Friday newspaper round-up: Scottish referendum, Diageo, Alibaba...
"Alex Salmond’s dream of Scottish independence was dashed today after voters threw their support behind the United Kingdom in a result that promises to bury the separation issue for at least a generation," reported The Times on Friday morning. The paper highlighted that 31 of the 32 council areas had been declared with 55.4% voting 'no' to independence and 44.6% voting 'yes'.
The Telegraph has said that the UK economy, most businesses and the markets "will likely all heave a huge sigh of relief that the Scots have rejected independence". The paper said there would have likely been "serious adverse near-term repercussions" in the event of a 'yes' vote.
The pound appreciated strongly on Friday as Scotland voted in favour of the Union, according to The Times, "erasing traders’ fears that had arisen over the uncertainty of a breakup of the UK". The paper noted that Sterling had hit a high of $1.6525 after hitting a 10-month low last week, and rose to €1.2768, its highest agains the euro in over two years.
"David Cameron is preparing to announce a major devolution of powers to England following the Scottish independence referendum result," writes The Independent. The paper said that the Prime Minister is expected to call for a fresh review of whether only English MPs can vote on English issues.
The board of beverages group Diageo was met with "mooted shareholder rebellion" about excessive pay for its directors, according to The Scotsman. Some shareholders expressed surprise at "lavish" bonuses to the group's chief executive and finance director, but a revolt by larger institutional investors "failed to materialise", the paper said.
Alibaba is poised to break records on its market debut on Wall Street on Friday, according to The Times, after the Chinese e-commerce company priced its initial public offering at $68, the top of its expected range. The price values the group at nearly $170bn, the paper said.
The potential break-up of bankrupt retailer Phones 4U is now a high probably after the administrator rejected a debt-for-equity proposal, writes The Telegraph. PwC is said to be in "active talks" with three potential buyers of parts of the business, the paper said.
Monitise's board has denied any impropriety, The Times has said, after the deputy chief executive of the mobile payments firm cashed in over £6m of shares just three days before Visa said it was considering selling a big stake. Visa said it had appointed JPMorgan with a view to selling its 5.5% stake, sending shares in the London-listed stock to a two-year low.
German software group SAP is to buy Concur for $8.3bn in an all-cash deal, reports the Financial Times, marking the largest transaction in the software-as-a-service sector. Concur develops programs that help business manage travel expenses.