Here are the business stories making the headlines across Scotland and the UK this morning.
Shell to transfer flattened Aberdeen site in bid to regenerate the land
Shell has revealed plans to transfer the bulldozed site of its former Aberdeen HQ in a bid to regenerate the land and boost the energy sector.
Scottish Enterprise is poised to take over the Tullos site with plans to transform it into a thriving industry hub.
The two companies have been working together to come up with ideas for the land since 2023 when Shell launched a £10million scheme to demolish the old headquarters.
Read the exclusive on the P&J website.
Timber firm with branches in Aberdeen and Inverness enters administration
A major timber firm with branches across Aberdeen, Inverurie, Elgin, Inverness, Skye and Thurso has entered administration.
National Timber Group (NTG), the UK’s largest independent timber distribution and processing business, has appointed joint administrators after what it described as a difficult trading period and mounting liquidity pressures.
The Sheffield-based group operates 47 sites across Scotland and England and has a workforce of 1,150 people.
Banking giant to build £10bn tower at Canary Wharf
Global banking giant JP Morgan Chase has announced plans to build a new tower in Canary Wharf, claiming it will boost the UK's economy by £10billion.
The firm said at three million square feet (280,000 sq m), the building would have double the space of Britain's current tallest building, the Shard.
It will hold about 12,000 of its staff and be its most significant presence in Europe, the Middle East and Africa (EMEA).
Heathrow could face £145m rise in business rates
Heathrow airport faces a rise in its business rates bill of as much as £145million by the end of this parliament after changes to the regime announced in this week’s budget.
Rachel Reeves, the chancellor, has introduced a “super multiplier” for business premises valued at more than £500,000 in an attempt to balance the books for rates discounts for small businesses.
Analysis by Avison Young, the real estate adviser, found that Heathrow faces its rates bill rising to £265million by 2028/29 from £120million this year.
Boohoo will not put £150m bonus to shareholder vote
Boohoo shareholders have been sidelined from voting on a proposed £150million share payout for its chief executive in a move that will further inflame tensions with its biggest investor, Mike Ashley’s Frasers Group.
Dan Finley will receive the payout if he successfully turns around the struggling fast-fashion retailer and certain share price targets are met over the next few years. The chief financial officer, Phil Ellis, is in line for £14.8million.
Boohoo has been engulfed in a dispute with its largest shareholder and Finley’s appointment last November was seen as a major snub to Ashley, who had wanted the position himself.