Scottish Jobs Market 'Wobbles' Ahead Of Vote

Uncertainty over the result of the next week's independence referendum may have knocked the confidence of employers in Scotland, according to a survey.

Manpower's employment outlook study measured a six-point fall for Scotland compared to its last survey - with growth in the fourth quarter of 2014 currently expected to be half that of the wider UK.

Hiring intentions nationwide also deteriorated, the survey found, with not only the referendum result knocking UK confidence.

The study was released 24 hours after financial markets reacted negatively to a poll showing the Yes campaign in the lead.

James Hick, managing director of ManpowerGroup Solutions, said: "The UK jobs market has experienced an unprecedented boom so far in 2014, with job creation peaking at its highest level since records began in 1971.

"This raises questions about whether the phenomenal level of job creation we've seen can be sustained.

"The fourth quarter's Outlook suggests it can't, with a two-point fall in hiring intentions - the sharpest dip we've seen in three years.

"While the UK economy is in robust health, there are issues that may be making employers more cautious.

"The eurozone's recovery is stalling, and the UK faces a period of political uncertainty with the Scottish independence referendum, a General Election and a potential vote on EU membership all on the horizon".

Manpower said its previous outlook study indicated that employers in Scotland remained confident about their hiring plans in the run up to the referendum but as September 18 drew closer, that confidence took a tumble.

Mr Hick added: "This could be due to the hesitance of employers to take on staff while there is a big question mark hanging over Scotland's future.

"However, the decline could also be down to the short-term nature of some of the recent hiring we've seen, fulfilling the demands of Scotland's Summer of Sport ...like the Commonwealth Games and the Ryder Cup in Gleneagles.

"It looks like the booming temporary jobs market may have left Scotland at the same time as the Commonwealth Games baton".

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Apple iWatch To Be Unveiled At iPhone 6 Launch

Technology fans have started queuing outside Apple stores ahead of the long-rumoured debut of a new smartwatch.

The computer giant is expected to announce it is entering the wearable technology market later.

It is expected to confirm an updated iPhone model, running the new iOS 8 operating system, and give details of a new product, which analysts have already dubbed the iWatch.

There have also been rumours the latest iteration of Apple's iconic smartphone, the iPhone 6, will feature software that allows phone users to use their devices to pay for goods - similar to a contactless payment card.

It has been claimed the firm has struck an agreement with Visa, MasterCard and American Express to turn the next iPhone into a mobile wallet.

Deals have reportedly been struck with major payment networks, retailers and banks ahead of the launch.

Analysts say that adding payment capabilities to iPhones would help retain customers in future, as they are then reliant on Apple's ecosystem of hardware and software.

Some reports suggest Apple will also use the event at the Flint Centre in Cupertino, California, at 6pm (BST) - where the first Macintosh computer was unveiled in 1984 - to introduce a new version of the iPad too.

Some 2,500 people have been invited to watch CEO Tim Cook - Steve Job's successor - take to the stage to unveil Apple's latest offerings.

Since the iPhone was first launched in 2007, Apple has sold more than 500 million units of the device, although competition from Android devices such as Google, Samsung and HTC has seen the company's market share slip in recent years.

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Flight MH17 Downed By 'High-Energy Objects'

Crash investigators say flight MH17 was probably downed by "a large number of high-energy objects".

An initial report by the Dutch Safety Board, which is leading the investigation into the July 17 disaster, found it likely the Malaysia Airlines plane broke up in the air as a result of "structural damage", caused by the items which "penetrated the aircraft from outside".

It said: "There are no indications that the MH17 crash was caused by a technical fault or by actions of the crew."

A memorial in Kuala Lumpur to the victims of both MH17 and MH370

All 298 passengers and crew on board the plane were killed when the aircraft, which was flying from Amsterdam to Kuala Lumpur over an area in eastern Ukraine controlled by pro-Russian separatists.

The rebels in Ukraine have publicly denied responsibility for shooting down the aircraft.

Tjibbe Joustra, chairman of the Dutch Safety Board, said: "The MH17 crash has shocked the world and raised many questions.

"The Dutch Safety Board wishes to determine the cause of the crash, for the sake of the loved ones of the victims and for society at large.

"The initial results of the investigation point towards an external cause of the MH17 crash.

"More research will be necessary to determine the cause with greater precision.

"The Safety Board believes that additional evidence will become available for investigation in the period ahead."

Newcastle fans Liam Sweeney and John Alder were among the victims

Only 193 of those on board have been positively identified, including Newcastle United fans Liam Sweeney, 28, and John Alder, 63, who were travelling to New Zealand to watch their team play.

Forensic teams are still trying to identify remains found in the wreckage of the aircraft.

Most of those on board were Dutch, but there were also people from Malaysia, Canada, Germany, Indonesia, New Zealand, the Philippines and the UK.

The crash occurred just months after the still-unexplained disappearance of Malaysia Airlines flight MH370.

More follows...

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Business Leaders Sucked Into Independence Row

By Ian King, Business Presenter

Business people hate getting involved in politics, as a rule.

There is little upside to getting involved in political spats, particularly for those running consumer-facing businesses, as such interventions often risk alienating customers.

Shareholders do not like to see chief executives of the companies in which they are invested getting involved in politics, either, as it is a distraction from making them money.

Like it or not, though, business leaders have been sucked into the debate over Scottish independence ahead of the referendum.

Both sides have rolled out some big names, too, with the 'Yes Scotland' campaign's supporters including Sir Brian Souter, the Stagecoach founder, Ralph Topping, until recently the chief executive of William Hill, and Sir George Mathewson, the former chairman of Royal Bank of Scotland.

Sir George, a long-time supporter of Scottish independence, told Sky News there were plenty of benefits for the Scottish economy in the event of a 'Yes' vote.

"It would mean the Scottish government was responsible for both sides of the balance sheet - for the income and the expenditure," he said.

Sir George Mathewson says voting 'yes' will bring many economic benefits

"I think we can better use the revenues we have - Scottish GDP is about the same per head as the UK as a whole, and that's not counting the oil.

"I think we can make much better use of the oil revenues than historically by the UK, and we can do things to tailor the assets we have rather than the UK government as a whole will do, but I also like to think the social aspirations of Scotland will be better catered for in an independent Scotland.

"We will no longer have to go cap in hand to the UK government if we have different plans for education and health."

The Better Together campaign also has some big Scottish business names backing it. They include Douglas Flint, the chairman of HSBC, Andrew Mackenzie, chief executive of BHP Billiton - the world's biggest mining company - and Keith Cochrane, chief executive of Weir Group, the £5.6bn pump and mining equipment maker.

Keith Cochrane says voting 'no' will ensure 'the best of both worlds'

Mr Cochrane, who recently helped co-ordinate a letter of business leaders urging Scots to support remaining in the UK, said he was worried about the uncertainty that a 'Yes' vote would create, particularly over the currency that an independent Scotland would use.

But he said his main reason for voting 'no' was that businesses would do better from remaining in the United Kingdom.

He told Sky News: "I will vote no because I think we can have the best of both worlds. A strong Scottish Parliament, focused on the domestic agenda, but, as part of the UK, we can benefit from being a part of a domestic market of 63 million - the skill, the ability to manage risk far more effectively than as an independent Scotland."

The key issue facing every voter in the Scottish referendum is whether Scotland's economy will be stronger, and more jobs created, in the event of independence.

Few people are better placed to speak out on this subject than business people and wealth creators. It is good that they are doing so.

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Japan's Economy Dips As New Sales Tax Bites

Japan's economy has shrunk by 7.1%, on an annualised basis, amid pressure on the government to halt a second big hike in sales tax.

The figures come as a blow to Prime Minister Shinzo Abe and his plan to rejuvenate the economy.

It was the steepest quarterly drop in the world's third largest economy since the 2011 earthquake and tsunami.

Gross domestic product (GDP) in the three months to the end of June contracted 1.8% from the first quarter, worse than the previously estimated fall of 1.7%.

The annualised basis drop of 7.1% - calculated if the performance was replicated over a 12-month period - exceeded the 6.8% preliminary estimate.

The annualised rate means it was the worst performance since early 2009 during depths of the global financial crisis.

Experts said it was a result of a 3% rise in sales tax in April to 8% - the first increase for 17 years - designed to increase revenue and reducing Japan's massive national debt.

It is due to be raised again, to 10%, in 2015.

The economy had been expanding in the first quarter, as consumers splashed out on goods ahead of the sales tax rise.

A weakened yen had also helped the economy and exporters, spurring on a stock market rally, amid a monetary easing policy.

"Expectations will likely strengthen for further monetary easing by the Bank of Japan and more spending by the government," SMBC Nikko Securities chief economist Junichi Makino said.

Meanwhile China, which has shot past Japan to be the world's second largest economy, announced a surge in the August trade surplus to a record monthly figure of $49.8bn (£30.8bn).

Imports fell 2.4% year on year, while exports increased 9.4% in the period.

The results came on the heels of data showing softness in China's economy during the current third quarter, prompting economists to expect officials to take further steps to boost growth.

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Scotland Campaign Leaders Launch Final Push

Business Leaders Sucked Into Independence Row

Updated: 8:00am UK, Monday 08 September 2014

By Ian King, Business Presenter

Business people hate getting involved in politics, as a rule.

There is little upside to getting involved in political spats, particularly for those running consumer-facing businesses, as such interventions often risk alienating customers.

Shareholders do not like to see chief executives of the companies in which they are invested getting involved in politics, either, as it is a distraction from making them money.

Like it or not, though, business leaders have been sucked into the debate over Scottish independence ahead of the referendum.

Both sides have rolled out some big names, too, with the 'Yes Scotland' campaign's supporters including Sir Brian Souter, the Stagecoach founder, Ralph Topping, until recently the chief executive of William Hill, and Sir George Mathewson, the former chairman of Royal Bank of Scotland.

Sir George, a long-time supporter of Scottish independence, told Sky News there were plenty of benefits for the Scottish economy in the event of a 'Yes' vote.

"It would mean the Scottish government was responsible for both sides of the balance sheet - for the income and the expenditure," he said.

"I think we can better use the revenues we have - Scottish GDP is about the same per head as the UK as a whole, and that's not counting the oil.

"I think we can make much better use of the oil revenues than historically by the UK, and we can do things to tailor the assets we have rather than the UK government as a whole will do, but I also like to think the social aspirations of Scotland will be better catered for in an independent Scotland.

"We will no longer have to go cap in hand to the UK government if we have different plans for education and health."

The Better Together campaign also has some big Scottish business names backing it. They include Douglas Flint, the chairman of HSBC, Andrew Mackenzie, chief executive of BHP Billiton - the world's biggest mining company - and Keith Cochrane, chief executive of Weir Group, the £5.6bn pump and mining equipment maker.

Mr Cochrane, who recently helped co-ordinate a letter of business leaders urging Scots to support remaining in the UK, said he was worried about the uncertainty that a 'Yes' vote would create, particularly over the currency that an independent Scotland would use.

But he said his main reason for voting 'no' was that businesses would do better from remaining in the United Kingdom.

He told Sky News: "I will vote no because I think we can have the best of both worlds. A strong Scottish Parliament, focused on the domestic agenda, but, as part of the UK, we can benefit from being a part of a domestic market of 63 million - the skill, the ability to manage risk far more effectively than as an independent Scotland."

The key issue facing every voter in the Scottish referendum is whether Scotland's economy will be stronger, and more jobs created, in the event of independence.

Few people are better placed to speak out on this subject than business people and wealth creators. It is good that they are doing so.

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UK Airlines Axe Flights Due To Italian Strike

Thousands of UK air passengers suffered disruption to flights as a result of a strike by Italian air traffic controllers.

Ryanair said it was forced to cancel 96 flights to and from Italy, including a number serving UK airports, during the four-hour walkout on Saturday.

EasyJet had to axe a further 60 flights, including 20 in and out of the UK.

British Airways also had to re-schedule a number of flights.

The strike took place from 11.30am to 3.30pm UK time.

It was expected to cause delays throughout the day - but Ryanair said its services had now returned to normal.

Ryanair has apologised for the disruption

Its spokesman, Robin Kiely, said: "We sincerely apologise to all passengers who have had their travel plans disrupted by these unjustified ATC (Air Traffic Controllers) strikes."

Easyjet said it had offered anyone flying to or from Italy during the strike the chance to transfer their flights to another day free of charge.

A spokeswoman for consumer organisation Which? said: "If you have a flight delay because of a strike, your airline has an obligation to offer you assistance if the delay is expected to go beyond a certain point.

"You could be entitled to food, drink and overnight accommodation, if required.

"Our advice is always to contact your airline before travelling to the airport to check if your flight has been affected."

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Europe Agrees On Fresh Russian Sanctions

European leaders have agreed to hit Russia with a fresh round of sanctions - despite Moscow signing up to a ceasefire in Ukraine.

The sanctions include credit restrictions on Russia companies, export bans, travel bans and asset freezes on a new set of officials, according to a European Union diplomat who spoke on condition of anonymity.

Two branches of the world's biggest oil producer - Gazprom Bank and Gazprom Neft - are targeted by the measures, said the diplomat.

Speaking at the end of a Nato summit in Wales on Friday, David Cameron said sanctions would continue despite both sides agreeing to the 12-point peace plan.

However, the Prime Minister said they could be lifted if a lasting peace was found.

The new restrictions, which will be imposed early next week, come as Britain agreed to supply 1,000 troops to a Nato rapid response force aimed at countering Russian aggression in Ukraine and Eastern Europe.

Nato Secretary General Anders Fogh Rasmussen revealed the plan for the Spearhead force after discussions with members in Newport.

Ukraine was a dominant topic on the final day of the Nato summit

"This decision sends a clear message: Nato protects all allies at all times," he said.

"And it sends a clear message to any potential aggressor: should you even think of attacking one ally, you will be facing the whole alliance."

Western leaders accuse Russia of sending thousands of troops into the east of Ukraine - prompting fears of future incursions into other Eastern European countries.

Mr Rasmussen said the Spearhead force would establish a command-and-control presence in the east of allied territories ready to deploy air, sea and special forces in the event of aggression.

He told Sky News Tonight: "We have decided to improve our ability to act swiftly. The force could be deployed within very few days if needed.

"The intention is to strengthen the defence of our allies."

Mr Rasmussen said alliance countries would contribute troops on a rotational basis to the high-readiness force.

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Exodus Of Brits From Economic Woes in Cyprus

By Tom Parmenter, Sky News Correspondent

British expats are packing up and leaving Cyprus as the effects of the financial meltdown continue to be felt.

Removals firms on the island have seen huge demand from people moving back to the UK, with immigration from the east helping replace those on their way out.

Significant numbers of Russians and Chinese are moving in, with the attraction of an EU passport and the freedom to move around Europe if they get residency.

Peter Morton Removals started operating on the island nine years ago, when most of their customers were arriving on Cyprus to begin a dream new lifestyle in the sun.

Stacey Morton, who juggles client requests and the logistics for the family firm, told Sky News Britons were still arriving but that just as many were heading home.

She said: "We are busy. Per day, I can get anything between 20 to 30 enquiries a day."

Jude Dudson says some families can no longer afford the live in Cyprus

Her colleague, Jude Dudson, moved over from Penrith in Cumbria six years ago.

She is part of the settled expat community but sees many sad stories where people have been forced to head home.

"It tends to be the older people who are now getting to the point where they need medical attention, or their pension has been affected," she said.

"The prices have gone up. The electricity is very, very expensive.

"Then you get the people with the young families that have lost their jobs and they can't afford to live here anymore."

It is 18 months since the financial crisis in Cyprus left the banking system paralysed and saw an unprecedented EU rescue package that clawed back cash from people's savings accounts.

The economy took a big hit and is still recovering, unemployment is high.

British expats are part of a changing society

The influx of Russians has continued apace and, desperate to open new revenue streams, the Cypriots are wooing the Chinese and many new housing developments have signs and brochures in Mandarin.

It leaves the British expats part of a changing society.

Michael Coombs, who lives near southern coastal city Limassol, told Sky News: "It is not the heaven it once was, it is very expensive to live here now.

"If you were retired you could see your pension eroded by the local costs but at the end of the day we have wonderful weather.

"We don't switch the central heating on in August so I'm not moving. I planned my finances around the worst possible case and it hasn't got there yet."

Renting is now becoming more popular than buying for the Brits and Russians moving to Cyprus, with people naturally more cautious of sinking their life savings into buying their place in the sun.

It is a story that is common right across the southern beaches of the Eurozone. 

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Old Mutual Bids £600m For Wealth Manager

By Mark Kleinman, City Editor

Britain's second-biggest independent wealth manager has rebuffed a £600m takeover offer from Old Mutual, the FTSE-100 financial services group.

Sky News understands that Quilter Cheviot, which manages almost £16bn in assets, was the subject of a recent bid from Old Mutual even as it considers a listing that would catapult it into the ranks of London's 350 largest listed companies.

Bridgepoint, the private equity firm which controls Quilter Cheviot, is understood to have rejected the proposal on the grounds that it undervalued the company.

Other prospective buyers, including Investec, are said to have examined a takeover of Quilter Cheviot although it was unclear on Friday whether any other formal offers have been tabled.

It remains possible that Old Mutual could return with a higher bid for the wealth management group, although Bridgepoint is focused on an initial public offering that is likely to take place by the end of the year.

In a statement, the private equity group said: "Inevitably when IPO plans are being prepared there is parallel speculation and rumours about alternatives. We never comment on such rumours."

The addition of Quilter Cheviot to Old Mutual's wealth management arm would create a more powerful platform for serving affluent clients at a time of consolidation across the sector.

Another big player, Bestinvest, was sold to Permira, another buyout firm, last year, with a follow-on deal taking the firm's assets under management to approximately £9bn.

A flurry of deals has been accelerated by regulatory reforms known as the Retail Distribution Review, which have altered the way that wealth managers are remunerated for their work, shifting from a largely commission-based system to one predicated upon the volume of assets under management.

Quilter Cheviot was formed in 2012 from the merger of Quilter & Co and Cheviot Asset Management, with Bridgepoint understood to believe that the combined group is worth at least £700m.

The company traces its roots back to 1771, making it one of the UK's oldest financial services firms.

Evercore, an investment bank, is advising Bridgepoint, which declined to comment, on the process.

Old Mutual, which also declined to comment, is interested in expanding its wealth management business at a time when it is also reshaping parts of its business.

The Anglo-South African group recently filed plans to list its US asset management business, and has hired a number of top fund managers to work in its London-based operation.

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