Here are the business stories making the headlines across Scotland and the UK this morning.
Marks & Spencer’s fashion boss to step down
The fashion boss who led a turnaround of Marks & Spencer’s clothing division is to step down and be replaced by the former chief executive of Boohoo.
Richard Price, who joined the retailer as managing director of clothing, home and beauty in 2020, said he was leaving to pursue a “portfolio” career and “step away from full-time executive life”.
He is to be replaced by John Lyttle, who quit last year as chief executive of Boohoo after a five-year stint, amid claims of “corporate espionage” against the company’s executives.
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Council scales back plans to shut 13 libraries
Aberdeenshire Council has scaled back plans to shut more than a dozen local libraries.
The council had expressed "regret" last year over how it announced the planned closures of 13 library buildings, after a community backlash about a lack of consultation.
Those which had been announced as under threat were in Balmedie, Boddam, Cairnbulg, Cruden Bay, Insch, Inverbervie, Kintore, Macduff, New Pitsligo, Newmachar, Newtonhill, Rosehearty and Strichen.
Amazon fuels AI investment fears as it misses sales forecasts
Amazon missed sales expectations for its cloud computing business, fuelling concerns about the tens of billions of dollars it has invested in artificial intelligence infrastructure.
Amazon Web Services, the cloud computing business, reported fourth-quarter revenue of $28.79billion, below Wall Street estimates of $28.84billion.
The results disappointed investors, who are questioning the huge investment technology companies are making in artificial intelligence products and infrastructure after China’s DeepSeek unveiled a low-cost AI chatbot.
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HSBC considering boosting new CEO’s pay package to £15m
The new chief executive of HSBC, Georges Elhedery, could scoop a maximum pay package worth more than £15m as part of a potential deal being put to its biggest shareholders.
The bank’s remuneration committee is testing whether investors are receptive to an overhaul that would slash Elhedery’s salary but boost his potential bonus payouts and ultimately raise his maximum pay package by nearly 43%.
The move, which is still being finalised and would have to be put to a shareholder vote at its annual meeting in May, has been triggered by the UK’s decision to scrap the EU bonus cap which was introduced to limit risk-taking in the wake of the 2008 financial crisis. The cap previously limited payouts to two times a banker’s salary.