Man Drops New iPhone Seconds After Buying It

One of the first people in the world to get his hands on the new iPhone swiftly had his heart in his mouth… when he dropped it on the floor.

The man, who was identified by local media as Jack Cooksey, was at the front of the queue in Perth, Australia, to pick up an iPhone 6, which is priced at over £500 in the UK.

Television cameras focused in on him as he excitedly opened the box, but his happiness soon turned to panic as it crashed onto the floor.

The crowd around him groaned as he bent down to pick it up and check there were no cracks.

"All good," he said laughing.

Customers wait for their iPhones in the German capital, Berlin

He told Perth Now: "I dropped it in a panic to get it open.

"Luckily it's covered in plastic, so it's fine."

Apple fans in Australia were among the first to be able to buy an iPhone 6 or iPhone 6 Plus due to the time difference.

People in the UK and US can also buy the new models from Friday.

Hundreds of people queued outside the Apple store in Covent Garden and took part in a 10-second countdown before the doors opened at 8am.

The new models offer bigger screen sizes

Cheering fans were escorted into the shop by staff.

One of the first people to get his hands on the new iPhone in the UK said he felt "on top of the world" - and he wanted to celebrate by taking a selfie.

Jameel Ahmed, 26, and his friend Sam Sheikh, 27, originally from India and now living in London, were the first two fans through the doors.

Walking out of the shop, Mr Ahmed said he was "really excited", and added: "I'd like to open it and take my selfie."

The new iPhones are now on sale in 10 countries

Some eager fans began queuing outside the Apple store in Regent Street on Monday, with around 30 people setting up tents, tables and chairs.

The iPhone 6 offers a 4.7in screen, while the 6 Plus boasts the biggest screen Apple has ever produced for a smartphone - 5.5in.

Network operator EE has said it will ensure customers who pre-ordered the phones through Phones 4u, which went into administration last week, would still be able to buy them in its stores.

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Thousands Of Women Duped In Pyramid Scam

Nine women have been convicted for their role in a pyramid scheme which saw thousands of women lose at least £3,000 each.

The gang encouraged vulnerable women to "beg, borrow or steal" the cash needed to join the scam - and promised participants a payout of £24,000 within a matter of weeks.

But of the 10,000 people involved in the "Give And Take" ploy, 88% lost their entire investment - with some victims ploughing as much as £15,000 into the scheme.

Meanwhile, committee members behind the fraud pocketed up to £92,000 each, and were able to continue the scheme because their members were sworn to secrecy, and banned from writing about it.

At lavish parties held at a hotel run by one of the organisers, hopeful guests were told "you can't lose" in inspirational talks by the chairwoman of the scheme, Laura Fox.

Miles Bennett, prosecuting at Bristol Crown Court, said: "This wasn't a bunch of ladies sitting around playing bridge. This was a committee and Fox ruled these nights with a rod of iron.

"This was a pyramid promotional scheme where people were invited to give £3,000, with the promise they would receive £24,000. Wouldn't it be wonderful if life was that simple?

Eventually, such schemes run out of people to recruit

"It is clear that, blinded by the possibility of riches and quick bucks, people were quite prepared to ignore the obvious pitfalls of a pyramid scheme."

The Give And Take scheme, also known as Key To A Fortune, began in April 2008, and ran for 11 months.

It was only when a suspicious member of the public contacted Trading Standards that the scale of the scam come to light.

A total of eleven women, aged between 34 and 69, were prosecuted for their alleged involvement in the pyramid scheme.

Chairman Laura Fox, Carol Chalmers and Jennifer Smith-Hayes were found guilty of operating the pyramid scheme in 2012, and were each sentenced to nine months in prison.

Sally Phillips, Jane Smith and Rita Lomas were handed suspended prison sentences after they admitted promoting the scam.

Three others - Mary Nash, Susan Crane and Hazel Cameron - are due to be sentenced for operating and promoting Give And Take in October.

Rhalina Yuli was acquitted during the trials, while two juries couldn't reach a verdict on the charges Tracey Laurence faced.

The Office of Fair Trading estimates that 480,000 adults fall victim to pyramid schemes every year, losing more than £900 each on average.

But according to their research, only 1% of those affected report their losses to the authorities.

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Bank Chairmen Call On BBA To Seek Mergers

By Mark Kleinman, City Editor

The principal lobbying group for British bankers is to examine plans for a consolidation of dozens of industry trade bodies following top-level talks between the country's biggest lenders.

Sky News has learnt that the chairmen of the five largest high street banks met last week to discuss proposals for the British Bankers' Association (BBA) to combine with peers such as the Payments Council and the UK Cards Association.

The chairmen, who include Sir David Walker of Barclays and Lloyds Banking Group's Lord Blackwell, are understood to have commissioned a working group to examine the issue, led by an independent third party.

The move follows concerns from some big banks about the level of subscriptions they pay for membership of myriad trade associations at a time when they are experiencing severe cost pressures across their businesses.

Insiders said on Thursday that the review was likely to last several months and predicted that it could lead to significant tensions between different trade bodies, with some ultimately expected to be subsumed into the BBA.

the focus of the review will be on organisations serving the retail banking sector, one said.

Sky News revealed in July that the BBA had begun internal discussions about potential mergers with the Payments Council and the UK Cards Association.

The UK Cards Association denied at the time that it was party to any formal talks.

The discussions come at a time of significant structural change in the banking industry and associated sectors, with a new payments industry regulator to be introduced by next April to oversee the infrastructure which processes £75 trillion in annual payments.

"The banks end up footing the bill for most of these bodies and it no longer makes sense for them all to exist on a standalone basis" said one insider.

In 2012, the BBA looked at a possible tie-up with the Council of Mortgage Lenders (CML) but the idea did not progress.

That followed the loss of the BBA's revenues from administering the Libor benchmark rates, a role it gave up in the wake of the manipulation scandal which cost the chairman and chief executive of Barclays their jobs.

The BBA previously generated millions of pounds each year from selling licences to data providers to allow them to publish Libor benchmark data.

Sources said that Libor accounted for roughly 20% of the BBA's revenue before oversight of the benchmarks switched to third parties last year.

Fees for membership of the BBA are paid on a sliding scale dictated by a bank's size, with major high street lenders such as Barclays and Royal Bank of Scotland paying the largest sums.

Last year, the BBA received just over £7.5m in subscription fees, up from £6.2m in 2012.

A BBA spokesman declined to comment.

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GlaxoSmithKline Fined £297m For China Bribes

A Chinese court has fined GlaxoSmithKline (GSK) £297m - a record in the country - for bribing doctors and hospital officials to use its products.

The pharmaceutical firm confirmed the penalty imposed by the Changsha Intermediate People's Court in Hunan Province, saying it accepted that illegal activities took place and the fine would be paid through existing cash resources.

The Chinese state news agency, Xinhua, reported that Briton Mark Reilly, the former head of GSK in China, and other executives faced jail terms.

However, a GSK source told Sky News that Reilly was to be deported after being handed a three-year suspended sentence.

Mark Reilly used to run GSKCI

The London-listed firm's statement said the court found that "GSK China Investment (GSKCI)... offered money or property to non-government personnel in order to obtain improper commercial gains.

"The illegal activities of GSKCI are a clear breach of GSK's governance and compliance procedures; and are wholly contrary to the values and standards expected from GSK employees.

"GSK has published a statement of apology to the Chinese government and its people on its website.

"GSK has co-operated fully with the authorities and has taken steps to comprehensively rectify the issues identified at the operations of GSKCI.

"This includes fundamentally changing the incentive programme for its salesforces (decoupling sales targets from compensation); significantly reducing and changing engagement activities with healthcare professionals; and expanding processes for review and monitoring of invoicing and payments."

GSK chief executive Sir Andrew Witty added: "Reaching a conclusion in the investigation of our Chinese business is important, but this has been a deeply disappointing matter for GSK.

"We have and will continue to learn from this. GSK has been in China for close to a hundred years and we remain fully committed to the country and its people."

The investigation took a number of twists with a British man, who was hired as an investigator by GSK, being jailed for two-and-a-half years in August.

Peter Humphrey's health is said to be poor

Chinese authorities claimed Peter Humphrey illegally obtained Chinese citizens' personal information and sold it to companies including GSK.

GSK hired him after an anonymous email containing a sex tape of Reilly and his Chinese girlfriend was sent to senior management in January last year.

The email alleged corrupt practices in GSK's China operation.

GSK's ethical standards have also been called into question in Lebanon, Iraq, Jordan, Syria and Poland.

Its share price was almost 0.6% higher in the wake of the announcement.

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Ex-StanChart FD Meddings In Talks With L&G

By Mark Kleinman, City Editor

Richard Meddings, the former finance director of Standard Chartered, is in talks about a boardroom role at Legal & General (L&G), one of Britain's biggest financial services groups.

Sky News understands that Mr Meddings is in detailed discussions with L&G about taking on his first board position since stepping down from his role at the emerging markets bank during the summer.

An announcement confirming his appointment as a non-executive director is expected before the end of the year, according to insiders.

Mr Meddings is a well-respected figure in the City, having spent more than a decade helping to turn Standard Chartered into one of the world's leading lenders in faster-growing markets in Asia and Africa.

In 2012, however, he was drawn into a controversy over his alleged use of an expletive during a meeting with US regulators relating to the bank's conduct in Iran.

The bank was subsequently hit by a hefty fine but Mr Meddings and colleagues insisted that he had not made the remarks attributed to him.

Standard Chartered replaced Mr Meddings as its finance director with Andy Halford, who previously held the same role at Vodafone.

His exit came at a difficult time for the bank, which has seen its share price hit by volatility in emerging market economies and investor concerns about some aspects of its management.

Standard Chartered issued a public statement during the summer to deny media reports that it was accelerating plans to replace either Sir John peace, its chairman, or Peter Sands, chief executive.

Mr Meddings, who also previously sat on the board of 3i Group, the private equity house, is understood to be deliberating over whether to take another executive position or build a portfolio of boardroom positions.

He is expected to be a candidate to replace Sir Philip Hampton as chairman of Royal Bank of Scotland when he steps down next year, although if he did so, it would be viewed by regulators as a barrier to taking on any further roles given the time commitment required to chair a big bank.

L&G and Mr Meddings both declined to comment.

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Shares Rise But Pound Flat As Scots Vote No

Scottish Referendum: What They're Saying

Updated: 4:22pm UK, Friday 19 September 2014

Supporters of both the Yes and No campaigns have been giving their reactions to Scotland's decision to reject independence.

Prime Minister David Cameron: "The people of Scotland have spoken and it is a clear result. They've kept our country of four nations together and like millions of other people, I am delighted.

"As I said during the campaign, it would have broken my heart to see our United Kingdom come to an end and I know that this sentiment was shared not just by people across our country but also around the world.

"Now the debate has been settled for a generation, or as Alex Salmond has said, perhaps for a lifetime. So there can be no disputes, no reruns - we have heard the settled will of the Scottish people.

Alex Salmond (speaking before he announced he would be stepping down as Scotland's First Minister): "Scotland has by majority decided not at this stage to become an independent country and I accept that verdict of the people, and I call on all Scots to follow suit in accepting the democratic verdict of the people of Scotland.

"The process by which we have made our decision as a nation reflects enormous credit upon Scotland.

"A turnout of 86% is one of the highest in the democratic world for any election or any referendum in history - this has been a triumph for the democratic process and for participation in politics."

Later, Mr Salmond confirmed his intention to quit as First Minister, saying: "We lost the referendum vote but Scotland can still carry the political initiative - Scotland can still emerge as the real winner. My time is nearly over."

Chris and Colin Weir, the Scottish EuroMillions lottery winners who donated £3.5m to the Yes campaign: "Of course, we are deeply disappointed by the result. But the people of Scotland have made their decision and, as democrats, we accept the outcome.

"We have no regrets at all about our support for the Yes campaign in the last two years. As lifelong supporters of independence, we are very proud of what has been achieved."

Former England cricket team captain Michael Vaughan: "Great to have em still with us.... #indyref #GreatBritain."

Businessman Richard Branson: "Scottish people should be proud of turnout in #indyref. Great example of democracy."

US President Barack Obama: "We welcome the result of yesterday's referendum on Scottish independence and congratulate the people of Scotland for their full and energetic exercise of democracy.

"Through debate, discussion, and passionate yet peaceful deliberations, they reminded the world of Scotland's enormous contributions to the UK and the world, and have spoken in favour of keeping Scotland within the United Kingdom."

Better Together campaign chair Alistair Darling: "The people of Scotland have spoken. We have chosen unity over division and positive change rather than needless separation."

Author and Better Together supporter J K Rowling: "Been up all night watching Scotland make history. A huge turnout, a peaceful democratic process: we should be proud."

Scottish Deputy First Minister Nicola Sturgeon: "This campaign has been a joy to be part of, it's quite unlike anything I've ever been part of in my life before.

"As have thousands and thousands of others, I have given my heart and soul to this campaign but what has been amazing are the number of people who have never been involved in politics before, who have never campaigned as part of a political movement before, who have got involved."

Deputy Prime Minister Nick Clegg: "I'm absolutely delighted the Scottish people have taken this momentous decision to safeguard our family of nations for future generations.

"In a dangerous and uncertain world I have no doubt we are stronger, safer, and more prosperous together than we ever could be apart.

"But a vote against independence was clearly not a vote against change and we must now deliver on time and in full the radical package of newly devolved powers to Scotland.

Better Together's Jim Murphy: "We are going to have to make a success of the decision Scotland has made.

"While I'm delighted, there is no time or space for triumph and we have got to get on and offer that devolution package we offered and unite the country around that.

Archbishop of Canterbury Justin Welby: "Over the past few weeks the campaign has touched on such raw issues of identity and been so closely fought that it has generated profound questioning and unsettlement far beyond Scotland.

"The decision by the Scottish people to remain within the United Kingdom, while deeply disappointing to many, will be welcomed by all those who believe that this country can continue to be an example of how different nations can work together for the common good within one state.

UKIP leader Nigel Farage: "The way that Westminster handled this was abysmal from the start.

"A series of promises were made on behalf of the English. The English are 86% by population of this union, they've been left out of all of this ( The Barnett formula) for the past 18 years ... what most English people want is a fair settlement."

Scottish Conservative leader Ruth Davidson: "Scotland had the biggest, broadest conversation about our future. We have to come together again & move forward together. It's all our home."

Northern Ireland's First Minister Peter Robinson: "Delighted Scotland has voted to remain in the Union.  We are better together."

Welsh First Minister Carwyn Jones: "Pleased the people of Scotland have voted to remain in the Union – together we will shape a new constitutional future for the UK."

Conservative MP Mark Reckless on Twitter: "I am so pleased to be able to tell the children this morning that Mummy won't be becoming a foreigner."

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Wellcome Trust Toasts £100m Alibaba Profit

By Mark Kleinman, City Editor

Britain's biggest medical research charity is toasting a £100m-plus profit from the flotation of Alibaba Group, the Chinese internet giant that on Friday became the biggest technology company listing ever.

Sky News has learned that at the $68-a-share (£42) pricing settled upon by bankers advising Alibaba, the Wellcome Trust is sitting on a substantial paper windfall from two separate investments it made in the company's shares in recent years.

The news represents a significant boost for medical research funding in the UK and underpins the Wellcome Trust's highly-regarded investment strategy, led by its chief investment officer, Danny Truell.

Jack Ma, Alibaba's founder and now a multibillionaire as a consequence of the company's flotation, was present for the opening bell at the New York Stock exchange on Friday.

The share sale is eventually expected to raise $25bn (£15.3bn), making it the biggest initial public offering in history, once an over-allotment option is exercised.

The Wellcome Trust owns significantly less than 1% of Alibaba stock

It has overtaken Agricultural Bank of China's $22.1bn (£13.5bn) fundraising in 2010 and Facebook, which sold more than $16bn (£9.8bn)  of shares in 2012 to become the biggest-ever technology company listing.

Sky News disclosed the Wellcome Trust's investment in Alibaba in March.

Insiders said the Wellcome Trust, which is one of the world's most renowned medical research organisations, owns significantly less than 1% of Alibaba's shares, although the exact size of its holding is unclear.

A Wellcome Trust spokesman declined to comment.

Alibaba, which is headquartered in Hangzhou, one of China's so-called second-tier cities, has become a major player in the country's e-commerce industry.

It acts as an eBay-style intermediary in the supply and sale of goods online, having established marketplaces targeted at small business traders and consumers.

Using the brand-name Taobao, an e-shopping platform that in China has more than 500 million customers, Jack Ma, Alibaba's founder and chairman, has become one of the world's most successful technology entrepreneurs.

Talks between Alibaba and the Hong Kong Stock Exchange ended without success because of the company's desire to create an alternative shareholding structure that would have given executives additional control over the company.

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Alibaba Bigger Than Facebook On Market Debut

Alibaba Boss Like A Rock Star At 'Epic' IPO

Updated: 7:22pm UK, Friday 19 September 2014

By Hannah Thomas-Peter, New York Correspondent

As Jack Ma swept past me on the floor of the New York Stock Exchange, I asked him how he was feeling.

He smiled at me, waved and mouthed "ok" before turning to a bank of cameras trained on the founder and spiritual leader of Alibaba.

"Ok," felt like a bit of an understatement.

Such was the demand and volume associated with the Alibaba IPO it took nearly two-and-a-half hours for the New York Stock Exchange's designated market maker (DMM) to decide on the right opening price.

The DMM is a person, not a computer. In this case it was Barclays' Glenn Carell.

He was also the DMM for the Twitter IPO, and is responsible for gauging appetite and supply, honing in on the right opening price for a stock.

It's a big job.

If there are technical problems he can override the system and trade on paper.

If there's uncontrollable volatility he can use his company's own cash to step in and stabilise things.

He told Sky News: "This is a very exciting day for me.

"It's the biggest IPO ever, and we really want to get the best price for opening.

"We have to go slow and get it right."

As traders crowded in on Glenn communicating orders from clients, electronic requests also poured in from across the world, flashing up on screens in front of his team.

Over two hours the price indicator range, which helps investors know how much the shares will cost once trading begins, crept from around $80 to over $90.

"Investors really want this stock," said Meridian Partners trader Jonathan Corpina.

"They see a very well-diversified company with huge international exposure.

"Even if US investors don't know the brand name, the product is easy to understand, and it's a good one."

As Glenn yelled "we're getting close!" the traders bunched together like rugby players in a scrum, whoops rang out, tension rose.

"Come on Glenn what's the price? Close it, close it," muttered one trader, his electronic trading tablet buzzing and beeping with impatient clients.

"$92.70!" came the shout, and trading began, starting with a short-lived 'pop' up to $99, before settling back down in Glenn's predicted range.

"Phew" said one NYSE executive to another.

"I tell you, that was pretty epic."

Glenn looked relieved as trading continued smoothly, confessing he would be having a glass of champagne later that evening.

Jack Ma may well do the same.

As he left the exchange to get in to his car, it was as if a rock star had left his concert.

Fans yelled and screamed and cheered and photographed for all they were worth.

Ma waved, smiled and slipped in to a waiting SUV.

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Hundreds Of Phones 4U Jobs Saved

Almost 900 jobs at collapsed retail chain Phones 4u have been saved after network operator Vodafone struck a deal to buy 140 stores.

However, administrator PwC said it had failed to prevent 628 redundancies among head office and telesales staff at Phones 4u's Staffordshire offices.

PwC is continuing talks with other parties regarding the purchase of assets and said it planned to retain a further 400 head office staff to assist with its work.

It will release details of the 140 stores in the Vodafone deal on Monday.

Phones 4u went into administration last Monday following EE's decision not to renew its contract.

The firm employed 5,600 workers at 560 Phones 4u stores and a further 160 concession outlets.

Dixons Carphone said on Wednesday it will take on the 800 staff who worked at 160 Phones 4u sites within Currys/PC World stores.

Now Vodafone UK has made an offer to buy 140 stores following an approach from PwC.

Phones 4u has been in difficulty for some time

It said: "Our offer was accepted by the administrator and we are pleased to report that approximately 900 (887) former Phones 4u employees will keep their jobs and join our dynamic retail business.

"Subject to court approval, we will start engaging with these employees and begin the rebranding of the stores to Vodafone as soon as possible."

Store staff have been asked to remain at home while talks take place with parties interested in buying parts of the estate.

PwC partner Rob Hunt said: "It is with great sadness and regret that we have today made the difficult decision to make 628 head office and telesales staff redundant.

"Our thoughts are with those employees at this difficult time. We will make every effort to help the affected staff, working with the Phones 4u HR team over the coming days to support employees."

Various deals to rescue Phones 4u have been considered but all have stalled.

They included a debt-for-equity swap in which bondholders would have wiped out an estimated £760m of debt to reopen contract talks with EE and Vodafone.

EE and other network operators have been accused of a "co-ordinated attempt to kill off" Phones 4u - a claim they have all denied.

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Carphone And EE Pick Over Phones4U Carcass

By Mark Kleinman, City Editor

The parent company of Carphone Warehouse and EE, the UK's biggest mobile phone network, are this weekend hammering out deals to buy scores of Phones 4U stores in a move that would save hundreds of jobs at the troubled retailer.

Sky News has learned that EE is negotiating a deal with PricewaterhouseCoopers (PwC) to acquire as many as 60 shops, while Dixons Carphone has set its sights on approximately 50 of Phones 4U's remaining outlets.

PwC is understood to be keen to tie up the deals with EE and Dixons Carphone during the course of the weekend, after which they will turn their attention to attempting to sell the Phones 4U brand, stock and Life, its mobile virtual network operator, which rents spectrum from EE.

Sources close to the administrator said that Dixons Carphone had expressed an interest in taking ownership of other Phones 4U assets, while EE is expected to acquire Life.

Dixons Carphone has already salvaged 800 Phones 4U jobs by agreeing a deal to take over 160 concessions in Currys and PC World stores.

On Friday, Vodafone struck a deal to buy 140 Phones 4U shops, rescuing nearly 900 jobs, at the same time as 628 of the retailer's head office staff were being made redundant by PwC.

Even if the two store transactions are completed with Dixons Carphone and EE, thousands of jobs would still be at risk at Phones 4U, which was forced into administration last week when EE notified the company that it was terminating a distribution agreement which expires next year.

That decision left the chain without a network partner following Vodafone's withdrawal, sparking a public dispute between Phones 4U's owner – the private equity group BC Partners – and the network operators.

Sky News revealed earlier this week that Vodafone and EE had held talks in recent months about a joint takeover of Phones 4U but that the negotiations had stalled over competition issues.

The networks have denied attempting to profiteer from the retailer's collapse, despite accusations from John Caudwell, Phones 4U's founder, that they had behaved "ruthlessly".

Documents seen by Sky News show that on July 8, while discussions were taking place about extending Vodafone's distribution contract with Phones 4u, the mobile network's UK executives made a presentation to group colleagues entitled "Phones 4u - Partner of Choice".

Several weeks later, Vodafone notified Phones 4u that it would not be renewing their agreement, while no further talks about a takeover of the company were held.

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