Here are the top business stories making the headlines in the morning newspapers.


Scottish output down again

Scottish firms have been warned of an "extremely difficult period" ahead, after a survey suggested output slowed for the third time in a row last month.

The warning from RBS came as its latest purchasing managers' index found firms struggling to bring in new business.

The BBC says the downturn in new orders in October was the most severe in 20 months.

Respondents noted that economic uncertainty, threat of recession and the cost-of-living crisis had "weighed on client activity".

Private sector firms also reported a "reacceleration" of inflationary pressures on their businesses.

However, despite its severity, the pace of input-price inflation was softer than the UK average.

The uptick in average costs was attributed to higher wages and utilities, the cost of living crisis and general inflation adding strain on costs.

Call for end to advertising in sport north of the border

Former First Minister Henry McLeish has urged the Scottish Government to end alcohol advertising in sport.

The BBC says new research found the country has more drink-related adverts in top-level football than most European leagues.

Half of the country's premiership teams have at least one alcohol company as a main sponsor or partner.

The Scottish Government confirmed a public consultation on possible restrictions to alcohol advertising and promotion will be launched soon.

Mr McLeish's intervention comes after the Scottish Health Action on Alcohol Problems found only Belgium had a higher proportion of such adverts than Scotland.

No more money for pay deals

Scotland's Health Secretary has warned he does not have more money for pay deals despite the threat of strike and industrial action across the NHS.

Humza Yousaf also told the BBC yesterday that contingency talks had taken place with the Ministry of Defence.

He was speaking after GMB Scotland confirmed ambulance service workers will stage a 26-hour strike starting at 6am on November 28.

Temperature target may be missed

A key target to stop climate change raising global temperatures is now in doubt at the COP27 summit.

Climate change talks have been trying to limit the average rise in temperatures to 1.5C.

But, at talks in the Egyptian resort of Sharm el-Sheik, there are concerns that target will slip.

The BBC says there is a sense the Egyptian presidency is struggling to find common ground between rich and poor, and some delegates fear the focus on 1.5C may be softened to find agreement.

Savile Row tailor could be sold

Sports Direct owner Frasers Group is reported to be close to securing the purchase of Gieves & Hawkes, the historic Savile Row tailor.

Frasers Group is said to be in advanced talks to buy the 251-year-old firm.

The retail giant, which was founded by Mike Ashley, emerged as a potential buyer of Gieves & Hawkes in September.

The BBC says Frasers Group would not officially comment on the report.

Gieves & Hawkes, which has its HQ at Number 1 Savile Row in London - one of the world's most famous fashion addresses - is one of the oldest bespoke tailoring companies.

But it has faced uncertainty ever since its Hong Kong-based owner collapsed into liquidation last year.

Frasers Group has snapped up a number of troubled brands in recent years, including the collapsed fashion retailer Missguided in June.

It also taken over Game, Evans Cycles, Jack Wills and Sofa.com in similar deals.

FTX files for bankruptcy

Embattled cryptocurrency exchange FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.

Former boss Sam Bankman-Fried has also stepped down as chief executive, the company said.

The BBC reports it is a massive turn of fortunes for the 30-year-old, who had headed the world's second-largest crypto exchange.

In just over a week, his FTX empire has collapsed, shaking confidence in the already-troubled crypto market.

"I'm really sorry, again, that we ended up here. Hopefully things can find a way to recover," Mr Bankman-Fried, nicknamed the King of Crypto, wrote on Twitter.

"I was shocked to see things unravel the way they did."

Mr Bankman-Fried had been one of the stars of the crypto scene, drawing comparisons to investment magnate Warren Buffett, with a net worth estimated at more than £12.8billion just last Monday.

Insurance red tape row

The Bank of England is facing a fresh row over the speed of post-Brexit reforms after saying insurance red tape cannot be torn up for at least two years.

The Bank's Prudential Regulation Authority (PRA) has told insurers that key aspects of Solvency 2 reform will not be implemented until at least early 2025 to ensure an orderly transition away from the current rulebook, according to documents published last week.

The Telegraph says the prolonged timeline has drawn criticism from senior Tory MPs, who are concerned that regulators are moving too slowly in axing swathes of EU-era regulation.

Jacob Rees-Mogg, the former Business Secretary, said: "The PRA is a consistent obstacle to reform and continues to drag its feet. It is holding back investment and reducing the UK's competitiveness."

$100million to Dolly

Country music star and philanthropist Dolly Parton has been awarded a $100million (£84.8million) prize by Jeff Bezos.

The BBC says the multi-billionaire founder of Amazon announced the award alongside his partner, Lauren Sanchez.

Ms Sanchez described Ms Parton as "a woman who gives with her heart and leads with love and compassion in every aspect of her work".

The Bezos Courage & Civility Award recognises leaders who "pursue solutions with courage and civility".

"We can't wait to see all the good that you're going to do with this $100million award," Ms Sanchez said.

More like this…

View all