth in Q2
• Greek parliament holds emergency session to ratify €85bn bailout
• European stock markets rally after China’s yuan pledge
• Germany open to debt relief for Greece, but no haircut

5.02pm BST

Much of the early gains made by stock markets evaporated by the close. Initially, the fact that some stability had returned to China’s currency after several days of turmoil after its surprise devaluation helped push global shares sharply higher.

But strong US retail sales revived talk of a rate rise in September by the Federal Reserve and took off some of the gloss. A strong dollar helped knock back oil prices and also undermined share prices. So the closing scores showed:

4.45pm BST

Oil is on the slide again

Partly due to a rise in the dollar in the expectation of a US rate rise next month, Brent crude has fallen 1.25% to $49.04 a barrel. On top of that, there were reports of stockpiling, fuelling fears once more of oversupply and weak demand. According to Reuters, market intelligence company Genscape reported an increase of more than 1.3m barrels at a key delivery point in Oklahoma.

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Source: The Guardian Circular Economy RSS

Introducing an alternative currency is not particularly difficult as long as the fundamentals of currency design are understood by its architects

The recent Greek capitulation under pressure from other euro member countries, led by Germany, demonstrates that euro members have de facto ceded sovereignty over fiscal policy to the EU. While this arrangement may be acceptable to some countries, ­­perhaps even Greece,­­ it will be resisted by others.

However, as the Greek failure also demonstrates, any eurozone country wishing to restore fiscal sovereignty, or restructure some of their debt, or implement any policy or set of policies that runs afoul of the preferences of certain Eurogroup finance ministers will have near­-zero negotiating leverage if they fail to plan, credibly and in advance, for the introduction of a viable alternative currency.

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Source: The Guardian Circular Economy RSS

Long-running billing controversy, customer complaints and Ofgem intervention hurts profits

Profits at npower have tumbled 60% as it struggles with billing problems which have sent customer complaints soaring.

Many customers have been receiving late bills or no bills at all, since npower introduced a new billing system in 2013.

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Source: The Guardian Circular Economy RSS

Global demand for gold tumbles by 12% in second quarter as China and India lose appetite for jewellery

Global demand for gold has declined in recent months as key Asian markets lose their appetite for jewellery.

“Total demand was 915 tonnes, a fall of 12% compared with the same period last year, due mainly to a decline in demand from consumers in India and China,” the World Gold Council said in a quarterly update.

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Source: The Guardian Circular Economy RSS

Profits surge and company optimistic ahead of Star Wars and Spectre

A string of blockbusters including Jurassic World, Avengers: Age of Ultron and 50 Shades of Grey has boosted business at Cineworld.

A rise in adult ticket sales and the growing popularity of premium Imax showings – plus price rises – saw the average ticket price in the UK rise by 7.9%.

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Source: The Guardian Circular Economy RSS

Scuba divers and agricultural experts develop a project to work out if growing plants in pods on the seabed could be a viable solution to future food security

Beneath the blue waters 100m off the coast of Noli in northwest Italy lies a cluster of balloon-like pods pegged to the seabed by ropes half a dozen or so metres long. Inside a range of produce is being grown, including red cabbage, lettuce, beans basil and strawberries.

It may sound like something you’d find in a science fiction novel, but this is the work of Ocean Reef Group. With the help of agricultural experts, the Genova-based scuba diving company is applying its knowledge and technology to finding new ways to produce food.

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Source: The Guardian Circular Economy RSS

Chief executive says there are no guarantees it will restart holidays in Tunisia once Foreign Office advice on travel to the country changes

Holiday company Tui Travel has revealed that the Tunisian beach attacks cost it as much as €40m (£28m) in cancelled bookings and empty hotel costs.

Of the 38 people killed on the beach at Sousse in June, 33 were on a Tui package holiday, as were many of the injured.

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Source: The Guardian Circular Economy RSS

Goldman warns of investment costs and slowing markets for security group

Leading shares have recovered some ground after a fraught few days, as China’s central bank said there was no basis for any further devaluation of its currency.

The three effective attempts to weaken the yuan have sent markets into a spin, with mining shares and companies selling to China such as luxury goods business particularly hard hit.

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Source: The Guardian Circular Economy RSS

China intervenes to lower yuan

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Source: The Guardian Circular Economy RSS