Here are the top business stories making the headlines in the morning newspapers.
'Significant' costs could scupper Aberdeen bus service
Aberdeen councillors have been advised against setting up a local authority-operated bus service due to the "significant” costs.
At a committee meeting today, councillors will look into steps which would need to be taken to establish a municipal bus company, or local authority-run bus services.
This summer, the Scottish Government gave councils across Scotland the power to "run local bus services in any way they see fit", alongside the existing ability to subsidise existing services in their area.
The intention was to "empower local authorities" and allow them to "respond to their own transport challenges".
But the Press and Journal says Aberdeen City Council officers have recommended elected members against proceeding with the creation of council-run buses "at this time".
UK suffering from stagflation
Firms are not investing, prices are rising and the economy is contracting - a dire economic picture that is set to last into next year, the UK's biggest business group warned today.
The UK could even face a decade of lost economic growth if action is not taken, the Confederation of British Industry (CBI) boss Tony Danker told the BBC.
"We don't have people we need, nor the productivity," he said.
The CBI expects the economy to contract by 0.4% next year.
It marks a downgrade from its previous forecast, with the lobby group saying the UK is suffering from stagflation - a combination of stagnation and soaring prices.
The CBI said Prime Minister Rishi Sunak and Chancellor Jeremy Hunt had succeeded in stabilising the markets in the wake of Liz Truss's mini-budget. But it said that the UK is in recession and that action is now necessary to boost productivity and economic growth in the long-term.
It urged the government to address worker shortages and find ways to "unlock" business investment.
Major investments on the cards for Ithaca
Ithaca Energy is preparing to pull the trigger on hundreds-of-millions of pounds worth of spend should several North Sea projects get the go ahead.
Energy Voice says that if Cambo, Rosebank, Fotla and Marigold are all given the green light the company is projecting near-term capex levels of between £754million and £1.1billion.
All four projects are coming to final investment decision in "12 months or so", said Iain Lewis, Ithaca's chief financial officer.
Companies battle with soaring bills
British Gas has applied to shut down dozens of its business customers this year over unpaid bills as the energy crisis leaves companies battling with soaring costs.
The supplier, which is owned by Centrica, has issued 37 winding-up petitions so far this year, 13 of which have led to the business being wound-up, according to analysis of court records by the Telegraph.
Rival E.ON is recorded as having issued 21 petitions over the same period, seven of which have led to the customer being liquidated.
The pair are two of the largest business suppliers in the market, with British Gas the largest among small to medium-sized companies.
John Lewis the landlord
Retailer John Lewis has agreed a £500milion deal to transform former supermarkets and warehouses into 1,000 rental homes as part of a major house-building push.
The partnership has unveiled a joint venture with Abrdn, the investment company, for its first tranche of rental properties by redeveloping two Waitrose stores and an empty John Lewis warehouse in Bromley and West Ealing, in Greater London, and Reading.
The properties will consist of one, two and three-bedroom flats and will be kitted out in John Lewis furnishings. The company is also expected to be looking at eco-friendly elements, such as heat pumps that could be used to heat homes.
It is aiming to build 10,000 homes within the next decade, many of which will be in redeveloped John Lewis sites - something it said would create a "stable income" for the business as it diversifies away from retail. By 2040, John Lewis has said it will make 40% of its profits outside retail.
The Telegraph says it comes amid what the John Lewis Partnership chairman Dame Sharon White has said is proving a tougher period than the pandemic, as the cost-of-living crisis hammers consumer spending.
O’Leary attacks EU
Ryanair's chief executive has accused the European Union of favouring wealthier long-haul travellers by limiting green taxes to short-haul flights.
Michael O'Leary accused the German, French and Dutch governments of blocking plans to extend a carbon-trading scheme to any flight landing in the EU.
Currently only airlines that fly within the EU must participate in the carbon Emissions Trading System (ETS). Long-haul flights from the US or Asia, for instance, are exempt. The UK has operated a similar scheme of its own since Brexit.
Mr O'Leary told the Telegraph: "It is manifestly unfair that only short-haul flights within Europe are paying 100% of environmental taxes. Long-haul flights continue to be exempt, despite the fact that long-haul flights account for about 6% of passengers but (around) 54% of CO2 emissions.
Avalon decision delayed
Ping Petroleum has moved back its timeline for a final investment decision (FID) on the Avalon oilfield in the North Sea.
The Malaysia-headquartered firm said in August that it anticipated an FID on the field - expected to recover 23million barrels of oil - this year.
However in newly-published accounts for its UK subsidiary, Ping Petroleum said it now expects FID "by Q3 of 2023".
Energy Voice says the firm did not elaborate on why it has pushed back the timeline in the accounts.
Ping, a subsidiary of Malaysia's Dagang NeXchange, has previously said first oil from Avalon is due in Q3 2025. It is not clear whether the new date will move the production target.
Avalon lies 95 miles off Aberdeen in the Outer Moray Firth.
More teachers strikes in Scotland
Widespread disruption is expected at Scottish secondary schools this week as more teachers strike over pay.
The BBC says members of the SSTA and NASUWT unions will walk out on either Wednesday or Thursday, depending on the area they are in.
Move to frozen foods
Households are switching from buying fresh food to cheaper frozen goods as the cost of living bites into budgets, the boss of Tesco has said.
Ken Murphy, chief executive of the UK's largest supermarket, said some shoppers were also swapping pricier red meat for cheaper white protein to save money.
He added that people were using barcode scanners more when shopping to avoid being "embarrassed" at the tills.
Food prices are rising at their fastest rate for 45 years.
In an interview with the BBC, Mr Murphy said shoppers were "managing their budgets much more tightly" and had changed their behaviour by "trading down" to cheaper food and own-brand products.