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


Strategy 'refresh' for Wood

Aberdeen group Wood has unveiled a strategy "refresh" - and boss Ken Gilmartin says the Granite City and wider north-east will be at the heart of it.

Energy Voice reports that the global engineering and consulting company is adopting a tighter focus, targeting priority markets that "best match our competitive strengths".

Mr Gilmartin, who took over as chief executive earlier this year, said the type of "lower risk, reimbursable" projects likely to deliver better profits and returns for shareholders could be anywhere the company can apply its expertise.

Work that fits the bill on the Aberdeen-headquartered firm's doorstep definitely appeals, he said.

Several large energy transition projects planned for the north-east are on Wood's radar.

Profits jump at Ithaca

North Sea producer Ithaca Energy has posted pre-tax profits of more than $2billion (£1.65billion) in its first set of results since its London debut.

Energy Voice says the figures, for the first nine months of 2022, have more than quadrupled on the same period in 2021, when pre-tax income was $463.5million (£383.37million).

Ithaca is a growing North Sea independent, with stakes in six of the 10 largest fields in the UK, having made its initial public offering in London earlier this month.

Building of the year

Quarry Studios in Aberdeenshire has been crowned winner of Scotland's Building of the Year award.

The Press and Journal says the striking structure in Crathie can be found among the trees deep within Cairngorms National Park.

It was designed by, and is the current office of, Moxon Architects and was given its name as the structure lies at the bottom of a former rubbish-tip quarry.

The building was made from traditional materials such as local timber.

Eni move for Neptune?

Preliminary talks have kicked off with an oil and gas supermajor on a deal for Neptune Energy, it has been claimed.

Energy Voice reports that Italian giant Eni is said to be exploring buying the private-equity backed firm, which has a regional base in Aberdeen, for as much as £5billion.

Eni did not immediately reply to a request for comment, while Neptune declined.

Deal date for Bulb

A date has been set for Octopus Energy to complete its deal to buy failed supplier Bulb, despite legal challenges from rival suppliers.

Bulb, which has about 1.6million customers, is currently being run by UK Government-appointed administrators after being bailed out by the taxpayer.

On Wednesday, a High Court judge set a date of December 20 for the proposed takeover to be completed.

But the BBC reports that Mr Justice Zacaroli said legal challenges could still stop it.

Rival suppliers E.ON, British Gas and ScottishPower have applied for a judicial review of the deal, arguing the government's sale of Bulb was not transparent and involved unfair government funding for Octopus.

South Deeside site visit

Plans to redevelop the site of a historic north-east hotel destroyed by a blaze have been delayed to allow councillors to carry out a site visit.

The Press and Journal says the Old Mill Inn at Maryculter was reduced to rubble following a devastating fire in February last year.

But Victor and Audrey Sang, along with business partner Mike French, have unveiled plans to transform the "eyesore" site on South Deeside Road.

They want to build a retail centre along with five homes, an antique shop and a cafe on the grounds of the former hotel and bar.

The trio previously submitted a similar plan to Aberdeenshire Council last year, but it was thrown out by councillors.

They made amendments to their proposal before resubmitting it to the local authority.

It went before the Kincardine and Mearns area committee this week, but councillors unanimously agreed to a site visit before making a final decision.

Councillors said they wanted to get a better understanding of the proposed layout of the development and the impact any potential flooding may have.

More than 100 bank branches to go

HSBC says it will close 114 more branches in the UK from April, as customers using them have fallen significantly since the pandemic.

The bank will try to redeploy affected staff but, about 100 will lose their jobs.

The BBC says banks have closed thousands of branches in recent years as more people bank online and lenders cut costs.

HSBC said it would invest in updating its remaining 327 branches, which include an outlet in Aberdeen's Union Street.

Food inflation soars

Food prices rose at a record rate in the year to November, with meat, eggs, dairy and coffee climbing particularly sharply, new data shows.

Food inflation hit 12.4% - up from 11.6% in October - according to the British Retail Consortium (BRC).

The rocketing cost of energy, animal feed and transport were behind the rise.

BRC boss Helen Dickinson said winter looked "increasingly bleak" as price pressures continued "unabated".

The BBC says the war in Ukraine and Covid have driven up the price of food, energy and fuel over the last year, affecting consumers and businesses alike.

The BRC's index showed that overall shop-price annual inflation accelerated to 7.4% in November, up from 6.6% in October. This is the fastest rate since the index began in 2005.

It added that surging food prices were largely to blame, with fresh food prices up by 14.3%, compared with 13.3% in October.

Immigration laws to be relaxed in Germany

Germany's Government has agreed to relax its immigration laws, with the aim of attracting skilled workers to its jobs market.

The BBC says the cabinet wants a Canadian-style points system to bring in workers who speak German or have relevant skills.

Germany has the biggest economy in Europe, but experts say it needs an extra 400,000 immigrant workers a year.

Turbine installer in trouble

Turbine-installation firm Windhoist is set to enter administration after pandemic disruption and supply-chain issues "severely impacted" the business.

Energy Voice says owner STAR Capital confirmed the decision on Wednesday, after courts heard the Irvine-headquartered firm lacked sufficient cash to pay its employees.

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