Apple Revenues Up 12% After iPhone Launch

Apple has posted a 12% jump in revenue - exceeding expectations following its best ever iPhone launch.

Sales of the smartphone hit 39.27 million in the quarter ending in September, up 16% on last year.

This surpassed the roughly 38 million some on Wall Street had expected, and excluded sales in China, its largest market outside of the United States.

The new iPhone 6 and 6 Plus models went on sale last month and have already surpassed the previous-generation model in volumes, according to chief financial officer Luca Maestri.

This helped Apple record sales of $42.12bn (£25bn) and profits of $8.5bn (£5.2bn).

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1. Gallery: The Man Who Took Over From Steve Jobs

   Tim Cook, pictured here with Steve Jobs in August 2007, was born in 1960 in Alabama. He grew up in Robertsdale, finishing second in his year at the local high school

2. He has two degrees, the first in industrial engineering from Auburn Uni. He later received an MBA from Duke Uni in 1988

3. Cook was a part of the so-called Computer Revolution. He worked at computer giant IBM for 12 years, before moving to Intelligent Electronics in 1994

4. Cook gained a reputation as an excellent operations executive, next taking his skills to Compaq

5. He struck up a rapport with Steve Jobs immediately, joining Apple in 1998 when it was barely afloat

6. Within a year, he had helped Apple to swing to profit in 1998, later managing the resurgent Mac division

7. Promoted to Apple's No 2 spot in 2005, he ran the company as chief operations officer during Mr Jobs' medical leave

8. Widely liked, he is a dedicated supporter of Auburn Tigers football team and a keen sportsman

"Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus," Tim Cook, Apple's CEO, said.

"With amazing innovations in our new iPhones, iPads and Macs, as well as iOS 8 and OS X Yosemite, we are heading into the holidays with Apple's strongest product lineup ever."

However, the iPad continued to struggle amid a general decline in tablet sales.

Video: Sept: Complaints Of Bendy iPhone 6

The device slid more than 13% to 12.3 million units.

Apple hopes its recent alliance with IBM will help drive more tablet and phone sales to corporate customers.

Shares in Apple were roughly flat at about $100 (£62) in after-hours trade.

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1. Gallery: Apple Unveils New iPads

   Apple has launched its new iPad Air 2 and iPad Mini 3 just hours after their details were apparently leaked by mistake on the technology giant's website

2. The devices feature Touch ID fingerprint sensors and a camera 'burst mode'

3. Burst mode lets a user take multiple shots within a split second of each other on the Air model

4. Extra features complement the boosted processor power and better camera optics which come with each new iDevice iteration

5. Apple CEO Tim Cook claims there are now 675,000 apps available for the iPad

6. Apple has also confirmed that its desktop computer, the Mac, is also receiving an update to mark its 30th birthday

7. Tim Cook says the upgrades make it Apple's "strongest ever line up"

Video: Sept: Supersize iPhone 6 And Watch

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Total CEO Dead As Plane Crashes Into Snow Plough

The boss of oil company Total has died after a plane crashed into a snow plough during take-off in Moscow.

Christophe de Margerie, who became chief executive of the French firm in 2007, was one of four people - all French - who died in the accident involving the corporate jet.

A Vnukovo International Airport spokesman said: "A plane crashed when it collided with a snow-clearing machine. Three crew members and a passenger died.

"I can confirm that the passenger was Total's head de Margerie."

The driver of the snow plough, who was unhurt, was drunk, according to Russian investigators.

"It has been established that the driver of the snowplough was in a drunk state," the investigating unit said in a statement, adding that a preliminary theory was that "an error by the pilots and the actions of the snow plough driver" led to the accident.

The collision occurred just before midnight local time as the plane attempted to take off for Paris.

Christophe de Margerie was a staunch defender of Russia's energy policies

Airport officials were quoted as saying visibility at the time was 350 metres.

Mr de Margerie was on a list of attendees at a Russian government meeting on foreign investment in Gorki, near Moscow, on Monday.

The 63-year-old was a staunch defender of Russia and its energy policies amid the conflict in Ukraine.

With his distinctive moustache and outspoken manner, Mr de Margerie was one of the most recognisable figures among the world's top oil executives.

He took on the additional role of Total chairman in 2010.

Total is the fourth-highest valued of the West's oil companies behind Exxon, Royal Dutch Shell and Chevron.

Potential successors to Mr de Margerie include Philippe Boisseau, head of Total's energy division, and Patrick Pouyanne, who was tasked with reducing exposure to unprofitable European refining sectors.

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China Growth Weakest Since Financial Crisis

The slump in China's property market contributed to a further slowdown in the country's economic output in the third quarter of the year.

Official figures showed GDP growth at its weakest level since early 2009 during the period, rising by 7.3% on an annual basis.

The performance, while better than some analysts had expected, followed growth of 7.5% in the previous quarter and the slowdown reinforced expectations that Beijing will announce more targeted stimulus measures.

Communist leaders are trying to steer China toward growth based on domestic consumption instead of over reliance on trade and investment but the deterioration in output growth raises fears of politically dangerous job losses.

Premier Li Keqiang has stated repeatedly that the country can tolerate slightly lower growth.

The Chinese economy - while still growing an an enviable rate - has a number of problems with the collapse in property values currently at the top of the list.

The government took action to help arrest house price declines and falling construction last month by cutting mortgage rates for some home buyers for the first time though it was too early for the impact of those measures to be felt in the third quarter.

Developers have huge inventories of unsold homes and increasingly risk-averse banks are wary about financing new mortgages which would only increase their exposure to the weakening sector.

Separate property data for September also released on Tuesday showed that the slowdown had deepened in the quarter, with real estate investment falling compared a year ago while revenue from property sales dropped 8.9%.

High infrastructure spending has helped maintain robust employment but that mini-stimulus is now fizzling out - hence the focus now on Beijing's policymakers.

A majority of economists do not see aggressive action, in the form of interest rate cuts, in the short term.

Leaders have previously ruled out massive stimulus as China is still struggling with a mountain of local government debt built up in 2009 when Y4trn (£401bn) billion) was spent to cushion the impact of the global financial crisis.

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Didcot Power Station Fire 'Very Serious'

Fire crews from three counties have been tackling a major blaze at the Didcot B Power Station.

The blaze - described by Oxfordshire Fire And Rescue as "very serious" - began in one of the gas-fired cooling stations.

Twelve fire engines, 65 firefighters and three hydraulic platforms were sent to the site on Sunday at around 8pm.

The National Police Air Service were also deployed - but the Government insisted electricity supplies would not be affected.

Energy Secretary Ed Davey said: "I've been reassured by National Grid that there is no risk to electricity supplies.

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1. Gallery: Major Fire At Didcot Power Station

   A major fire broke out at the Didcot Power Station in Oxfordshire about 8pm on Sunday. Pic: Jess Collins

2. The blaze - described by Oxfordshire Fire And Rescue as "very serious" - began in one of the gas-fired cooling stations. Pic: @markydavidb

3. Twelve fire engines, 65 firefighters and three hydraulic platforms were dispatched. Pic: Zainab Mirmalek

4. The National Police Air Service were also deployed. Continue for more images

"I will be keeping in touch with the relevant authorities throughout. My priority is to understand the cause of the fire and get the affected unit back generating electricity as soon as it's safe to do so."

Oxfordshire's chief fire officer, David Etheridge, said his team were hampered by high winds before bringing the blaze under control.

"It was a very serious fire. Our crews have been working very hard in very difficult conditions," he told Sky News.

"The fire is now under control and there is absolutely no risk to the public from the smoke plume.

Video: Resident Describes 'Massive Blaze'

"These fires are always very tricky for us. Water and electricity don't mix but we've worked with the site management on plans and we do exercises to make sure that when we do get an incident such as this we can all work seamlessly together to get it under control."

Thames Valley Police advised residents to close windows and remain indoors.

Site operators RWE Generation told Sky News no one had been injured.

Spokesman Dan Meredith said: "We have taken the precaution to shut down safely the station and all our employees are accounted for."

Video: Power Station Shut Down Amid Blaze

He said the the fire was contained within the cooling tower module - there are a number of modules that form part of the site.

Mr Meredith added that an inquiry would be launched into how a blaze was allowed to begin in Station B, which opened in 1997 and can power millions of homes.

Zainab Mirmalek, who lives opposite the power station, said: "About 9pm you could see a massive blaze but now you can see loads of hoses, lots of steam and smoke and water gushing, though there is still lots of orange."

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PM: I'll Cut Benefits To Fund Apprenticeships

By Anushka Asthana, Political Correspondent

Benefit cuts hitting 100,000 families will be used to fund a £1bn commitment to deliver three million apprenticeships over the next Parliament, David Cameron has revealed.

The plans show that 70,000 households will be affected by further reducing the benefit cap to £23,000. 

That saves £135m per year, while taking housing benefit off 18 to 21-year-olds will cut £120m a year and hit 30,000 young people.

The Prime Minister is calling on all FTSE 100 companies with a significant workforce in Britain to provide apprenticeships by 2020.

He has received the backing of a number of major companies including Fujitsu, National Grid, Nestle, Airbus, Balfour Beatty and Ford. 

Video: Apprentice Boost Is 'Great' Idea

Mr Cameron said: "Because of difficult decisions we will make on welfare, we will deliver three million apprenticeships by 2020. This is a crucial part of our long-term economic plan to secure a better future for Britain.

"It will help give us the skills to compete with the rest of the world. And it will mean more hope, more opportunity, and more security for our young people, helping them get on in life and make something of themselves.

"We have already doubled apprenticeships this Parliament. We will finish the job in the next and end youth unemployment."

Video: Osborne Pledges Fair Welfare System

The way Mr Cameron is planning to pay for the jobs boost is likely to draw criticism from the Labour party and the Lib Dems.

Nick Clegg has accused the Conservatives of funding tax cuts for the wealthy on the back of the least well off.

In his conference speech, Mr Clegg said: "The young and the working poor are hit time and time again as George Osborne takes his axe to the welfare budget with no regard for the impact on people's lives."

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Comparison Sites Under Fire Over 'Kickbacks'

Price comparison websites have been accused of hiding the best energy deals from consumers.

Instead, tariffs are promoted from providers who are paying the sites around £50 commission when a user switches, according to consumer group The Big Deal.

It claimed CompareTheMarket, uSwitch, Confused.com, GoCompare and MoneySuperMarket use search options that filter out the best non-commission offers.

The Big Deal said some websites have option boxes such as switch "now" or "today", showing only providers that pay commission.

The campaign group's Will Hodson told The Sun: "By hiding the best deals they are using us to earn themselves a kickback."

He also told Sky News: "The claim that they are consumer champions has to be challenged.

"These guys put commission first and consumers second."

It said better switching offers are available that can save consumers up to £200 a year.

The websites said their services were transparent, operating within existing guidelines and saving consumers money.

Uswitch's Ann Robinson told Sky: "The people who use our site save an average £200, and 10% of our users save over £300."

MoneySuperMarket said filter results were "not a loophole" and CompareTheMarket added that "suppliers sometimes stipulate which tariffs they wish to sell on price comparison websites".

The energy watchdog Ofgem said it was considering a regulation overhaul of the sector.

Profits for the so-called big five comparison sites have climbed 400% since 2005, reaching a combined total of £170m last year.

The Big Deal said it has written to the Competition and Markets Authority (CMA) over the hidden cost claims of the comparison firms.

The CMA is currently investigating the energy market over concerns of tariff and previously said the big energy providers could be split up, separating retail arms from their supply divisions.

The big six providers currently supply around 92% of all consumers - down from 99% five years ago - according to recent estimates.

Energy costs for consumers have more than doubled in the last decade, despite falling inflation and a squeeze on wages since the financial crash.

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Bank 'Gloomier' As Economy Woes Hit Markets

The Bank of England's chief economist has spoken of his concerns for the UK's economic outlook as it writhes in both "agony and ecstasy" alongside weaker global growth.

Andy Haldane told a business audience the Bank may need to keep interest rates lower for longer than previously thought to reduce the chance of the economy slipping into long-term stagnation.

He cited greater financial and political risks and the danger that wages and productivity might continue to fail to recover as forecast.

"Put in rather plainer English, I am gloomier," he said.

Andy Haldane is the Bank of England's chief economist

"This implies interest rates could remain lower for longer, certainly than I had expected three months ago."

His remarks came at the end of a week in which stock markets tumbled and pushed back their expectations for the timing of the first UK rate rise to towards the back end of next year.

Video: Investing? Stocks, Savings Or ISAs?

Fears of recession in the eurozone, weakness in the US and China and an end to the US Federal Reserve's quantitative easing (QE) programme contributed to the sell-off that saw £50bn wiped from the value of the FTSE 100 in just two days.

The London market was over 1% higher on Friday and the pound lost half a cent against the dollar in the wake of Mr Haldane's comments.

He said Britain's economy was "writhing in both agony and ecstasy" amid the volatility and raised the spectre of "secular stagnation", meaning a long period of negligible growth as a result of the world's woes.

"If there is genuine uncertainty about the path of the economy, the optimal policy response may be to avoid the worst outcomes", he said.

The UK's economy has been growing steadily this year - outperforming the G20 - with growth of 0.9% measured in the second quarter and unemployment falling to a 6% rate.

But wage growth remains muted and inflation is falling - with both factors a problem for a recovery largely built on consumer spending.

While they formed part of Mr Haldane's argument on UK policy, the country's economic performance is in stark contrast to that of its biggest trading partner, the eurozone.

The IMF recently forecast a 40% chance of eurozone recession - with even Germany on the brink - as the area battles low inflation, high unemployment and higher risks associated with the west's sanctions against Russia over Ukraine.

It was revealed on Thursday that five nations using the single currency had slipped into deflation while Greece's borrowing costs rose to 9% - a level seen as unaffordable again amid concerns relating to its bailout programmes.

The European Central Bank is under pressure to launch its own programme of QE to provide stimulus.

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Tesco Profit Shortfall 'Better Than Feared'

By Mark Kleinman, City Editor

A shortfall in half-year profits at Tesco which plunged Britain's biggest retailer into crisis is next week expected to be disclosed to have been smaller than initially feared.

Sky News understands that the supermarket chain plans to announce alongside its first-half results on Thursday that it had previously overstated earnings by between £200m and £250m.

The final figure was likely to be somewhere close to the middle of that range, a banking source said.

The numbers are still being prepared by Tesco's auditors this weekend and a final figure for the mis-statement will not be identified until the middle of the week, according to the source.

If the accounting error is below the £250m figure indicated last month, however, the news will be greeted with relief by the City following speculation that it could have to inflate that number substantially.

Dave Lewis, Tesco's chief executive, told staff yesterday that he expected to be able to give a "clear and accurate indication" of the company's performance during the first half of the year.

An investigation being undertaken by Deloitte and Freshfields will not be completed in time for the results announcement but is understood to point towards there being no requirement at this stage for previous years' profits to be restated.

Eight executives have been asked to stand aside to facilitate the probe, which is focused on payments from Tesco's suppliers.

Sky News also understands that Tesco has asked Greenhill, the investment bank, to field offers from bidders for assets such as Dunnhumby, the marketing services group behind the grocer's Clubcard loyalty scheme.

Sources said that Advent International, TPG and at least one other firm had enquired about Dunnhumby's availability but were being told that Mr Lewis was not keen to hold talks about a deal at this time.

Tesco owns a number of businesses - including an Asian retail empire valued by some analysts at up to £10bn - which could be sold if its board decides it needs to raise capital.

The accounting crisis has triggered investigations by the Financial Conduct Authority and Financial Reporting Council, and raised questions about the future of chairman Sir Richard Broadbent.

Tesco declined to comment.

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UK Firms Consider Paying For Egg Freezing

By Rhiannon Mills, Sky News Correspondent

British companies have said they would consider following Apple and Facebook's lead by paying for female staff to freeze their eggs.

With the US tech giants now offering the fertility treatment as a benefit, Sky News asked 18 city firms if they would consider providing the same perk.

Two said yes - Spacious, who provide office space, and the bike light company Blaze.

Its founder Emily Brooke said she would even like the option herself.

Facebook and Apple sparked a worldwide debate by offering the perk

She told Sky News: "It just gives you a little bit more freedom and takes the pressure off later on in life.

"The women in my team are just as ambitious as I am, they work incredibly hard and I wouldn't expect them to take up the opportunity, I wouldn't want them to necessarily, but I would like them to have the option."

Two years ago Sarah Brocklehurst had her eggs frozen. Now 43, she knows it isn't a guarantee she'll be able to conceive in the future but says it has given her a choice.

She said: "Just being able to freeze the eggs allowed me to take a little beat to relax, be able to look around sensibly at looking for a man that i wanted to be with, not just a man that I could have a child with, which is what I think - some women unfortunately fall into that trap.

"And also fix things like my career and my living situation. So I think it's the best thing I could have done really."

This week one of Europe's largest fertility clinics is opening on the edge of the city of London.

Video: New IVF Treatment Gives Women Hope

For £200 Create will offer businesswomen fertility tests in their lunch hour and the chance to freeze their eggs so they can concentrate on their careers.

But the centre's medical director believes all women over 29 should be routinely tested for free on the NHS to assess their chances of starting a family.

Professor Geeta Nargund said: "We need to be proactive if we want to help the nation's fertility in the long run and spend less in the long run on fertility treatments.

"We want to invest in proactive fertility screening on the NHS. Many times people say I wish I knew this, I wish I was able to find out about this five years ago."

Video: New Hope For Women Considering IVF

With so many advancements in fertility treatments there are some who believe couples may be relying too much on science as a quick fix if they delay having a family.

Professor Melanie Davies from the British Fertility Society said "I know there are social pressures and I know that one has to find Mr Right but if you're in a good situation a good relationship the best advice is to get on and have children naturally

"That is far more successful than freezing ones eggs and more successful than having IVF at a later stage."

At a cost of around £7,000 for three rounds of egg freezing, women will need a decent salary or generous employer to pay for it, but all experts agree that age is still likely to be the biggest factor when it comes to a couple's chances of starting a family.

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Bank 'Gloomier' As Economy Woes Hit Markets

The Bank of England's chief economist has spoken of his concerns for the UK's economic outlook as it writhes in both "agony and ecstasy" alongside weaker global growth.

Andy Haldane told a business audience the Bank may need to keep interest rates lower for longer than previously thought to reduce the chance of the economy slipping into long-term stagnation.

He cited greater financial and political risks and the danger that wages and productivity might continue to fail to recover as forecast.

"Put in rather plainer English, I am gloomier," he said.

Andy Haldane is the Bank of England's chief economist

"This implies interest rates could remain lower for longer, certainly than I had expected three months ago."

His remarks came at the end of a week in which stock markets tumbled and pushed back their expectations for the timing of the first UK rate rise to towards the back end of next year.

Video: Investing? Stocks, Savings Or ISAs?

Fears of recession in the eurozone, weakness in the US and China and an end to the US Federal Reserve's quantitative easing (QE) programme contributed to the sell-off that saw £50bn wiped from the value of the FTSE 100 in just two days.

The London market was over 1% higher on Friday and the pound lost half a cent against the dollar in the wake of Mr Haldane's comments.

He said Britain's economy was "writhing in both agony and ecstasy" amid the volatility and raised the spectre of "secular stagnation", meaning a long period of negligible growth as a result of the world's woes.

"If there is genuine uncertainty about the path of the economy, the optimal policy response may be to avoid the worst outcomes", he said.

The UK's economy has been growing steadily this year - outperforming the G20 - with growth of 0.9% measured in the second quarter and unemployment falling to a 6% rate.

But wage growth remains muted and inflation is falling - with both factors a problem for a recovery largely built on consumer spending.

While they formed part of Mr Haldane's argument on UK policy, the country's economic performance is in stark contrast to that of its biggest trading partner, the eurozone.

The IMF recently forecast a 40% chance of eurozone recession - with even Germany on the brink - as the area battles low inflation, high unemployment and higher risks associated with the west's sanctions against Russia over Ukraine.

It was revealed on Thursday that five nations using the single currency had slipped into deflation while Greece's borrowing costs rose to 9% - a level seen as unaffordable again amid concerns relating to its bailout programmes.

The European Central Bank is under pressure to launch its own programme of QE to provide stimulus.

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