Here are the stories making the business headlines across Scotland and the UK this morning.
Middle East war could spark global recession, say Wall Street experts
A global recession could be set in motion by the conflict in the Middle East as the humanitarian crisis compounds the challenges facing an already precarious world economy, two of Wall Street’s biggest names have warned.
The downbeat comments come as the City braces for another gloomy update on the UK economy, with the Office for National Statistics due to provide an update on how it fared during the third quarter on Friday.
After barely growing during 2023, the UK economy is again expected to be almost at a standstill, according to estimates by City economists. There are also new downbeat figures on the housing market, with UK mortgage lending predicted to show decade-low growth during 2023 and 2024.
In terms of the global economy, Larry Fink, chief executive of the world’s largest asset manager, BlackRock, said a combination of the Hamas atrocities of 7 October, Israel’s resultant attack on Gaza and Russia’s invasion of Ukraine last year had pushed the world “almost to a whole new future”.
Wagamama to reopen new-look Aberdeen restaurant next month, creating 20 jobs
Asian-inspired restaurant chain Wagamama is to reopen its newly expanded restaurant in Aberdeen’s Union Square next month.
The eatery is extending into the former Giraffe restaurant unit next door to meet customer demand, creating an extra 20 new jobs.
Work has started on the “fresh new look” ahead of a reopening on December 3.
Wagamama’s Aberdeen restaurant, located on the first floor of the busy shopping centre, currently has enough space for 115 customers.
Capacity is expected to rise to 195 following the expansion.
NatWest AI chatbot to provide ‘human interaction’ amid mass branch closures
NatWest is to launch an artificial intelligence (AI) chatbot that it claims will provide more human interaction to customers after closing hundreds of bank branches in recent years.
The bot, built using technology from IBM, will employ so-called “generative” AI technology, similar to that of ChatGPT, which can hold human-like conversations with customers looking for information about the bank.
The revamped chatbot will be known as Cora+, building on a current digital assistant that NatWest offers on its websites.
The company’s Cora+ bot will be able to explain details about products and services to customers in a conversational style, offering up links to useful information or services.
Buy Now Pay Later giant Klarna strides towards $15billion float
Klarna, the buy now, pay later (BNPL) finance giant, is setting up a new British holding company as it clears the path to a stock market flotation that could value it at more than $15billion (£12.1b).
Sky News has learnt that the Stockholm-based consumer credit provider has informed investors it has kicked off preparatory work ahead of a listing expected to be launched as soon as the first half of next year.
City sources said at the weekend that Klarna, which employs about 5,000 people and boasts 150 million customers globally, would be ready to float within months if market conditions were accommodating.
Its founder and chief executive Sebastian Siemiatkowski said in August that three key conditions - becoming established in the US, having a sustainable business model and significant growth potential - for an initial public offering (IPO) had been met.