Retailers' Credit Union To Defy Payday Lenders

By Mark Kleinman, City Editor

Some of Britain's biggest high street names, including New Look and Next, are forming a credit union that will offer staff an alternative to the sky-high interest rates charged by payday lenders.

Sky News has learnt that RetailCure, which has also received backing from entrepreneurs such as Rymans owner Theo Paphitis, is drawing up plans to launch later this year.

The new venture has received start-up funding of £1m and will eventually be accessible to the 4.8 million people who work directly in retail or in related sectors of the economy, half of whom earn less than £8 an hour.

It will be chaired by John Lovering, a veteran retailer who has led buyouts of companies including Debenhams, Homebase and Somerfield.

Mr Lovering is also chairman of the Retail Trust, an industry charity which has been working on plans for the new credit union for some time.

Speaking to Sky News, he said: "The industry feels that we have to find a way of providing a source of cheap, reliable credit for our people.

"The three million in retail and the nearly five million in the wider industry do have a need for low-cost, value-for-money, short-term borrowing facilities, and that's what we as an industry are trying to provide."

Booker and Matalan have also agreed to support RetailCure, while John Lewis Partnership and Wm Morrison have been approached and are expected to provide financial assistance.

The launch of RetailCure comes amid a still-intense political debate about the business model employed by payday lenders, which charge interest rates that work out at more than 5,000% on an annual basis.

The high street chains' credit union will charge interest on a sliding scale from roughly 7% to nearly 28% depending upon the borrower's credit history.

Mr Lovering expects the average loan request to be lower than £5,000, and believes that RetailCure could ultimately become Britain's biggest credit union.

"We think we can build a loan-book of £50m and attract 50,000 members relatively quickly," he said.

Assuming it receives regulatory approval, savers who deposit funds with RetailCure will be protected by the same Government guarantee as that which covers high street banks.

Labour MP Stella Creasy, who has campaigned against payday loans, told Sky News: "Anything that helps people access affordable credit as opposed to some of the legal loan sharks you see on your high streets - the payday lenders and the logbook loan companies - is a welcome move."

Earlier this week, the Church of England unveiled a pilot scheme through which a new credit union network will be piloted in three of its dioceses.

That project is being led by Sir Hector Sants, the former boss of the City watchdog, which since April has had oversight of consumer credit providers such as payday lenders.

Last year, the Archbishop of Canterbury, Dr Justin Welby, said he had told the then boss of Wonga that he wanted to "compete (the company) out of existence".

The remarks sparked acute embarrassment for the Archbishop, however, when it emerged that the Church of England's pension fund was among the investors in one of Wonga's financial backers.

In its annual report this week, the Church Commissioners said they had yet to dispose of the holding because doing so would crystallise a significant loss for its pension fund.

Some industry stakeholders were sceptical about the prospects for RetailCure.

Russell Hamblin-Boone, chief executive of the Consumer Finance Association, which represents short-term lenders, said greater choice was welcome but warned that it faced significant uncertainties.

"What this body will have to do is make sure it complies with very stringent regulations that are applied to financial services.

"I would ask questions around what is going to be the collection policy, what happens if somebody leaves the retailers business still owing a debt, how are you going to collect that?"

RetailCure hopes to launch formally in November.

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Louis Walsh Joins Cole And Cowell On X Factor

Music manager Louis Walsh has agreed to return as a judge on the new series of The X Factor.

The 61-year-old previously said he was eager to join Simon Cowell and Cheryl Cole on the judging panel for the 11th series of the TV talent show but had been negotiating his contract.

However, Walsh has now confirmed he has signed on the dotted line.

In an interview on the Colm Hayes show on Ireland's 2FM, he said: "I knew I was doing the show but I just signed the deal and I'm very happy with it.

Cowell and Cole will join Walsh on the judging panel

"At my age you have to keep working."

There have been rumours that Cole, who is returning after a three-year absence, was not happy about working with Walsh.

Cowell previously said: "I'd love Louis to come back and do the show - it wouldn't be the same without him.

"Other people have different views, so we have to agree on it."

Cole posted this picture with Cowell when she confirmed she would come back

Spice Girl Mel B, who has previously made guest appearances on the show, is said to be the frontrunner for the remaining place on the judging panel.

Walsh said: "It has to be someone I like. I'd love it to be Sharon Osbourne but I don't think it's going to be her.

"There are all sorts of rumours going around.

"I think it could be Mel B from the Spice Girls. I love her and she's quite mad.

Ex-Spice Girl Mel B has been tipped for the remaining place on the panel

"She also did both the American and the Australian versions of X Factor."

Walsh admitted in the interview that becoming a father had "mellowed" Cowell but said he would not be trying to take his title as TV's Mr Nasty.

"I definitely don't want to be the hard guy," he said.

"I'm going to try to be the sunny guy and put all the Irish acts through."

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'Real Action' Needed In Hunt For Missing Briton

The brother of a British man who disappeared while trekking on a paradise island off Malaysia has urged the Government to appeal to local authorities to step up search efforts.

Gareth David Huntley disappeared on Tuesday after attempting to find a waterfall in the jungles of Tioman Island, off the peninsula's east coast.

He told friends at a charity project he had been working with he would return by 2pm that day but he has not been seen since.

A group of volunteers and local people have been into the jungle to search for the 34-year-old but have not found him.

Gareth with his girlfriend Kit

Mark Huntley said "real action" is needed to find his brother.

He said: "We need real boots on the ground in Malaysia. We need real pressure from William Hague at the Foreign Office. So far we haven't heard a word from him or David Cameron.

"Gareth's been missing now for five days and he's alone in the jungle. This was a man working out there as a wildlife volunteer - he deserves our assistance.

"This situation of delayed searches is all too familiar. We call on David Cameron to make just one phone call to the Malaysian authorities and kindly request they step up the search."

Mr Huntley had been volunteering at a Turtle sanctuary

Mr Huntley's mother Janet Southwell, who is on her way to the region, told Sky News the police response has been "incredibly slow" and her son's disappearance is "totally out of character".

"He just would not do it, he knows there are too many people who care and love him," she said.

She has written an open letter to the Prime Minister urging him to "do the right thing" and "make one phone call to the Malaysian leader to insist that they deploy real help to find Gareth before time runs out".

Twenty Malaysian police officers and a search dog are now involved in the search.

One of his friends who is in the area and doing what he can to help is Kyle Neo Kai Fu, who told Sky News he is certain his friend is alive.

"He knows a lot of things about self-sustainability," he said. "I think he's a survivor."

Survival expert Ken Hames told Sky News there are "lots of hazards" in the jungle apart from heavy rain.

"You've got deadfall from trees that have rotted, you've got hornets … quite a lot of things to contend with."

A file picture of a beach on Tioman Island

According to one of the accountant's close friends, Malaysian authorities have so far failed to conduct a thorough search.

Sophie Wilson told Sky News: "Nothing has come from the authorities. As far as we're aware, the police were informed and haven't been doing anything. They've been incredibly lethargic.

"They've said they're performing a search but all evidence on the ground suggests they're just not taking this seriously."

Kyle Neo Kai Fu and Gareth Huntley

Mr Huntley, from east London, had been working as a volunteer at the Juara Turtle Project, a conservation charity on Tioman Island.

One of the other volunteers, Charles Fisher, said police were informed the day after he went missing but did not actively begin searching.

A Foreign Office spokeswoman said the local embassy was aware Mr Huntley was missing and was offering support.

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Twitter Hunt For Hidden Cash Reaches The UK

A Twitter phenomenon that encourages followers to go on a treasure hunt to find hidden envelopes of cash has hit the UK.

A mystery benefactor is using the Twitter account @hiddencash_UK to tweet clues to finding envelopes filled with a £50 prize.

Photos of locations are posted along with the clue and the first to reach the hiding place wins.

The winners then tweet a picture of themselves posing with the money.

The phenomenon, which started in the US last week, has now gone viral. 

There have been winners in Manchester, Leeds and Sheffield. Pic: @travisjr

Since tweeting for the first time on Tuesday, @hiddencash_UK has attracted almost 18,000 followers.

In an anonymous interview with Sky News, the man behind the account said he was inspired by what he had seen in the US and was in a position to bring the idea to the UK.

He said: "There's no point just having money sitting around doing nothing. It's good to just get it out into the community and see how people use the money they find."

The donor says he likes seeing where the money goes. Pic: @harry_mckeown

He said the system was "much more satisfying" than giving money to charity.

"When it's a big corporation, you don't actually see where your money goes to. If I was to donate £50 to a big charity, as soon as I've donated, it's gone. I don't know what's happened to it.

"With this, it's very interactive. I get to see the person's face when they tweet it in. They're very happy and I get to see first-hand what they do with it, so it's much more satisfying for me."

Followers in the US have won $100 (£60) or more. Pic: @mattypatty513

The benefactor admits he cannot control where the money goes and it may fall into the hands of someone who is better off than him but he says that is all part of the experiment.

So far, winners have tweeted about donating the money to a donkey sanctuary and a women's charity.

One winner tweeted: "Keep up the amazing work."

The US-based @HiddenCash account has attracted more than 379,000 followers.

In media interviews, the account's creator said his giveaways are a "social experiment for good".

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Saturday's National Newspaper Front Pages

THE PAPERS' TOP STORIES

:: Daily Mail

Hundreds of taxpayers are being sent letters by HM Revenue & Customs asking why they are paying less tax than expected.

:: The Independent

Millions will have to change the way they use the internet following a landmark court ruling that allows people to ask Google to take down personal information.

:: The Daily Telegraph

A poll predicts that the majority of people who voted for UKIP in the recent European elections would do the same at a general election.

:: Daily Mirror

A man has been given a restraining order after bombarding Countdown star Rachel Riley with messages on Twitter.

:: Daily Express

House prices will soar by at least 12% in the next year, economists are predicting.

:: The Guardian

The days of scandal, militancy and drinking at the Police Federation are over, according to the body's new leader.

:: Financial Times

The European Central Bank is poised to cut interest rates and boost lending to small businesses to try to avoid the threat of Japan-style deflation.

:: Daily Star

Coronation Street actress Georgia May Foote was involved in a real-life 999 drama after collapsing on set.

:: The Times

Political leaders have joined the fight to save a Sudanese woman given a death sentence for marrying a Christian.

:: The Sun

A motorist was seen driving down the M1 for 10 miles while reading a book.

:: Watch the Press Preview on Sky News every evening at 10.30pm and 11.30pm. Saturday night's preview features journalist and author Nichi Hodgson and Conservative MP Rehman Chishti.

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Web Troll Sent Death Threats To Countdown Star

A man who sent hundreds of tweets to Countdown presenter Rachel Riley and Coldplay's Chris Martin has been ordered not to contact the two celebrities.

Anthony Wells, of Chelmsford, Essex, admitted harassing Riley with distressing messages including death threats on Twitter.

The Crown Prosecution Service (CPS) said a second charge of similar harassment against Martin was not pursued following Wells' admission.

The CPS sentenced Wells to a hospital order under the Mental Health Act.

A restraining order has also been imposed to protect the two stars.

Coldplay's Chris Martin was the target of harassment on Twitter

Punam Malhan, the East of England Crown Prosecutor, said: "Everyone should be able to go about their daily lives free from harassment caused by someone deliberately making offensive, violent messages about them on social media.

"We take allegations of this kind very seriously and especially where there is evidence of a course of conduct which causes fear or distress to someone, regardless of whether a victim is in the public eye or not."

He added: "Martin indicated that a plea to the charge involving Riley would be acceptable to ensure that Wells gets the medical help he needs.

"He was content for us to not to proceed in relation to the remaining charge."

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Explosions Carried Out On Suspicious Car

A bomb disposal team has carried out a number of controlled explosions on a suspicious car in a Bristol street.

Police were called to Cassell Road, in the Fishponds area of the city, around 4am.

Officers said the car smelt strongly of fuel and could be linked to "an ongoing dispute".

A 200-metre cordon has been set up and around 460 homes evacuated, with many residents moved to a rest centre set up at a nearby school.

A spokesman for Avon and Somerset Police said: "The Explosive Ordnance Disposal team was called to the scene and carried out several controlled explosions on the vehicle.

Bomb disposal experts

"This is a normal operational response to incidents of this nature."

Completing their search of the vehicle, police said there was no indication of explosives being found inside the car.

However, there remains a large police presence while officers continue their investigations.

Cassell Road was sealed off by police

It means residents have been unable to return to their homes.

Chief Superintendent Geoff Spicer said: "At this stage we believe this is an isolated incident and could be linked to an ongoing dispute and we are progressing with lines of enquiry."

He added: "We are hoping to get all the affected residents back into their homes as soon as possible and I would like to reiterate my sincere thanks and gratitude to residents for their support and assistance.

"I am heartened by the local community's response and I have seen residents, local businesses and the local school all helping each other out.

"As the investigation is continuing, I would encourage anyone who saw or heard anything suspicious in the Cassell Road area yesterday (Friday) evening, or the early hours of this morning, to come forward."

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Edinburgh's Long-Awaited Trams Hit The Tracks

The Scottish capital's newly-finished trams have taken their first paying passengers, marking an end to a long-running saga over ballooning costs and massive construction delays.

Trams trundled through the streets of Edinburgh for the first time in 58 years on Saturday as the new service was opened to the public.

The line, which runs from Edinburgh Airport to York Place, left Gyle shopping centre at 5am bound for the city centre.

One enthusiast holds a sign from the old tram system that ran until 1956

The sight of the trams on the city's streets will come as relief to many who have witnessed six years of disruption and delays, in part due to a bitter dispute between the council and the contractor.

The controversial project was due to have been in operation by 2010 and was initially planned to be considerably larger.

However, spiralling costs meant it was slimmed back to just one line. 

The controversial project saw costs double

The project ultimately cost £776m, double the figure originally anticipated, leading to calls for a public inquiry.

Those involved in the scheme now hope the controversy is behind them.

Edinburgh City Council transport convener Lesley Hinds said: "The tram project has been hugely challenging for the people of Edinburgh but now there seems to be a growing positivity in the city about the start of a brand new transport service.

Not everyone in Edinburgh has been disheartened by the delays

"I know from first hand experience how trams can transform and enhance a city and I'm determined Edinburgh should make the very most of the opportunities ahead."

The service costs £5 for a single trip from the airport and £8 for a return.

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Hat's Too High: France Changes Car For Queen

The Queen's large hats have led to a hasty change of plan by the French government over what car she should travel in during next week's trip to Normandy.

There have been months of preparations for Her Majesty's official visit to France, as part of the 70th anniversary of the D-Day landings on June 6.

She had been due to travel in President Francois Hollande's low-roofed official Citroen DS5.

But the Elysee Palace then realised the Queen would not be able to sit upright in the back of the car or the larger C6 model without squashing her headwear.

The presidential fleet does include people carriers that have more space but these were seen as being unfit for the British monarch.

The Renault Vel Satis car that ex-president Sarkozy used

As a result, the Elysee Palace has now chosen a Renault Vel Satis which had been mothballed.

It is 62.2 inches high - 2.6 inches taller than the 'compact executive' DS5.

The Vel Satis was a commercial failure for Renault and production was halted in 2009 after just seven years.

The model provided for the Queen is an armoured 3.5-litre V6.

Mr Hollande had picked the mid-size DS5 model as a symbol of his "normal" presidency to counter the flashy image of predecessor Nicolas Sarkozy.

The president first travelled in the car for his 2012 inauguration where he was soaked on an embarrassing open-topped drive up the Champs Elysee.

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Body Found In Search For Missing Dorset Nurse

Police investigating the disappearance of a nurse who went missing from the hospital where she works have found a body in the boot of a car.

Detectives "strongly believe" the body is that of 44-year-old Rui Li, who was last seen leaving Poole Hospital in Dorset at around 6pm on May 23.

Two men, a father and son aged 60 and 26, are being questioned on suspicion of murdering Ms Li, from Boscombe in Bournemouth.

The body was found "concealed within a silver Fiat Punto" along Verwood Crescent in north Bournemouth, a spokesman for Dorset Police said.

The street in Bournemouth where the body was found

Detective Inspector Marcus Hester told Sky News they believe the car was left there sometime on Wednesday morning and Ms Li's body has been moved a number of times since she died, which was either on the Friday she went missing or the next day.

He added: "This is the start of a long investigation and we need a lot of detail. We know that Rui Li worked as a nurse at Poole General Hospital and she left that work at 6pm last Friday.

"What we don't have is a lot of information about her private life, her friends and her family or anybody that generally knew her through work.

"Therefore I'm appealing for them to come forward so we can build a full picture as to her life."

Rui Li's car was seen on CCTV leaving Poole Hospital on May 23

Specialist officers are forensically examining the vehicle and the surrounding area, which is some four miles from Ms Li's home in Burnham Drive.

Experts have already examined Ms Li's house.

Her distinctive Porsche Boxter, with the personalised number plate L1 RUI, was found outside a property in Wolverton Road.

Several vehicles have been seized.

A Ford Connect van which police wish to trace as part of their inquiries

In a statement released by police earlier this week, her 18-year-old daughter Lu Yao appealed for information about her mother's whereabouts and urged her to get in touch, even if she "just wanted to get away".

"My mum is a very conscientious and caring nurse and never lets anyone down, Miss Yao said.

"She is a very loving mum, supporting me with my studies from when I came to the UK from China.

"She prides herself on her timekeeping and my mum has never gone missing before.

Ms Li worked as a nurse at Poole Hospital

"This is completely out of character and I'm very worried. I really miss her and I just want her home."

Ms Li moved to the UK from China a decade ago and started working at the hospital in 2009.

Her next of kin has been informed.

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