Here are the business stories making the headlines across Scotland and the UK this morning.
UK economy shrunk in April as tax rises kicked in
The UK economy shrunk by more than expected in April as tax increases kicked in for employers and British exporters faced huge uncertainty over US trade tariffs.
The economy contracted by 0.3%, with the services sector being particularly hard hit. Economists had predicted a 0.1% fall.
In April, employers' National Insurance rose while energy, water and council tax bills increased for households.
Gold from legendary 1708 shipwreck holding billions of dollars in treasure is seen in new images
More than three centuries after a legendary Spanish galleon loaded with treasure sank off the coast of Colombia, researches have uncovered new details about gold coins found scattered around the shipwreck.
Dubbed the "holy grail" of shipwrecks, the San Jose galleon was sunk by the British navy near Cartagena in 1708, killing most of the roughly 600 crewmembers on board. The ship was believed to be holding gold, silver, gemstones and other treasure worth billions of dollars.
Since its discovery, multiple parties have laid claim to the shipwreck, including Colombia, Spain and Indigenous Qhara Qhara Bolivians who claim the treasures on board were stolen from them. The wreck has also been claimed by U.S.-based salvage company Sea Search Armada, which says it first discovered the wreck more than 40 years ago.
Human-sized Labubu doll sells for more than $150,000
A human-sized Labubu doll was sold this week for a record 1.08m yuan ($150,324; £110,465), according to a Chinese auction house.
The 131cm (4ft 4in) figurine was sold at the Yongle International Auction in Beijing. The auctioneer said it was now the most expensive toy of its kind in the world.
Labubu dolls are quirky monster characters created a decade ago by Hong Kong artist Kasing Lung, which have increased in popularity in recent years after a number of celebrity endorsements.
WPP loses $1.7bn Mars account to rival Publicis
The UK’s largest advertising group has suffered a fresh blow after losing a $1.7billion global media planning and buying contract for Mars to Publicis, its French rival.
The account was put up for review by the American owner, whose brands include Whiskas cat food and Snickers, six months ago as part of a broader appraisal of its advertising and marketing work.
The Mars contract is thought to be worth about 1% of WPP’s global revenue, although it retains other mandates with the confectionery and pet food manufacturer.
Disney and Universal sue AI firm Midjourney over images
Disney and Universal are suing artificial intelligence (AI) firm Midjourney over its image generator, which the Hollywood giants allege is a "bottomless pit of plagiarism".
The two studios claim Midjourney's tool makes "innumerable" copies of characters including Darth Vader from Star Wars, Frozen's Elsa, and the Minions from Despicable Me.
It is part of the entertainment industry's ongoing love-hate relationship with AI. Many studios want to make use of the technology but are concerned that their creations could be stolen.