What are we doing this morning . Jonathan called it yesterdays news but the stocks will trade higher in the United Kingdom. We are expecting an open up. Hendersono them at earlier who are saying that what is positive now is we will get some clarity. A fast track timetable from David Cameron. We will start to see the devolution of powers whether at the taxation or the regulation being handed up to scotland. Start to debate and january these rules hope to be passed. Dig oh this morning, a few discoveries whether it be 29 or so over the Scottish Border saying please dont add to regulation, own ad taxation. The future is bright when it comes to whiskey. How theve a look at british pound is reacting. Today it is a. 3 . Lets look at it on a two day basis. The biggest move we have seen in a year. We are basically up 1 against the dollar. On the bond market we are seeing how the United Kingdom has opened its morning. The yield is trading higher. Not sure if that has fully updated yet. Market,ok at the stock certain key movers. Rbs up almost 4 . This is the fact that they no longer need to move their headquarters. That could have cost them one billion pounds. Getting extracted and money going back into these equities. Aberdeen Asset Management trading up 1. 3 . But stick a quick look at standard life. 8000 staff, their headquarters were in scotland. Vote, were group weir group up 2. 5 . A big relief for them. We will speak to the chief executive. Sap likely to open downwards. Spending 7tly billion on a Company Called concur. Let me take you back up to edinburgh. Has been covering the story from there. A misty morning in london and edinburgh. Give us the breakdown. Give us the numbers. 55 for the nose is the final result. Fromve inferred heard one of the counting regions. At this time it did 5 of the votes have gone to the no side and the others to the yes of course. The highlands are still reporting. The yes campaigns will not doing as well still not doing as well as expected. Some said that they yes campaign was very close to victory. There were some victories for the yes campaign. Not the same margin they wanted. Sayinger is on twitter thank you and well done to the people of glasgow. It will be interesting to see what happens next. We were listening to the Prime Minister talking about the question that maybe scottish mps no longer have the voice they once did in westminster. How are they viewing that . Interesting, David Cameron saying to the people while talking about that issue, talking about how the settlement that happens with scotland needs to be fair for all and that doesnt just mean to the people of scotland but the people of Northern Ireland, wales, and england. 85 of the u. K. Population live in england. There have been some voices calling for more devolution, more power to england. We have to get more detail on what David Cameron is talking about when he says that england is the missing voice. He is tackling the west lothian question headon. All of this on the same timeframe as there talking about scottish devolution. Saying we hear you to the yes people. They will honor the pledges of more devolution to scotland that were made and those slightly nervy days for the end of the campaign. Thank you anna edwards joining us from edinburgh. Lets get andys take on all of this. One big uncertainty out of the way. We have a general election coming up and we dont know how that will fit together. Eun we have a possible referendum as well. Never a dull moment. It is quite interesting this idea that we will devolve more powers and break up the union. Who will have the tax. You look at Something Like new york and they keep 60 of the revenues. London keeps seven and gives the rest away. If all these requirements. How you treat everyone fairly is hard. It theas three kids and one boy wants a car and the other two come up and say what about me . He says you will all be fairly treated in the longterm but no one can be all treated fairly at the same time. It slightly easy with three of them but now you have all these disparate countries. How are you going to treat them fairly . In,s an outsider looking does that change things for the investor . Powers itdevolve more would be like if you have a big conglomerate and suddenly take develop powers down to the individual units, you create a lot more value. Maybe the same thing will happen if we devolve more power and youre far more responsible. You can go directly between what youre spending and the tax you are raising. Now it is time for our United Kingdom to come together and move forward. A way to that will be a balanced settlement fair to people in scotland and importantly to everyone in england, wales and Northern Ireland as well. U. K. Prime minister David Cameron speaking a little bit earlier about the issues of eva devolution. Lets continue the conversation surrounding this issue. Andy brough joining us. We are facing a general election next year. Tummy but the situation if the labor party wins but not by enough to govern. How govern a bull is the u. K. Going to be . Rnable is the u. K. Going to be . The u. K. Has had the lecture he of always having one party in control. We had a coalition in the 70s briefly but we havent done really brilliantly having one party run it. , they havemany really had one party. Look at what the German Economy achieved by consensus. We would take the german model on that basis. Although we will see no clear leadership, when you look at the countries in europe they are in a similar boat. Maybe you take the best ideas from the parties and say we will work with that. Infighting and you get a more rational base for investors. If it happens in the u. K. You may move away from this boom in happens when new parties replace old governments. Referendum hold such a threat . Is it may be more fearful of changing the status quo . We have a long time to go 2017. 17 area the economy looks in big treble and sooner or later germany will have to say are they going to save the french or save europe . We get closer to 2017 we will see if europe remains sustainable in its current state. Yesterday makeom it more likely to get aggressive rate hikes from the bank of england . When you look at the data in bits if i said to you unemployment has fallen by this amount and people around benefits, what Interest Rate . Four or 5 . Then i say, actually inflation we are in that dilemma. And back to carney, im worried about this miss guidance no guidance. He has navigated a pretty good path. Not panic by rising Interest Rates. I think Interest Rates will stay lower for a lot longer. Data orhink that is politics . I think it is data. What the company definitely needs is wage inflation. That brings higher tax revenues and that can help close the deficit without cutting dramatic spending. He is waiting to see that as is everyone. And the things that have been sold off aggressively, are going when you sit time atop lines of these companies are growing and churning out big dividends. Do you think is this delayed business delayed investments will affect because he said europe could go the wrong way in their minds because many were on board with the no campaign pretty late. Businesses are more worried about what is happening in europe and other markets around the world. Theyre looking at europe and thinking are we going to invest now. More costcutting modes rather than the investment side. Businesses have any excuse. I think it is more to do with europe. Europe was turning to growth. In hans nichols and talk a little bit about the reaction we are going to get. We dont have much yet from the eu. Hans nichols is in berlin. The initial reaction is few phew, thank you scotland. There is a giant sigh of relief, unofficially. Officialt heard any government reaction here from berlin. Brussels as well this afternoon. In some ways the challenge for all these governments that will be drafting statements is how to a firm and congratulate scotland on their vote without going too far on the principle behind that vote. That is the principle of selfdetermination. That brings us squarely to the catalonian question. In two hours there parliament will begin debating a law which will provide for the possibility to call for independence. We need to have anna edwards leave edinburgh and fly straight to barcelona because this story is going to pivot quickly and the scotland story will become the spanish story. And she wouldnt need the umbrella. This doesnt look like nice weather in scotland this morning. Thank you very much. Hans later ink to the day. Lets get back to andy brough. If youre sitting in brussels, youd be looking at the situation and saying we need to help the u. K. , we dont want this referendum story to gain traction. We dont want it to get to the point that the scottish vote. To which is a motion driving a story which could have overcome the rational arguments. Will be good news for the u. K. People want to be empowered. This whole centralization of power that we have seen in england and seen increasingly in the eu has been frustrating because they are paying all their money to central bureaucrats. If youre encouraging more ipitalist tendencies and say will take responsibility for my own actions and i will see a direct relation to the money i earn, at will be good. I think what we perhaps lacked in europe was the hunger and what we have seen in the far east we dont have the safety nets of welfare and you have to and it moree centralized in the european kit economy. It empowers the limbs around you and that will be the news. We can all become rich again. Again. You have heard certain Business Leaders talk about the certainty of the u. K. Leaving the eu. Do you think that story will go away as we come to the yard referendum . Down in camerons court. I think he amazingly devices a formula that keeps the whole of the u. K. Happy that will buy him a lot of time. If europe continues to demand more power and more money, the u. K. Could be a leader here. Linee step is that the Top Companies are not growing. They are not making the revenue numbers they once were. Do you think anything in the wider political story will alleviate . It will encourage people to get out there and become more entrepreneurial. Everyone is on the fence. Tesco has cut its in the dense. Youre seeing a lot of new Companies Like alibaba, facebook , and those companies are growing top line in this new environment. Thank you very much. Andy brough joining us. To break, lets look at the shares of sap. More on that story when we come back. Welcome back to on the move. Trade for the first time on the New York Stock Exchange today. The company shoulders shares at 68 apiece giving and evaluation of more than 107 billion dollars. They could break that ip a record if additional shares are sold to underwriters. The Software Giants founder is stepping down as ceo and will be replaced by the copresident. And sap is buying concur athnologies in a deal valued 4. 4 billion. Hans nichols has more. Why are they buying . They want a piece of the cloud. This is a seattlebased company that manages Business Travel accounts. They want to have a bigger presence in the cloud. 129 per share. Premium from when bloomberg initially reported this is likely to happen. They get a piece of the cloud and that is potentially more scrutiny on our Business Travel expenses. Forow that is not a problem you but for the guys like manus cranny that are jacking up their expenses, this company is trying to flatten that. They won it in the cloud and harmonize. Already are using this software. For sap it represents a bet on the cloud and theyre putting their money where their mouth is. 8. 3enterprise value of billion dollars. Here is what the chief officer told us one month ago. There is no debate in i. T. Anymore the cloud will be the preferred consumption model. Guys may be coming toward you on a shopping spree. What to watch out for. Scurrilous talk about manus. I dont know what youre saying. Talk about what is happening on the other side of the atlantic. Larry ellison will be spending more time racing boats and flying fighter jets. He apparently already had quite a bit of time on the boating front but we dont begrudge any man his yacht. He is doing what bill gates did 14 years ago which is taking a chairman role and will be the chief technology officer. In his place is mark hurd. They will have two ceos. Arrangementf rent for oracle to have two cocos. Thank you very much indeed. Hans nichols joining us from berlin. As we enter the break a check on the market. Scotland rejecting independence how are we trading on that . The pound is up a bit. Not as much as some wouldve expected. Welcome back to on the move. 30 minutes into the trading day. How are things shaping up . Market set . I should say that i under claim to jonathan ferro. I will get hans nichols. I will get my revenge on hans nichols. Scotland andure to why do we care what rbs are saying . Poundave 14 billion exposure overall. Ds as an exposure of 1. 3 billion pounds. Aberdeen Asset Management have 2000 employees so this whole s being possibly transferred and downsized, the potential Economic Cost of one billion pounds that is gone, for now. You doeses leave it work for a generation . Listen to the speech. I spoke to Caroline Hyde earlier, they are doing a deal and spending 7. 4 billion euros. 7 billion on a credit line and they are buying concorde which is an expensive in the cloud. Are they paying too much . Theyre down 3 and not lifting the market. Manus cranny walking you through the market reaction. Lets talk headlines. Referendum was voted no on a knife edge. 55 supported the no campaign. As we bring scotland together let us not well on the distance we have fallen short. Lets dwell on the distance we have traveled and have confidence that the movement is abroad in scotland double take this nation forward and we shall go forward as one nation. Note, there wont be an independence vote today in catalonia. Coordinator. Alibaba is said to be trading in the u. S. Today. Race withming a giant the companys evaluation of a hundred 67 billion. The largest ipo in history. A global record as subsequent shares are sold to underwriters. Britain breathing a sigh of relief as scotland votes to remain a part of the United Kingdom. Some Immediate Reaction coming through. The banks were heavily exposed, many concerned they would shift their headquarters to england. There were foreign currency worries, regulatory worries, tax worries. Now they are saying, this is unusual and there is no need to move our headquarters. Alex salmon, officially the fight is quite isnt quite over yet. Saying, for the moment we arent independent. To move to england it would cost them one billion pounds each. Slightly unnerving that they wouldnt be focused on customers anyway, but of course we would agree with what the scottish have voted for today. We are looking at the bar bill for this morning. I expect that the scottish distilleries are mighty relieved. Jubilant. Re saying they have 29 distilleries in scotland at the moment. Staff. Taff during want to see not this union come to an end. There is no further regulation or taxation on the industry. We spoke to Matthew Beasley this morning and he says what is really good about what cameron came out with today is that i november we will have a discussion on what the tax and spending will be. By january will have legislation. What they dont want to see is scotland able to ramp up their taxation anyway. There is still a little bit of political risk. Is saying weiageo are there and supportive as long as you dont make our lives harder. 8000 staff, headquarters up there. They say there are still some changes yet to come. Thank you very much, Caroline Hyde. Now staying up all night to monitor the situation, jonathan ferro. The hispanic shoulder with them this morning. There texting in. There have been a few here all night including manus crannys expenses. Inre was a relief rally equities. Well talk about that now. You look at the effects market and sterling called this vote 24 hours ago. The effects market moving one way than equities this morning up as much as 4 . Are you surprised by that . I am surprised, its not a usual that you get disconnected markets. When you look at the likes of rbs, there was such a great risk associated based on this vote. If it was yes, what would happen to the head office . All of this uncertainty around the banks, maybe it is not too much of a surprise that there was more caution. In sterling we saw the price within 24 hours. About sterling, we got a yes vote and people are talking about further downsizing of 5 . Yes it moved tie but not as much as some people might think. Barry looking to the bank of england for a hike or the strength of the dollar . The dollar will be key. There is still a little bit of an upside of selling. I think the dollar is going to rule and the biggest thing we can look at now is where the support will be on the downside. It will be a massive levels of sterling. The very interesting thing over the last two months as been about something else. Banks are the central a big player. If we look at the difference of the yields for the u. S. Treasury, the difference between is shrinking dramatically. This was driving the Dollar Strength. We were just seeing Dollar Strength in cable but across the border. A lot of people were contributing to the scottish vote with Dollar Strength. Need to stop talking about sterling and Start Talking about the yen. Back to 1. 09. What is that saying . Its just timing. We have been talking about the yen for so long. Everybody yen was thinking they knew which direction it was heading in the question was when will that make a move . You have the bank of japan which is looking to ease further, the Federal Reserve looking at a first rate hike. It makes the general direction easy to predict. Everybody wondering where the excitement is next. A lot of your clients have squared their short positions in sterling. Do we have to keep looking at the political events on the horizon weston mark horizon . I think that will be the biggest driver. Onleast the chance to vote independence in these regions has been at the forefront the cousin was discussed previously. The last thing sterling needs right now is additional uncertainty. Especially in catalonia. Thats why the seen a spike in spanish bond yields. You, the vote for overnight, is that big enough to put this to bed or do we still look at u. K. Assets with uncertainty . This has to be put to bed now. It will be years before we talk about another vote. Some form of devolution the powers to scotland will be a positive thing for the u. K. People have had the boat and now it is time to use top talking about separation and about working together again. Up in the city of london he is looking on the bright side. Sterling is a it push higher. The sun is coming up and i thought it was foggy out there. You can see the sun cant you . They blacked the place out here. Jon has a better view than me. Alibaba unlocking the door to its riches. Make their highly anticipated debut on the New York Stock Exchange today. If the investment work the risk . Let us also remember why it was right to ask the definitive question, yes or no. Now the debate has been settled for a generation. Or as alex salmond has said, perhaps for a lifetime. David cameron reacting to scotlands decision to stay in the United Kingdom, settled for a generation. I suppose a lot of people would like to believe that is true. Anna edwards is standing by. I am pleased to say that i am joined by a business that will have thoughts on that. Andy green is from a film and contest to strip you should business. Thank you for talking to us. Give us your initial reaction. We were talking earlier and you wanted to further devolved powers to scotland and thats what youve ended up with probably. Wantedted yes because i the ballot paper originally and i thought maybe we would get some sort of reaction for this. Hopefully as westminster parties have come together they will follow through on the vow they offered to the people of scotland. Why did you and Business Leaders vote yes . What was so attractive to businesses like yours . We get a great deal of support already from local Scottish Government and we have free access to the Scottish Parliament and politicians from both sides of all parties, so this degree of access really has supported our business very well and within independence vote, we can get more powers and it kicks out further. Of course there are a lot of risks. Now we will see a lot of conversation taking place around what power devolution looks like for scotland. What sort of things with Small Businesses like to give to westminster about how they want , how they want the governing of business to be done. Some businesses are talking about is that we add further taxation. Do you have any thoughts . I think the most important part is first we have a different debate about how it should go. Of course the various offers that have been made in haste have not been thought through yet. They dont really have a great you love substance. A good number of people will not think or what will actually be put on the table it is important that the conversation is opened to Small Businesses. Scotland saidin that we want Something Different, we want to change. Many of the people who voted no when Something Different as well. Board voices to be heard and read can the country move on. You set the country has been really divided and we were talking about the conversations happening everywhere about this. Really ramping up recently, can scotland move on . Absolutely. We shouldnt give too much emphasis on the division that has been elevated because in our experience and even in our office we had people voting yes and no. If there has been a healthy debate about how we perceive what we do and how we go about it. We have never seen a great deal of division in the small aniness community, rather exciting debate about choosing how we move forward and that doesnt go away with the no vote. Point beforerting we have a much deeper discourse and understanding in our relationship with the u. K. Withd your relationship europe was key. This was actually one of the biggest concerns that we have is because our business greatly supported by the european government. Substantial amounts of Grant Funding and to deliver parts of objectives of the eu. We work very closely with a whole range of countries. Both in business terms and socially as well. Business is really good or members of our company to work for members to come over here and have that discourse. Given that we have an international business, the majority of sales come from outside the eu. That eu funding is highly effective for businesses is in the u. K. Vote, isn over a no england looking to extricate itself from the eu. Are we going to lowes lose that support . Many concerned about the relationship between the whole of the u. K. And the eu. Thank you for talking to us today. Your business based in glasgow. And there is a place called edinburgh. The weather is better in the other edinburgh. Alibaba shares sell as well as the merchandise on its website. Its poised for its debut on the New York Stock Exchange. Welcome back to on the move. The companies on the move this morning. Vivendi is selling its units for more than 4. 6 alien euros 4. 6 billion euros. Exclusive talks for this business, this now leaves telefonica in position to challenge its rival in brazil. Software giants founder is stepping down as ceo and will be replaced to the companies copresident , mark hurd. Oracle allison will become oracles chairman after leaving the company. Sap is paying a 20 premium for the company which gives it a boost in cloud computing. Lets stay in tech land. Alibaba poised for the New York Stock Exchange. The company set and ipo record by raising 21. 8 billion dollars. It priced the top end of the range. This is the story of the street of dreams. This guy jack mock cobbles together 60,000 in 1989. Billion innto 28. 8 this share ipo. The biggest ipo in the tech sector ever. Doing it alone, there are about 6000 millionaires along with him. Least 1oyees own at billion worth of stock. The only thing is, he wanted hau, not to become too which is chinese for to in the bling. It is a derogatory slang term for chinese new rich. Many employees or former employees have already started their own tax startups. Pretty extraordinary that now you have in this town hong jau, all of these people with all of we areney and of course just several hours away from the opening in the New York Stock Exchange. You told me this morning that you thought he would not be there for the bell. No one from the company will be there. That is interesting as well. They will have eight customers of alibaba on the stage instead. They will press the button that leads to the bell ringing. Its kind of consistent with the whole ethos of the company which customer, company, company, investor. A lot of times when you have control of the company in , sometimess hands their investment horizons, their plan for growth is a lot longer cited and even your most alongside it investors. It might be a rocky road because they may not decide to share exactly as much with investors as may some investors are thinking. Which i think is interesting. The other aspect of not being up facebook whenmber zuckerberg at their campus virtually rang the bell of nasdaq this allows jack to and void avoid the embarrassment just in case they dont get that urge they share performance. How bad did zuckerberg feel after that when the share price tanked . We know from people we have been talking to that part of the deliberations last night when they were pricing the shares and decided to stick with 68, they wanted to leave they wanted to see a nice bump in the share price. Market, the. K. Postreferendum victory for the no campaign. Well take a break and see you in a moment. 55 of voters reject independence in this historic referendum. David cameron promises change. The u. K. Prime minister says regions will now get extra powers. The relief rally. European stocks rise to the highest level in more than six years. Good morning and welcome. You are watching the pulse. We are here in london. I am guy johnson