Here are the top business stories making the headlines in the morning newspapers.

Warning of wave of business failures

A growing number of UK businesses are at risk of going under, as costs spiral and CV19 loan repayments come due, a report has found.

Construction and hospitality are the sectors struggling most, according to insolvency firm Begbies Traynor.

Loan-repayment schedules should be extended to ease the pressure, it said.

The UK Government said it had given businesses an "unprecedented package of support" and increased flexibility in paying back CV19 loans.

In the first three months of this year there was a 19% rise in businesses in critical financial distress compared to the start of 2021, the report by Begbies Traynor said.

Julie Palmer, a partner at the insolvency and restructuring specialist firm, told the BBC that, without further action to help struggling firms, there would be a wave of business failures.

"It's just a case of when the dam holding it back finally bursts," she said.

Fears that Scotland will not have enough electric vehicle charge points

The number of electric vehicle (EV) public charge points in Scotland is growing steadily, but there are fears that expansion will not keep up with massive demand.

Eye-watering amounts of money will have to be invested in charging facilities north of the border in the years ahead to keep the expected surge in numbers of electric cars on the road, reports the Press and Journal.

Scotland may need more than 10 times the current number of EV public chargers to meet demand from motorists.

But proposals for more chargers announced by the Scottish Government earlier this year are much more modest.

There could be up to a million EVs north of the border by the end of this decade, and the existing stock of public chargers numbering just over 2,000 would be swamped by this level of vehicles.

The UK Government wants to see 300,000 public charge points countrywide by 2030 - which suggests Scotland would need around 30,000.

ChargePlace Scotland - the EV charging network north of the border - currently only has just over 2,200 publicly-available chargers, up from just 55 in 2013.

Concern on effect of subsea electricity cables

Lobsters which hatch near subsea electricity cables risk developing life-limiting deformities, researchers have said.

Scientists from Heriot-Watt University at St Abbs exposed lobster larvae to electromagnetism in the lab to see how it affected their development.

They said exposed lobsters were three times more likely to develop abnormalities around the tail and eyes.

Experts said it meant cables must be buried on the seabed.

The BBC says many more cables will have to be laid in the coming years to service the huge number of offshore wind farms which will be constructed in Scotland's waters.

Potential of 33 new UK projects for oil and gas firms

The annual performance review for the UK's oil and gas producers highlighted the potential of 33 new projects, targeting up to 1.3billion barrels, as the UK looks to bolster energy security.

Energy Voice says the North Sea Transition Authority's tier zero session gathers the managing directors of the sector's 22 largest operators to review the performance of the North Sea basin.

This year's summit highlighted that 890million of the 1.3billion barrels could be sanctioned as early as next year, as the regulator pushes operators to rapidly deliver projects, in the interest of UK supply resilience.

It also expects exploration and appraisal activity to return to pre-pandemic levels, with 20 wells per year forecast to be drilled from 2022-24.

Weir winding down in Russia

Engineering giant Weir Group has confirmed it is winding down its business in Russia, following the invasion of Ukraine.

The move comes after the Glasgow-based group announced a full suspension of its operations in Russia last month.

It currently employs 267 sales and service staff there - the majority of whom work in its minerals division.

The company said it expected the loss of sales in Russia to hit operating profits by up to £20m this year.

At the beginning of March, the Scottish Government urged businesses to stop all trading with Russia.

Weir was among Scottish companies which later announced they were pausing activities in the country.

It continues to have about 30 employees based in Ukraine, according to the BBC.

More like this…

View all