Diamond Worth Up To £10m Boosts British Firm

A 232.08-carat white diamond, recovered from a mine that produced gems for the Crown Jewels, could fetch a value of up to $16m (£10m).

The estimate was made by analysts after Petra Diamonds, which bought the Cullinan mine in South Africa from De Beers, showed off the rough stone.

Petra's share price soared 7% on the FTSE 250 in the wake of the announcement, even though the company declined to put an estimate on the stone.

The find is not Petra's largest white diamond.

In 2009 it unearthed a flawless 507-carat diamond, also at the Cullinan mine. The diamond was known as the Cullinan Heritage and fetched $35.3m - a record price for the company.

The Cullinan mine is in South Africa

It was from the same mine in 1905 that the largest rough gem diamond was recovered, the 3,106 carat Cullinan Diamond which was cut into stones for the Crown Jewels housed at the Tower of London.

It was made into the First Star of Africa - mounted at the top of the Sovereign's Sceptre - and the Second Star of Africa, a 317-carat polished diamond which forms the centrepiece of the Imperial State Crown.

Petra said it expected the new white diamond, of "exceptional size and clarity", to be sold before the year's end.

Its investors are also awaiting the outcome of the sale of a rare 122.52-carat blue diamond recovered from Cullinan this year.

Analysts have pegged the stone's value at more than $35m (£21.7m).

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Fast-Track Care For Workers With Stress

Mental illness cost the UK economy up to £100bn last year prompting calls for speeding up care through the health system.

The chief medical officer said there has been a 24% increase in the number of working days lost to stress, depression and anxiety since 2009.

Professor Dame Sally Davies said around 70 million working days were lost to mental illness in 2013.

In her latest annual report, Dame Sally said more needed to be done to help people battling mental illness to remain in work.

She said: "The costs of mental illness to the economy are astounding. Through this report, I urge commissioners and decision-makers to treat mental health more like physical health.

"Anyone with mental illness deserves good quality support at the right time.

"One of the stark issues highlighted in this report is that 60-70% of people with common mental disorders such as depression and anxiety are in work, so it is crucial that we take action to help those people stay in employment to benefit their own health as well as the economy."

Dr Peter Carter, chief executive and general secretary of the Royal College of Nursing, said: "The treatment gap for people with mental health problems can no longer be ignored.

"Not only are people with mental health problems in need of better support for their mental health conditions, but there is an unacceptable and preventable level of correlation with physical ill health."

Stephen Dalton, chief executive of the NHS Confederation's Mental Health Network, added: "We welcome this bold report and its important contribution to a long overdue national debate."

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Flight MH17 Downed By 'High-Energy Objects'

Crash investigators say flight MH17 was probably downed by "a large number of high-energy objects".

An initial report by the Dutch Safety Board, which is leading the investigation into the July 17 disaster, found it likely the Malaysia Airlines plane broke up in the air as a result of "structural damage", caused by the items which "penetrated the aircraft from outside".

The fuselage of the passenger plane had numerous puncture holes

Available images showed pieces of the aircraft fuselage were pierced in numerous places, while the pattern of wreckage on the ground, scattered over a large area, indicated it had broken up in flight.

This would also explain the abrupt end to the recording of flight data on the plane's black boxes, the loss of contact with air traffic control, and the plane's disappearance from radar.

Penetration marks on the MH17 fuselage

The report said: "There are no indications that the MH17 crash was caused by a technical fault or by actions of the crew."

All 298 passengers and crew on board the plane were killed when the aircraft, which was flying from Amsterdam to Kuala Lumpur over an area in eastern Ukraine controlled by pro-Russian separatists.

Following the publication of the report, the rebels denied they had the military equipment capable of bringing down a passenger plane.

Wreckage was scattered over a large area indicating it broke up in flight

But the preliminary findings are consistent with the claims it had been hit by a ground-to-air missile.

Tjibbe Joustra, chairman of the Dutch Safety Board, said: "The MH17 crash has shocked the world and raised many questions.

"The Dutch Safety Board wishes to determine the cause of the crash, for the sake of the loved ones of the victims and for society at large.

Newcastle fans Liam Sweeney and John Alder were among the victims

"The initial results of the investigation point towards an external cause of the MH17 crash.

"More research will be necessary to determine the cause with greater precision.

"The Safety Board believes that additional evidence will become available for investigation in the period ahead."

The body aims to publish its final report into the crash by next July.

Only 193 of those on board the Malaysia Airlines jet have been positively identified, including Newcastle United fans Liam Sweeney, 28, and John Alder, 63, who were travelling to New Zealand to watch their team play.

A memorial in Kuala Lumpur to the victims of both MH17 and MH370

Forensic teams are still trying to identify remains found in the wreckage of the aircraft.

Most of those on board were Dutch, but there were also people from Malaysia, Canada, Germany, Indonesia, New Zealand, the Philippines and the UK.

The crash occurred just months after the still-unexplained disappearance of Malaysia Airlines flight MH370 in March.

The airliner disappeared with 239 people aboard - 153 of them Chinese - after flying far off course from Kuala Lumpur to Beijing.

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Facebook Value Tops $200bn As Shares Rise

Facebook's value has soared above $200bn (£124bn) for the first time, making it the 22nd biggest company in the world.

The milestone was reached in trading on Monday with the social network's market capitalisation - the total value of its shares - reaching $202.5bn when the Nasdaq closed for business.

Each share was worth $77.89 - more than double the amount demanded per share when Facebook made its troubled stock market debut in May 2012.

Analysts were quick to point out that the valuation was achieved at a faster pace than rival Google, which is now worth double Facebook's value at just over $4bn at current prices.

Google took more than three years to reach the milestone after its flotation in 2004, though its growth was later hindered by the effects of the financial crisis in 2008.

Both companies have since been battling for greater revenue from online advertising - with Facebook benefiting particularly from the rise in mobile devices.

Its stock rose 0.8% on Monday after an internal report highlighted progress in its video business - another advertising growth stream.

Revenue per user for the 3 months to June 30 was $2.21 compared to Twitter's $1.15 for the same period.

Facebook's strategy of buying-up businesses, such as WhatsApp, that could threaten its social network dominance has also reaped rewards for investors.

Among them, of course, is Facebook founder Mark Zuckerberg himself, whose personal wealth has shot up to $34.5bn, according to the Bloomberg Billionaires Index.

Under his leadership, Facebook is looking to grow revenues from developing countries as their access to the internet expands.

It now has 100 million active users in Africa, and 80% of those were using mobile devices.

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Google Hosts 'Right To Be Forgotten' Debate

A panel appointed by search engine Google is holding the first of a series of meetings on Tuesday to debate the balance between privacy and the free flow of information.

It follows a court ruling in May which reinforced the "right to be forgotten" of people living in Europe.

The event in Madrid will be the first of seven in European capitals, as Google struggles with thousands of requests every month to remove information from its search results.

The requests have included serious criminal records, embarrassing photos, instances of online bullying and negative press stories.

By mid-July, Google, which holds more than 80% of Europe's search market, said it had received more than 90,000 requests and accepted more than half.

The European Union's top court ruled it must remove search results if the information was inadequate or no longer relevant.

Wikipedia founder Jimmy Wales is on the panel

Meanwhile, data protection regulators from European countries have been working on guidelines for the search engines, which also include Microsoft and Yahoo!, to ensure that requests are handled consistently.

If a search engine declines a person's request, he or she has the right to appeal to the national data protection regulator. Some 90 such appeals have been filed in Britain, 70 in Spain, 20 in France and 13 in Ireland.

Some examples of link removals have become public because Google notified media outlets such as the BBC and Guardian when their stories were removed from search results.

This prompted claims that Europe's internet was being whitewashed and the press censored.

The advisory council is made up of Google's general counsel David Drummond and chairman Eric Schmidt, plus eight other people from outside the company.

These include Wikipedia founder Jimmy Wales, a vocal critic of the "right to be forgotten", and UN human rights official Frank La Rue.

After Madrid the council will meet in Rome on Wednesday, then Paris, Warsaw, Berlin, London and Brussels.

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B&Q Boss Warns Over Prices If Scots Vote Yes

By Mark Kleinman, City Editor

The boss of Britain's biggest DIY retail group has warned that Scottish consumers could face higher prices than their counterparts south of the border if voters back independence in next week's referendum.

Sir Ian Cheshire, who was among hundreds of business leaders urged by David Cameron on Monday to speak out in favour of the union, told Sky News that a 'Yes' vote would almost certainly mean increased costs for a standalone Scottish business that would be passed on to customers.

Sir Ian has previously warned of an investment hiatus in Scotland, where Kingfisher employs approximately 5,500 people at its B&Q division.

"We think there is a real risk in terms of higher costs, the uncertainty about a currency union and the difficulty of making investment decisions," he said on Tuesday.

"Smaller, more complex markets often mean passing higher costs on to consumers.

"Investment decisions would be on pause while we work out what's likely to happen.

"We are not going to pick up stores and move them south of the border but [a 'Yes' vote] would represent real and significant challenge for our business."

Sir Ian's comments about potentially higher prices echo private warnings by some of the big supermarket groups, although retailers have generally been unwilling to make such comments publicly.

Sir Ian is expected to make more detailed remarks on the issue alongside Kingfisher's interim results on Wednesday.

A number of other prominent executives are also expected to speak out on the issue in the coming days as they respond to the Prime Minister's plea to give public backing to a No vote.

The latest opinion polls indicate that the two campaigns are neck and neck, defying the forecasts of those who had predicted an overwhelming win for the No lobby as recently as a few weeks ago.

Concerns about the potential impact of a Yes vote prompted uncertainty in financial markets on Monday, with sterling falling to its lowest level against the dollar for ten months, and companies with significant Scottish exposure experiencing falls in their share prices.

At Monday's Downing Street gathering, Mr Cameron said that preserving the union was an objective in which business leaders had a critical role to play, adding that it was as a United Kingdom that Britain had fought and defeated Hitler.

Some campaigners believe that a recent pro-Union letter signed by more than 130 businesspeople was counterproductive, although further such messages are planned for the No campaign during the next week.

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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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Apple iWatch To Be Unveiled At iPhone 6 Launch

Apple is set to reveal its next big thing later - tipped to be a smartwatch equipped to monitor health, help manage homes and even buy merchandise.

The smartwatch, which analysts have already dubbed the iWatch, will be Apple's first new product since the iPad almost four and a half years ago.

The computer and software giant is also expected to confirm an updated iPhone model, running the new iOS 8 operating system.

The unveiling will take place at 6pm (BST) at the Flint Centre in Cupertino, California, where Steve Jobs launched the first Mac computer in 1984.

Tents outside the Apple store in London's Regent Street. Pic: Patrick Law

Some 2,500 people have been invited to watch CEO Tim Cook - Steve Job's successor - take to the stage to unveil Apple's latest offerings.

Excited tech fans have already started queuing outside Apple stores to buy the iPhone 6.

The device expected to have a 4.7-inch (12cm) screen feature, compared with a 4-inch (10cm) display on the models released in the past two years.

The new iPhone will be 'bigger and better', it is rumoured

There has been speculation that Apple may also offer an iPhone model with a 5.5-inch (14cm) screen.

As well as a bigger screen, the latest iPhone will reportedly include a mobile wallet feature that will allow users to pay for goods in shops and stores - similar to a contactless payment card.

The iOS 8 operating system will also include two features called HealthKit and HomeKit that are designed to turn Apple's products into a suite of digital servants.

Apple CEO Tim Cook is under pressure to keep innovating

They will do everything from monitoring a person's eating habits and exercise routines to turning on the coffee maker in the morning and turning off the lights at night.

Apple has sold more than 500 million iPhones since the device was first launched in 2007, making it one of its biggest earners.

However, competition from Android devices such as Google, Samsung and HTC has seen the company's market share fall in recent years

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Carney: British Workers 'Deserve' Pay Rise

The Governor of the Bank of England has told the TUC conference that British workers are on track to receive the higher pay rewards they "deserve".

Mark Carney made the comments when he became the third leader of the country's central bank to address delegates at the union organisation's annual gathering, which this year has the slogan: "Britain needs a pay rise".

He said Britain's workforce and trade unions deserved "great credit" for ensuring that the UK is not expected to suffer a "lost generation" of workers as a result of the financial crisis.

He pointed to greater national employment levels at the expense of wage rises to support his argument.

Adjusted for inflation, Mr Carney said pay had fallen by around a tenth since the onset of the crisis but this had ensured that one million more people were in work.

He said: "The burden of the Great Recession has been shared across the UK.

"Profits have been squeezed almost as much as labour costs. Employees have seen their real incomes reduced, but more people are in work as a result."

On the prospect of improved wage growth, he said it would be pegged to productivity growth.

The Bank's latest forecast expects real wage growth to resume around the middle of next year and then to accelerate as the unemployment rate continues to fall to around 5.5% over the next three years.

Mr Carney added: "By the end of our forecast, we see 4% nominal pay growth on average across the economy.

"This is consistent with our inflation target and the economy's potential."

He painted a contrasting picture with the United States and the eurozone, where the unemployment rate is 11%, and again hinted that interest rates would only rise when conditions in the labour market allowed.

Commenting on the speech, TUC general secretary Frances O'Grady said: "Mark Carney recognised the pain felt by British workers from pay cuts deeper than any since the 1920s, and he was clear that Britain deserves a pay rise.

"His strong support for the living wage, not least by making the Bank of England an accredited living wage employer, should be heard across government and the public sector.

"And his caution on interest rates may have been carefully phrased, but showed he understood the worries of households hit by the living standards squeeze."

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San Miguel Waddles Into £2bn Penguin Bid War

By Mark Kleinman, City Editor

The Filipino conglomerate San Miguel Corporation is poised to wade into the £2bn auction of United Biscuits, owner of some of Britain's biggest food brands.

Sky News has learnt that San Miguel Pure Foods, a division of the south-east Asian group best-known for its eponymous beer brand, is one of approximately a handful of parties which are examining a formal bid for UB even as it pursues a listing on the stock market.

UB owns Jaffa Cakes, Penguin, Twiglets and other big-selling snack brands, and is attracting takeover interest from around the world.

Sources said on Tuesday that the Savola Group, a Saudi Arabian food producer, was also potentially interested.

News of the prospective Saudi and Filipino bids comes a month after Sky News revealed that Kellogg had appointed bankers at Barclays to assess an offer for UB.

The Italian confectionery group Ferrero, Ulker of Turkey and the Ontario Teachers Pension Plan, which owns rival biscuit-maker Burton's, have also held talks with UB's owners in recent days.

Blackstone and PAI Partners, the private equity groups, have hired Goldman Sachs and JP Morgan to prepare a sale or stock market flotation of UB, whose other leading brands include Mini Cheddars.

A public listing is viewed as the likelier option, with an announcement possible in mid-October, although a final decision will depend upon the state of stock markets at the time as well as the value of any formal offers received from bidders.

UB's board has engaged Centerview Partners, a leading independent advisory firm, to steer it through the process.

Martin Glenn, the former Pepsico and Iglo Birds Eye executive who was appointed to run UB last year, has been meeting analysts and prospective institutional investors, from whom feedback is said to have been positive.

Mr Glenn has a strong reputation in the consumer goods industry and has focused in recent months on revitalising the core McVitie's brand with new advertising and products.

In 2012, Kellogg was linked to a possible bid for UB's snacks arm, which included Skips and Hula Hoops, but a formal offer failed to materialise before it was sold to Germany's Intersnack.

If UB does get sold, it would be the second industry deal in less than a year involving North American and British companies.

Last year, the Ontario Teachers Pension Plan bought Burton's Biscuits, the owner of Jammie Dodgers and Wagon Wheels, in a deal worth £350m.

Since then, Burton's has been in talks about a merger with Fox's, another major UK-based producer.

UB declined to comment.

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