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SIR Angus Grossart, the eminent investment banker who has played a key role in corporate Scotland for 40 years, has predicted that "pragmatism" will emerge among the country's businesses following the independence referendum set for September.

Sir Angus, who co-founded Noble Grossart investment bank in 1969, told The Sunday Times: "If you avoid absolutist views of independence or union, you find ... there are substantial areas of movement and consensus." He did not say how he would vote.

The paper reported that Royal Bank of Scotland, which had Sir Angus on its board from 1985 to 2005, is mulling a plan to merge its Irish business with rivals such as Permament TSB.

Investors suing the Royal Bank of Scotland over its allegedly "misleading" £12.3 billion rights issue appear to have suffered a setback. Argentum Capital, a key funder backing one of the claimant groups, had its stock market listing on the Channel Islands Securities Exchange suspended, the Sunday Herald reported.

American investor Warren Buffett reduced his holding in Tesco by 25% last year, when the retailer faced challenges trying to maintain growth in the UK, the Sunday Telegraph said. Mr Buffett's Berkshire Hathaway cut its holding in Tesco from 5.2% to 3.7% , after selling nearly 115m shares in the company.

A retailer described as Britain's first online pound shop is on course to achieve more than £1m sales in its first year after smashing early forecasts.

The Mail on Sunday said Hereforapound.com achieved sales of £100,000 plus in its first four weeks trading compared with a target of £28,000.

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