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Firms 'scaremongering' over independent Scotland

The Wetherspoons chairman says it is not "right for firms to scaremonger" about an independent Scotland.

Tim Martin says there is no way to know what impact breaking the Union would have.

"How many times have they seen a country cede from the United Kingdom and its effects on the area from which it ceded? None."

JD Wetherspoon grew underlying pre-tax profits by 3.1% to £79.4 million in the year to July.


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Bargain Britain

Morrisons 'getting back on front foot' despite profit hit

Morrisons has said its financial position remains strong despite a sharp fall in its latest half-year profits.

The supermarket confirmed it would increase its interim dividend payment by 5%, with the company's chief executive bullish about the future:

Although it is too early to see the benefits of the three-year plan in the sales line, Morrisons is getting back on the front foot, and implementing change and innovation at real pace throughout the business.

– Chief executive Dalton Philips

Morrisons says profits slumped in 'tough' price war

The chairman of Morrisons has said the ongoing price war among supermarkets has made things "tough" after the chain's half-year profits were savaged by 51%.

Morrisons is six months into a three-year turnaround plan involving an "enormous amount of change and modernisation" in which the company has committed more money to lowering its prices.

But the supermarket group said it was too early to see the impact of this work on sales.

Chairman Sir Ian Gibson said: "Conditions are tough, and the industry is going through unprecedented change."

First-half profits at Morrisons slump by 51%

Britain's fourth largest supermarket Morrisons has announced a 51 per cent slump in its first-half profits as it posted its lowest figures for eight years.

Morrisons trails Tesco, Asda and Sainsbury's in annual sales. Credit: Andrew Matthews/PA Wire

The Bradford-based group said it made an underlying pre-tax profit of £181 million in the six months to Aug. 3.

Turnover fell 4.9 per cent to £8.5 billion, while sales at stores - excluding fuel and VAT sales tax - fell 7.4 per cent.


Lloyds to move HQ out of Scotland if yes vote

Lloyds Banking Group has confirmed it would move its headquarters out of Scotland in the event of a Yes vote in the referendum.

Currently their headquarters are in Edinburgh but the bank has confirmed it would move them south to London.

Ferrari chairman set for £21.5 million payout

Ferrari chairman Luca Cordero di Montezemolo will leave in October. Credit: PA Wire

Ferrari chairman Luca Cordero di Montezemolo will receive a staggering payoff of nearly £27 million euros (£21.5 million) after he leaves the sports car manufacturer.

Montezemolo clashed with Marchionne over strategy and the F1 team's poor results Credit: PA Wire

Montezemolo will be replaced by Fiat boss Sergio Marchionne after the pair clashed over strategy and the Ferrari F1 team's poor results.

Standard Life planning 'transfer' in event of a Yes

Standard Life, which has its headquarters in Edinburgh, has announced contingency plans to relocate parts of its business to England in the event of a Yes vote.

A statement on the Standard Life website said:

In view of the uncertainty around Scotland's constitutional future, we have put in place precautionary measures which would help enable us to provide customers with continuity. This includes planning for new regulated companies in England to which we could transfer parts of our business if there was a need to do so.

This transfer of our business could potentially include pensions, investments and other long-term savings held by UK customers...

We will continue to serve our customers in Scotland and will consider what additional measures we may need to take on their behalf as a consequence of constitutional change once further clarity and certainty is received.

– statement by David Nish, chief executive, standard life
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