PPI Scandal: Lenders To Re-Open 2.5m Claims

The City regulator says banks and other lenders are to reassess more than 2.5 million payment protection insurance (PPI) complaints.

The Financial Conduct Authority (FCA) says the claims, which were made in 2012 and 2013, may have either been unfairly rejected or paid too little.

It intervened after investigating falling 'uphold' rates in relation to complaint volumes.

The scandal has resulted in 13 million complaints in total since 2007 - with victims receiving more than £16bn in redress since the FCA started tracking payments in 2011.

The sum is widely tipped to have risen above £20bn.

Lloyds has set aside more than £10bn for PPI compensation

The FCA added that seven-in-ten claims had been upheld in the consumer's favour since the scandal broke.

Martin Wheatley, its chief executive, said: "Making sure anybody previously mis-sold PPI is treated fairly now, and paid redress where its due, is an important step in rebuilding trust in financial institutions.

"In around two-and-a-half million complaints this was not necessarily the case so, at our request, firms will be looking at these complaints again.

"The process is now working well; in just over three years £16bn has been put back into the pocket of the consumer - that is unprecedented.

"Given the enormity of this exercise it is no surprise that there have been some issues along the way but our approach is delivering a good result for consumers."

The FCA issued its update as the Financial Ombudsman Service remains jammed with complaints about PPI.

It has received over one million complaints from people unhappy with the response from their provider, equal to about a quarter of all rejected complaints.

The cash which has found its way back to PPI mis-selling victims has been credited with boosting the UK's economic recovery - particularly the car and property markets - but also wider consumer spending.

:: In a separate announcement Coutts, the private bank that counts the Queen among its clients, has set aside £110m to compensate thousands of customers who may have been sold unsuitable investments.

Its review of advice to clients dated back as far as 1950.

Coutts confirmed the news days after its parent firm, Royal Bank of Scotland, was fined £14.5m for "serious failings" in its advice to mortgage customers from June 2011 to March 2013.

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Co-op Members Vote Through Big Reforms

Co-operative members have backed a shake-up of the way the crisis-hit group is run after a landmark vote on Saturday.

At a special general meeting in Manchester, 83% of votes were in favour of proposals drawn up after the mutual made record £2.5bn losses, the Co-op said.

The proposals include reform of the group's board structure, with elected directors largely replaced by professional business people.

The new structure also includes the creation of a smaller board of directors and the adoption of a one-member one-vote system.

Ursula Lidbetter, Co-op chair, said: "These reforms represent the final crucial step in delivering the change necessary to return the group to health.

"This will strengthen the society and enable us to move forward with the urgent work to rebuild the business and deliver on our renewed purpose, in the interests of all our colleagues and our millions of members and customers."

A poll in May saw unanimous support for the key principles behind the reforms.

The changes, which followed a review by former City minister Lord Myners, required the backing of a two-thirds majoriy.

The board will consist of an independent chairman, five independent non-executive directors, two executive directors and three elected directors.

Last year saw the Co-op group experience its worst crisis in its 150-year history after it discovered a £1.5bn hole in its balance sheet.

A separate report by Sir Christopher Kelly found the group had let down its members by failing to provide "proper stewardship".

Its stake in the bank has now fallen from 100% to 20% after a rescue plan that saw bondholders, including US hedge funds, take majority ownership.

Last week, the lender reported first-half losses had shrunk from £845m to £76m.

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Branson Banks On £2bn Virgin Money Float

By Mark Kleinman, City Editor

Sir Richard Branson is poised to pull the trigger on a stock market listing of Virgin's banking arm that City insiders predict could value it at up to £2bn.

Sky News has learnt that directors of Virgin Money are in talks with advisers about announcing an intention to float as soon as early October, as they look to exploit strong current trading and investors' appetite to buy shares in the company.

A final decision about the timing of an initial public offering (IPO) will not be taken for several weeks and it remains a strong possibility that Virgin Money could opt to wait until next year, according to people close to the company.

If it does press the button on a listing this year, Virgin Money, which has more than four million customers, would become the third so-called challenger bank to sell shares on the London Stock Exchange this year.

OneSavings, which does not offer current accounts, listed during the spring, while TSB was spun out of Lloyds Banking Group as part of the bank's state aid settlement with Brussels triggered by its taxpayer bailout in 2008.

Aldermore, another new lender, is also planning a flotation this autumn and could announce its plans at around the same time as Virgin Money.

Sir Richard's plan to float his banking business has been well-flagged, although it was not expected to happen as soon as this year.

Sources said that Virgin Group, which owns just over 46.5% of Virgin Money, planned to retain a large a shareholding as possible after a flotation.

WL Ross, the investment vehicle of billionaire US financier Wilbur Ross, also wants to hold onto the vast majority of its 45% stake, meaning that the free float of Virgin Money shares after the sale of new equity is likely to be close to the minimum requirements under City rules.

Virgin Money has been performing strongly in recent months, according to insiders, with a new current account making strong progress in Scotland and Northern Ireland before its wider nationwide launch.

The product, branded Essential, is designed to build a substantial presence in the current account sector at a time when ministers are attempting to foment greater competition.

Last month, Virgin Money announced a deal to raise £160m in the debt markets in order to repay part of a financing package taken on when it acquired Northern Rock from the Government in 2011.

Jayne-Anne Gadhia, Virgin Money's chief executive, said in July that 200 new jobs would be created by the business this year.

"We have grown the business strongly, exceeding market growth in both our core mortgage and savings business, and returned to profitability," she said.

"We have achieved this whilst maintaining the strength and quality of our balance sheet."

The bank added that it had grown mortgage balances by over 40% to exceed £20bn, significantly ahead of market growth, while savings balances had increased by more than 30% to over £21bn.

Last year, Virgin Money made an underlying profit of £53.4m in 2013, compared to a £2.5m loss the year before.

Chaired by Sir David Clementi, the former Prudential chairman, Virgin Money is expected to add further board members ahead of a listing.

The bank declined to comment on Saturday on the potential timing of a flotation, which is being handled by Bank of America Merrill Lynch and Goldman Sachs.

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Tesco Shares Slump As Trading Woes Deepen

Tesco's share price took its biggest one-day hammering in more than two years on Friday after it slashed its profit forecast following a sales slump.

The supermarket chain, which has seen its position as the UK's market leader slowly eroded amid a price war with rivals, underlined the sense of internal crisis by announcing that its new chief executive Dave Lewis would now start work on Monday September 1 - a month early.

He replaces Philip Clarke who paid the price for a string of problems with the company's UK offering.

Tesco, which now issued three profit warnings this year, said Mr Lewis would review all aspects of the business and Mr Clarke would be available to him as a source of information though he would relinquish his position on Friday.

The chain now expected trading profit for 2014/15 to be in the range of £2.4bn to £2.5bn, compared with an analyst forecast of around £2.8bn.

Dave Lewis will review Tesco's business

The group also cut its interim dividend by 75% to 1.16p-per share - a move that will hit many pension funds - and confirmed that its store refresh programme which was ordered by Mr Clarke as part of efforts to improve Tesco's customer appeal, would be slowed.

It said the move would hold back £400m from its planned annual capital expenditure.

Tesco said: "The combination of challenging trading conditions and ongoing investment in our customer offer has continued to impact the expected financial performance of the group."

Chairman Sir Richard Broadbent added: "The board's priority is to improve the performance of the group.

"We have taken prudent and decisive action solely to that end."

Tesco's shares opened almost 9% lower at one stage before recovering some of that ground - while those of its rivals also suffered when the FTSE 100 opened for business.

Sainsbury's lost more than 5% while Morrisons' value slipped by 3.5%.

Hard discounters are challenging the dominance of the 'Big Four'

Asda is owned by US retailer Walmart and not listed in London.

The problems at Tesco underline a big challenge for the so-called 'Big Four' from hard discounters.

According to industry figures by Kantar Worldpanel released earlier this week, Tesco sales declined 4% in the 12 weeks to August 17 compared to the same period last year.

Kantar estimated the drop in sales cost Tesco £300m.

Tesco's turnaround efforts have included a new fuel offer

Morrisons has also been suffering in the battle with Aldi and Lidl, with Asda the only member of the Big Four to be growing its share.

Analysts have speculated that the savings Tesco is planning could allow it to cut prices further to tackle the discount threat.

Nicla Di Palma of Brewin Dolphin told Sky News: "Refreshing the stores and cutting costs are the two priorities. They need to get customers in."

Mike Dennis of Cantor Fitzgerald believed it could go further: "Tesco's investment in margin and recovery plan could easily wipe-out the majority of its main competitors' trading margins, forcing them to reduce their dividends and capital expenditure and also forcing the discounters back to a loss making position, as they were in 2009".

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PPI Scandal: Lenders To Re-Open 2.5m Claims

The City regulator says banks and other lenders are to reassess more than 2.5 million payment protection insurance (PPI) complaints.

The Financial Conduct Authority (FCA) says the claims, which were made in 2012 and 2013, may have either been unfairly rejected or paid too little.

It intervened after investigating falling 'uphold' rates in relation to complaint volumes.

The scandal has resulted in 13 million complaints in total since 2007 - with victims receiving more than £16bn in redress since the FCA started tracking payments in 2011.

The sum is widely tipped to have risen above £20bn.

Lloyds has set aside more than £10bn for PPI compensation

The FCA added that seven-in-ten claims had been upheld in the consumer's favour since the scandal broke.

Martin Wheatley, its chief executive, said: "Making sure anybody previously mis-sold PPI is treated fairly now, and paid redress where its due, is an important step in rebuilding trust in financial institutions.

"In around two-and-a-half million complaints this was not necessarily the case so, at our request, firms will be looking at these complaints again.

"The process is now working well; in just over three years £16bn has been put back into the pocket of the consumer - that is unprecedented.

"Given the enormity of this exercise it is no surprise that there have been some issues along the way but our approach is delivering a good result for consumers."

The FCA issued its update as the Financial Ombudsman Service remains jammed with complaints about PPI.

It has received over one million complaints from people unhappy with the response from their provider, equal to about a quarter of all rejected complaints.

The cash which has found its way back to PPI mis-selling victims has been credited with boosting the UK's economic recovery - particularly the car and property markets - but also wider consumer spending.

:: In a separate announcement Coutts, the private bank that counts the Queen among its clients, has set aside £110m to compensate thousands of customers who may have been sold unsuitable investments.

Its review of advice to clients dated back as far as 1950.

Coutts confirmed the news days after its parent firm, Royal Bank of Scotland, was fined £14.5m for "serious failings" in its advice to mortgage customers from June 2011 to March 2013.

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Lib Dems Promise Six Weeks' Paternity Leave

The Liberal Democrats will promise fathers an extra four weeks' paternity leave under new manifesto plans due to be announced.

The policy would extend the total parental leave to 58 weeks by extending fathers' current entitlement of two weeks to six.

Under the plans, the law would be amended to provide parental rights to cover six weeks reserved for working fathers and six weeks for working mothers.

The remaining time would be available to share between partners.

For same-sex couples, each partner would be entitled to six weeks' reserved leave, with the rest available to share.

The policy goes further than the Coalition's introduction of shared parental leave from next April.

Business and Equalities Minister Jo Swinson said shared paternal leave plays an essential part in building a stronger economy and a fairer society.

"It allows couples to choose how to split time off work to look after their new baby," she said.

"Extending paternity leave is an important next step to encouraging new dads to spend more time with their child in those vital early weeks and months after birth.

"When parents share caring responsibilities, more equality in the workplace will follow.

"It is a nonsense to think it is only the mother's job to look after children. Parenting is a shared responsibility."

A Lib Dem spokeswoman said the policy would also encourage fathers to spend more time with their children.

"It's very important to us. We have done lots in government so far to make sure fathers get more rights," she said.

"This is just the extra step in encouraging them to spend more time with their children."

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Water Bills Set To Fall Over Next Five Years

Water bills are on course to fall 5% on average in real terms over the next five years - if the industry regulator gets its way.

Ofwat confirmed its draft determination for household water and sewerage bills for the 2015-2020 period while announcing its plans would also see the rollout of a £43bn investment programme.

The price controls - for all 18 water companies in England and Wales - are set by the regulator because of the industry's regional monopoly structure.

A final ruling will be made in December but the regulator said its draft decision would result in a series of benefits for customers.

They included an average 40% reduction in the time lost to supply interruptions, fewer instances of sewer flooding and cleaner water at more than 50 beaches.

So-called 'fatbergs' have become a growing city sewer menace

Ofwat said a saving of at least 340 million litres a day through tackling leakage and promoting water efficiency would be enough to serve each home in Birmingham, Liverpool and Leeds put together.

Most companies put forward lower bills in business plans submitted in June, with the exception of Thames Water and Dee Valley Water.

Bristol Water, Thames Water and United Utilities have been given further time to review their plans due to a "very material gap" between their expenditure projections and Ofwat's view.

Thames, the country's biggest water firm, has argued it needs more money so it can modernise London's Victorian-era pipe network which is susceptible to overflow and blockages from so-called 'fatbergs' - concentrations of waste from restaurant and home sinks.

It is planning a 15-mile 'super sewer', which would halt the release of raw material into the river at times of high rainfall and sewer volumes.

The regulator has challenged the estimated cost of £4.2bn.

Ofwat chief executive Cathryn Ross said of the wider announcement today: "This is good news for customers - with bills held down and better service.

"Our challenge to companies has resulted in the sector's biggest ever customer conversation.

"Delivering for customers rather than ticking regulatory boxes will drive what companies do over the next five years. Some will find this tough, but companies which really stretch themselves will reap the benefits of increased customer trust and confidence."

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Malaysia Airlines Shake-Up After Planes Lost

The impact on Malaysia Airlines from the disappearance of MH370 and shooting down of MH17 has forced it to cut 6,000 jobs.

The tragedies - in March and July respectively - compounded long-running losses at the airline which prompted it to confirm a restructuring of its business.

It said 30% of its workforce would go under the plans, which would also see the company going into private hands again for a minimum of three years.

Its majority owner, the Khazanah Nasional state fund, said Malaysia would be taken off the stock market by the end of the year so it could undergo the painful changes - with the bill estimated at $1.9bn (£1.15bn).

Khazanah forecast a return to profitability within three years of its de-listing.

A restructuring of its routes was also announced although the twice-daily service between London's Heathrow and Kuala Lumpur will continue.

A London-based Malaysia Airlines spokesman said: "The London-Kuala Lumpur route is highly successful and will carry on".

On Thursday, Malaysia confirmed its second-quarter net loss had widened in the wake of the mysterious disappearance of Flight MH370 with 239 people aboard - 153 of them Chinese - after flying far off course from Kuala Lumpur to Beijing.

It warned that the shooting down of MH17 over Ukraine - while not reflected in its financial figures for March to June - would be reflected in its earnings for the rest of the year as passenger numbers fell.

Khazanah Managing Director Azman Mokhtar said: "Recent tragic events and ongoing difficulties at Malaysia have created a perfect storm that is allowing this restructuring to take place".

More follows...

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Tesco Shares Slump As Trading Woes Deepen

Tesco's share price has taken its biggest one-day hammering in more than two years after it confirmed it was slashing its trading profit forecast following a sales slump.

The supermarket chain, which has seen its position as the UK's market leader slowly eroded amid a price war with rivals, said its new chief executive Dave Lewis would now start work on Monday September 1 - a month early.

He replaces Philip Clarke who paid the price for a string of problems with the company's UK offering.

Tesco, which now issued three profit warnings this year, said Mr Lewis would review all aspects of the business and Mr Clarke would be available to him as a source of information though he would relinquish his position on Friday.

The chain now expected trading profit for 2014/15 to be in the range of £2.4bn to £2.5bn, compared with an analyst forecast of around £2.8bn.

Dave Lewis will review Tesco's business

The group also cut its interim dividend by 75% to 1.16p-per share - a move that will hit many pension funds - and confirmed that its store refresh programme which was ordered by Mr Clarke as part of efforts to improve Tesco's customer appeal, would be slowed.

It said the move would hold back £400m from its planned annual capital expenditure.

Tesco said: "The combination of challenging trading conditions and ongoing investment in our customer offer has continued to impact the expected financial performance of the group."

Chairman Sir Richard Broadbent added: "The board's priority is to improve the performance of the group.

"We have taken prudent and decisive action solely to that end."

Tesco's shares opened almost 9% lower - while those of its rivals also suffered when the FTSE 100 opened for business.

Sainsbury's lost more than 5% while Morrisons' value slipped by 3.5%.

Hard discounters are challenging the dominance of the 'Big Four'

Asda is owned by US retailer Walmart and not listed in London.

The problems at Tesco underline a big challenge for the so-called 'Big Four' from hard discounters.

According to industry figures by Kantar Worldpanel released earlier this week, Tesco sales declined 4% in the 12 weeks to August 17 compared to the same period last year.

Kantar estimated the drop in sales cost Tesco £300m.

Tesco's turnaround efforts have included a new fuel offer

Morrisons has also been suffering in the battle with Aldi and Lidl, with Asda the only member of the Big Four to be growing its share.

Analysts have speculated that the savings Tesco is planning could allow it to cut prices further to tackle the discount threat.

Nicla Di Palma of Brewin Dolphin told Sky News: "Refreshing the stores and cutting costs are the two priorities.

"They need to get customers in."

Mike Dennis of Cantor Fitzgerald believed it could go further: "Tesco's investment in margin and recovery plan could easily wipe-out the majority of its main competitors' trading margins, forcing them to reduce their dividends and capital expenditure and also forcing the discounters back to a loss making position, as they were in 2009".

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PM: UK Trade Supports A Million Scottish Jobs

David Cameron is expected to say that UK trade supports one million Scottish jobs as he argues against an independent Scotland.

The Prime Minister will address the business organisation CBI Scotland's annual dinner in Glasgow tonight.

He will use the trip north to make the case for Scotland remaining in the UK by hailing long-standing trade ties.

"Scotland does twice as much trade with the rest of the UK than with the rest of the world put together ... trade that helps to support one million Scottish jobs," Mr Cameron is expected to say.

"For some industries, the proportion of trade with the rest of the UK is even higher - 90% of Scottish financial services' customers are in England, Wales and Northern Ireland.

"Then there's the world-famous gaming industry, cutting-edge sub-sea technology and life-saving biomedicine - all selling far more outside Scotland than inside."

Mr Cameron's comments come with just three weeks to go until the independence referendum.

They also follow an open letter signed by 130 business leaders in Scotland which declared that the case for leaving the UK "has not been made".

The Herald has published a response letter signed by 200 bosses and entrepreneurs - including Stagecoach chairman Sir Brian Souter and Clyde Blowers engineering tycoon Jim McColl - backing independence.

Scottish First Minister Alex Salmond has challenged Mr Cameron to use his visit to explain what extra powers would come to Scotland if a No vote is successful.

"As we approach September 18, people and business leaders are waking up to the opportunities of independence.

"With full control over economic powers, we have the opportunity to tailor economic policy to our needs, which means a jobs policy that puts the interests of Scotland first."

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FBI Investigating 'Cyber Attacks' On US Banks

The FBI and the Secret Service are investigating reports of cyber attacks on JPMorgan Chase and other US financial institutions.

Institutions were attacked this month by Russian hackers, a possible retaliation against US sanctions aimed at Russia due to the Ukraine crisis, says Bloomberg.

The New York Times said JPMorgan and at least four other US banks had been infiltrated in coordinated attacks, citing four people familiar with the investigation.

The newspaper said the attacks syphoned off huge amounts of data, including checking and savings account information.

"We are working with the United States Secret Service to determine the scope of recently reported cyber attacks against several American financial institutions," the FBI said in a statement.

JPMorgan, the largest US bank by assets, said large companies experience cyber attacks nearly every day, but did not confirm the reports.

"We have multiple layers of defence to counteract any threats and constantly monitor fraud levels," said spokeswoman Trish Wexler.

The Times said several private security firms have been hired to conduct forensic reviews of infected networks.

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Business Leaders Back Scottish Independence

The Pro-Independence Letter In Full

Updated: 12:01pm UK, Thursday 28 August 2014

The full text of the open letter to the Herald, signed by supporters of Scotland gaining independence:

"We are involved in business and entrepreneurship at different levels in Scotland and around the world. We believe independence is in the best interests of Scotland's economy and its people.

"An independent Scotland will recognise entrepreneurs small and large as the real wealth and job creators of the nation's economic future.

"It will encourage a culture in which innovation, endeavour and enterprise are nurtured. It will place power in the hands of Scotland's people to channel the huge resources of our country in the interests of those who live and work here.

"We will gain the powers to give our many areas of economic strength even more of an advantage in an increasingly competitive world. There will be more opportunities for our talented and determined young people to stay and succeed here in Scotland.

"We believe Westminster governments do not and never will pay sufficient attention to the interests of Scotland's economy.

"The tax raids on our oil industry and pensions funds by Labour and Conservative-led governments are clear examples of a short-term focus rather than a long-term strategy. Scottish industry is so often treated as a cash cow rather than a strategically important part of a more prosperous and fairer society.

"The real threat to Scotland is the real possibility of a British exit from the European common market. Scotland must look outwards to the world of opportunity that awaits us. A yes vote is the business and jobs opportunity of a lifetime for this and future generations."

Signed - in a personal capacity - by:

Harvey Aberdein, Managing Partner, Aberdein Considine.

Sandy Adam, Chairman, Springfield Properties plc.

Mohammed Afzal Ali, Director, Toor Investments.

Irshad Ahmed, Director, Manspeak Ltd.

Andrew Aird, MD of Border Couriers.

Alistair Aitchison, Director, Kilted Kangaroo.

Tony Aitken, Director, AP Aitken.

Kenny Anderson, Co-Founder of Anderson Construction.

David Anderson, Chief Executive, AP Systems.

Ann and William Angus, Proprietors of Clunie Guest House.

Lesley Ann Parker, Owner of Leap Scotland Ltd.

Richard Arkless, Founder of LED Warehouse.

Raja Aziz ur Rehman, Owner of R & M wholesale LTD.

Tony Banks, Chairman of Business for Scotland and Balhousie Care.

Frances Barron, Owner of Dessert Depot.

Alistair Barron, Director, Barron Wright Partnerships.

Alan Beck, Owner of Alan Beck Product Design Ltd.

Craig Bedworth, MD of CGB Translations.

Jim Bennett, Director of SIS Scotland

Ian Blackford, MD of First Seer

Ian Bremner, MD of Youngson Insurance Consultants

John Buchan Skipper, Fairline Surveyor, Aberdeen

Patrick Byrne, CEO of Pursuit Marketing

David Cairns, Chairman of Prism Tech

Alistair Cameron, Managing Director, Scotmas Group

Gen Cannibal, Director, Pro Genus Environmental

Mary-Anne Case, Proprietor, Blackhall Framing Gallery

Allan Chalmers, Director Chalmers Commercial Finance Ltd

Neil Clapperton, Managing Director, Springbank Distillery

Laurie Clark, Founder of ASC Group Ltd

Alan Clark, Owner of Clark's Bakery

John Clark, Owner, Belmont Communications Ltd

Graeme Coghill, MD of Aberdeen Group Ltd

Ben Cooper Owner, Kenetics

Bob Costello, Sidlaw Executive Travel

Bill Coull, CEO at Comtest Wireless Europe

Gillian Cowan, Owner of the The Jewell Room

Paddy Crerar, CEO of Crerar Hotels

Gordon Darge, Proprietor of MAK Architects

Adam Davidson, Bo Concept, Scotland

Peter De Vink, Chief Executive, Edinburgh Financial General Holdings

Alan Dickson, Director, Bradshaw's Nursery

Elaine Donegean, MD of Wedding Wise

Andy Donnell, Owner of Lightning PC's

Scott Downie, Managing Director of Hungry Boy Productions Ltd

Peter Drummond, Director, Peter Drummond Architects

Colin Dunn, Director, Plexus Media

Brian Durkin, Braid Wines and Altar Supplies

David Dwyer, Inspire Web Development

Andrew Fairlie, Chef Proprietor, Restaurant Andrew Fairlie

Shahid Farooq, Director, Smartways

Tricia Fox, MD, Volpa Marketing

Athole Fleming , MD of Athole Design

Paul Fletcher, Managing Partner, at Enabling Innovation

Alasdair Forbes, Primary Partner, Achvaneran Farm Partnership

Hugh Fraser, Managing Partner (Middle East), global energy law firm, former Group Head of Legal Wood Group

Kevin Gibney, Director, www.Get-A-Reel.com

John Gibson, Director, Broxburn Properties

Alistair Gilchrist, Founder, AJG Business Consultancy Ltd

Donald Gillies, Owner, Gillies Transport Islay

Andrew Graeme, CEO of Inchbrakie Group

Sir Patrick Grant of Dalvey, MD of Grants of Dalvey

Cynthia Guthrie, Joint MD of Guthrie Group

David Halliday, Owner of David Halliday Solicitor

David Hanley, Director, Competence Matters

Kat Heathcote, Director , Witherby Publishing Group

Gordon Henderson, Owner, Foxlane Garden Centre

Joe Henry, Founding Director, Planys Cloud Limited

Bobby Hill, Chief Executive, Hydracrat

John Hunter-Paterson, Owner of John Hunter Paterson Insurance

Dr. Arshi Ilyas, Director of Innovation Business Ltd.

Carole Inglis, Owner, Isle of Skye Fudge and Chocolate Company

John Innes, British Venture Capitalist of the Year and Venture Capital Chief Executive of the Year, former Chief Executive Amor Group

David Keegan, Director of Bothy Bikes

Kevin Key, Director, A Star Sports

Alan Knight, Director of Invisible Emperors

David Lafferty, Owner, Aqua Energy

Joe Lafferty, MD of Lifetree

Steven J Lawrence, Director, TCD Architects

Ian Lawson, MD of Pest Protection Services

Derek Louden, Financial Director& Company Sector, ITP Solutions Ltd

Alison Mabon Founder, DM Roofing

Iain Macbeath, Owner, Macbeath Architects

Dan MacDonald, Chief Executive MacDonald Estates

Professor Sir Donald MacKay, Former Chairman, Scottish Enterprise, founding director of an oil company and a bank and non-executive director, Malcolm Group

Colin MacKinnon, Owner, Strathaven Airfield

Marie Macklin, Chief Executive, Klin Group

Donald Maclean, MD, Business Cost Conusltants

Niall Maclean, Director, Geo-Rope

Lewis Maclean, MD of Maclean's Highland Bakery

Alex MacLeod, Director, AG Tech Limited

William MacMillan, Director, Firth Plumbing, Heating and Roofing.

Graeme Macmillan, Owner, Macmillan Financial Planning

Mohammed Mahmood, Director, M & K Scotland Ltd

Mark Mair, MD of Skibo Technologies

Khalil Malik, Director, K Malik & Co Accountants

Nasim Malik, Managing Director, GFS Mortgages

Derek Mallon, MD of the Restaurant Group

Brandon Malone, Solicitor Advocate and law firm partner

Jack Marshall, Director, Tapside Coffee

Sir George Mathewson Chairman, Toscafund and former Chairman and Chief Executive, Royal Bank of Scotland plc

Jim McColl, Chairman and CEO of Clyde Blowers plc

Gerry McCusker, Owner, Dog Digital

Helen McDonough, Owner, Kennedy + Co Hair

Ian McDougall Owner, McDougall Johnston

Gordon McFarlane, Owner of Uplift Media

James McGoochin, Director, J.M. Builders.

Ron McGregor, Co-Founder McGregor Garrow Architects

Ivan McKee, Partner, Partner, Greenfold Partners

Duncan McKellar, Owner, McKellar Sub Sea

Fiona McKenzie, Director and Co-Founder, Centre Stage Music Theatre

Sheila McLean, Director, Muriel Management Ltd

Brian McManus, Managing Partner Pisces Engineering Services

Ian and Thea McMillan, Directors, Chambers McMillan Architects Ltd

Isabell McNicoll, Owner, Business Time Saver

Les Meikle, Owner, Wise Property Care

James Meldrum, Proprietor of Mel Décor

Robert Miller Director , McAdam King Glasgow

Morag Milligan, Operations Manager, Milligan's Coach Hire

David Morrison, Director, Sangobeg

Barry Morrison, Owner of Barry Morrison Timber Harvesting Ltd

Stephen Mulhern, Owner of Lendrick Lodge

Brian Munro, Owner, Pat Munro Construction

Jil Murphy, Co-Founder Thin Red Line Design

Alan Murphy, Owner of Inverness Cash Registers

Ron Murray, Founder, Safety Scotland

Yvonne Murray Director, Northern Roots Events

Omar Nabi, Director, Ahmad & Nabi McMulan

Muhammad Naveed, Managing Partner, Clyde Accountants

Mian Naveed Qasar, Chief Executive, Vision International Ltd

Alan Neill, Director, Neill Technical Services

Bruce Newlands, Director , Kraft Architecture

Richard Nicol, Chief Executive Commsworld

Douglas Norris, MD Of Datec

Mairi Oakley, Owner of Darach

Eunice Olumide, Entrepreneur

Eddie O'Neill, Owner, Translations for Industry

Gillian & Kevin O'Neill, Founder of 29 Studios

Sandy Orr, Co-Founder, Mint Hotels

Mike Peddie, Owner of Secret Scotland

Dr. Mireille Pouget, Director of Erin

Professor Nathu Puri, Founder, Purico

Jamie Rae, Chief Executive, Craignish Development Group

Frank Ralph, Shorline Motors and Property Limited

Mohammed Ramzan, Chairman, United Wholesale Grocers

Anne Rendall, Vine Marketing Group

Nighet Riaz, Owner of Riaz Property

Andrew Richardson, Owner Tax Assist Accountants

Mark Riddell, MD of M3 Networks

Jan Robertson, Manager of Willow Bank House

Andrew Robertson MD, 1st Eco Tech Ltd

Michelle Rodger, Founder of Tartan Cat Communications

Vivienne Rollo, Owner, Kishorn Seafood Bar

Bill Samuel, Private investor

Jim Savage, Director, Chemikal Records

James Scott, Former Executive Director, Scottish Financial Enterprise

Adrian Searle, Co-Founder of Freight Books / Freight Design

Ashfaq Shaq, Director, A Shah & Co Ltd

Kenneth Shaw, Owner, Canape Wines

Mark Shaw, Chief Executive, Hazledene Group

Kevan Shaw, Owner of KSLD

Tommy Sheppard, Director of Salt'n'Sauce Promotions

Muhammad Shoaib, Shoaib Associates

Alan Simpson, Owner of Minute Man Press Paisley

Helen and Mark Smith, Directors, Montana Home Care

Mark Sorsa-Leslie, Director, Zargonic

Sir Brian Souter, Chairman of Stagecoach Group plc

Stewart Spence, Owner of Marcliffe Hotel

Jim Spowart, Founder, Standard Life Bank and Intelligent Finance

Alasdair Stephen, Director Owner, Hebridean Homes

Neil Stephen, Partner, Dualchas Building Design

Philip Stewart Owner, Kangaroo Print

Gary Sutherland, Director, Harrowden IT

Neil Sutherland, MD, Makar Ltd.

William Tait, Director, Klondyke Fishing Company Limited

Frank Taylor, Owner of Indigo Sun

Robert Taylor, Director, Iformis Ltd.

Michelle Thomson, Director, Your Property Shop

Christine and Robert Thomson, Owners of Cairngorms Solutions Ltd

Ralph Topping, Retired as Chief Executive of William Hill plc this month

Angus Tulloch, Edinburgh Fund Manager

David Urquhart, Founder of David Urquhart Travel

Malcolm Wadia, Director, Plysim

Abdul Wahid, Director, Kashmir Stores Ltd

Dr. Jim Walker, Chief Executive, Asianomics Group

Gerry Wallace, MD, GEM Lift Services

James Wallace, Owner of Alba Business Service

Euan Walls, Owner of Innovate Create

Terry Walls, MD of TEW Stationers

Ron Warbrick, MD of Frame Shop and Gallery

Dennis Webster, MD of Fireisk

Fergus Weir, MD of Teclan Ltd

Robertson Wellen, Proprietor, Ferintosh

Allan Whiteside, MD, Direct Line Timber

Willie Wilson, Owner, Thistle Pharmacies

David Wood, Owner, Northern Oils Group

Ivan Wood, Director, Ivan Wood and Sons Ltd

Ronnie Young, Director of Aquatron Ltd

Lorna Young, Owner, Indigo Words

Muzaffar Yusaf, Owner, Yusaf Co. Ltd

Dr. Mireille Pouget, Director of Erin

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IMF Chief Lagarde 'To Fight' Corruption Claim

Christine Lagarde has pledged to remain in post at the International Monetary Fund (IMF) as she is placed under formal investigation in her native France.

The case purports to her alleged role in a long-running political feud dating back to the IMF managing director's time as French finance minister.

Sources told the news agency Reuters that Lagarde, who was previously questioned as a witness by magistrates in Paris, would appeal a decision to investigate her for alleged negligence.

Under French law, magistrates can place someone under formal investigation when they believe there are indications of wrongdoing but that does not always lead to a trial.

The status amounts to a preliminary charge.

The case relates to the relationship between the government of former president Nicolas Sarkozy and a French tycoon, who supported him in two elections.

Bernard Tapie was awarded €403m (£320m) in a 2008 arbitration payment, while Mr Sarkozy was in office, to settle a dispute with the now defunct, state-owned bank Credit Lyonnais.

Sarkozy, who was placed under formal investigation two months ago, has denied any suggestion he attempted to interfere with or influence judicial proceedings and claimed allegations against him were politically motivated.

In a statement after a fourth round of questioning before magistrates, Lagarde said she would return to her work in Washington.

She said: "After three years of proceedings, dozens of hours of questioning, the court found from the evidence that I committed no offence, and the only allegation is that I was not sufficiently vigilant".

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Scottish Business Leaders Reject Independence

The Open Letter And Who Signed

Updated: 7:25am UK, Wednesday 27 August 2014

The full text of the open letter from business leaders sent to the Scotsman newspaper:

The outcome of the referendum on 18 September will affect our generation and the generations to come.

Much is at stake.

Our economic ties inside the United Kingdom are very close and support almost one million Scottish jobs. The rest of the UK is Scotland's biggest market by far.

As job creators, we have looked carefully at the arguments made by both sides of the debate.

Our conclusion is that the business case for independence has not been made. 

Uncertainty surrounds a number of vital issues including currency, regulation, tax, pensions, EU membership and support for our exports around the world; and uncertainty is bad for business.

Today Scotland's economy is growing. We are attracting record investment and the employment rate is high.

We should be proud that Scotland is a great place to build businesses and create jobs – success that has been achieved as an integral part of the United Kingdom.

The United Kingdom gives business the strong platform we must have to invest in jobs and industry. By all continuing to work together, we can keep Scotland flourishing.

Signed in a personal capacity by the following:

:: Pauline Alexander, founder, Star Equestrian and Farm Camp Limited

:: John Allan, chairman, WorldPay

:: Martin Allan, director, Bon Accord Glass Ltd.

:: William M. Allan, executive chairman, ASCO Group Limited

:: Lord Allen CBE, chairman of ISS, Global Group and 2 Sisters Food Group

:: Robert Anderson, chief executive, Tomatin Distillery Ltd.

:: Hugh Andrew, managing director, Birlinn Limited

:: Ian P. Bankier, executive chairman, Glenkeir Whiskies Limited

:: Audrey Baxter, executive chairman, Baxters Food Group

:: Graeme Belch, managing director, JBD Tritec Limited

:: Archie Bethel CBE, divisional chief executive, Babcock International Group Plc

:: Niall Booker, chief executive officer, The Co-operative Bank

:: Ronnie Bowie, senior partner, Hymans Robertson LLP

:: Gilpin Bradley, managing director, Wester Ross Fisheries Ltd.

:: Jimmy Buchan, skipper and owner, Amity Fish Company Ltd.

:: Esther Cameron, director, Hair Kapers Ltd.

:: John Campbell, managing director, James Walker (Leith) Ltd.

:: Austin Carey, managing director, Blue Machinery (Scotland) Ltd.

:: Alexander Catto, director, Scotlog Sales Ltd.

:: Victor Chavez, chief executive, Thales UK

::  Angus Cockburn, interim chief executive, Aggreko plc

:: Keith Cochrane, chief executive, The Weir Group PLC

:: Sandy Cooper ARB RIBA FRIAS

:: Ian Curle, chief executive, Edrington

:: Nicholas G. Cunningham, chairman, Malcolm, Ogilvie & Co. Ltd.

:: A. Stuart Dalziel, managing director, Dalziel Ltd.

:: John Denholm, chairman, J&J Denholm Ltd.

:: Robert J. S. Doig, director, Caithness Potatoes Ltd.

:: Daniel Dunko, managing director, Thomas Hancock & Co.

:: Gerard Eadie, chairman, CR Smith

:: Keith Elgin, proprietor, Keith Elgin Motor Engineers

:: James England, managing director, BlueSky Experiences

:: James Espey, owner and managing director, The Last Drop Distillers Ltd.

:: Keith Falconer, chairman, Adelphi Distillery

:: Douglas Ferrans, former chief executive, Scottish Amicable Investment Management Ltd.

:: Frank Ferris, chief executive, TFC Cable Assemblies Ltd.

:: Douglas Flint, group chairman, HSBC Holdings plc

:: Vincent Fusaro, director and co-owner, Luvians

:: John Gillespie, proprietor, John Gillespie Hairdressing

:: Peter Gordon, director, William Grant & Sons Distillers Ltd.

:: Sir John Grant, executive vice-president, policy and corporate affairs, BG Group plc

:: Hamish Grossart, chairman, Artemis Investment Management

:: Eric Hagman CBE, chairman, Matthew Algie Ltd.

:: Kevin Hague, managing director, M8 Group Ltd.

:: Ronald S. Hamilton, executive chairman and founder, Daysoft Limited

:: Dr. Tessa Hartmann, managing director, Hartmann Media Ltd.

:: Amanda Harvie, managing director, The Harvie Consultancy Ltd. and former CEO, Scottish Financial Enterprise

:: Lord William Haughey, chairman, City Refrigeration Holdings (UK) Ltd.

:: Gavin Hewitt, former chief executive, The Scotch Whisky Association

:: Alan Hill, financial director, Browns Food Group

:: Dr. Peter T. Hughes, former chairman, Glencast Ltd.

:: Marcus Kneen, chief executive, IndigoVision

:: Alastair Lamond, managing director, Lamond and Murray Ltd.

:: Dr. Brian Lang, former principal, University of St Andrews

:: John Langlands, chief executive, British Polythene Industries PLC

:: Brian H. Lemond, managing director, Oakenash Group Limited

:: Ken Lemond, gallery owner

:: James F. Lithgow, chairman, Lithgows Ltd.

:: Alasdair Locke, entrepreneur

:: Andrew Mackenzie, chief executive, BHP Billiton Plc

:: Ian Angus MacKenzie, chief executive, Harris Tweed Hebrides

:: Martin MacLeod, managing director, Hebridean Seaweed Company

:: Alastair MacMillan, managing director, White House Products Ltd.

:: Shonaig Macpherson, non-executive director

:: Angus MacSween, chief executive, Iomart Group plc

:: Bill McFarlan, broadcaster and managing director, The Broadcasting Business

:: Alan McFarlane, senior partner, Dundas Partners LLP

:: Jim McFarlane, managing director, Endura Ltd.

:: Robert McFarlane, group chairman and chief operating officer, NPL Group

:: Brian McGhee, chairman, G1 Group

:: Dougie McGilvray, chief executive, Weldex (International) Offshore Ltd.

:: John McGuire, chairman and chief executive, Phoenix Car Company

:: Cameron McLatchie, chairman, British Polythene Industries PLC

:: Robert McNaughton, managing director, Hillhouse Quarry Group Limited

:: Neil McNicol, chairman, McCurrach Investments

:: Malcolm McPherson, senior partner, HBJ Gateley

:: Neil Manchester, managing director, Landcatch Natural Selection Ltd.

:: Ian Marchant, energy businessman

:: John Michie, managing director, Charles Michies Pharmacy

:: Bruce Mickel, chairman, Mactaggart & Mickel Group

:: Dr. James S. Milne, chairman and managing director, Balmoral Group Holdings Ltd.

:: Nosheena Mobarik, chief executive, M Computer Technologies

:: Jamie Moffat, former managing director, A.T. Mays

:: George Morris, chairman, Morris and Spottiswood Ltd.

:: Derek Morrison, partner, Wm. Morrison Coachworks

:: James Mortimer, entrepreneur

:: Ian Murgitroyd, chairman, Murgitroyd and Company Limited

:: Iain Napier, chairman, John Menzies plc

:: Robin Nicolson, managing director, Nicolson Maps Ltd.

:: Bill Nixon, managing partner, Maven Capital Partners UK LLP

:: Peter Page, chief executive, Devro plc

:: Chris R. Parker, managing director, London and Scottish International Ltd.

:: Jack Perry, chairman, ICG-Longbow Senior Debt Limited

:: Coralie Pickering, managing director, CCL Property Ltd.

:: Richard G. S. Prenter, chairman, MacTaggart, Scott & Co. Ltd.

:: Will Ramsay, chief executive, Affordable Art Fair

:: Jeremy Richardson, chief executive, Cornelian Asset Managers

:: Charles Buchan Ritchie, chairman, Score Group plc

:: David Ross, a founding partner of Aberforth Partners

:: Mike Ross, non-executive director, former chief executive of Scottish Widows

:: Leonard Russell, managing director, Ian Macleod Distillers Ltd.

:: Alastair Salvesen, chairman, Dawnfresh Seafoods Ltd.

:: David Sands, managing director, Alligin Properties Ltd.

:: Alan Savage, chairman, Orion Group

:: Lord Damian Scott, director, Buccleuch

:: Barry E. Sealey, business angel

:: Peter Shakeshaft, business adviser

:: Steven Shear, commercial property developer/landlord

:: David Sibbald, software entrepreneur

:: Archie Smith, managing director, FiFe Fabrications Limited

:: Drew McKenzie Smith, managing director, The Lindores Distillery Company Ltd.

:: Eric N. Smith D.A.

:: Graham Stevenson, managing director, Inver House Distillers Ltd.

:: Bill Stewart, managing director, McDonald Engineers

:: Sir Brian Stewart, former chairman of Standard Life plc, Scottish and Newcastle plc and he Miller Group

:: Peter Taylor, chairman, The Town House Collection

:: Mark Tennant, chairman, F&C Private Equity Trust plc

:: Richard Tester, managing director, Glycologic Limited

:: John G. Thom, chairman, Miller Hendry solicitors

:: Simon Thomson, chief executive, Cairn Energy PLC

:: Alan Thornton, managing director, Caledonian Industries Ltd.

:: Fraser Thornton, managing director, Burn Stewart Distillers Ltd.

:: Judith Thorpe and Karen Molloy, directors, Thorpe Molloy Recruitment Ltd.

:: Marcus Tiefenbrun, chairman, Castle Precision Engineering Ltd.

:: A. B. Tunnock CBE

:: David Warnock, non-executive director

:: Neville Washington, proprietor, Washington Consulting

:: Colin I. Welsh, chief executive officer, Simmons & Company International Limited

:: Lesley Wiggins, managing director, Milne Management Limited

:: Donald Wilson, investor

:: Timothy Wright, chief executive, Edinburgh University Press

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RBS Fined £14.5m For Mortgage Advice Failures

The City regulator has imposed a £14.5m fine on Royal Bank of Scotland and NatWest for "serious failings" in mortgage advice.

News of the penalty - first revealed by Sky News on Tuesday evening - was released by the Financial Conduct Authority (FCA) following reviews of the banks' sales processes carried out in 2012.

Problems included affordability assessments failing to consider the full extent of a customer's budget when making a recommendation and not advising customers what mortgage term was appropriate for them.

The FCA said only two of the 164 sales it reviewed were considered to meet the standard required - with some advisers even giving personal views on the future movement of interest rates, an action the regulator described as "highly inappropriate".

It said such views may have resulted in the borrower being sold the wrong type of mortgage and the banks did not adequately address the failings when concerns were first raised.

Tracey McDermott, director of enforcement and financial crime at the FCA said: "Taking out a mortgage is one of the most important financial decisions we can make.

"Poor advice could cost someone their home so it's vital that the advice process is fit for purpose.

"We made our concerns clear to the firms in November 2011 but it was almost a year later before the firms started to take proper steps to put things right.

"The firms have agreed to contact around 30,000 consumers who received mortgage advice in the relevant period, to allow them to raise any concerns they have about the advice they received."

RBS told Sky News it believed that approximately four in every 100 direct mortgage customers "may have lost out".

Ross McEwan, RBS and NatWest Chief Executive, said in response to the penalty: "Taking out a mortgage is one of the biggest moments in our lives, and our customers have every right to expect the very best service when making this decision.

"It is clear that in the past the bank just didn't get this right, this was unacceptable and should never have happened.

"We have worked hard to put things right. When I joined the bank we completely overhauled our processes, and took all our mortgage advisers off the front line for an extensive period of time to get the training required.

"As a result we are now helping more customers than ever before to buy their new home, providing them with the very best support and advice when taking out their mortgage.

"Today's notice shows that we still have challenges to face, but we are determined to take the steps needed to earn back our customers' trust."

Last month, Mr McEwan and Group chairman Sir Philip Hampton identified ongoing litigation risks as among the most significant threats to RBS's continuing recovery, which saw it bring forward its half-year results announcement because the underlying figures were better than the City had been expecting.

A settlement with the FCA's enforcement division over an IT systems failure in 2012 is expected within months, while huge fines for manipulating foreign exchange markets could hit RBS and other banks before the end of the year.

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Ballots Sent Out After Fiery Scotland Debate

Ballot papers have been sent out in the Scottish independence referendum - as polls say Alex Salmond won last night's final TV debate.

There were angry exchanges over North Sea oil, the NHS and currency - but snap polls gave Scotland's First Minister the edge over the former Chancellor Alistair Darling - the leader of the 'Better Together' campaign.

Postal ballots are now being sent out ahead of the September 18 poll.

The 90-minute debate, hosted by the BBC in front of an audience of 200 at Glasgow's Kelvingrove Museum and Art Gallery, offered both men a key opportunity to appeal to voters.

Answering questions on the currency union, Mr Salmond said: "No one can stop us using the pound sterling, it's an internationally tradeable currency.

"I'm seeking the best option for Scotland, so our prosperous economy keeps the pound sterling."

Mr Salmond ventures out from behind his rostrum to make a point

Mr Darling replied: "You are taking a huge risk if you think it is just all going to fall into place.

"I think the currency union would be bad for Scotland because our budget would have to be approved not by us, but what would then be a foreign country."

Both men also clashed over a "plan B" if a currency union failed, with Mr Salmond claiming he had three alternative options, including a Scottish currency, a flexible currency union and a fixed exchange rate, and also hinting at a refusal to meet debt obligations if a formal agreement could not be reached.

Mr Darling also admitted Scotland could still use sterling, even if an agreement failed.

During the debate, Mr Salmond used the tactic of walking out from behind his rostrum to answer questions put by members of the audience.

Mr Darling attacked his opponent as having "no plan B" on currency union

Sky News Political Editor Faisal Islam tweeted: "The first minister has gone walkies, abandoning the rostrum, whilst riffing on currency union... Sensational!"

Mr Darling questioned North Sea oil revenue figures provided by the Yes campaign, and said: "You are promising all sorts of things on the basis of a revenue that is very volatile.

"To rely so much on something ... it is gambling our children's future which is totally unacceptable."

Both men had promised to create a fairer Scotland in their opening statements at the start of the debate.

Mr Salmond said: "We are a rich nation, a resourceful people. We can create a prosperous nations and a fairer society, a real vision for the people of Scotland.

"This is our time, it's our moment, let us do it now."

North Sea oil was at the centre of the debate again

The former Chancellor replied: "I know people want change, but they also want security on jobs, on pensions, on their children's future.

"A good line is not always a good answer, it's answers now we need."

He had questioned Mr Salmond on currency plans for an independent Scotland in the first TV debate on August 5.

Mr Salmond also targeted his opponent's links to the Westminster establishment, accusing the life-long Labour politician of being "in bed with the Tory party".

Mr Darling drew on his experience as Chancellor to warn of the risks of going it alone - including over-reliance on unpredictable oil revenues and vulnerability to economic turmoil like that of the 2008 global financial crisis.

Polls put the Better Together campaign in the lead ahead of the referendum

Voters have to register to cast postal ballots by September 3, meaning some could cast their votes within days.

After the debate, a Sky News poll carried out on Twitter saw more than 2,000 retweets for a Salmond win, compared to under 500 claiming Darling had topped the debate.

A Guardian/ICM poll gave the debate to Mr Salmond with 71% of the vote.

Mr Darling was widely judged to have won the first.

A poll of polls, carried out by Sky News before the debate, put 39% in favour of Scottish independence, with 50% against and another 11% undecided.

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Scotland Debate: The Facts Behind The Arguments

Full Fact - an independent fact checking organisation - checks the statements made by both sides during the second Scottish referendum debate.

CURRENCY:

Alex Salmond: "No-one can stop us using the pound sterling, it's an internationally tradeable currency."

Full Fact: He is not wrong - an independent Scotland could continue to use the pound without the agreement of the UK government. Salmond would prefer to keep it in a formal currency union, aiming to give the Scottish government some influence over interest and exchange rates. That would require the agreement of the UK government, something that's been ruled out by all main UK parties. If there is no agreement, Scotland is left with three other options: it could keep the pound informally without agreement, adopt the euro or introduce a new Scottish currency.

PENSIONS:

Full Fact: Scottish government proposals mean the new state pension could be more generous in an independent Scotland. It would keep some pension benefits that are being stopped and may not increase pension age to 67 as soon as in rest of the UK. The new state pension level would initially be as high or higher than the UK amount and would have the potential to increase by more each year than in the UK.

One reason they think this could be affordable is that pensioners in Scotland have a lower life expectancy than those in the rest of the UK. Nevertheless, it all costs money and it could be more because Scotland's population is ageing faster than in the rest of the UK.

TAXES:

Full Fact: In terms of taxes generated per person, Scotland either generates just under the UK average or significantly over the UK average, depending on the oil and gas division.

Spending per person in Scotland is also higher than the UK average.

That is because it runs at a deficit which means it spends more than it generates in taxes - much like the UK does and like 26 other countries in the OECD did in 2013.

REPRESENTATION:

Full Fact: Alex Salmond signed off by saying it was an opportunity for people in Scotland finally to get the government they voted for. He has a point: if you look at Scotland alone, Labour's won every general election since 1959. Meanwhile in Westminster the Conservatives and Labour divided the spoils evenly, winning six elections each, and two hung Parliaments.

TRUST:

Full Fact: We asked Ipsos MORI Scotland how easy or difficult people were finding it to get trustworthy information about the referendum. They polled 1,006 Scots between July 28 and August 3. The reaction to these results on twitter suggests the debate didn't solve the problem.

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Call For E-Cigarettes To Be Banned Indoors

The World Health Organisation is recommending a ban on using e-cigarettes in public indoor spaces over second-hand smoke fears.

In a long-awaited report, the UN health body voiced concern about the control of the $3bn (£1.8bn) market by the traditional "Big Tobacco" giants.

The report calls for tougher regulation and measures including a ban on the sale of the electrical devices to minors, warning they pose a "serious threat" to foetuses and youths.

It also says e-cigarette solutions with fruit, sweet-like and alcohol-based flavours - which may appeal to children - should be taken off the shelves and vending machines should be removed in almost all locations.

French politician Marine Le Pen smoking an e-cig in the EU Parliament

The ban on indoors use should be put in place "until exhaled vapour is proven to be not harmful to bystanders," the group said.

The WHO also said e-cigarette makers should be prevented from making health claims - such as that they help people quit smoking - until they provide "convincing supporting scientific evidence and obtain regulatory approval".

The report also said the "smoke" from e-cigarettes is not merely water vapour, as is often claimed, and action should be taken to cut levels of nicotine and other toxicants and the risk of bystanders inhaling them.

The report will be debated by UN member states at a meeting in Moscow in October.

The WHO launched a public health campaign against tobacco a decade ago, agreeing the WHO Framework Convention on Tobacco Control in 2005. 

It has been ratified by 179 states but the United States has not joined it.

The treaty recommends price and tax measures to curb demand as well as bans on tobacco advertising and the illict trade in tobacco products.

Prior to Tuesday's report the WHO had indicated it would favour applying similar restrictions to all nicotine-containing products including smokeless ones.

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Current Account Exodus At Troubled Co-op Bank

The troubled Co-op Bank has revealed it lost almost 30,000 current account customers in the first half of its financial year.

The bank, which was forced to raise almost £2bn to plug a capital black hole last year, reported significantly lower losses of £75.8m for the period compared to the same time during 2013 and said its wider financial position was improving despite "deep-rooted" problems remaining.

It shed 13% of its permanent staff, closed 46 branches over the six month period and said it lost 28,199 current account holders, although its net customer number losses has since slowed, it said.

It blamed "negative publicity and significant competitor activity" for the near-2% fall.

Sky News reported on Thursday night that the bank was facing demands from some of its biggest shareholders to accelerate an overhaul of its operations and commercial strategy - as losses were expected to continue for two years.

But in its results statement, chief executive Niall Booker said Co-op Bank had made progress since its rescue from near-collapse - a deal that saw the supposedly ethical bank give up control to US hedge funds.

The bank said its capital position had been strengthened following a £400m capital-raising.

Mr Booker said: "Considering the scale of the challenge we faced a year ago, we are encouraged by the progress made to ensure the stability of the bank.

"The core bank continues to remain stable. In the first half of the year more people switched into the bank than in the second half of 2013.

"Although we have also seen an increase in the number of people switching out of the bank, the net numbers remain small relative to our total number of current account customers whose continuing loyalty is deeply appreciated.

"Recent trends suggest this net outflow of retail customers has slowed."

The bank's problems have been at the centre of a wider crisis for the Co-operative Group, which reported a £2.5bn loss for 2013 as its exposure to the bank hit earnings.

A report on the bank's near collapse and subsequent rescue, which saw the group's stake reduced to just 20%, pinned the blame on toxic loans inherited from its disastrous merger with the Britannia building society in 2009 amid a series of management and cultural failures.

In May, the Co-op Group's members backed radical plans by the former City minister Lord Myners to sweep away its existing 20-strong board and replace it with a more plc-style structure, staffed by professionally-trained directors.

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Draghi: ECB Ready To Spur On Euro Economy

The boss of the European Central Bank (ECB) has revealed it is ready to do more to boost a shaky recovery in Europe.

But Mario Draghi warned EU member governments they must still join in efforts to reduce unemployment, which remains stubbornly high.

Mr Draghi said: "I am confident that the package of measures we announced in June will indeed provide the intended boost to demand, and we stand ready to adjust our policy stance further."

So far the ECB has cut interest rates, offered cheap loans to banks and is weighing up asset purchases to help stimulate the 18-member eurozone.

The ECB has already pumped unprecedented amounts of liquidity into the banking system back in 2011 and 2012, but instead of lending the money on to businesses banks tended to park the cash with the ECB instead.

In June, the ECB created a negative interest rate to encourage banks to lend more.

Mr Draghi also said certain longstanding practices in some countries are helping to keep unemployment high.

He said freer wage adjustments and workforce levels would encourage companies to hire.

Mr Draghi made the comments as part of his speech at the US Federal Reserve conference in Jackson Hole, Wyoming.

Meanwhile, US shares eased on Friday after the Jackson Hole speech by Fed boss Janet Yellen left investors unsure on the possibility of a rate rise in coming months.

She said the financial crash complicated the Fed's ability to assess the US job market and made it harder to determine when to adjust interest rates.

Ms Yellen's remarks failed to offer strong signs that indicate she is moving away from the view of support through ultra-low interest rates.

The timing of a Fed rate increase remains unclear, though many economists foresee an increase by mid-2015.

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Ecclestone Return Heralds New F1 Board Revamp

By Mark Kleinman, City Editor

Formula One (F1) motor racing is preparing for further governance changes as the sport's boss, Bernie Ecclestone, retakes his boardroom seat following a £60m bribery trial settlement.

Sky News understands that Lehman Brothers Holdings Inc, which administers the estate of the bankrupt Wall Street investment bank and is F1's third-largest shareholder, is poised to name Sean Mahoney as its board representative.

Mr Mahoney, a former Goldman Sachs and Deutsche Bank executive, is expected to join the board of Delta Topco ahead of the next scheduled meeting of directors in September.

His arrival will follow a change of the director nominated by Waddell & Reed, a US-based fund manager, which recently named Michael Avery to represent its substantial minority stake in F1.

A director of Delphi Automotive, Mr Mahoney will replace Peter Sherratt, a former Lehman executive, at an important time for F1's ownership.

The Lehman estate is keen to sell its roughly 15% stake in F1, and has been approached by the US media groups Discovery Communications and Liberty Global about a possible deal.

Mr Ecclestone, who stood down from the Delta Topco board earlier this year pending the outcome of his bribery trial in Germany, will resume his place on the board after settling with prosecutors.

Speaking at Belgium's Spa-Francorchamps circuit on Friday ahead of this weekend's Grand Prix, Mr Ecclestone said he hoped to continue running F1 for as long as possible, adding that being reinstated to the board would make "no difference".

CVC Capital Partners, the private equity firm which took control of F1 in 2005, still owns approximately 35% of the sport but is likely to sell that stake or mount a renewed attempt to float the company in the next 12 months.

Last month, Delta Topco's board approved a £585m dividend payout financed through a renegotiation of the company's borrowing arrangements.

Another of F1's minority shareholders, Norway's vast sovereign wealth fund, has faced domestic criticism over its investment in the sport because of its mandate to own shares only in public companies or those which have concrete intentions to list on a stock exchange.

CVC declined to comment on Friday while Mr Mahoney could not be reached.

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Current Account Exodus At Troubled Co-op Bank

The troubled Co-op Bank has revealed it lost almost 30,000 current account customers in the first half of its financial year.

The bank, which was forced to raise almost £2bn to plug a capital black hole last year, reported significantly lower losses of £75.8m for the period compared to the same time during 2013 and said its wider financial position was improving despite "deep-rooted" problems remaining.

It shed 13% of its permanent staff, closed 46 branches over the six month period and said it lost 28,199 current account holders, although its net customer number losses has since slowed, it said.

It blamed "negative publicity and significant competitor activity" for the near-2% fall.

Sky News reported on Thursday night that the bank was facing demands from some of its biggest shareholders to accelerate an overhaul of its operations and commercial strategy - as losses were expected to continue for two years.

But in its results statement, chief executive Niall Booker said Co-op Bank had made progress since its rescue from near-collapse - a deal that saw the supposedly ethical bank give up control to US hedge funds.

The bank said its capital position had been strengthened following a £400m capital-raising.

Mr Booker said: "Considering the scale of the challenge we faced a year ago, we are encouraged by the progress made to ensure the stability of the bank.

"The core bank continues to remain stable. In the first half of the year more people switched into the bank than in the second half of 2013.

"Although we have also seen an increase in the number of people switching out of the bank, the net numbers remain small relative to our total number of current account customers whose continuing loyalty is deeply appreciated.

"Recent trends suggest this net outflow of retail customers has slowed."

The bank's problems have been at the centre of a wider crisis for the Co-operative Group, which reported a £2.5bn loss for 2013 as its exposure to the bank hit earnings.

A report on the bank's near collapse and subsequent rescue, which saw the group's stake reduced to just 20%, pinned the blame on toxic loans inherited from its disastrous merger with the Britannia building society in 2009 amid a series of management and cultural failures.

In May, the Co-op Group's members backed radical plans by the former City minister Lord Myners to sweep away its existing 20-strong board and replace it with a more plc-style structure, staffed by professionally-trained directors.

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Draghi: ECB Ready To Spur On Euro Economy

The boss of the European Central Bank (ECB) has revealed it is ready to do more to boost a shaky recovery in Europe.

But Mario Draghi warned EU member governments they must still join in efforts to reduce unemployment, which remains stubbornly high.

Mr Draghi said: "I am confident that the package of measures we announced in June will indeed provide the intended boost to demand, and we stand ready to adjust our policy stance further."

So far the ECB has cut interest rates, offered cheap loans to banks and is weighing up asset purchases to help stimulate the 18-member eurozone.

The ECB has already pumped unprecedented amounts of liquidity into the banking system back in 2011 and 2012, but instead of lending the money on to businesses banks tended to park the cash with the ECB instead.

In June, the ECB created a negative interest rate to encourage banks to lend more.

Mr Draghi also said certain longstanding practices in some countries are helping to keep unemployment high.

He said freer wage adjustments and workforce levels would encourage companies to hire.

Mr Draghi made the comments as part of his speech at the US Federal Reserve conference in Jackson Hole, Wyoming.

Meanwhile, US shares eased on Friday after the Jackson Hole speech by Fed boss Janet Yellen left investors unsure on the possibility of a rate rise in coming months.

She said the financial crash complicated the Fed's ability to assess the US job market and made it harder to determine when to adjust interest rates.

Ms Yellen's remarks failed to offer strong signs that indicate she is moving away from the view of support through ultra-low interest rates.

The timing of a Fed rate increase remains unclear, though many economists foresee an increase by mid-2015.

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Ecclestone Return Heralds New F1 Board Revamp

By Mark Kleinman, City Editor

Formula One (F1) motor racing is preparing for further governance changes as the sport's boss, Bernie Ecclestone, retakes his boardroom seat following a £60m bribery trial settlement.

Sky News understands that Lehman Brothers Holdings Inc, which administers the estate of the bankrupt Wall Street investment bank and is F1's third-largest shareholder, is poised to name Sean Mahoney as its board representative.

Mr Mahoney, a former Goldman Sachs and Deutsche Bank executive, is expected to join the board of Delta Topco ahead of the next scheduled meeting of directors in September.

His arrival will follow a change of the director nominated by Waddell & Reed, a US-based fund manager, which recently named Michael Avery to represent its substantial minority stake in F1.

A director of Delphi Automotive, Mr Mahoney will replace Peter Sherratt, a former Lehman executive, at an important time for F1's ownership.

The Lehman estate is keen to sell its roughly 15% stake in F1, and has been approached by the US media groups Discovery Communications and Liberty Global about a possible deal.

Mr Ecclestone, who stood down from the Delta Topco board earlier this year pending the outcome of his bribery trial in Germany, will resume his place on the board after settling with prosecutors.

Speaking at Belgium's Spa-Francorchamps circuit on Friday ahead of this weekend's Grand Prix, Mr Ecclestone said he hoped to continue running F1 for as long as possible, adding that being reinstated to the board would make "no difference".

CVC Capital Partners, the private equity firm which took control of F1 in 2005, still owns approximately 35% of the sport but is likely to sell that stake or mount a renewed attempt to float the company in the next 12 months.

Last month, Delta Topco's board approved a £585m dividend payout financed through a renegotiation of the company's borrowing arrangements.

Another of F1's minority shareholders, Norway's vast sovereign wealth fund, has faced domestic criticism over its investment in the sport because of its mandate to own shares only in public companies or those which have concrete intentions to list on a stock exchange.

CVC declined to comment on Friday while Mr Mahoney could not be reached.

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Ecclestone Return Heralds New F1 Board Revamp

By Mark Kleinman, City Editor

Formula One (F1) motor racing is preparing for further governance changes as the sport's boss, Bernie Ecclestone, retakes his boardroom seat following a £60m bribery trial settlement.

Sky News understands that Lehman Brothers Holdings Inc, which administers the estate of the bankrupt Wall Street investment bank and is F1's third-largest shareholder, is poised to name Sean Mahoney as its board representative.

Mr Mahoney, a former Goldman Sachs and Deutsche Bank executive, is expected to join the board of Delta Topco ahead of the next scheduled meeting of directors in September.

His arrival will follow a change of the director nominated by Waddell & Reed, a US-based fund manager, which recently named Michael Avery to represent its substantial minority stake in F1.

A director of Delphi Automotive, Mr Mahoney will replace Peter Sherratt, a former Lehman executive, at an important time for F1's ownership.

The Lehman estate is keen to sell its roughly 15% stake in F1, and has been approached by the US media groups Discovery Communications and Liberty Global about a possible deal.

Mr Ecclestone, who stood down from the Delta Topco board earlier this year pending the outcome of his bribery trial in Germany, will resume his place on the board after settling with prosecutors.

Speaking at Belgium's Spa-Francorchamps circuit on Friday ahead of this weekend's Grand Prix, Mr Ecclestone said he hoped to continue running F1 for as long as possible, adding that being reinstated to the board would make "no difference".

CVC Capital Partners, the private equity firm which took control of F1 in 2005, still owns approximately 35% of the sport but is likely to sell that stake or mount a renewed attempt to float the company in the next 12 months.

Last month, Delta Topco's board approved a £585m dividend payout financed through a renegotiation of the company's borrowing arrangements.

Another of F1's minority shareholders, Norway's vast sovereign wealth fund, has faced domestic criticism over its investment in the sport because of its mandate to own shares only in public companies or those which have concrete intentions to list on a stock exchange.

CVC declined to comment on Friday while Mr Mahoney could not be reached.

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Current Account Exodus At Troubled Co-op Bank

The troubled Co-op Bank has revealed it lost almost 30,000 current account customers in the first half of its financial year.

The bank, which was forced to raise almost £2bn to plug a capital black hole last year, reported significantly lower losses of £75.8m for the period compared to the same time during 2013 and said its wider financial position was improving despite "deep-rooted" problems remaining.

It shed 13% of its permanent staff, closed 46 branches over the six month period and said it lost 28,199 current account holders, although its net customer number losses has since slowed, it said.

It blamed "negative publicity and significant competitor activity" for the near-2% fall.

Sky News reported on Thursday night that the bank was facing demands from some of its biggest shareholders to accelerate an overhaul of its operations and commercial strategy - as losses were expected to continue for two years.

But in its results statement, chief executive Niall Booker said Co-op Bank had made progress since its rescue from near-collapse - a deal that saw the supposedly ethical bank give up control to US hedge funds.

The bank said its capital position had been strengthened following a £400m capital-raising.

Mr Booker said: "Considering the scale of the challenge we faced a year ago, we are encouraged by the progress made to ensure the stability of the bank.

"The core bank continues to remain stable. In the first half of the year more people switched into the bank than in the second half of 2013.

"Although we have also seen an increase in the number of people switching out of the bank, the net numbers remain small relative to our total number of current account customers whose continuing loyalty is deeply appreciated.

"Recent trends suggest this net outflow of retail customers has slowed."

The bank's problems have been at the centre of a wider crisis for the Co-operative Group, which reported a £2.5bn loss for 2013 as its exposure to the bank hit earnings.

A report on the bank's near collapse and subsequent rescue, which saw the group's stake reduced to just 20%, pinned the blame on toxic loans inherited from its disastrous merger with the Britannia building society in 2009 amid a series of management and cultural failures.

In May, the Co-op Group's members backed radical plans by the former City minister Lord Myners to sweep away its existing 20-strong board and replace it with a more plc-style structure, staffed by professionally-trained directors.

18.56 | 0 komentar | Read More

Draghi: ECB Ready To Spur On Euro Economy

The boss of the European Central Bank (ECB) has revealed it is ready to do more to boost a shaky recovery in Europe.

But Mario Draghi warned EU member governments they must still join in efforts to reduce unemployment, which remains stubbornly high.

Mr Draghi said: "I am confident that the package of measures we announced in June will indeed provide the intended boost to demand, and we stand ready to adjust our policy stance further."

So far the ECB has cut interest rates, offered cheap loans to banks and is weighing up asset purchases to help stimulate the 18-member eurozone.

The ECB has already pumped unprecedented amounts of liquidity into the banking system back in 2011 and 2012, but instead of lending the money on to businesses banks tended to park the cash with the ECB instead.

In June, the ECB created a negative interest rate to encourage banks to lend more.

Mr Draghi also said certain longstanding practices in some countries are helping to keep unemployment high.

He said freer wage adjustments and workforce levels would encourage companies to hire.

Mr Draghi made the comments as part of his speech at the US Federal Reserve conference in Jackson Hole, Wyoming.

Meanwhile, US shares eased on Friday after the Jackson Hole speech by Fed boss Janet Yellen left investors unsure on the possibility of a rate rise in coming months.

She said the financial crash complicated the Fed's ability to assess the US job market and made it harder to determine when to adjust interest rates.

Ms Yellen's remarks failed to offer strong signs that indicate she is moving away from the view of support through ultra-low interest rates.

The timing of a Fed rate increase remains unclear, though many economists foresee an increase by mid-2015.

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EDF Energy To Pay £3m Complaints Penalty

EDF Energy is the latest of the so-called "Big Six" suppliers to be slapped with a penalty for market failures.

The regulator Ofgem said it had agreed to pay £3m to benefit vulnerable customers after its investigation found that the company breached complaint handling rules.

The inquiry was prompted by an increase of more than 30% in the levels of complaints recorded by EDF as it introduced a new IT system in 2011.

Ofgem found that between May 2011 and January 2012, EDF did not have appropriate procedures in place to properly receive, record and process all customers' complaints in accordance with handling rules.

Its technical problems included unacceptably high call waiting times, with many customers deciding to hang up before getting through to a customer services operator.

The company acknowledged its customers were caused significant disruption - and has apologised.

Sarah Harrison, Ofgem's senior partner with responsibility for enforcement, said of EDF: "Their commitment to putting things right and paying £3m to the Citizens Advice 'Energy Best Deal Extra' scheme and the Plymouth Citizen Advice Bureau's Debt Helpline to benefit vulnerable customers is a step in the right direction to rebuilding consumer trust.

"It's now vital for EDF Energy and the industry as a whole to truly put customers first and put adequate resources in place to deal with complaints.

"Following our reforms, it has never been easier for consumers to switch supplier and therefore those unhappy with the service they receive are able to vote with their feet."

Beatrice Bigois, EDF's managing director of customers, said: "Despite our best efforts and extensive planning to manage this transition in 2011 without impacting our customers, we recognise that for a period of time the service to our customers was not up to the standards they deserve.

"We apologise to those customers who were impacted during this period.

"We have co-operated fully with Ofgem and have taken this matter very seriously.

"The £3m package that we are offering will ensure that thousands of vulnerable customers are provided with free, independent advice on debt, as well as information to help them manage their energy consumption and bills."

The penalty against EDF followed similar actions by the regulator which saw SSE and E.ON pay the biggest sums for past failures as a debate rages on whether consumers get a good deal from the wider market.

The Big Six firms, which also include British Gas, Scottish Power and nPower, denied accusations of profiteering after collective profits quadrupled to more than £1bn over three years.

In a bid to rebuild trust the Competition and Markets Authority (CMA) is carrying out a full investigation, which will include an examination of the relationship between the supply businesses and generation arms of the Big Six.

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Current Account Exodus At Troubled Co-op Bank

The troubled Co-op Bank has revealed it lost almost 30,000 current account customers in the first half of its financial year.

The bank, which was forced to raise almost £2bn to plug a capital black hole last year, reported significantly lower losses of £75.8m for the period compared to the same time during 2013 and said its wider financial position was improving despite "deep-rooted" problems remaining.

It shed 13% of its permanent staff, closed 46 branches over the six month period and said it lost 28,199 current account holders, although its net customer number losses has since slowed, it said.

It blamed "negative publicity and significant competitor activity" for the near-2% fall.

Sky News reported on Thursday night that the bank was facing demands from some of its biggest shareholders to accelerate an overhaul of its operations and commercial strategy - as losses were expected to continue for two years.

But in its results statement, chief executive Niall Booker said Co-op Bank had made progress since its rescue from near-collapse - a deal that saw the supposedly ethical bank give up control to US hedge funds.

The bank said its capital position had been strengthened following a £400m capital-raising.

Mr Booker said: "Considering the scale of the challenge we faced a year ago, we are encouraged by the progress made to ensure the stability of the bank.

"The core bank continues to remain stable. In the first half of the year more people switched into the bank than in the second half of 2013.

"Although we have also seen an increase in the number of people switching out of the bank, the net numbers remain small relative to our total number of current account customers whose continuing loyalty is deeply appreciated.

"Recent trends suggest this net outflow of retail customers has slowed."

The bank's problems have been at the centre of a wider crisis for the Co-operative Group, which reported a £2.5bn loss for 2013 as its exposure to the bank hit earnings.

A report on the bank's near collapse and subsequent rescue, which saw the group's stake reduced to just 20%, pinned the blame on toxic loans inherited from its disastrous merger with the Britannia building society in 2009 amid a series of management and cultural failures.

In May, the Co-op Group's members backed radical plans by the former City minister Lord Myners to sweep away its existing 20-strong board and replace it with a more plc-style structure, staffed by professionally-trained directors.

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Scottish Independence 'Risks Capital Flight'

Independence Vote: A View From The Boardroom

Updated: 12:32pm UK, Friday 22 August 2014

A range of businesses and business leaders have spoken out ahead of next month's Scottish independence vote:

:: Financial services giant Aegon would consider relocation if Scotland votes for independence.

:: Sir George Mathewson, former chairman of Royal Bank Of Scotland, is the honorary vice president of Yes Scotland. He has said: "For Scotland's financial sector, this is an opportunity, not a threat."

:: Royal Bank of Scotland has said Scottish independence could have an "material adverse effect".

:: Martin Gilbert, chief executive of Europe's biggest fund manager Aberdeen Asset Management, has no plans to move the company's HQ if Scotland backs independence.

:: Engineering firm, Weir Group, has said  a "yes" vote carries "substantial risks".

:: Drinks-maker Diageo, which controls 40% of Scotch whisky production, has said: "We can't pick up and leave Scotland. We're there to stay."

:: Harriet Green, CEO of Thomas Cook, has said: "There are two political uncertainties that are most unsettling for business. The first is the Scottish referendum and the second is the European referendum. Both create massive uncertainty".

:: Ralph Topping, the former boss of bookmaker William Hill, has said: "There is nothing about sharing a currency that will restrict an independent Scotland's ability to attract jobs and investment with a competitive tax regime".

:: Oil and gas tycoon Sir Ian Wood, former head of Wood Group, has warned there are only 15 years of reserves left before its decline starts, wreaking major damage on the Scottish economy. He argued: "The case is heavily-weighted towards Scotland remaining in the UK."

:: Lord Wolfson, the chief executive of Next which has around 40 stores in Scotland, has said independence would make little difference to how the company manages its operations in Scotland.

:: Ian Douglas Lowe, chairman of the Edinburgh-based property investment holding and development company Caledonian Trust, has said that the economic prospects for an independent Scotland "are not favourable".

:: Dan Macdonald, CEO of property developers Macdonald Estates, has described talk of currency breakaway as scaremongering. He said: "I don't think George Osborne, or the whole of commerce that exists within the UK today, can afford to do anything else but retain a common currency."

:: Billionaire businessman Sir Tom Hunter says he is "undecided" but says business will "just get on with it".

:: Jim Ratcliffe, chairman of petrochemical giant Ineos which employs 1,300 people in Grangemouth, has said independence will not make a difference to the future of the Grangemouth site. "It will survive in both scenarios", he said.

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Russia Denies Sanctions Revenge On McDonald's

Russia's food safety agency has denied it has closed four McDonald's restaurants in Moscow as an act of revenge for US sanctions.

Rospotrebnadzor insisted there was no political motivation behind the decision to shut the burger chain's operations, saying it was responding to complaints from customers on quality and safety grounds.

The body confirmed on Thursday it was carrying out unscheduled checks at McDonald's outlets in other regions and cited numerous breaches of sanitary rules for its action in Moscow.

The closures and inspections were announced after Moscow and the West imposed tit-for-tat sanctions over the conflict in Ukraine.

A spokeswoman for the regulator, Natalya Lukyantseva, told the Reuters news agency: "Checks were started due to complaints."

She declined to disclose the number of McDonald's restaurants which were being checked though outlets were being inspected in at least four regions, including further restaurants in Moscow.

Those closed in Moscow include one on Pushkin Square, which McDonald's said was the busiest in its global network and its first outlet in Russia - opening for the first time in 1990 and hailed as a symbol of the cold war's end.

McDonald's, which operates 438 restaurants in Russia, said in a statement that it was reviewing the Rospotrebnadzor watchdog's claims - adding that its "top priority is to provide safe and quality products" for its customers.

Sanctions - first imposed on Russia by the West - were a response to the country's actions in Ukraine which saw the annexation of Crimea and later the shooting down of Malaysian Airlines flight MH17.

Earlier this month Russia banned the importation of fruit, vegetables, meat, fish and dairy products from the European Union, the United States and other Western countries.

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UK Car Export Values 'Double In A Decade'

The resurgence of the UK's car industry has notched up another milestone - with export values more than doubling over the past decade.

Industry figures released on Thursday showed that the average car exported was worth over £20,600 today compared to £10,200 in 2004.

The Society of Motor Manufacturers and Traders (SMMT) reported a 2.9% increase in cars made for export last month, taking the export market for the period since 2010 to the five million mark.

Wider car manufacturing also accelerated last month, with 132,570 cars made in the UK in July - a 2.8% rise on the figure for July 2013.

Last month's total took the year-to-date figure to 923,884 - a 3.4% increase on the total for the first seven months of last year.

SMMT chief executive Mike Hawes said: "This is testament to the burgeoning reputation of UK automotive excellence and demand for British-made cars.

"Significantly, UK car export values have doubled over the past decade - reflecting the diversity of the products we make and proving the sector's worth as a global investment opportunity."

The country's car industry accounts for 10% of total UK export of goods and its contribution to the recovery in manufacturing output has been significant, given efforts to rebalance the UK's economy in the wake of the financial crisis.

Exports have been on the rise again this year following several years of falling demand in the euro area - with China among the countries seeing high demand for high-value vehicles from UK manufacturers, including Jaguar Land Rover.

Mr Hawes told Sky News: "The UK couldn't compete with low-cost countries in terms of huge volume manufacturing so by focussing on more premium products, with high value-added content and high engineering levels, it really ensures that the UK is competitive globally."

John Leech, head of automotive for the auditor KPMG, said of the figures: "UK car production continues to climb steadily, a trend we expect to continue for the next three years bolstered by exciting new launches such as the Jaguar XE and the new Vauxhall Astra.

"The figures show the price of cars exported by the UK has doubled in the past decade underlining how the UK has successfully moved up the value-chain to become predominantly a producer of luxury cars and higher-priced volume cars such as the Nissan Qashqai crossover.

"Other Western European countries will be looking enviously at the UK as these vehicles provide a stable and profitable platform giving suppliers the confidence to invest, which they are doing."

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