Here are the top business stories making the headlines in the morning newspapers.
Pledge on bank branches
Virgin Money will have branches "as long as people need them", the banking group's finance chief said.
Trends are still moving in the direction of people doing more of their day-to-day banking online, Clifford Abrahams added.
The Press and Journal says that Virgin, which includes the former Clydesdale Bank business in Scotland, has whittled down its UK-wide retail network to around 130 branches.
Last year the axe fell on 12 of its Scottish sites, at locations including Banchory, Wick and Portree.
Its current north-east branches include two in Aberdeen and others in Ellon, Inverurie and Peterhead.
Mr Abrahams insisted Virgin was "sensitive" to Scotland's demography, with some parts of the country rather more reliant on access to local bank branches than others.
He added: "We will have branches for as long as people need them and use them."
Virgin's chief financial officer was speaking after the Glasgow-based banking group announced a large jump in profits.
Big tech groups to face new competition rules in UK
Large tech companies such as Google and Facebook will have to abide by new competition rules in the UK or risk facing huge fines, the Government said.
The new Digital Markets Unit will be given powers to clamp down on "predatory practices" of some firms.
The regulator will also have the power to fine companies up to 10% of their global turnover if they fail to comply.
Besides boosting competition among tech firms, the rules also aim to give users more control over their data.
The BBC approached several of the big tech firms, including Apple, Meta and Google, but received no response.
The Department for Digital, Culture, Media and Sport said that, as well as large fines, tech firms could be handed additional penalties of 5% of daily global turnover for each day an offence continues.
For companies like Apple that could be tens of billions of US dollars.
"Senior managers will face civil penalties if their firms fail to engage properly with requests for information," the Government said.
However, it is unclear when exactly the changes will come into force, as the Government has said the necessary legislation will be introduced "in due course".
Shareholder loan for Awilco Drilling
Offshore contractor Awilco Drilling has secured a short-term, multi-million-pound shareholder loan to fund its operations.
Energy Voice says the agreement with Awilhelmsen Offshore and QVT Family Office Fund is for up to £3.2million.
An interest rate of 10% per year has been agreed. In addition, there is an arrangement fee of 2% on the loan, which will mature on July 1.
Aberdeenshire-based Awilco said the cash will be used for "general working capital purposes".
Despite getting the loan, the future of Awilco remains in doubt with the company poised to lose its only active asset.
It was announced on Wednesday that decommissioning firm Well-Safe Solutions will buy Awilco's WilPhoenix rig for £12.4million.
American stock markets plunge
US financial markets have tumbled a day after the country's central bank levied the biggest interest rate rise in 22 years.
Thursday's sell-off came as worries intensified over how rising prices - and the Federal Reserve's steps to rein them in - will affect economic growth.
The BBC says technology stocks led the falls, which were some of the steepest since 2020.
The Dow index, which includes mainstays such as Apple and Nike, shed more than 1,000 points to end 3.1% lower.
The wider S&P 500 fell 3.6%, while the tech-heavy Nasdaq plummeted nearly 5%.
The losses wiped out the gains the markets had enjoyed on Wednesday, after the Federal Reserve announced it was raising its benchmark rate by 0.5%. That move had been expected.
Analysts said investors were initially relieved that the bank had not moved even more aggressively.
But yesterday's losses suggested that worries remain about whether the Fed will be able to slow economic activity enough to cool price increases without tipping the economy into recession.
Klarna in credit agencies move
Buy-now-pay-later firm Klarna will start telling credit agencies who pays on time and who falls behind.
The firm said the move could help or hinder its customers' ability to get credit for loans such as mortgages.
The BBC reports that, from June, banks and credit-card firms will be able to see people's Klarna habits when making credit checks.
Citizens Advice said buy-now-pay-later "can be like quicksand - easy to get into but difficult to get out of" amid fears it encourages people into debt.
Klarna, the biggest buy-now-pay-later company in the UK, lets customers buy from retailers including Boohoo, H&M and Asos.