Here are the top business stories making the headlines in the morning newspapers.
Deal approved this morning on American debt
The US Congress early today approved a deal to lift the country's borrowing limit, only days before the world's largest economy could have defaulted on its debt.
The measure sped through the Senate by a vote of 63-36 - a day after it cruised through the US House of Representatives.
America will now be spared from a catastrophic default on its $31trillion (£25trillion) of debt.
The sheer size of this debt is difficult for most of us to comprehend. It has been calculated that, if you stacked $100 bills totalling just $1trillion on top of each other, the pile would be 631 miles high.
The BBC says a US default would have limited the government's ability to borrow more money or pay all of its bills. It would also threaten to wreak havoc overseas, affecting prices and mortgage rates in other countries.
Windfall tax ‘not working’
Leading Aberdeen entrepreneur Sir Ian Wood believes the UK Government has been “overly enthusiastic” with the North Sea windfall tax on oil and gas producers.
According to Energy Voice, he said in an interview: “I actually don’t understand why they haven’t revised it, because it’s now obvious it’s not working.”
“A number of developments which otherwise might have taken place have been shelved - and some of the new significant field developments, they’re not going to go ahead either.”
“Our understanding is the government are beginning to realise that.”
North Sea strike
Hundreds of offshore workers are on strike in the latest round of action in an ongoing pay row.
The Unite union said about 850 people employed by Stork and Sparrows across several installations were joining the 48-hour stoppage.
Initially 1,650 workers were due to take part, but workers from another offshore services contractor are not participating due to negotiations.
It follows similar strikes in April and May.
The BBC says more action is scheduled to take place next week.
Seagreen takes shape
Construction of the Seagreen wind project is nearing completion.
SSE Renewables yesterday announced that the 100th turbine had now been successfully installed at the project around 20 miles off the coast of Angus.
A joint venture between TotalEnergies (51%) and SSE Renewables (49%), Seagreen will be Scotland’s largest and the world’s deepest fixed-foundation offshore wind farm.
Energy Voice says just 14 more turbines await installation before this phase of construction is complete.
Impact of new homes proposed in Aberdeen
There been a warning that schools, roads and health facilities will be “overwhelmed” if plans for more than 100 homes in Aberdeen’s west end are given the go ahead.
The Press & Journal says community leaders have urged councillors to send Malcolm Allan Housebuilders back to the drawing board on two sites in Craigiebuckler.
The future of former Hilton Treetops land and the proposals for affordable housing in Braeside Place are hanging in the balance.
Aberdeen’s planning committee have opted to visit both sites next week before a vote.
Rosebank still in approvals process
The Rosebank oil field west of Shetland is still going through the approvals process, project partner Ithaca Energy has confirmed.
Energy Voice says that Ithaca - a 20% partner on the development operated by Equinor – has outlined the current situation. The environmental statement remains with the Offshore Petroleum Regulator for Environment & Decommissioning and is due to be handed back to the main regulator, the North Sea Transition Authority.
Big decline in UK house prices
UK house prices fell at their fastest annual pace for nearly 14 years in May, the Nationwide has said.
The building society said prices in the year to May dropped by 3.4%, the biggest decline since July 2009.
The BBC says the Nationwide also warned that more rises in mortgage interest rates could hit the housing market.
New twist to row over deposit-return scheme
The first minister of Wales has entered the row over the deposit-return scheme.
Mark Drakeford told the BBC he would "dispute" the UK Government's use of the Internal Market Act to stop glass being included.
UK ministers have made the exclusion of glass a condition of their support for a Scottish scheme, arguing that they have responded to business concerns.
They have also warned the Welsh Government that decision will affect its plans too.
In a letter to Mr Drakeford, the UK Government said "we recognise that the need for alignment and interoperable systems across the UK has implications for Wales".
A UK Government source said that means glass needs to be left out of the Welsh scheme too.
Opposition to pylon plans in Sunset Song country
Campaigners are fighting plans to build pylons through the landscape at the heart of the classic novel Sunset Song.
SSEN is consulting on the development of its East Coast 400kV project which is set to feature overhead lines between Kintore and Tealing in Angus.
The company says it is needed to help meet climate change and energy-security targets.
However, the BBC says local people are objecting on both environmental and cultural grounds.
Sunset Song is one of Scotland's best-loved novels.
Published in 1932, Lewis Grassic Gibbon's tale follows a farming family struggling to make a living in the North east.
More shrinkflation in the supermarket
Richmond has shrunk its vegan sausages and bacon products, in the latest example of shrinkflation.
The brand has reduced the size of its meat-free sausage packs from 336g to 304g, and its vegan bacon from 150g to 120g to cut costs.
However the products have been kept at the same price of £2.70 in Tesco, Sainsbury’s and Morrisons.
Asda has maintained the price of the fake bacon strips at £2.70 but cut the cost of the sausages to £2.15 per pack, its website shows.
A Richmond spokesman told the Telegraph: “Unfortunately, like many in our industry we have had to reduce the size of some products in our Richmond Meat-Free range as a result of rising production costs.”
Musk regains world’s richest title
Elon Musk has reclaimed his title as the world's richest person, knocking the boss of luxury goods giant LMVH, Bernard Arnault, off the top spot.
His net worth has soared by £44.44billion since January to £153.24billion, after a rise in the value of his electric car company Tesla.
The BBC says Mr Arnault's fortune has fallen by £19.55billion to £149billion.
He is followed by Jeff Bezos and Bill Gates in third and fourth positions.
‘Unacceptable’ pay offer to college lecturers
A union representing college lecturers has described a revised pay deal from employers as "unacceptable".
College Employers Scotland said the flat cash pay settlement was their "full and final" offer.
But the EIS-Further Education Lecturers' Association said it represented a real-terms pay cut.
The BBC states that the union has previously said that industrial action would be escalated to a national strike without an acceptable pay offer.