Here are the business stories making the headlines across Scotland and the UK this morning.
Major investments in Aberdeen as Council sets Budget
Aberdeen City Council has agreed a Budget that commits £696million to fund council services for the year ahead, including education, social care for children and adults, culture, vital infrastructure of waste collection and disposal, and roads maintenance.
The General Fund Revenue Budget 2026/2027 reflects priorities highlighted through the annual public consultation.
Councillor Alex McLellan, Convener of the Finance and Resources Committee, said: "Aberdeen City Council will continue to deliver the services people expect, whilst also investing in our city's infrastructure and our schools’ estate, ensuring Aberdeen continues to be a place people want to live, work, raise a family or do business."
Morgan Stanley to axe 2,500 jobs despite record revenues
Morgan Stanley is laying off about 2,500 employees, despite reporting record revenue last year.
The banking giant is planning to cut about 3% of its global workforce across its investment banking and trading, wealth management and investment management divisions. The lay-offs were first reported by The Wall Street Journal.
Many of the job cuts were said to have taken place on Wednesday, and were tied to both shifting business and location priorities and individual performance.
Heathrow airport accused of ‘misrepresentation’ over third runway
Heathrow airport has been accused of “misrepresentation” over claims a third runway can be delivered within a decade at no cost to the taxpayer.
A report authored by Paul Mansell, an adviser to the Treasury on infrastructure projects, warned that the government-backed expansion risks leaving the airport and its airlines “holed below the waterline” if it is beset by the same failures as HS2, the troubled high-speed railway line.
Europe’s biggest airport has estimated it can deliver a privately financed third runway and associated expansion for about £49billion, with flights to and from the strip by 2035. Yet the scale of the proposals, much of which will be financed through a significant increase in airline landing charges, has drawn fierce backlash from the likes of British Airways’ owner, IAG, and Virgin Atlantic, which argue that costs per passenger could double.
Britain’s second-biggest housebuilder rocked as ‘Mr Vistry’ exits
Britain’s second-largest housebuilder lost a quarter of its stock market value on Wednesday after the surprise resignation of its executive chairman and chief executive.
Greg Fitzgerald, the charismatic workaholic who built Vistry into what it is, will stand down as chairman in May but will continue to serve as chief executive for up to 12 months, or until a successor is found.
“I’m not short of a few bob and there comes a time when you just think life’s for living,” Fitzgerald, 61, said. “All the work that was required to stabilise the company from the issues we had at the end of 2024 has taken place. The company is in a very good position.”