Here are the top business stories making the headlines in the morning newspapers.
Scottish teacher walkouts
Teacher strikes will go ahead in Scotland on Monday after a deadline passed for a new pay offer to be made.
The Educational Institute of Scotland (EIS) said an improved deal was needed to prevent planned action going ahead.
Unions, councils and the Scottish government met on Thursday afternoon but no new offer was tabled.
The BBC says teaching unions have rejected a 5% pay increase, arguing for 10%. The latest offer includes rises of up to 6.85% for the lowest-paid staff.
The Scottish Government and councils have said a 10% rise is unaffordable and the education secretary urged teaching unions to reconsider their plans for industrial action.
New strike dates at universities
A wave of 18 new strike days are planned across 150 UK universities in February and March, the University and College Union (UCU) has announced.
It said a pay offer worth between 4%-5% made during talks with employers this week was not enough.
But UCEA, which represents university employers, told the BBC the offer is worth up to 7%.
UCU general secretary Jo Grady said the "clock is now ticking" for a deal to be reached.
Big pay cut for Apple boss
Apple chief executive Tim Cook will see his annual pay package slashed by more than 40% this year.
The technology giant says Mr Cook requested the cut after criticism from shareholders.
Apple's compensation committee awarded him a total "target compensation" of $49million (£45.1million) for 2023.
Last year the iPhone maker's shares fell sharply in the face of supply-chain issues and a global economic slowdown.
The BBC says the biggest difference to Mr Cook's pay package is how he will be awarded shares in the firm.
US inflation falls
A drop in energy prices, in particular petrol, is helping to ease cost-of-living pressures in the US.
US inflation was 6.5% over the 12 months to the end of December, down from 7.1% in November, the US Labor Department said.
The BBC says that was the smallest increase in more than a year, and marked the sixth month in a row that the pace dropped.
Some items such as oranges and bananas even saw outright price falls in December compared with November.
But analysts cautioned that the price relief was not spreading from energy to other items as quickly as hoped.
Clothing prices, for example, rose 0.5% from November to December, and were up 2.9% compared with a year earlier.
"Goods deflation isn't broadening out quite as quickly as we expected," wrote Paul Alsworth, chief North America economist for Capital Economics.
Vote on bids for battery project
Shareholders are due to vote on competing bids for the planned Britishvolt battery factory in Northumberland.
The result will decide the future of the troubled site, intended to produce battery packs for electric cars.
It was once touted by former Prime Minister Boris Johnson as a key part of his green industrial revolution.
There are two competing bids for the project, which came close to going into administration in 2022.
Britishvolt's ambitious plans for the site at Cambois, near Blyth, include high-power batteries produced for a lucrative and growing electric car market.
But the £4billion project came close to collapse last year. Construction work was delayed as rising costs took a heavy toll on its finances.
Now, investors in the scheme are looking at two takeover bids.
The first comes from a consortium led by DeaLab group, a company owned by a little-known Indonesian banker.
The second has been put forward by a group of existing shareholders.
The BBC says both bids would value the business at a little over £30million, with commitments to make a further investment of nearly £130million later in the year.
The government has promised funding too, but this will only become available once the project has made further progress.
Local authorities may have to axe services
Scotland's councils face their "hardest spending choices in years" to make up for budget shortfalls, a watchdog has warned.
The Accounts Commission says local authorities may have to axe services as they struggle with inflation, the cost of living and the impact of Covid.
It told the BBC that two-thirds will have to use cash reserves to bridge the £400million gap.
Royal Mail in ransomware attack
Severe disruption to Royal Mail's overseas deliveries has been caused by ransomware linked to Russian criminals, the BBC has been told.
The cyber-attack has affected the computer systems Royal Mail uses to despatch deliveries abroad.
Royal Mail has been warning customers since Wednesday of disruption due to a "cyber-incident".
Its latest advice is for people not to try to send international letters and parcels until the issue is resolved.
Ransomware is malicious computer software that encrypts data and locks up systems.
The ransomware used in the attack is "Lockbit", according to a source close to the investigation.
Computer security firms say the software has been developed and used by criminal gangs with links to Russia.
BBC cyber reporter Joe Tidy has seen a ransom note sent by the criminals to Royal Mail which reads: "Your data are stolen and encrypted."
The ransom demand is expected to be in the millions, although sources close to the investigation say there are "workarounds" to get the system going again.
Ransomware attacks are a persistent threat to organisations around the world over, with attacks happening on a nearly-daily basis.