Wellcome Trust Toasts £100m Alibaba Profit

By Mark Kleinman, City Editor

Britain's biggest medical research charity is toasting a £100m-plus profit from the flotation of Alibaba Group, the Chinese internet giant that on Friday became the biggest technology company listing ever.

Sky News has learned that at the $68-a-share (£42) pricing settled upon by bankers advising Alibaba, the Wellcome Trust is sitting on a substantial paper windfall from two separate investments it made in the company's shares in recent years.

The news represents a significant boost for medical research funding in the UK and underpins the Wellcome Trust's highly-regarded investment strategy, led by its chief investment officer, Danny Truell.

Jack Ma, Alibaba's founder and now a multibillionaire as a consequence of the company's flotation, was present for the opening bell at the New York Stock exchange on Friday.

The share sale is eventually expected to raise $25bn (£15.3bn), making it the biggest initial public offering in history, once an over-allotment option is exercised.

The Wellcome Trust owns significantly less than 1% of Alibaba stock

It has overtaken Agricultural Bank of China's $22.1bn (£13.5bn) fundraising in 2010 and Facebook, which sold more than $16bn (£9.8bn)  of shares in 2012 to become the biggest-ever technology company listing.

Sky News disclosed the Wellcome Trust's investment in Alibaba in March.

Insiders said the Wellcome Trust, which is one of the world's most renowned medical research organisations, owns significantly less than 1% of Alibaba's shares, although the exact size of its holding is unclear.

A Wellcome Trust spokesman declined to comment.

Alibaba, which is headquartered in Hangzhou, one of China's so-called second-tier cities, has become a major player in the country's e-commerce industry.

It acts as an eBay-style intermediary in the supply and sale of goods online, having established marketplaces targeted at small business traders and consumers.

Using the brand-name Taobao, an e-shopping platform that in China has more than 500 million customers, Jack Ma, Alibaba's founder and chairman, has become one of the world's most successful technology entrepreneurs.

Talks between Alibaba and the Hong Kong Stock Exchange ended without success because of the company's desire to create an alternative shareholding structure that would have given executives additional control over the company.

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Alibaba Bigger Than Facebook On Market Debut

Alibaba Boss Like A Rock Star At 'Epic' IPO

Updated: 7:22pm UK, Friday 19 September 2014

By Hannah Thomas-Peter, New York Correspondent

As Jack Ma swept past me on the floor of the New York Stock Exchange, I asked him how he was feeling.

He smiled at me, waved and mouthed "ok" before turning to a bank of cameras trained on the founder and spiritual leader of Alibaba.

"Ok," felt like a bit of an understatement.

Such was the demand and volume associated with the Alibaba IPO it took nearly two-and-a-half hours for the New York Stock Exchange's designated market maker (DMM) to decide on the right opening price.

The DMM is a person, not a computer. In this case it was Barclays' Glenn Carell.

He was also the DMM for the Twitter IPO, and is responsible for gauging appetite and supply, honing in on the right opening price for a stock.

It's a big job.

If there are technical problems he can override the system and trade on paper.

If there's uncontrollable volatility he can use his company's own cash to step in and stabilise things.

He told Sky News: "This is a very exciting day for me.

"It's the biggest IPO ever, and we really want to get the best price for opening.

"We have to go slow and get it right."

As traders crowded in on Glenn communicating orders from clients, electronic requests also poured in from across the world, flashing up on screens in front of his team.

Over two hours the price indicator range, which helps investors know how much the shares will cost once trading begins, crept from around $80 to over $90.

"Investors really want this stock," said Meridian Partners trader Jonathan Corpina.

"They see a very well-diversified company with huge international exposure.

"Even if US investors don't know the brand name, the product is easy to understand, and it's a good one."

As Glenn yelled "we're getting close!" the traders bunched together like rugby players in a scrum, whoops rang out, tension rose.

"Come on Glenn what's the price? Close it, close it," muttered one trader, his electronic trading tablet buzzing and beeping with impatient clients.

"$92.70!" came the shout, and trading began, starting with a short-lived 'pop' up to $99, before settling back down in Glenn's predicted range.

"Phew" said one NYSE executive to another.

"I tell you, that was pretty epic."

Glenn looked relieved as trading continued smoothly, confessing he would be having a glass of champagne later that evening.

Jack Ma may well do the same.

As he left the exchange to get in to his car, it was as if a rock star had left his concert.

Fans yelled and screamed and cheered and photographed for all they were worth.

Ma waved, smiled and slipped in to a waiting SUV.

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Hundreds Of Phones 4U Jobs Saved

Almost 900 jobs at collapsed retail chain Phones 4u have been saved after network operator Vodafone struck a deal to buy 140 stores.

However, administrator PwC said it had failed to prevent 628 redundancies among head office and telesales staff at Phones 4u's Staffordshire offices.

PwC is continuing talks with other parties regarding the purchase of assets and said it planned to retain a further 400 head office staff to assist with its work.

It will release details of the 140 stores in the Vodafone deal on Monday.

Phones 4u went into administration last Monday following EE's decision not to renew its contract.

The firm employed 5,600 workers at 560 Phones 4u stores and a further 160 concession outlets.

Dixons Carphone said on Wednesday it will take on the 800 staff who worked at 160 Phones 4u sites within Currys/PC World stores.

Now Vodafone UK has made an offer to buy 140 stores following an approach from PwC.

Phones 4u has been in difficulty for some time

It said: "Our offer was accepted by the administrator and we are pleased to report that approximately 900 (887) former Phones 4u employees will keep their jobs and join our dynamic retail business.

"Subject to court approval, we will start engaging with these employees and begin the rebranding of the stores to Vodafone as soon as possible."

Store staff have been asked to remain at home while talks take place with parties interested in buying parts of the estate.

PwC partner Rob Hunt said: "It is with great sadness and regret that we have today made the difficult decision to make 628 head office and telesales staff redundant.

"Our thoughts are with those employees at this difficult time. We will make every effort to help the affected staff, working with the Phones 4u HR team over the coming days to support employees."

Various deals to rescue Phones 4u have been considered but all have stalled.

They included a debt-for-equity swap in which bondholders would have wiped out an estimated £760m of debt to reopen contract talks with EE and Vodafone.

EE and other network operators have been accused of a "co-ordinated attempt to kill off" Phones 4u - a claim they have all denied.

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Scotland Vote: Investors Spark Relief Rally

Scottish Referendum: What They're Saying

Updated: 8:22am UK, Friday 19 September 2014

Supporters of both the Yes and No campaigns have been giving their reactions to Scotland's decision to reject independence.

Prime Minister David Cameron: "The people of Scotland have spoken and it is a clear result. They've kept our country of four nations together and like millions of other people, I am delighted.

"As I said during the campaign, it would have broken my heart to see our United Kingdom come to an end and I know that this sentiment was shared not just by people across our country but also around the world.

"Now the debate has been settled for a generation, or as Alex Salmond has said, perhaps for a lifetime. So there can be no disputes, no reruns - we have heard the settled will of the Scottish people.

Scotland's First Minister Alex Salmond: "Scotland has by majority decided not at this stage to become an independent country and I accept that verdict of the people, and I call on all Scots to follow suit in accepting the democratic verdict of the people of Scotland.

"The process by which we have made our decision as a nation reflects enormous credit upon Scotland.

"A turnout of 86% is one of the highest in the democratic world for any election or any referendum in history - this has been a triumph for the democratic process and for participation in politics."

Better Together campaign chair Alistair Darling: "The people of Scotland have spoken. We have chosen unity over division and positive change rather than needless separation."

Author and Better Together supporter J K Rowling: "Been up all night watching Scotland make history. A huge turnout, a peaceful democratic process: we should be proud."

Scottish Deputy First Minister Nicola Sturgeon: "This campaign has been a joy to be part of, it's quite unlike anything I've ever been part of in my life before.

"As have thousands and thousands of others, I have given my heart and soul to this campaign but what has been amazing are the number of people who have never been involved in politics before, who have never campaigned as part of a political movement before, who have got involved."

Deputy Prime Minister Nick Clegg: "I'm absolutely delighted the Scottish people have taken this momentous decision to safeguard our family of nations for future generations.

"In a dangerous and uncertain world I have no doubt we are stronger, safer, and more prosperous together than we ever could be apart.

"But a vote against independence was clearly not a vote against change and we must now deliver on time and in full the radical package of newly devolved powers to Scotland.

Better Together's Jim Murphy: "We are going to have to make a success of the decision Scotland has made.

"While I'm delighted, there is no time or space for triumph and we have got to get on and offer that devolution package we offered and unite the country around that.

Archbishop of Canterbury Justin Welby: "Over the past few weeks the campaign has touched on such raw issues of identity and been so closely fought that it has generated profound questioning and unsettlement far beyond Scotland.

"The decision by the Scottish people to remain within the United Kingdom, while deeply disappointing to many, will be welcomed by all those who believe that this country can continue to be an example of how different nations can work together for the common good within one state.

UKIP leader Nigel Farage: "The way that Westminster handled this was abysmal from the start.

"A series of promises were made on behalf of the English. The English are 86% by population of this union, they've been left out of all of this ( The Barnett formula) for the past 18 years ... what most English people want is a fair settlement."

Scottish Conservative leader Ruth Davidson: "Scotland had the biggest, broadest conversation about our future. We have to come together again & move forward together. It's all our home."

Northern Ireland's First Minister Peter Robinson: "Delighted Scotland has voted to remain in the Union.  We are better together."

Welsh First Minister Carwyn Jones: "Pleased the people of Scotland have voted to remain in the Union – together we will shape a new constitutional future for the UK."

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What Now For UK? 10 Things You Need To Know

Scotland has rejected independence. So what happens now, and can we all still be friends?

1) What new powers will Scotland get?

David Cameron, Nick Clegg and Ed Miliband have all promised Scotland will get some - although we don't yet know exactly what they are. Gordon Brown has set out a 12-point plan and will be drawing up the Home Rule deal. Remember Scotland already makes its own laws in a number of areas including health and social services, education, and law and order.

2) When will it get them?

Work will start straight away. Mr Brown has secured a House of Commons debate on October 16 and a command paper is expected at the end of that month. A draft new law will be drawn up by January 25, 2015 - Burns Night - but this will not be passed until after the General Election.

3) Will there be another referendum?

No, at least not any time soon. Scotland's First Minister Alex Salmond has said he will accept the result and has no appetite for another vote. However, the issue of independence has cropped up once or twice before... Never say never.

4) Will Scottish people pay less tax than England?

They could, yes. The new powers will give Scotland more power over setting income tax. Still it's worth noting that Holyrood already has power to vary income tax by 3p above or below the rest of the UK (set to rise to 10p in 2016). It's never used them.

5) Will Scotland get better benefits?

Potentially, yes. It's likely the new powers will give Scottish Parliament more say on housing benefit, which could see it scrap the unpopular so-called "bedroom tax".

6) Will Wales and Northern Ireland want a slice of the cake?

Yes - and David Cameron has indicated that they will get more powers and will be part of drawing up a "new and fair settlement" for the whole of the UK. This new "devolution revolution" will also mean England's MPs will get a greater say in English matters.

7) Will Scotland carry on getting more money than us under the Barnett Formula?

It seems so. Mr Cameron, Mr Clegg and Mr Miliband have said the method for allocating the UK wealth will continue. Scotland does a lot better out of it than England. Northern Ireland comes out top. It's unpopular and even the man who came up with it, Labour peer Lord Barnett, has said it's outdated.

English MPs are not happy and it remains to be seen if it will be altered under the new deal. However, Chief Secretary to the Treasury Danny Alexander says he thinks it is good for the whole of the UK.

8) Will Scottish MPs still be able to vote on English matters?

This head-scratcher is called the West Lothian question - because it was raised by Labour's West Lothian MP Tam Dalyell… in 1977.

Scotland's 59 MPs can vote on any issues in Westminster - even swaying votes on matters that will not affect their constituents - but English MPs cannot vote on powers devolved to Scotland.

Mr Cameron has promised that this "question of English votes for English laws" will be addressed and that the "millions of voices of England must be heard".

9) Can England have its own parliament now?

Maybe. A growing number of MPs are calling for an English parliament, led in the main by Tory MP John Redwood. However, it will clearly be part of the talks in the coming months.

10) Can England and Scotland still be friends?

Expect initial hostilities after the slings and arrows of a fairly feisty campaign but take comfort from history. The two nations have had their differences but have rubbed along for centuries. That said, Andy Murray has taken a fair drubbing on Twitter after coming out for the Yes campaign. And there's always football - the two countries meet in a 'friendly' in November.

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Scotland Votes No: PM Promises New Powers

David Cameron has promised new powers for Scotland as 55% of the country voted to reject independence in a historic referendum.

However, he warned that it was now time for the "millions of voices of England must be heard".

The Prime Minister was speaking outside No 10 after Scotland's First Minister Alex Salmond accepted defeat. With all the votes in 55% of Scotland voted to stay in the Union while 44% voted in favour of independence.

Mr Cameron said the new powers he, Nick Clegg and Ed Miliband had promised the Scottish people in the dying days of the referendum campaign would be "honoured in full".

The PM says work will start on a "full and fair settlement"

But he unveiled a substantial shake-up of powers for the whole of the UK suggesting new powers for Wales and Northern Ireland and greater influence for England's MPs over English law.

He said work would start on a "full and fair settlement for all of the UK" in what will clearly be a shift towards a more federalist UK.

Speaking after the result became clear Mr Salmond, whose dream of breaking up the 307-year-old Union has been shattered, said: "I accept the verdict and expect all people to follow suit."

Shattered dreams: Alex Salmond drives away as the result becomes clear

He was quick to demand extra powers were delivered warning Mr Cameron: "Scotland will expect these to be honoured in rapid course."

The leader of the No campaign Alistair Darling told people in Glasgow: "The silent have spoken."

He said the vote, which saw a record 84% turnout, was a momentous day for the country, but urged Westminster politicians to listen to the people, who had called for change both in Scotland and the UK.

Dejected Yes campaigners in Glasgow

And, referring to the devolved powers, he said it was time to move forward and said: "Come on Scotland, let's get on with this together."

Deputy Prime Minister Nick Clegg hailed the No vote as a "momentous decision to safeguard our family of nations for future generations".

But he added that a "vote against independence was clearly not a vote against change and we must now deliver on time and in full the radical package of newly devolved powers to Scotland".

Dundee celebrates a Yes

He said the referendum "marks not only a new chapter for Scotland within the UK but also wider constitutional reform across the Union".

Leader of the House of Commons William Hague said it would be disruptive of the imminent party conferences to recall Parliament to discuss the issues but the Government would be open to the views of MPs.

The pound has strengthened and the FTSE 100 is forecast to rebound by more than 100 points following the No vote in Scotland's independence referendum.

Celebrations in the No camp as the results come in

But the result has left a country divided with Yes victories in Dundee and the nation's largest city Glasgow.

Scottish Conservative leader Ruth Davidson said whatever the result, politics in Scotland would not be the same: "The status quo has been thoroughly smashed."

Labour MP Jim Murphy, who played a leading role in the Better Together campaign, told Sky News: "We are going to have to make a success of the decision Scotland has made.

"While I'm delighted, there is no time or space for triumph and we have got to get on and offer that devolution package we offered and unite the country around that."

In the closing stages of a hard-fought campaign, it appeared the momentum had swung towards Mr Salmond.

Ultimately however, he failed to convince the Scottish electorate that the merits of going it alone outweighed the risks.

:: Watch live: Scottish referendum coverage now on Sky News Sky 501, Virgin Media 602, Freesat 202, Freeview 132.

:: Live coverage is also available on sky.com/news and Sky News for iPad and on your mobile phone.

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Stock Markets Rise As Fed Keeps Rate Pledge

World stock markets have risen after the US Federal Reserve confirmed it would maintain near-zero interest rates for a "considerable time".

The Fed's reassurance was issued a month before its bond-buying stimulus program is due to end.

Many economists and traders had expected the central bank to alter its rate guidance to prepare the ground for rising borrowing costs as the US economic recovery gathers momentum.

In a statement after its two-day meeting, the Fed confirmed a further $10bn reduction in its monthly asset purchases to boost money supply.

It said rates would stay at current levels as long as inflation remained under control and until it saw consistent gains in wage growth and falls in long-term unemployment.

The most significant change in the guidance came from updated rate projections which suggested an acceleration in rate hikes once they got underway.

The Fed has held benchmark overnight rates near zero since December 2008 and has more than quadrupled its balance sheet to $4.4trn through its series of bond purchase programs.

Its plans to exit the extraordinary monetary stimulus were also updated.

The Fed said it expected to end or phase out the reinvestment of proceeds from its bond holdings some time after it begins raising rates, depending on the state of the economy.

The statements were greeted positively by world markets, with US stocks rising slightly while the dollar soared to a six-year peak against the yen.

That helped Japan's Nikkei make solid gains in Thursday trading, while stocks were also seen opening higher in Europe.

In London, the FTSE 100 rose 0.1% while Germany's DAX was 0.3% higher.

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Alibaba: A Retail Force or AliBlahBlah?

By Mark Stone, Asia Correspondent in Beijing

At the northern end of the runways at the world's second busiest airport is a huge warehouse.

Inside, a labyrinth of conveyer belts and an army of workers.

This is the heart of a distribution operation that is as slick as it is mind-boggling.

YTO Express is China's answer to DHL or FedEx but it is growing at a rate its western cousins can only dream about.

"From the beginning the average daily volume was only about 2,000 pieces. Now our average daily volume is 6.5 million pieces," said Li Shaoming, YTO Express's Director of Overseas Business.

YTO Express owes its massive expansion to the success of Alibaba

We watch as a fleet of laden lorries pull up at one side of the warehouse.

Parcels are unloaded onto conveyer belts. Over an hour, a combination of barcodes and manpower shuffles the parcels from conveyer to conveyer.

At the other end of the warehouse, they are loaded onto more lorries and driven away.

In between the functioning conveyers, are more under construction.

The company has seen a growth rate of 50% every year for the past five years and it cannot keep up.

YTO Express can thank one man for its success.

Retailers like Marks & Spencer are 'renting' virtual shop floors on T-Mall

Jack Ma is the most successful businessman you have never heard of - the founder of Alibaba.

Some 80% of all online retail sales in China are via Alibaba's platforms: Taobao, T-Mall and Alipay.

The company has stakes in Sina Weibo (Chinese Twitter) and YouKu.com (Chinese YouTube).

It is Amazon, eBay, PayPal, Twitter and YouTube all rolled into one and it's bigger than all of them.

Across China, small businesses have been linked together and consumers empowered to buy.

Taobao is Alibaba's answer to Amazon.

T-Mall is something new. Think of a virtual shopping centre; a place where the world's brands are available with just one click.

Alibaba founder Jack Ma has built up a personal wealth of £12bn

It is not exactly revolutionary stuff, but no-one else has done it.

Western companies like Marks & Spencer are 'renting' virtual shop floors on T-Mall, opening the door to China's 600 million internet shoppers.

Remember, the individual wealth of Chinese consumers is growing daily.

For foreign investors wary of diving into China with bricks and mortar, T-Mall is a perfect alternative.

Alipay is similar to PayPal, accounting for half of all online payment transactions within China. It provides a verification process and payment system for customers - a secure online 'counter' for customers.

Uniquely, Alipay will only transfer money to sellers once the customer has accepted and is satisfied with the product.

Taobao is Alibaba's answer to Amazon

With China's lack of consumer trust, this has proved particularly attractive.

Essentially, with Alibaba, Jack Ma has made it incredibly easy for China's new, hungry online community to buy, and for companies across China and abroad to sell.

Alibaba charges for advertising and commission paid by companies who use its virtual marketplaces.

According to its own figures, Alibaba has 279 million active users and 8.5 million sellers.

Just 15 years ago, Jack Ma went to America with his ambitions. No one took him seriously.

He is back now, with a world-record breaking IPO (Initial Public Offering) on the New York Stock Exchange and a personal wealth of £12bn.

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Alibaba Shares To Be Priced For Record Sale

Billionaire Alibaba Founder Shows US Doubters

Updated: 2:44am UK, Thursday 18 September 2014

By Mark Stone, Asia Correspondent in Beijing

At the northern end of the runways at the world's second busiest airport is a huge warehouse.

Inside, a labyrinth of conveyer belts and an army of workers.

This is the heart of a distribution operation that is as slick as it is mind-boggling.

YTO Express is China's answer to DHL or FedEx but it is growing at a rate its western cousins can only dream about.

"From the beginning the average daily volume was only about 2,000 pieces. Now our average daily volume is 6.5 million pieces," said Li Shaoming, YTO Express's Director of Overseas Business.

We watch as a fleet of laden lorries pull up at one side of the warehouse.

Parcels are unloaded onto conveyer belts. Over an hour, a combination of barcodes and manpower shuffles the parcels from conveyer to conveyer.

At the other end of the warehouse, they are loaded onto more lorries and driven away.

In between the functioning conveyers, are more under construction.

The company has seen a growth rate of 50% every year for the past five years and it cannot keep up.

YTO Express can thank one man for its success.

Jack Ma is the most successful businessman you have never heard of - the founder of Alibaba.

Some 80% of all online retail sales in China are via Alibaba's platforms: Taobao, T-Mall and Alipay.

The company has stakes in Sina Weibo (Chinese Twitter) and YouKu.com (Chinese YouTube).

It is Amazon, eBay, PayPal, Twitter and YouTube all rolled into one and it's bigger than all of them.

Across China, small businesses have been linked together and consumers empowered to buy.

Taobao is Alibaba's answer to Amazon.

T-Mall is something new. Think of a virtual shopping centre; a place where the world's brands are available with just one click.

It is not exactly revolutionary stuff, but no-one else has done it.

Western companies like Marks & Spencer are 'renting' virtual shop floors on T-Mall, opening the door to China's 600 million internet shoppers.

Remember, the individual wealth of Chinese consumers is growing daily.

For foreign investors wary of diving into China with bricks and mortar, T-Mall is a perfect alternative.

Alipay is similar to PayPal, accounting for half of all online payment transactions within China. It provides a verification process and payment system for customers - a secure online 'counter' for customers.

Uniquely, Alipay will only transfer money to sellers once the customer has accepted and is satisfied with the product.

With China's lack of consumer trust, this has proved particularly attractive.

Essentially, with Alibaba, Jack Ma has made it incredibly easy for China's new, hungry online community to buy, and for companies across China and abroad to sell.

Alibaba charges for advertising and commission paid by companies who use its virtual marketplaces.

According to its own figures, Alibaba has 279 million active users and 8.5 million sellers.

Just 15 years ago, Jack Ma went to America with his ambitions. No one took him seriously.

He is back now, with a world-record breaking IPO (Initial Public Offering) on the New York Stock Exchange and a personal wealth of £12bn.

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Salmond: No One Can Stop Scotland Using Pound

How Facebook Shaped The Referendum

Updated: 8:27am UK, Tuesday 16 September 2014

By James Matthews, Scotland Correspondent

It's Facebook 'wot might win it.

Sure, the August poll surge in support for independence was down, in part, to traditional campaigning. Meetings and megaphones have thrust the Yes campaign "in yer face" over years leading up to Thursday.

But why, according to the opinion polls, did it all seem to come together in the space of a few weeks? Why, suddenly, the knife-edge?

In the word of a senior Yes strategist: Facebook.

I chatted to him as the Alex Salmond Labour Heartland tour rolled up at its latest venue, playing to the target market through the TV cameras. It was a big, well-attended, photo-call - the staple diet of the political campaign.

As the strategist stood back from the madding crowd, he told me that the magic formula didn't lie in the blood and snotters of a mass media scrum, but in the quiet exploitation of social media. Facebook, in particular.

The challenge for supporters of Scottish independence, historically, has been in turning it from a fringe notion into something people allow themselves to contemplate. Check their election success at the Scottish Parliament to see the considerable style with which that's been accomplished.

Scots have taken the hop and a step. Why, now, might they be shaping to take the jump? 

The Yes strategist pinned it on Facebook.

"Ask yourself," he said, to paraphrase him, "if a parent wants to check on their youngster who's on a night out, what do they do?  They don't phone them, because they probably won't answer.

"They might text ... but, invariably, they'll Facebook them. And when they do, dozens or hundreds of their friends will see it. It's a chat network that plugs people into the other people they value. There are no better opinion-formers for someone than the friends and family they like and trust.

"So, as a campaigning tool, it's been very effective. We encourage Yes supporters to spread the word to their Facebook friends and, over time, you build a network around people that builds a political case.

"Facebook is more effective than Twitter. You put something on Twitter and you reach people within the political bubble. With Facebook, you tap into a far bigger community."

So why the spike in support for Yes after polls that had No with a consistent and strong lead over the course of a two and a half year campaign?

"People just didn't turn their mind to the referendum until it actually came round. It's been in the far distance for most of the campaign but, now that people realise they're getting to decision time, large numbers are now weighing up the arguments ... and they're deciding having had their views on independence softened by Facebook friends."

There were more than 10 million referendum-related interactions on Facebook in the five weeks to September 8 - 85% of which was from Scotland.

He said he reckoned the Yes campaign had been four or five times more active than their opponents on Facebook and pointed out a Facebook chat with Scotland's pro-independence First Minister Alex Salmond attracted around 5,000 questions.

Data suggests the Yes campaign is slightly in the lead with 2.05 interactions in Scotland compared to 1.96 million for the no campaign.

The strategist said the campaigning beauty of social media was that it eliminated the need to rely on mainstream media coverage, that the likes of Facebook cut out the middle man and enabled them to reach out to the voter directly.

Just how many the campaign has touched and what effect it has had, we'll find out soon enough.

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Car Insurance Fraud 'Adds £50 To Annual Bill'

The insurance industry has calculated a £50 annual cost to honest families from fraudulent car cover applications.

The Association of British Insurers (ABI) said it made the estimate after conducting research to discover the true extent of fraud for the first time.

It uncovered an average 3,475 cases each week of motorists lying on their applications for insurance or deliberately leaving relevant information off them.

The ABI said it registered 180,675 attempts to make fraudulent applications for motor insurance last year in a bid to get a cheaper bill.

The most common cases involved drivers pretending their "no claims bonus" was longer than it really was or trying to cover up past driving convictions.

Some even gave a false name or lied about where they live to pretend their car was being kept in a more crime-free area.

Other fraudulent applications involved "fronting", where for example a parent pretends to be the main driver of a car when in reality it is their child, who is more expensive to insure.

In one of the more serious cases, an applicant was jailed for three years when the person failed to disclose four previous claims and an unspent motoring conviction.

The industry believes almost one in five policyholders under-declares the number of motoring convictions they have.

The ABI said it hoped a data-sharing programme, called MyLicence, would enable the industry to obtain better information on drivers from the Driver and Vehicle Licensing Agency (DVLA) to help bring down the costs to every motorist from fraud.

The body said that forcing drivers to reveal their 16-character driving licence number would weaken the applicant's ability to give false or misleading details and should save honest customers about £15 a year.

According to figures by AA Insurance, the average cost of comprehensive cover fell 19.3% to £504 in the year to June amid other industry reforms to combat fraudulent car accident claims.

Aidan Kerr, the ABI's head of fraud, said: "While insurers know that innocent mistakes and oversights do happen, they are also aware that some people think that being less than honest is a way to get cheaper cover, when the way to get the best deal is to play it straight with the insurer".

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Ryanair Replaced At Bottom Of Service League

Two of the country's biggest energy providers have overtaken Ryanair at the bottom of a league table for customer service.

The annual survey of customers, by the consumer group Which?, saw the most-complained about 'Big Six' firm of the past two years -  nPower - handed the unwanted title.

Scottish Power came in a close second.

nPower paid the price for continuing problems with transferring customer data to a new computer system - an issue that left hundreds of thousands of customers not knowing what they owed and when as bill delays mounted.

The industry regulator Ofgem recently confirmed that it was holding off imposing a fine of up to £300m on the firm because it was making progress in addressing the issue and handling related complaints.

Ryanair was pushed off the bottom of the table by nPower

All the 'Big Six' energy firms were in the bottom fifth, with none of them scoring more than two stars for making customers feel valued.

Ryanair has overhauled its customer experience package since being branded the worst in last year's poll.

The no-frills carrier rose two places while the bottom five was completed by TalkTalk and SSE, BT and EE in a joint score.

Internet and telephone bank First Direct topped the table, achieving the full five stars for making customers feel valued as well as for resolving complaints.

First Direct was voted the best for overall customer satisfaction

Others in the top five were Lush, John Lewis, Lakeland and Waitrose.

Automated phone systems were ranked as the top customer service gripe at 43% followed by "being passed around" and "annoying hold music".

Which? said the results were particularly poor for the household energy sector.

Its executive director Richard Lloyd said: "The 'Big Six' have now hit rock bottom for customer service and, with record high levels of complaints, it is clear just how far they still have to go to put things right for their customers.

"Good companies know the value of customer service, so it's disappointing that some of our biggest firms seem to have a lot to learn about keeping their customers happy."

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Emotional Tug Of Freedom Against Economic Risk

By Faisal Islam, Political Editor

The Prime Minister has signed off from the independence referendum campaign with a final speech in Aberdeen.

Facing a friendly audience of Scottish pensioners, oil executives and Conservatives, the Prime Minister pleaded with Scots to reject independence in the too-close-to-call referendum on Thursday.

Arriving to a slick marketing video featuring three centuries of historic achievements of the Union - from Pankhurst to Wilberforce and Darwin to the British Lions - an emotional PM told the audience: "We want you to stay. Head and heart and soul, we want you to stay.

Alex Salmond: "Cameron's prints are all over a scaremongering campaign"

"Please don't mix up the temporary and the permanent. Please don't think 'I'm frustrated with politics right now, so I'll walk out the door and never come back'.

"If you don't like me - I won't be here forever. If you don't like this Government - it won't last forever. But if you leave the UK - that will be forever.

"Yes, the different parts of the UK don't always see eye-to-eye. Yes, we need change - and we will deliver it. But to get that change, to get a brighter future, we don't need to tear our country apart."

There would be no "trial separation" but the prospect of a "painful divorce" for the UK under a Yes vote.

The PM's key message, though, was of "safer change". The status quo was not on the ballot paper. He reassured his audience that a No vote would trigger "a major, unprecedented programme of devolution with additional powers for the Scottish Parliament", that Gordon Brown's timetable of delivery by January was "set in stone".

He said it amounted to an offer of guaranteed change for the Scottish people without losing the "UK pension, the UK pound and the UK passport".

The question, of course, is whether the Scottish people are going to trust such promises, as there's a history of that type of thing not being delivered by Westminster.

Some Conservative backbenchers are very nervous of the promises offered to keep Scotland in the Union. In an interview with Sky News Tonight, the leader of the Better Together No campaign Alistair Darling addressed this point and said Labour had promised and did deliver the Scottish Parliament.

But few can tell how such late promises are going to go down with many Scottish people distrustful of what they see as a Westminster elite.

Mr Darling also told Sky News of his concern about how the tone of the campaign had soured, and referred to protests by Yes campaigners against journalists as "deeply sinister".

His assessment that some of the campaigns against out-of-favour journalists by the Yes campaign - posters and the like - were "deeply sinister".

He said there was a quiet majority who might be afraid to speak out, who will say "no thanks" to independence on Thursday.

He also said he found it galling that EU nationals get a vote in Scotland whereas Scots who have moved down south don't get a vote. Although he accepted that this was the agreed system for the referendum.

The broader picture, though, is what some politicians are calling the "air war" - big ideas, facts, debates about currency union and devolution - is over.

The next two days of campaigning is all about the "ground war" - getting the vote out and going into people's homes. And this message of Safer Change is very specifically calibrated - not at Yes voters or No voters - but the fact there is a rump of Scots who have a bit of both Yes and No within them.

Alistair Darling told Sky News that the tone of the campaign had "soured"

They are trying to tip that balance away from the emotional tug of freedom for Scotland towards a hard-headed assessment of economic risk.

Earlier, First Minister Alex Salmond visited Edinburgh Airport where he claimed Mr Cameron's "fingerprints are all over a scaremongering" campaign by banks, businesses and leading retailers who have voiced their concerns over independence.

Mr Salmond said: "The next time he [Mr Cameron] comes to Scotland it will not be to love-bomb or engage in desperate last-minute scaremongering, and following a Yes vote it will be to engage in serious post-referendum talks in the best interests of the people of Scotland and the rest of the UK, as pledged in the Edinburgh Agreement."

The Prime Minister, abundantly self-aware that there are limits to the persuasive appeal of any Conservative prime minister in Scotland, will now return to London for the remainder of this closely-fought campaign. The Labour Party will step up its campaign with the return of Opposition leader Ed Miliband on Tuesday.

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Westminster Leaders Pledge 'No' Vote Powers

How Facebook Shaped The Referendum

Updated: 8:27am UK, Tuesday 16 September 2014

By James Matthews, Scotland Correspondent

It's Facebook 'wot might win it.

Sure, the August poll surge in support for independence was down, in part, to traditional campaigning. Meetings and megaphones have thrust the Yes campaign "in yer face" over years leading up to Thursday.

But why, according to the opinion polls, did it all seem to come together in the space of a few weeks? Why, suddenly, the knife-edge?

In the word of a senior Yes strategist: Facebook.

I chatted to him as the Alex Salmond Labour Heartland tour rolled up at its latest venue, playing to the target market through the TV cameras. It was a big, well-attended, photo-call - the staple diet of the political campaign.

As the strategist stood back from the madding crowd, he told me that the magic formula didn't lie in the blood and snotters of a mass media scrum, but in the quiet exploitation of social media. Facebook, in particular.

The challenge for supporters of Scottish independence, historically, has been in turning it from a fringe notion into something people allow themselves to contemplate. Check their election success at the Scottish Parliament to see the considerable style with which that's been accomplished.

Scots have taken the hop and a step. Why, now, might they be shaping to take the jump? 

The Yes strategist pinned it on Facebook.

"Ask yourself," he said, to paraphrase him, "if a parent wants to check on their youngster who's on a night out, what do they do?  They don't phone them, because they probably won't answer.

"They might text ... but, invariably, they'll Facebook them. And when they do, dozens or hundreds of their friends will see it. It's a chat network that plugs people into the other people they value. There are no better opinion-formers for someone than the friends and family they like and trust.

"So, as a campaigning tool, it's been very effective. We encourage Yes supporters to spread the word to their Facebook friends and, over time, you build a network around people that builds a political case.

"Facebook is more effective than Twitter. You put something on Twitter and you reach people within the political bubble. With Facebook, you tap into a far bigger community."

So why the spike in support for Yes after polls that had No with a consistent and strong lead over the course of a two and a half year campaign?

"People just didn't turn their mind to the referendum until it actually came round. It's been in the far distance for most of the campaign but, now that people realise they're getting to decision time, large numbers are now weighing up the arguments ... and they're deciding having had their views on independence softened by Facebook friends."

There were more than 10 million referendum-related interactions on Facebook in the five weeks to September 8 - 85% of which was from Scotland.

He said he reckoned the Yes campaign had been four or five times more active than their opponents on Facebook and pointed out a Facebook chat with Scotland's pro-independence First Minister Alex Salmond attracted around 5,000 questions.

Data suggests the Yes campaign is slightly in the lead with 2.05 interactions in Scotland compared to 1.96 million for the no campaign.

The strategist said the campaigning beauty of social media was that it eliminated the need to rely on mainstream media coverage, that the likes of Facebook cut out the middle man and enabled them to reach out to the voter directly.

Just how many the campaign has touched and what effect it has had, we'll find out soon enough.

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Asos Warehouse Fire Cost It Up To £30m

The online fashion retailer Asos says a fire at its Barnsley warehouse this summer cost it up to £30m in lost sales.

The company made the announcement in its trading update for the three-months ending August 31 - its final quarter - in which it also warned that significant investment would dent profits in its current financial year.

The blaze, in June, damaged 20% of stock inside the premises and a criminal inquiry is continuing into how it started, with arson suspected.

Asos managed to re-start orders within 48 hours of the fire and then launched a sale, with discounts of up to 50%, a day later.

Chief executive Nick Robertson said today: "Our UK performance remained strong over the final quarter, with sales increasing 33%.

The fire was treated as suspicious by police (Pic: @mathew_hanley)

"Our International business grew 6% or 14% in constant currency.

"However, due to the fire at our Barnsley distribution centre, we lost sales during the quarter of between £25m and £30m with a retail gross margin impact of c.200 basis points.

"After adjusting for insurance proceeds, we expect profit before tax for the year to be in line with market expectations.

"Engagement with our customers remains positive with a 25% growth in active customers and increases in order frequency, conversion rate and average basket value.

Stock was damaged by smoke and water (Pic: @mathew_hanley)

"Sales for the year as a whole increased by 27%."

He also announced a new drive to boost its international expansion.

Mr Robertson added: "In the new financial year we'll make significant investments in our international pricing and proposition, as well as in our logistical infrastructure and technology platform.

"As a result, we expect profit before tax for the year to 31 August 2015 to be at a similar level to 2013/14.

"We remain focussed on the long term opportunity for ASOS, with £2.5bn of sales as our next staging post".

Asos, once a darling of the stock market, has seen its value under pressure following a series of profit alerts - partly a result of heavy discounting.

Its share price fell 13% in early trading on Tuesday.

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Retailer Phones 4u 'Forced Into Administration'

Thousands of jobs at Phones 4u are at risk after the retailer says it was forced into administration when network operator EE joined Vodafone in cutting ties with the firm.

The retailer, which employs 5,596 people, says its 550 standalone stores will be closed until the administrators decide on whether the business can reopen for trading.

The company said the decision by EE not to renew its current contract, which is due to end in September next year, was a "complete shock" and meant it would be left without a single network partner after Vodafone said earlier this month that it would not extend its agreement.

The retailer said the decisions of EE and Vodafone were a 'complete shock'

Phones 4u says it has a healthy balance sheet with profits of more than £100m, but had no option but to go into administration.

Chief executive David Kassler said: "Today is a very sad day for our customers and our staff.

"If the mobile network operators decline to supply us, we do not have a business.

"A good company making profits of over £100m, employing thousands of decent people has been forced into administration.

"The great service we have provided should have guaranteed a strong future, but unfortunately our network partners have decided otherwise.

"The ultimate result will be less competition, less choice and higher prices for mobile customers in UK."

The business was set up by John Caudwell, who sold it in 2006 for £1.5bn

Staff have been asked to report to work as normal on Monday morning when they will be briefed by management.

Phones 4u said all mobile contracts bought through Phones 4u will remain unaffected and the networks will continue to provide mobile services to these customers.

Customers were also told that orders which were not dispatched in advance of the decision will not be honoured, though full refunds will be given.

The process of appointing PwC as an administrator was expected to take place on Monday.

The announcement helped shares in rival Dixons/Carphone Warehouse rise 4% in early trading.

Stefano Quadrio Curzio of BC Partners, Phones 4U's private equity owner, said: "Our overriding concern is for all the dedicated hard-working employees of Phones 4u at a time of uncertainty for the company.

"Vodafone has acted in exactly the opposite way to what they had consistently indicated to the management of Phones 4u over more than six months.

"Their behaviour appears to have been designed to inflict the maximum damage to their partner of 15 years, giving Phones 4u no time to develop commercial alternatives.

"EE's decision on Friday is surprising in the context of a contract that has more than a year to run and leaves the board with no alternative but to seek the Administrator's protection in the interests of all its stakeholders."

A spokesperson for EE said: "In line with our strategy to focus on growth in our direct channels and to move to fewer, deeper relationships in the indirect channel, and driven by developments in the marketplace that have called into question the long term viability of the Phones 4u business, we can confirm that we have taken the decision not to extend our contract beyond September 2015.

"We will monitor developments and work to provide any necessary support for customers who joined EE through Phones 4u."

The business was set up by entrepreneur John Caudwell in the mid-1980s.

By the time he sold it for £1.5bn in 2006 it was selling 26 phones a minute and employed 10,000 people. It generated sales of more than £2.25bn.

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Scotland Referendum Result 'Too Close To Call'

The latest opinion polls show the Scottish referendum campaign is "on a knife-edge" - with the "Yes" and "No" campaigns ahead in different surveys.

Three polls - all of which exclude undecided voters - give the "No" campaign the advantage on the final weekend of campaigning, but pro-Independence campaigners will be boosted by another which shows them ahead by a large margin.

A poll commissioned by the Better Together campaign and carried out by Survation has the "No" vote on 54% and the "Yes" camp on 46%.

Another, for The Observer newspaper, gives the "No" campaign a six point lead - 53%-47%.

Meanwhile, a poll carried out for The Sunday Times newspaper has "No" on 50.6% and "Yes" on 49.4%.

A poll for the Sunday Telegraph however showed support for independence at 54%, a nine-point swing from their last online poll, with support for the "No" campaign at 46%.

But the poll's sample size - 705 people - means its margin of error is higher than most surveys.

The Sunday Telegraph poll that shows the 'Yes' side ahead

Polling expert John Curtice said the poll came with "a substantial health warning".

Sky's Scotland Correspondent James Matthews said: "It tells us what we already know: this is going to be extremely tight, coming down to the wire, all the cliches fit.

"It really is on a knife edge and the intense campaigning over the remaining days will clearly be targeted at the undecideds, numbering something like half a million, they clearly hold the key to this referendum."

Reacting to the latest snapshots of public opinion, Blair Jenkins, chief executive of Yes Scotland, said: "Taken in the round, the polls show that the referendum is on a knife-edge.

"There is everything to play for, and this will spur on everybody who wants and is working hard for a 'Yes' to redouble their efforts.

The final weekend of campaigning has seen both sides out in force

"As we say in response to all the polls, we are working flat out to ensure that we achieve a 'Yes' vote, because it's the biggest opportunity the people of Scotland will ever have to build a fairer society and more prosperous economy."

The latest polls came after First Minister Alex Salmond hit out at banks and businesses that have warned about the effects of independence.

Deutsche Bank said a "Yes" vote could be a mistake akin to those that sparked the Great Depression, while three more retailers said customers would face higher prices.

Six telecoms companies also released an open letter warning such an outcome could mean increased costs in the industry.

But Mr Salmond said in an interview with Sky News: "The people of Scotland are not going to have big government orchestrating big oil and big supermarkets to tell us we can't run our own country."

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PM To Make Final Plea Against Scottish Split

What Happens If Scotland Leaves The Union?

Updated: 2:00pm UK, Tuesday 09 September 2014

Supporters of both sides of the Scotland referendum debate are mounting a final push for votes before the ballot on September 18. Sky News looks at what will happen if Scotland votes Yes to exit the UK:

:: 1.  When would Scotland become independent?

The Scottish Government has set a date 18 months from now, March 24, 2016, for Scotland's independence day.

:: 2. What would happen immediately after a Yes vote?

The first step on the morning after the result comes in would involve the forming of teams from both the Yes and No camps to take part in behind-the-scenes negotiations. SNP leader Alex Salmond has already indicated his deputy Nicola Sturgeon would lead the talks for the Scottish nationalists. It is not yet known who would spearhead the Westminster team.

:: 3. What amendments would there be to the constitution?

The negotiating teams would devise a new constitution for Scotland and dissolve the 1707 Act Of Union.

:: 4. What would happen to the Queen?

The Yes campaign has said Her Majesty would stay as monarch so it would not be surprising if Mr Salmond seeks an audience with the Queen in the days and weeks after the vote.

:: 5. Would Scotland take part in the May 2015 General Election?

Scottish voters would still be able to take part, but their representatives would only potentially serve a 10-month term in office.

:: 6. What currency would Scotland use?

That is still being thrashed out and yet to be decided. The three main Westminster parties - the Conservatives, Labour and the Liberal Democrats - have ruled out a currency union, although Mr Salmond insists an independent Scotland would keep the pound.

:: 7. How much of the UK national debt would be transferred to Scotland?

This is not yet known, but it is likely to be worked out on a per capita share - based on population.

:: 8. What would happen to Scotland's standing in global affairs?

Scotland would have to negotiate its own entry into the European Union and Nato, and the population would have to decide whether they want to have the euro.

:: 9. What effect would independence have on Scotland's defence force?

The issue of defence is probably one of the most emotive - and uncertain. Scotland is likely to have its own independent defence force, in time, depending on practicalities and finances, for it has its North Sea oil and fishing industries to protect. Scottish nationalists are opposed to having the Trident nuclear deterrent and would want to see it removed from Faslane, on the west coast of Scotland, as soon as possible. However, Nato is fundamentally a nuclear alliance, and if Scotland struggles to become a member of Nato, it is likely to struggle to join the EU too, which would have a big impact on the Scottish economy. There is also the matter of service personnel - some of which will be currently serving in historic English regiments. Any division of troops north and south of the border would take years.

:: 10. What would independence mean in terms of travelling across the Scotland-England border?

An independent Scotland would control its own borders. The SNP would like to see an open border, but Home Secretary Theresa May has already warned she will not allow Scotland to be used as a back door for immigrants getting into England if Scotland adopts a looser immigration policy. So, we could see passport controls on the border between the two countries.

:: 11. Would Scottish citizens need new passports?

A lot depends on whether Scotland joins the EU. Scottish citizens would be entitled to a Scottish passport, but a UK passport would still be valid until it expires. British citizens who were habitual residents in Scotland would be automatically considered Scottish citizens.

:: 12. What would happen to benefits and taxes?

Benefits and taxes will become the responsibility of the new Scottish government. In its white paper on Scotland's independence it says the Scottish Parliament will ensure that the personal tax allowance and tax credits increase in line with inflation.

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Scotland Referendum Result 'Too Close To Call'

The latest opinion polls show the Scottish referendum campaign is "on a knife-edge" - with the "Yes" and "No" campaigns ahead in different surveys.

Three polls - all of which exclude undecided voters - give the "No" campaign the advantage on the final weekend of campaigning, but pro-Independence campaigners will be boosted by another which shows them ahead by a large margin.

A poll commissioned by the Better Together campaign and carried out by Survation has the "No" vote on 54% and the "Yes" camp on 46%.

Another, for The Observer newspaper, gives the "No" campaign a six point lead - 53%-47%.

Meanwhile, a poll carried out for The Sunday Times newspaper has "No" on 50.6% and "Yes" on 49.4%.

A poll for the Sunday Telegraph however showed support for independence at 54%, a nine-point swing from their last online poll, with support for the "No" campaign at 46%.

But the poll's sample size - 705 people - means its margin of error is higher than most surveys.

The Sunday Telegraph poll that shows the 'Yes' side ahead

Polling expert John Curtice said the poll came with "a substantial health warning".

Sky's Scotland Correspondent James Matthews said: "It tells us what we already know: this is going to be extremely tight, coming down to the wire, all the cliches fit.

"It really is on a knife edge and the intense campaigning over the remaining days will clearly be targeted at the undecideds, numbering something like half a million, they clearly hold the key to this referendum."

Reacting to the latest snapshots of public opinion, Blair Jenkins, chief executive of Yes Scotland, said: "Taken in the round, the polls show that the referendum is on a knife-edge.

"There is everything to play for, and this will spur on everybody who wants and is working hard for a 'Yes' to redouble their efforts.

The final weekend of campaigning has seen both sides out in force

"As we say in response to all the polls, we are working flat out to ensure that we achieve a 'Yes' vote, because it's the biggest opportunity the people of Scotland will ever have to build a fairer society and more prosperous economy."

The latest polls came after First Minister Alex Salmond hit out at banks and businesses that have warned about the effects of independence.

Deutsche Bank said a "Yes" vote could be a mistake akin to those that sparked the Great Depression, while three more retailers said customers would face higher prices.

Six telecoms companies also released an open letter warning such an outcome could mean increased costs in the industry.

But Mr Salmond said in an interview with Sky News: "The people of Scotland are not going to have big government orchestrating big oil and big supermarkets to tell us we can't run our own country."

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Scotland: Pub Boss Downs Cost Sceptics

The chairman of pub chain JD Wetherspoon, Tim Martin, has told Sky News he does not share the view that price rises are inevitable if Scotland goes it alone.

His comments will be seen as a boost to the Yes campaign of First Minister Alex Salmond after a string of major banks and retailers warned of potential cost increases under independence from the UK.

Asda and John Lewis said on Thursday that sums would inevitably be passed on to the consumer while BP went as far as to say that it opposed independence.

Sky's City Editor Mark Kleinman reported earlier on Friday that major telecoms firms were considering a similar warning on the issue of costs.

But Mr Martin, whose company operates 67 pubs in Scotland, suggested such statements were premature and "greatly exaggerated".

Mr Martin argues independence is no barrier to success

He told Business Presenter Ian King: "It will entirely depend on the policies that Scotland follows.

"We all know that New Zealand, Singapore, Switzerland - small populations, extremely successful economies with their own currencies can do very well - so it becomes a question of what are the policies they're going to have."

For example, Britain is a terribly highly taxed country for pubs and if Scotland were  to say we're going to reduce excise duty to European levels, we're going to have the same VAT for pubs and supermarkets - because it's much higher for pubs in Britain at the moment - beer prices will go down".

He added: "Alex and I could be having a pint together in Vincent Square in Glasgow sometime soon".

Mr Martin, who has not taken sides in the referendum debate, spoke out following the release of the company's preliminary results for its last financial year, which showed record sales as a consequence of new pub openings and longer opening hours.

Profit before tax increased by 3.1% to £79.4m.

Mr Martin said the company generated £600.2m in taxes - the equivalent of £662,000 per pub - and employed an extra 3,000 staff.

He has consistently argued that a more favourable tax regime would allow him to invest more in new pubs and the creation of jobs.

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Scotland: Phone Firms In Independence Warning

A "Yes" vote in the Scottish independence referendum on Thursday could lead to increased costs in the telecommunications industry, leading phone companies have said.

The chief executives of six companies - BT Group, TalkTalk Group, Telefonica UK (O2), Vodafone UK, EE and Three UK - warn in an open letter that a number of "strategic and operational" factors would need to be resolved in the event of Scotland voting to separate from the UK.

Sky's City Editor Mark Kleinman revealed the companies were in talks about a joint statement on the issue on Friday.

In the letter, the companies said they may need to modify networks and consider whether to modify the services offered in an independent Scotland.

Services such as the roll out of faster broadband to parts of Scotland could be affected, the document says.

While the firms said their commitment to providing and investing in high-quality, affordable services to all of their customers in the UK will be "completely unaffected" by the outcome, a number of issues would need to be resolved.

The letter says: "Specifically, we would need to know how a Scottish telecoms industry would be regulated. Would there be continuity with the current European Union regulatory framework so that we would continue to operate across the border with common infrastructure under a single set of rules?

The majority of opinion polls suggest the 'No' camp has the edge

"What approach would the government of an independent Scotland take to the radio spectrum - currently licensed on a UK-wide basis - without which mobile networks cannot operate?

"We may also need to modify our networks to reflect the reality of an independent Scotland; and we may need to consider whether to modify the services offered in Scotland, given its relatively demanding topography and relatively low population density.

"Any of these factors could lead to increased industry costs."

The companies said that they remain "fully committed" to their customers, employees and operations in Scotland whatever the outcome of the poll.

The referendum campaign has entered its final weekend

The warning comes after a number of retailers said customers would face higher prices in the event of independence.

Scottish Labour leader Johann Lamont said: "We now have clear warnings from some of the largest employers in Scotland - Asda, John Lewis, B&Q, Marks and Spencer, Timpson, BT, TalkTalk, Iceland, O2, Vodafone, EE, Three and others - that costs for everyday things would go up if we leave the UK.

"No doubt the nationalists will promise another day of reckoning for these firms, but the people of Scotland are more rational and pragmatic about these things. We don't deny the reality. Being part of the UK keeps costs down for families here in Scotland."

Mr Salmond told Sky News earlier that what he calls an "orchestrated campaign of intimidation" will not work and there will be a "Yes" vote on Thursday.

"The people of Scotland are not going to have big government orchestrating big oil and big supermarkets to tell us we can't run our own country," the First Minister said.

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