Here are the business stories making the headlines across Scotland and the UK this morning.
UK jobs market hit by longest run of staff cuts since pandemic
Businesses have embarked on the longest stretch of job cuts since the pandemic, according to Bank of England data, reinforcing concerns that the labour market is under strain from payroll tax increases and steep rises in the minimum wage.
On a three-month average basis, businesses have reported to the Bank of England that they laid off staff in each period stretching back to July last year, the longest run of redundancies since the late stages of the pandemic in 2021.
The lay-offs broadly coincided with the introduction of the £25billion increase in employer national insurance contributions, that took effect last April alongside a 6.7% increase in the minimum wage, which is also due to rise again this spring.
Bloomsbury gains £70m on promise of two new Sarah J Maas novels
More than £70million has been added to the market value of the British publisher that made its name with the Harry Potter series as it announced the publication of two novels from the “queen of romantasy” Sarah J Maas.
Bloomsbury Publishing said profit this year was expected to be “materially ahead” of market expectations, boosted by the release of the new titles from Maas, who has taken the crown from JK Rowling when it comes to driving the London-based publisher’s fortunes.
The bestselling fantasy novelist has sold more than 75 million copies of her books worldwide in more than 40 languages, all of which have been published by Bloomsbury.
Revolut seeks US banking licence as its wait for UK approval drags on
Revolut has launched an application for a US banking licence as it faces ongoing delays to a full authorisation in the UK.
The digital banking and payments giant said it had applied for a US national bank charter, after talks with the Bank of England to end restrictions on its current UK permit entered their 18th month.
A US licence will allow Revolut to offer personal loans and credit cards, as well as giving it direct access to federal deposit insurance and faster nationwide payment systems.
One in 7 shops in UK has turned cashless in the past year, survey finds
High Street shops are increasingly accepting only card or phone payments, new research suggests, as traders balance security, costs and the needs of customers.
Some 14% of shops have turned cashless over the last year, according to a survey of small businesses by the UK's main ATM network Link.
The findings highlighted retailers efforts to avoid payment charges and tackle security concerns, despite around half of in-store purchases still being made in cash.
New car sales hit 20-year high as electric vehicle share shrinks
New car registrations in February were the highest in more than 20 years but the take-up of electric vehicles is stuck in the slow lane.
More than 90,000 new cars were registered last month, the highest number for the month of February since 2004.
But the market share of new electric cars shrank for the second consecutive month.