Buildup falls flat as Scotland remains in UK

• Scotland decided to remain a part of the United Kingdom in a historic independence referendum. A large campaign had built up a considerable following in the weeks before the election, forcing Britain to make concessions to Scotland regarding powers of taxation and spending. The final vote came in at 55 percent rejecting independence and 45 percent favoring independence.

• In an effort to keep up with technology giants such as Apple and Samsung, BlackBerry plans to offer a lower-priced smartphone called the Passport. The new phone has a 4.5-inch square screen, BlackBerry’s signature physical keyboard and will retail at $599 in the United States – much lower than the $700 pricemark for competing phones.

• Exxon Mobil said it would begin to wind down its drilling projects in Russia to comply with sanctions set by the United States in response to the continued Russian-Ukraine conflict. The world’s largest energy company was drilling an exploratory well in the Kara Sea of the Russian Arctic. The project was monumental in exploring oil possibilities in areas with less technological advances than Western oil companies.

• Alibaba, a Chinese internet retail company, had its initial public offering last week. In an effort to avoid first-day humiliation, the company’s offering price had been conservative. As a result, the price rocketed over 30 percent in the first day of trading. Now, for the winning IPO, the challenge lies in justifying its new value and maintaining high growth.

*All information according to the Wall Street Journal.

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