The Week's Big Business Stories

Once you've caught up on last week's business news video, you can get ahead on what's coming up next week with Sky's Week Ahead.

:: Monday, September 8

On Monday, the Halifax house price index releases its figures for August. July's figures revealed that house prices were 1.4% higher than the previous month and 10.2% higher than in July 2013. 

Also, Associated British Foods, the owner of Primark, delivers its trading update. Analysts have predicted the fashion and food retailer will double profits over the next five years.

:: Tuesday, September 9

Apple is expected to launch new products on Tuesday with reports suggesting it will be the new iPhone 6 and the long-anticipated iWatch smartwatch.

The Bank of England Governor Mark Carney will address the TUC Annual Congress.

:: Wednesday, September 10

A bevvy of corporate results on Wednesday as Kingfisher, the owner of B&Q, Manchester United, Thorntons and Barratt Developments all expected to deliver full year results.

:: Thursday, September 11

It will be the turn of John Lewis, Morrisons, Next and Home Retail Group to update the market on Thursday. Ian King will be speaking to the chairman of John Lewis on Ian King Live.

:: Friday, September 12

On Friday, the chairman of JD Wetherspoon Tim Martin will be on Sky News. The national pub operator is releasing full year results.

:: Missing something? Tweet your business stories to @SkyNKTweets and @SkyNewsBiz

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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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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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Apple Takes Steps To Prevent iCloud Hacks

Celeb Hack Exposes Holes In Digital Security

Updated: 3:30pm UK, Tuesday 02 September 2014

More than 100 celebrities are thought to be victims of this latest hacking scandal but the perpetrator is yet to come forward.

As the FBI investigates how nude photos of Jennifer Lawrence and model Kate Upton, among others, came to be posted on 4chan.org, a conversation has begun about the difficulties of maintaining our privacy in this digital age.

Many of the photos have proved to be genuine and there are differing theories for how they were obtained.

Some cyber security experts speculated that hackers may have obtained the images by exploiting weaknesses in an online image-storing platform.

Apple is also investigating whether its iCloud has been compromised.

"It is important for celebrities and the general public to remember that images and data no longer just reside on the device that captured it," security researcher Ken Westin wrote in a blog post.

"Once images and other data are uploaded to the cloud, it becomes much more difficult to control who has access to it, even if we think it is private."

Other celebrities who were not affected by the leak have been urging the public not to view the photos and thus perpetuate the problem.

British actress Emma Watson wrote on Twitter: "Even worse than seeing women's privacy violated on social media is reading the accompanying comments that show such a lack of empathy."

American actress Lena Dunham said the person responsible for leaking the pictures was "a sex offender" and anyone looking at them was "violating these women again and again".

Private information and images of celebrities are frequent targets for hackers. Last year, a site posted credit reports, federal Social Security numbers and other financial info on celebrities, including Jay Z and his wife Beyonce, Mel Gibson, Ashton Kutcher and many others.

However, the law on crimes like this is not yet set in stone.

Most websites which host photos, such as 4chan.org, are protected by a federal law which absolves them of responsibility for material posted by third parties.

Prosecution will depend on knowing who uploaded the photo and where it originated. 

Cloud technology specialist James Sinclair told Sky News everyone must take responsibility for protecting themselves.

"Everything digital goes somewhere. Knowing that, you have to take good steps which is don't use the same usernames and passwords on every website, keep them cryptic and use two-factor authentication if you can.

"When data goes into a digital format it becomes a threat," he added.

Some have blamed the celebrities themselves for posing for the photographs, including Ricky Gervais who backtracked and deleted his tweet after a backlash from users.

But most people seem to agree with Lawrence's publicist - the hack was a "flagrant violation of privacy" - and the hope is that this time, the criminals behind the action will be tracked down and convicted.

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Bitcoin Boss Pleads Guilty In Silk Road Case

Two men, including the boss of a New York-based Bitcoin firm, have admitted enabling the digital currency to be funnelled to the black market website Silk Road.

Charlie Shrem - who was chief executive of BitInstant and also a former vice president of the Bitcoin Foundation - pleaded guilty in federal court to aiding and abetting the operation of an unlicensed money transmitting business.

Robert Faiella ran an underground Bitcoin exchange

Robert Faiella admitted operating an unlicensed money transfer business.

Both men face up to five years in jail.

The case grew from the US government's shutdown in October 2013 of Silk Road - a 'dark' site where users could anonymously buy and sell contraband and drugs using Bitcoin - which is unregulated and therefore difficult to track but volatile in terms of value.

The men were accused of letting more than $1m (£600,000) in Bitcoins reach the website and both admitted knowing that narcotics were bought and sold there.

Prosecutors said Faiella, from Florida, ran an underground Bitcoin exchange on the Silk Road website, operating under the username "BTCKing", and he filled his orders through Shrem's company from August 2011 until July 2013.

The FBI closed down Silk Road last year

Silk Road used a privacy-protecting Tor network to shield the identities of buyers and sellers around the world - with its 13,000 listings including categories such as "cannabis", ''psychedelics" and "stimulants".

As they busted the site, authorities seized approximately $3.6m (£2.2m) worth of Bitcoins - the largest-ever seizure of the currency - bitcoins that were later auctioned off to a single bidder.

It was alleged that Shrem never once filed a notice of concern relating to Faiella's transactions.

Sentencing of both men was due to take place in January.

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Barclays: Finger Vein Scanner 'Game-Changing'

Barclays has said it is committed to a biometric future in banking security while showing off its new finger scanner aimed at cutting fraud.

The bank said the scanner, which can be used by corporate clients from next year, was part of a package of measures it was planning for customers which would include wider use of voice recognition technology in personal banking.

Barclays' reader - developed with Hitachi - scans a finger and identifies unique vein patterns to access accounts, instead of using a password or PIN.

The bank said that unlike finger prints, vein patterns were extremely difficult to spoof or replicate.

It explained: "The scanned finger must be attached to a live human body in order for the veins in the finger to be authenticated.

Cash machines could soon have voice recognition access

"Barclays will not hold the user's vein pattern and there will be no public record of it."

Vein recognition technology is used by some banks in Japan and elsewhere at cash machines but Barclays said it is the first bank globally to use it for significant account transactions.

Ashok Vaswani, chief executive of Barclays personal and corporate banking, said it was a response to the fact that criminals were becoming more sophisticated.

"It will be game-changing for UK businesses and consumers.

"Ultimately, I hope this will pave the way for other institutions to adopt equally robust technology in the fight against online crime," he said.

Britain's private companies lost £21bn from fraud in 2012, with financial firms suffering a quarter of that loss according to official estimates.

While PIN number and card fraud has accounted for some of that total, banks worldwide are under increasing pressure from hackers - with banking authorities now regularly conducting exercises to test the resilience of their defences.

Barclays launched voice recognition biometrics for private banking clients last year.

It said it was exploring a number of opportunities to expand its use that could include similar technology for mobile tablets, which is the fastest growing area for European banks, or at cash machines.

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Motorola Releases Moto 360 Smartwatch

Motorola has announced its much-anticipated Moto 360 smartwatch will go on sale in the UK in October.

The company's first smartwatch, which will cost £199.99, is powered by Android Wear and features a 1.5-inch curved screen, wireless charging and a built-in heart rate monitor and pedometer.

Users will be able to control the watch through voice, gesture or touch commands, and notifications including location and essential information will be shown through tile-based cards.

The device is waterproof, and has a battery life of around a day, according to the company. It will also be available with leather and metal straps.

Rick Osterloh, Motorola president, said: "I think the first watches that shipped have been really bad.

"It's quite concerning to me that in the early days some of the first watches maybe gave the category a bad edge.

"We believe our product will be on the new wave of offerings."

The company also unveiled two new smartphones - the Moto X and the Moto G - as well as a wireless Bluetooth earbud Moto Hint, at a launch event in Chicago on Thursday.

The Moto X goes on sale at the end of the month costing £419.99 and the Moto G is on sale from Friday priced at £144.99.

In a statement, it added: "This dynamic new portfolio of products gives you unprecedented power to choose how your mobile technology fits into your life, with new customisation options, better value and new ways to connect."

The Moto 360 will compete with the LG G Watch and Samsung Gear Live, which went on sale in July.

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US Job Creation Numbers Weaker Than Predicted

Stock futures rose after a weak US jobs report showed the economy created just 142,000 net new jobs in August.

The figure came in well below expectations but was seen by investors as making it less likely that the Federal Reserve would soon start considering the possibility of interest rate increases.

The US Labor Department report showed that more Americans gave up looking for work during the month - a key factor behind the jobless rate falling from 6.2% in July to 6.1%.

The job increase of 142,000 was the smallest rise in eight months, the report said, while there was renewed concern for the manufacturing sector which recorded no job growth at all.

Retail payrolls declined for the first time since February though construction employment rose for the eighth-straight month and Government hires rose by 8,000.

Service sector job growth was behind the bulk of the increase.

Average hourly earnings rose six cents in August - up 2.1% from a year ago.

Sluggish wage growth, large numbers of part-time workers and high long-term unemployment are core concerns for Fed Chairman Janet Yellen.

The central bank has pointed to these metrics as evidence of "significant underutilisation" of labour market resources that merits a stimulative monetary policy.

The next Fed policy meeting is likely to see August's report as supporting that view.

The Fed has kept benchmark lending rates near zero since December 2008 and financial markets do not foresee an increase until around the middle of next year at the earliest.

The payroll numbers lifted major stocks, including the Nasdaq, slightly higher though most indices remained in negative inter-day territory.

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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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Sky News Service Available On Xbox 360

Sky has announced that its award-winning broadcast news service will now be available to view on Xbox 360.

The new service will enable millions of Xbox customers in the US and UK to access Sky News directly through their consoles.

From Tuesday, Xbox Live customers will see the Sky News icon on the TV section of their homepage and will be able to access the live feed 24 hours a day.

This includes the latest breaking news as well as business, political and entertainment coverage.

The Sky News app also offers access to a wide range of on demand stories through a constantly updated video library.

The Xbox launch marks the next step in the expansion of Sky News in the US, which includes tailoring its channel feed to incorporate editorial segments produced specifically for the US audience.

It will also feature news and analysis from Sky News' own US team, based in bureaus in New York, Washington and Los Angeles.

Andrew Hawken, head of Sky News Digital, said: "Sky News is consistently exploring opportunities to expand our global reach. Making Sky News available on Xbox was an ideal way to achieve this.

"With a growing US footprint of a million users and a US news team, we're thrilled that our coverage will be showcased to millions of Xbox customers."

The service was developed in partnership with 1 Mainstream, a digital TV distribution platform for deploying HD video services across TV, game consoles, tablets and streaming devices.

Rajeev Raman, chief executive of 1 Mainstream, said: "We're pleased to extend our relationship with Sky to help them expand the footprint for Sky News and to deliver its world-class journalism to millions of people in the US.

"Together with Sky, we continue to bring innovative over-the-top (OTT) services to the growing audience of connected-TV users."

This agreement builds on Sky's growing international channels business, which already reaches more than 100 million viewers across Europe, North America, the Middle East, Africa and Asia. 

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