According to entertainmentwise.com, Mogwai's Stuart Braithwaite has posted a message on the band's website which reveals that the group have finished their new album, but I'm damned if I can find it. Anyway, the mysterious post, whilst apparently concerning itself mostly with current events in the US, does in fact conclude with the words "Our album is finished". And here's another quote from that post:
"I see that there has been a riot in Ohio after the black population of Toledo took exception to a 'Police supervised' Neo-Nazi march. I'm actually watching American news and they are talking about the rights of the Nazi's to march and blaming 'gangs' for the violence! Last week a black man was punched repeatedly in the head by the New Orleans Police officers, an act that was caught on camera and shown internationally. People wonder why the world is incredulous at America's righteous crusades in Iraq and beyond. You couldn't make it up."