Here are the business stories making the headlines across Scotland and the UK this morning.
Aberdeen landmark sells for £5m in 80% price drop
St Magnus House, a landmark office building in the heart of Aberdeen, has been sold for £5million – a dramatic fall from the £23.7m it fetched during the market boom in 2007.
The near 80% drop in value reflects a sharp correction in Aberdeen’s commercial property market, where some prime city-centre assets are now trading at deep discounts – but also attracting renewed investor interest.
Located on Guild Street, beside Union Square, the seven-storey building offers 80,495 sq ft of office space with harbour views and 124 on-site parking spaces.
Read more in the P&J.
River Island eyes rent cuts to stave off collapse
The billionaire founders of River Island are set to force through 100% cuts on some stores after failing to renegotiate with landlords during the pandemic.
The Lewis family have secured a controlling vote in a restructuring process that they will use to cut rents and close stores across their portfolio of 230 sites after struggling to compete with online rivals such as Shein.
The family, who founded the retailer as Chelsea Girl in 1948, will put in place a plan to reduce liabilities after using their personal investment firm to become the top creditor to the group with an exposure totalling £205million.
Click here to read more.
Warm weather boosted retail sales in June
Retail sales rose in June as warm weather boosted fuel and supermarket sales, according to official data.
Sales volumes increased by 0.9% in the month, the Office for National Statistics (ONS) said, external.
Supermarkets reported people buying more drinks, while fuel sales were up as consumers "ventured out and about in the sunshine", the ONS said, external.
Airline chief defends £3.3m pay after backlash
Britain is opposed to rewarding chief executives with the generous pay deals needed to retain top talent, the boss of Wizz Air has said.
József Váradi, who received a pay package totalling €3.8million (£3.3m) last year, spoke out after 28% of the airline’s shareholders voted against its remuneration report on Wednesday.
He said: “There is a kind of an anti-executive pay sentiment in the UK, whether we like it or not. Some people take a different view on social paradigms. But we cannot ignore the fact that executive pay is a matter of retention, and you have to retain your talents in the company."