Yahoo Faced Huge Fine Over Surveillance Data

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

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

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

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

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

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

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

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

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

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

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Ukraine Crisis: New EU Sanctions Target Russia

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

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

The EU and the US have said the sanctions can be withdrawn within weeks if the ceasefire in eastern Ukraine holds, though it has claimed that Russian troops remain there in support of separatists.

The EU's new measures include limiting Russia's access to financial markets and targeting 24 more officials with travel bans and asset freezes.

BP holds a stake of almost 20% in Rosneft

Those individuals include leading politicians Igor Lebedev and Vladimir Zhirinovsky.

Russia's top oil producers and pipeline operators Rosneft and Transneft are on the list of Russian state-owned firms that will not be allowed to raise capital or borrow on European markets.

The measures forbid EU companies from engaging in new contracts in oil drilling, exploration and related services in Russia's Arctic, deep sea and shale oil projects. 

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

President Putin has denied Russian troops are in eastern Ukraine

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

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

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

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

Prisoner exchanges have been taking place as part of the ceasefire

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

Nato said on Friday that it believed Russian still had 1,000 troops on the ground in Ukraine, where prisoner exchanges have been taking place following months of skirmishes.

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

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

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

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

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

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Barclays To Name McFarlane As New Chair

By Mark Kleinman, City Editor

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

Sky News has learnt that Barclays will name John McFarlane, chairman of Aviva and Aberdeen-based transport group FirstGroup, as Sir David Walker's successor later on Friday.

A former board member at Royal Bank of Scotland, Mr McFarlane will be replaced by an existing board member at Aviva, sources close to the insurer said.

More follows...

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Scottish Islanders Divided On Splitting From UK

By Ian King, Business Presenter

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

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

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

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

The Scotland referendum is just over a week away

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

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

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

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

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

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

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

But that is not everyone's opinion.

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

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

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

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

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

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

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

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

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

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

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

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

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Morrisons Profits Halve As Sales Dive 7.4%

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Banks Exit And Higher Prices If Scots Quit UK

Orkney Fishermen Divided On Referendum

Updated: 3:53am UK, Thursday 11 September 2014

By Ian King, Business Presenter

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

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

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

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

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

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

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

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

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

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

But that is not everyone's opinion.

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

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

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

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

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

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

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

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

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

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

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

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Apple Unveils 'Supersize' iPhone 6 And Watch

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

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

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

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

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

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

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

The Apple Watch also requires an iPhone to function

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

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

A HD FaceTime camera also promises improved face detection.

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

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

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

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

The event is arguably the biggest in the tech calendar

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

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

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

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

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

The landscape mode takes advantage of the bigger screen

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

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

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

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

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

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

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

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Sir Ian Cheshire Leaving B&Q Owner Kingfisher

The chief executive of the group behind the B&Q DIY brand, Sir Ian Cheshire, is to leave at the end of the firm's financial year.

The announcement was made as Kingfisher confirmed half-year results that slightly exceeded market expectations.

Europe's largest home improvements retailer said Sir Ian, who took over in January 2008, would be succeeded by Veronique Laury, the boss of its French unit Castorama.

The firm, which runs the B&Q and Screwfix chains in Britain and Castorama and Brico Depot in France and other markets, said it made an underlying pre-tax profit of £364m in the 26 weeks to August 2.

Veronique Laury is currently running Castorama in France

Profit before tax fell 6% to £375m.

Kingfisher said it had a strong first quarter as fine weather drove sales at stores open over a year up 6.1% but experienced
a sharp slowdown in its second quarter.

The firm cautioned in July that its markets in the second quarter, notably in June, had been slower than anticipated, particularly in France and Poland.

B&Q China sales decreased by 7.3% on a like-for-like basis - impacted by a slowing Chinese property market.

UK & Ireland retail profit rose 17.7% to £166m compared to the same period last year.

It was the succession plan which dominated reaction to Kingfisher's update as Sir Ian had presided over a 120% increase in the group's share price during his near seven-year tenure.

He has more recently weighed in to the Scottish independence debate, telling Sky News on Tuesday that Scottish consumers could face higher prices if they back the Yes campaign.

His replacement, who will become the fifth female CEO of a company on the FTSE 100, has been with Kingfisher since 2003 and her previous roles have included running the commercial operations of the UK businesses.

Kingfisher described her as having "a passion for home renovation, having completely renovated three homes".

Its statement said: "This decision, reached during the regular succession discussions between the board and (Cheshire) recognises that the next phase of Kingfisher's evolution requires a significant leadership commitment and continuity."

Kingfisher's share price rose 3% in early trading on Wednesday.

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Energy Firms Return £153m In Unclaimed Credit

The so-called "Big Six" energy companies have launched a campaign to reunite former customers with £153m of unclaimed credit on their accounts.

The MyEnergyCredit initiative - launched by the industry body Energy UK - is a response to a demand for action from the regulator Ofgem back in February.

Its estimate then was that up to £400m in closed household and business accounts from direct debit payments was being held by energy firms.

Energy UK said the campaign would encourage customers who have switched suppliers or moved home without leaving a forwarding address to get in touch with their old company if they think they have left money behind.

It also announced changes to help prevent such cash piles building up in future, though it would now impose a two-year deadline for collection of credit, with any funds left behind after that time being donated to help vulnerable customers.

Energy UK's chief executive Angela Knight said: "We are urging former customers to come forward and make a claim.

Customers are being urged to claim money left in credit in closed accounts

"Customers who think they haven't left a forwarding address or a final meter reading when they moved or switched should contact their old supplier.

"The web site myenergycredit.com will help you do this.

"Inevitably, there will be some former customers who will not be found and so the major suppliers are announcing what will happen to credit balances from now on.

"In future, after two years, the credit balance will be used to help vulnerable customers - and suppliers will make it very clear what is happening.

"By 2018, these new arrangements are expected to add up to around £65m of help to those in difficulties.

"The suppliers will kick start this process now by donating £38m for the first two years combined."

Ofgem chief executive Dermot Nolan said: "Today's industry announcement is an encouraging first step by the six largest energy companies to address Ofgem's call to reunite customers with their cash.

"It is good news for consumers and if you think you could be owed money we recommend that you contact your previous supplier.

"This issue is part of a wider challenge of delivering good customer service that the industry must crack if they are to rebuild customer trust and confidence.

"Failure to deliver on the initiatives announced today could trigger further action by Ofgem, including enforcement."

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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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