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

Offshore industrial action continues

Striking North Sea oil workers say they feel “disenchanted” with their jobs, as 48 hours of strike action ends later today.

The Press & Journal says more walk-outs are now expected next month.

Unite the union’s John Boland said members employed by Stork and Bilfinger will take further strike action on May 10 and 11.

Petrofac members will down tools on May 10 and 12.

Unite’s representative said more contractors may join next month's action, but he did not provide details on what firms the workers are employed by.

Around 1,300 workers are involved in the current strike which ends at midnight.

They are seeking an increase in wages and an improvement in their working conditions.

Massive redevelopment at Ardersier

Ardersier, the Highland port used for construction of oil and gas platforms in the 1970s and 1980s, has landed a £300million private-equity deal for its redevelopment into the offshore wind and decommissioning sectors.

Energy Voice says the former McDermott yard is receiving the strategic investment from US firm Quantum Energy Partners as it transforms into a major energy transition facility.

Quantum has named former BP executive Lewis Gillies as CEO of the port’s new parent company, Haventus.

Originally from the Highlands, Mr Gillies spent 20 years at BP, latterly as CEO of the former BP/Rio Tinto joint venture Hydrogen Energy International, including work on the original Peterhead UK carbon-capture-and-storage project which was later cancelled in 2015.

He said the development would support “thousands of jobs” in the construction phase and hundreds long-term.

“The investment will bring jobs and growth to the Highlands economy. Ardersier will provide a vital facility for the deployment of the offshore wind industry and enable the domestic decommissioning of redundant oil and gas assets.”

Scottish recycling plant goes under

A modern recycling plant in Fife has gone into administration only seven months after it opened, due to a lack of waste plastic.

Yes Recycling of Glenrothes, which has 60 workers, is unable to pay its debts because it has been operating under capacity.

Administrator Grant Thornton is looking for a buyer who can retain the business and staffing.

The BBC says Yes Recycling's parent company in Buckinghamshire is not affected.

Concerns about health of global banking system

First Republic Bank customers pulled more than £80billion from their accounts in the first three months of the year, amid concerns about the health of the global banking system.

The US bank says its deposits fell by over 40% since the end of December.

It comes after Swiss banking giant Credit Suisse yesterday revealed the scale of the bank run that triggered its state-backed rescue last month.

The Swiss banking giant said £55.2billion left the bank in the first three months of the year.

The BBC says a series of bank collapses have raised fears of a crisis in the sector.

"With the closure of several banks in March, we experienced unprecedented deposit outflows," said First Republic's chief financial officer, Neal Holland.

"We are working to restructure our balance sheet and reduce our expenses and short-term borrowings," he added.

Most-populous country

India will overtake China to become the most-populous country in the world by the end of this week, the United Nations has said.

India's population is expected to reach 1,425,775,850 people by the end of April, says the BBC.

"China will soon cede its long-held status as the world's most-populous country," the UN's Department of Economic and Social Affairs said in a statement.

Heating of world’s oceans

A recent, rapid heating of the world's oceans has alarmed scientists concerned that it will add to global warming.

This month, the global sea surface hit a new record high temperature. It has never warmed this much, this quickly.

Scientists don't fully understand why this has happened.

But they worry that, combined with other weather events, the world's temperature could reach a concerning new level by the end of next year.

Experts believe that a strong El Nino weather event - a weather system that heats the ocean - will also set in over the next months.

The BBC says warmer oceans can kill off marine life, lead to more extreme weather and raise sea levels. They are also less efficient at absorbing planet-warming greenhouse gases.

More like this…

View all