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


UK unemployment at lowest since 1974

The unemployment rate fell to its lowest level since 1974 in the three months to July, latest official figures show.

The jobless rate fell to 3.6% over the period, according to the Office for National Statistics (ONS).

However, the squeeze on pay remains, with rises in regular pay failing to keep up with the rising cost of living.

When taking the rise in prices into account, the value of regular pay fell by 2.8%, the ONS said.

The BBC says inflation - a measure of price rises - remains at a 40-year high of 10.1%. The latest inflation figure, due out tomorrow, is forecast to be higher.

First production from Evelyn

Tailwind Energy has hit a major milestone in the development of the Evelyn field in the Central North Sea.

First hydrocarbons from the project, a tie-back to the Triton FPSO vessel operated by Dana Petroleum, was achieved earlier this month.

Evelyn, about 110 miles east of Aberdeen, could yield 17.4million barrels of oil equivalent (boe), with an additional 4.4million from a second well.

Energy Voice says Tailwind has a 46.42% stake in the asset.

Gillespie now at helm of Recycl8

Another oil and gas industry big-hitter has joined Aberdeenshire environmental technology company Recycl8 as chief executive.

Mark Gillespie, whose past roles include stints as managing director of Aberdeen companies PDI and Global Offshore, as well as Banchory-based energy services firm Ecosse Subsea Systems, takes over the helm from one of Recycl8’s founders, Ian Skene.

Mr Skene was previously the firm’s managing director, reports the Press and Journal.

He moves into the role of chief technology officer, where he will work closely with the new CEO and wider Recycl8 team to bring the company’s “green” concrete to market.

Oldmeldrum-based Recycl8 works with partners in the waste-to-energy and global construction industries to transform incinerator ash – often destined for landfill – into a low-carbon additive for concrete.

Its ground-breaking technology is expected to help concrete manufacturers reduce their carbon footprint and achieve climate targets.

Serenity well to be drilled

i3 Energy has said it will drill its “company-maker” Serenity appraisal well this month.

The firm, headquartered at Westhill, said it is on track to spud the well in the central North Sea.

There was a recent 25% farm-out to Europa Oil and Gas, in exchange for Europa funding 46.25% of the cost to a gross cap of £15million.

Energy Voice says London and Toronto-listed i3 is hoping for 100million recoverable barrels from Serenity.

Russia’s finances feel the strain

Russia’s budget surplus has shrunk significantly in the latest sign that its public finances are feeling the strain from sanctions and the Kremlin shutting off gas supplies to Europe.

The Telegraph says the budget surplus narrowed to just £1.9billion in the first eight months of 2022.

Russia’s public finances had been bolstered by soaring energy prices boosting revenues since it invaded Ukraine.

But economists warned Russia’s surplus will likely turn to a deficit in September as government revenues are hit by shrinking energy sales to Europe. Revenues from energy could be squeezed further as gas prices continue to slide.

Deltic raising cash

Deltic Energy plans to carry out a fundraising to support its ongoing and future activities.

Energy Voice says the North Sea oil and gas company intends to carry out a share placing and subscription, targeting a minimum of £15million.

It also plans to hold an open offer – whereby its existing backers can increase their stake – aiming for up to an additional £2million.

Jobs to go at Goldman Sachs

Goldman Sachs is expected to lay off hundreds of workers, reports say.

The BBC says the cuts at the financial investment firm could begin as early as next week and impact employees across the company, according to sources.

Goldman Sachs declined to comment, but had mentioned reduced profits in an earning report in July.

"We have made the decision to slow hiring velocity," the company's chief financial officer, Denis Coleman, had said at the time.

The investment bank had warned it might have to cut expenses as the economic outlook worsens.

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