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.

14.47 | 0 komentar | Read More

Chancellor Cancels Trip Due to Yes Vote 'Risks'

The Chancellor has cancelled an official trip to Australia because of the potential economic risks of a Scottish Yes vote.

George Osborne and the Bank of England Governor Mark Carney are pulling out of a meeting of the G20 on September 20 and 21.

The decision comes as polls show the Yes and No camps neck and neck ahead of the crucial independence referendum on September 18.

Thee are also growing warnings from businesses over the impact of a Yes vote.

Mark Carney is to return early from Australia for the result

The Bank has confirmed that Mr Carney - who is due to chair a meeting of the financial stability board of bank regulators in Cairns on Wednesday - will now return early to be back in time for the result.

And the Treasury said that Mr Osborne will not now be going to the weekend summit so will be the UK for the outcome of the vote.

"I can confirm that he is not attending," a Treasury spokesman said.

The Bank said that Mr Carney will be represented at the G20 by the deputy governor for financial stability, Sir Jon Cunliffe.

The latest opinion poll on independence suggests the result is on a knife edge, with both side neck and neck.

With less than a week to go, a new survey for Guardian and ICM indicate support for the No campaign is on 51%, while those in favour of Yes is just 2% behind on 49%.

But 17% of those asked said they had still not made up their minds.

Another poll also suggests the Better Together campaign has narrowly edged back into the lead with a 4% gap.

A YouGov survey put No on 52% and Yes on 48%.

The results came as as several independent heavyweights expressed their concerns if Scotland was to vote to become a separate country.

Asda and John Lewis said the increased costs of operating in an independent Scotland would inevitably be passed on to the consumer, leading to higher prices.

But Tim Martin, chairman of JD Wetherspoon, has told Sky News that price rises are not inevitable if Scotland votes for independence.

RBS, which has been based in Scotland since 1727 and employs 11,500 people there, also confirmed it would be moving its headquarters to London if Scotland voted for independence.

The International Monetary Fund (IMF), meanwhile, said a vote for independence could have a negative effect on the markets in the short-term because of "uncertainty".

14.47 | 0 komentar | Read More

'Great Depression' Warning For Scottish Voters

A leading bank's warning that a Yes vote could be a mistake akin to those that sparked the Great Depression has threatened to overshadow the biggest weekend of political campaigning in Scotland's history.

At least 2.6 million leaflets will be delivered to households in 48 hours as polls suggest Thursday's vote is on a knife-edge.

More than 10,000 people are expected to attend a rally by the Orange Order in support of the Union in Edinburgh - and their cause has been backed by Deutsche Bank.

The financial institution claims the economic arguments against independence are "overwhelming".

Alex Salmond arrives in Dundee on the latest leg of his Yes campaign

Chief economist David Folkerts-Landau said a Yes vote could be a "mistake as large as Winston Churchill's decision in 1925 to return the pound to the Gold Standard or the failure of the Federal Reserve to provide sufficient liquidity to the US banking system, which we now know brought on the Great Depression in the US".

Mr Folkerts-Landau said he found it "incomprehensible" that Scots were even contemplating withdrawal from the UK, and pointed to the "recessions, higher taxes, lower public spending and higher interest rates" that had afflicted nations seen as potentially heading for the eurozone exit.

But Scotland's SNP Government accused him of failing to take into account the country's "strong fiscal position".

Gordon Brown is applauded after his Glasgow speech supporting a No vote

Deputy First Minister Nicola Sturgeon will be in Glasgow having promised on Friday to use the occasion to explain what independence will mean for jobs and wealth creation.

She said the Yes campaign's "momentum is still growing and will soon become unstoppable, as people reject the Downing Street-orchestrated campaign to talk Scotland down".

The Yes side was planning to have more than 35,000 volunteers on the streets of Scotland over the weekend, manning 473 registered street stalls.

Meanwhile, Labour big-hitters such as former prime minister Gordon Brown and shadow Scottish secretary Margaret Curran will be trying to persuade the public to vote No in the country's east.

Yes supporters have grafittied over a No campaign banner

The latest opinion poll by ICM in Saturday's Guardian put decided voters 51-49% in favour of No. 

Many of Britain's newspapers reported on comments by a former SNP deputy leader which appeared to threaten recriminations against businesses that backed a No vote.

Jim Sillars said there would be "a day of reckoning with BP and the banks" if Scotland votes Yes, adding that BP would "need to learn the meaning of nationalisation".

Nigel Farage attacked Alex Salmond but suffered protests from demonstrators

In a fiery interview with Sky News, Mr Sillars said he was simply using "robust" language to draw attention to the "orchestrated fear campaign coming from Downing Street".

Meanwhile, UKIP leader Nigel Farage arrived in Scotland on Friday and used a rally to hit out at what he described as Alex Salmond's "entirely false prospectus" being offered to voters north of the border.

New research revealed increasing polarisation among those on both sides of the border as the vote approaches.

A survey by debt management company PayPlan found a majority of Scots in debt are worried their debts will worsen after independence.

A separate poll among English voters for the Daily Mail found that while 70% want Scotland to stay in the Union, if they do go 53% believed Scotland should not be able to keep the pound, and 83% think Scotland should be forced to take its share of the multi-billion pound national debt.

14.47 | 0 komentar | Read More

Yahoo Faced Huge Fine Over Surveillance Data

The US government threatened to fine Yahoo $250,000 (£154,000) a day if it failed to turn over customer data to intelligence agencies - a step the search engine company regarded as unconstitutional.

The details emerged after a federal judge ordered the unsealing of some court documents about a legal challenge launched by Yahoo in 2007 against government surveillance.

Yahoo lost the court battle, which experts say helped pave the way for the Prism surveillance programme revealed last year by former National Security Agency contractor Edward Snowden.

Marc Rotenberg, executive director of the Electronic Privacy Information Centre, said: "It's always been a little bit behind the curtain as to what internet companies do when they actually receive these requests.

"Now we have evidence that Yahoo did in fact fight this battle and look at considerable fines as a consequence of not disclosing the data.

"It tells us how very serious the Bush administration was about trying to get the internet firms to turn over this data. Until the disclosure, it was mostly hearsay that they were willing to impose these penalties."

US internet companies are eager to disclose as much as they can about the procedure through which federal agencies request their user data in secret courts, in part because of worries about the impact on their business.

On Thursday, Yahoo said it would begin to make public some 1,500 previously classified pages documenting the lengthy tussle with the US government.

"Despite the declassification and release, portions of the documents remain sealed and classified to this day, unknown even to our team," Yahoo general counsel Ron Bell said in a blog post on the company's website.

Earlier this year, Yahoo, Facebook, Microsoft and Google began publishing details about the number of secret government requests for data they receive, hoping to show their limited involvement in US surveillance efforts.

14.47 | 0 komentar | Read More

Ukraine Crisis: New EU Sanctions Target Russia

A new round of EU sanctions against Russia have been imposed, with Moscow threatening to retaliate with further measures of its own.

The tit-for-tat economic penalties - stemming from Russia's actions in Ukraine - also involve the US which is set to move ahead with steps against the country's financial, energy and defence sectors.

The EU and the US have said the sanctions can be withdrawn within weeks if the ceasefire in eastern Ukraine holds, though it has claimed that Russian troops remain there in support of separatists.

The EU's new measures include limiting Russia's access to financial markets and targeting more officials with travel bans and asset freezes.

BP holds a stake of almost 20% in Rosneft

Those individuals include leading politicians Igor Lebedev and Vladimir Zhirinovsky.

It has been suggested that Russia's top oil producers and pipeline operators Rosneft, Transneft and Gazprom Neft will be on a list of Russian state-owned firms that will not be allowed to raise capital or borrow on European markets.

Such measures threaten to hit earnings at BP, which has a near-20% stake in Rosneft.

The FTSE 100 company revealed in July that its share of Rosneft underlying net income was $1bn in the second quarter of 2014 - revenue that is crucial to BP as it continues its recovery from the Deepwater Horizon disaster in the Gulf of Mexico.

President Putin has denied Russian troops are in eastern Ukraine

News that the latest round of sanctions had been agreed in Brussels drew a furious response from Moscow.

The Russian Foreign Ministry said: "By taking this step, the European Union has de facto made its choice against a peaceful resolution of the inter-Ukrainian crisis.

"Today Brussels and the leaders of the EU nations need to give a clear answer to EU citizens as to why they are putting them under the risks of confrontation, economic stagnation and unemployment."

Russia has denied any involvement in the Ukraine crisis, despite Western accusations that it has been arming separatist rebels and deploying troops in the neighbouring former Soviet republic since the annexation of Crimea from Ukraine in March.

Many EU member states had been loath to increase the sanctions against Russia for fear of jeopardising their close trade relationships with Moscow.

The impact has been blamed for a slump in business confidence in many euro area economies, where recovery in output has stalled.

Firms in countries such as Germany, which rely on Russian gas for energy, fear Russia will respond to the sanctions by turning off the taps.

Russia, which has revised sharply down its own growth estimates for 2014 amid plunging stock market and rouble values, had already issued a veiled threat that it could ban Western airlines from using Russian airspace - a move that would lead to higher fuel costs and delays for flights to Asia by European airlines.

Carriers had already had to lengthen journey times to bypass airspace over eastern Ukraine in the wake of the shooting down of Malaysian Airlines flight MH17 in July - widely blamed on Russia.

14.47 | 0 komentar | Read More

Barclays To Name McFarlane As New Chair

Barclays is to name one of Scotland's most senior businessmen as its next chairman, recruiting from the FTSE-100 insurance giant Aviva.

More follows...

14.47 | 0 komentar | Read More

Lloyds And RBS Want New Law To Help HQ Move

By Mark Kleinman, City Editor

Directors of Britain's two big state-backed banks will press the Government to introduce legislation that would expedite a relocation of their legal headquarters if Scotland votes for independence.

Sky News has learnt that Lloyds Banking Group and Royal Bank of Scotland (RBS) want ministers to introduce a new Act of Parliament that would avoid the need for a lengthy legal process handled by the courts.

Directors of both lenders are concerned that the process for moving their banking licences and legal base – using a mechanism called a Part 7 Transfer under the Financial Services and Markets Act – would be too time-consuming.

Amid uncertainty about the currency that an independent Scotland would use, Lloyds and RBS are concerned that credit ratings agencies would downgrade them if they remained domiciled in Scotland.

While they have not yet held talks with the Treasury about the details of new legislation, sources close to Lloyds and RBS confirmed on Thursday that they were keen for it to happen.

The two banks have drawn up plans to move their legal bases to London, although Lloyds' operations have already been based in England for more than a century.

RBS's relocation would be likely to involve the transfer of some jobs, although it declined to say how many in a statement issued on Thursday morning.

"There are a number of material uncertainties arising from the Scottish referendum vote which could have a bearing on the Bank's credit ratings, and the fiscal, monetary, legal and regulatory landscape to which it is subject.

"For this reason, RBS has undertaken contingency planning for the possible business implications of a 'Yes' vote," it said.

"As part of such contingency planning, RBS believes that it would be necessary to re-domicile the Bank's holding company and its primary rated operating entity (The Royal Bank of Scotland plc) to England."

RBS insisted that shifting its legal base to England would have "no impact on everyday banking services used by our customers throughout the British Isles"

Underlining the sensitivity of its latest intervention, RBS said that the referendum was "a matter for the Scottish people" and pointed out that it had been based north of the border since 1727.

"RBS intends to retain a significant level of its operations and employment in Scotland to support its customers there and the activities of the whole Bank," it said.

Lloyds said it was clarifying its own contingency plans following enquiries from customers and employees.

"While the scale of potential change is currently unclear, we have contingency plans in place which include the establishment of new legal entities in England.

"This is a legal procedure and there would be no immediate changes or issues which could affect our business or our customers."

Both banks had already highlighted the potential risks of a 'Yes' vote in results announcements and company documents earlier this year.

The Treasury said that such contingency planning was "understandable" but continued to insist that it was not undertaking such work itself.

"The Government is not making contingency plans for a yes vote.

"However, as the Governor of the Bank of England has made clear, the UK authorities are responsible for financial stability in every part of the UK and will do everything necessary to work closely in all circumstances with all financial institutions who are based or wish to be based in the UK."

14.47 | 0 komentar | Read More

Scottish Islanders Divided On Splitting From UK

By Ian King, Business Presenter

The Orkney Islands are one of Scotland's most prosperous regions. Unemployment here is much lower than in the rest of Scotland and the quality of life - with house prices lower than mainland Scotland - is good.

Orkney has more young people, per head of population, than Scotland as a whole. Its children do better in school, on average, than most Scots and its people are also healthier, on average, than most Scots.

Yet, in common with the rest of Scotland, Orkney's people are divided over whether it should become an independent country - nowhere more so than among the ranks of its fishermen, a sector less important to the Orkadian economy than was once the case, but still one that defines the islands and their rugged character.

Neil Mathheson, a scallop fisherman and a strong supporter of the Yes campaign, has no doubt fishing will do better in an independent Scotland.

The Scotland referendum is just over a week away

He said: "With independence, everything will be closer to the people. These would be our issues.

"The last UK fisheries minister couldn't tell you the difference between a haddock and a whiting, or a haddock and anything. I do believe an independent Scotland should have a dedicated fisheries minister that deals with the fisheries.

"If there is a mess, it will be our mess, not one we can blame on somebody else. We are not much better off than Greece at the moment."

His colleague Sean Dennison, a crab fisherman, agreed. He said: "We all have to make decisions every day of our lives.

Alex Salmond has seen his Yes campaign close the gap in polls

"If you are closer to the people that are putting forward [legislation] then I think we are as well-placed... through Holyrood as Westminster.

"You're closer to everything you do on the sea, entitlements for catching fish, whatever."

But that is not everyone's opinion.

Robert Smith, a lobster fisherman, is firmly in the No camp.

He said: "Scottish politicians are anti the fishing industry."

He warned that a Yes vote for independence will not leave it there, suggesting that it would be quickly followed by demands for independence from the neighbouring Shetland Islands, where an "Our Islands, Our Future" movement is already gaining ground.

Alistair Darling has accused the No campaign of having "no plan B"

Between them all sits John Welles, a prawn fisherman, who has yet to make up his mind.

He said: "We haven't been given enough information. If we say yes and it all goes wrong, where do we go from there?

"We are ok at the moment, I'm not saying it's great, but we are ok. If we vote yes and it goes bad, where do we stand then?"

And this is very much the point that appears to be on the minds of the "Don't Knows" - this is a decision, once made, that cannot be reversed.

How will the quartet explain the way they have voted to their children and grandchildren and especially if an independent Scotland struggles?

Mr Mathheson said: "How do I explain to my grandchildren if Boris Johnson or Nigel Farage was Prime Minister?

"That would really worry me, far more than Alex Salmond or Nicola Sturgeon, or any Liberal Democrat [the Orkneys are a traditional Liberal stronghold].

"Even that nice Tory lady [Annabel Goldie] that used to be there, she'd be better than them, at least she was what it said on the packet. I'd be more embarrassed about Boris or Nigel."

14.47 | 0 komentar | Read More

Morrisons Profits Halve As Sales Dive 7.4%

Morrisons has confirmed a 51% fall in underlying half year profits to £181m following a big fall in sales.

The supermarket chain, which like market leader Tesco has suffered amid the challenge from hard discounters, said like-for-like sales excluding VAT and fuel sales tumbled 7.4% on the same period last year.

The results showed profits were hurt  hurt by its decision earlier this year to cut prices to counter the loss of market share to the discounters such as Aldi and Lidl and by a weak overall food market.

Morrisons' non-executive chairman, Sir Ian Gibson, described overall conditions as "tough".

The profit total was its lowest for eight years though Morrisons said it was paying an interim dividend of 4.03p-per-share, up 5% and confirmed a commitment to pay a full-year dividend of no less than 13.65p.

It held its full-year underlying pre-tax profit guidance at £325m-£375m - which also helped its share price higher in early trading following a 40% fall over the past 12 months. 

In addition to the industry price war, Morrisons was late to join the rush for convenience store offerings and online grocery shopping.

The chain's chief executive, Dalton Philips, insisted its three-year plan to turnaround the company's fortunes - including £1bn in savings - was beginning to show signs of progress.

He said: "We are six months into the three-year plan that we set out in March and, although it is early days, I am encouraged by the progress we have made.

"There is an enormous amount of change and modernisation flowing through our core business, much of it enabled by new systems.

"Price investment, in-store improvements and better products were all key components of the work undertaken in the first half and the Morrisons Card launches soon".

He said online and convenience were "progressing well" though the general results statement admitted "headwinds".

Tesco and Morrisons have been the big losers in terms of market share amid the discount challenge to the major four chains.

Tesco, which sacked Philip Clarke as chief executive, recently cut its half-year dividend payment by 75% in order to preserve funds for Mr Clarke's replacement Dave Lewis.

14.47 | 0 komentar | Read More

Apple Unveils 'Supersize' iPhone 6 And Watch

Apple has lifted the lid on bigger iPhone 6 models, with screen sizes of up to 5.5 inches, and also unveiled its first watch.

The new phones are a significant upgrade from the outgoing flagship, the iPhone 5S, which has a 4-inch screen.

The watch - called simply Apple Watch - is customisable in "millions" of ways, said the firm at its annual showpiece event in California.

The company says the watch is a health and fitness device with many of the same features as a smartphone - but crucially needs an accompanying iPhone to work.

It uses GPS and Wi-Fi to track the distance covered by the wearer for example, and a tap of the screen can send an alert vibration to another Watch user.

It will start at $349 (£216) and comes out early next year.

Ernest Doku, technology expert at uSwitch.com, said Apple had nailed a "truly attractive design" which could win over consumers.

The Apple Watch also requires an iPhone to function

However, he added that Apple were quick to gloss over the fact that an iPhone is also needed - making it an even more costly product.

Among the features of the two new iPhones are a better sensor and autofocus for the camera, and a landscape mode.

A HD FaceTime camera also promises improved face detection.

The iPhone 6 comes with a 4.7-inch screen, while the 6 Plus has a 5.5-inch display.

"I'm pretty amazed they've dumped the 4-inch iPhone - it was hugely successful," said Duncan Bell from gadget magazine T3.

"It would have at least slightly addressed criticisms that all Apple does is follow the market, rather than leading as it once did."

A new payment process called Apple Pay was also announced. It uses fingerprint ID for security and stores payment information on a NFC chip.

The event is arguably the biggest in the tech calendar

Apple claims the feature is more secure than keeping cards in a wallet.

Payments using NFC (near-field communication) technology could be "revolutionised" if Apple's feature catches on, says one expert.

Anthony Duffy, director of retail banking at Fujitsu UK, said the company had "again sent out a challenge to the industry".

"Apple's decision to go for NFC - a technology that up until now has struggled to clearly stamp its mark on the payments industry - is a bold one," said Mr Duffy.

Shares in the company jumped following the watch unveiling, but then settled back down to the pre-event price.

The landscape mode takes advantage of the bigger screen

Chatter about the handsets' vital statistics had been circulating for months on technology websites and blogs, and many were proved right as Apple boss Tim Cook stepped on stage for the big reveal.

The phones go on sale in the US and eight other countries on September 19. Pricing is still to be announced.

Apple had been under pressure to make a bigger iPhone after rivals outgunned it with handsets like Samsung's Galaxy S5 and the HTC One M8.

"Apple has finally learnt (from) Samsung that bigger is better," said Ashley Michael Pearson on the Sky News Facebook page.

Others, such as Nathan Mass, were more complimentary: "Apple offers devices with an unbeatable premium build quality and for that reason alone, I will always be an Apple fan!"

The Cupertino firm is also not the first tech giant to launch a watch product - Samsung brought out its Gear smartwatch in September 2013.

Google has also plunged headfirst into the trend for wearable technology with its Glass product.

14.47 | 0 komentar | Read More