Here are the business stories making the headlines in Scotland and across the UK this morning.

Stewart Milne Group: Workers ‘gobsmacked’ over firm’s collapse

“Scary” and “gobsmacked” were among words used by redundant employees of Stewart Milne Group (SMG) to describe their reaction to losing their jobs.

About 50 of them attended a meeting in the Beach Ballroom in Aberdeen today.

Officials from Unite the Union were on hand to explain what happens now.

Some of it, such as redundancy pay, is defined by statute.

But the ex-SMG workers are also being encouraged to claim protective awards.

Read more in the P&J.

Wage growth slows as UK job market begin to stall

Wage growth slowed again in the UK jobs market but is still outpacing price rises, official figures show.

Pay growth, excluding bonuses, fell sharply from 7.3% to 6.6% in the three months to November.

There are also signs the jobs market is stalling, with the number of vacancies dropping for the 18th time in a row.

Retailers reported the sharpest fall in vacancies despite the sector heading towards the key Christmas trading period.

Inflation risk from Red Sea disruption, warns economist

Inflation is at risk of rising again, according to a leading economist, following attacks on ships using a vital trade route through the Red Sea.

Mohamed El-Erian said while disruption to shipments was not as severe as during Covid, he warned it would push up prices and hit economic growth.

Several shipping firms have stopped vessels using the Red Sea route after attacks by Houthi rebels in Yemen.

Last week, the US and UK launched military strikes against the Houthis.

Dr El-Erian, president of Queens' College, Cambridge and chief economic adviser at financial services giant Allianz, told the BBC's Today programme: "Relative to what would have happened otherwise, we will see higher inflation, higher mortgage rates and lower growth.

"In absolute terms, however, it is nothing compared to what we had in 2021 and 2022. This shock is not going to be as big but it is unfortunate."

Two more supermarket chains cut price of baby formula

Asda and Tesco have joined Sainsbury's and Iceland in reducing the cost of Aptamil baby formula.

Asda also said it will let customers pay for baby formula using their rewards scheme vouchers for the first time.

It comes amid a Competition and Markets Authority (CMA) investigation into formula products over fears they are particularly vulnerable to price shocks.

The CMA found a 25% uplift in price over two years.

Last year, Sky News revealed the desperate measures families were taking to feed their babies because of high prices at the shops during the wider cost of living crisis.

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