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Lord Smith of Kelvin has stepped down as non-executive chairman of Alliance Trust from today, the investment and financial services company has announced. Lord Smith, who has led the board since 2016, has been succeeded by deputy chairman Gregor Stewart, whose post will be left vacant.

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The owner of one of the largest Harris Tweed producers has handed the firm over to its manager for free. Yorkshire businessman Brian Haggas, who took over Stornoway-based Kenneth Mackenzie Ltd in 2006, said he believed Harris Tweed "should be owned and produced by the islands and any profits should

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