Here are the top business stories making the headlines in the morning newspapers.
'Opportune time' for North Sea project
Malaysia's Dagang NeXchange has said 2022 is an "opportune time" to press ahead with a new North Sea development as commodity prices surge.
The company owns Ping Petroleum, operator of the Avalon field, and said that on the back of Brent Crude surpassing $100 a barrel Ping "will directly benefit due to higher average selling prices, resulting in an increase in profitability".
DNeX added: "It is an opportune time for Ping to monetise the attractive reserves in the Anasuria Cluster and execute the development of our greenfield asset, such as Avalon Oil Development."
Energy Voice says that Ping, which re-registered as a public company last month, struck a deal last year to bring its holding in Avalon to 100% - acquiring the 50% non-operated share held by Summit Exploration and Production.
Old police HQ in Granite City is sold
An Aberdeen building which served as a police headquarters for more than 45 years has been sold to the city council, reports the BBC.
Queen Street police office in the city centre was built in the early 1970s for the formation of Grampian Police in 1975.
Its disposal was agreed in 2020 by the Scottish Police Authority board.
Police Scotland said the police-owned parts of the Queen Street building had been sold to Aberdeen City Council. No value for the deal has been made public.
The wider Queen Street area is earmarked for a new urban residential quarter.
Warning on global warming
The breakneck speed of global warming exceeds the pace of efforts to protect billions of vulnerable people, according to a new report by the world's top climate scientists.
Bloomberg says the study warns of a growing mismatch between rising temperatures and slow, fragmented efforts to adapt, leaving little time for catching up before "a brief and rapidly-closing window of opportunity" is sealed shut.
"With fact upon fact, this report reveals how people and the planet are getting clobbered by climate change," said UN Secretary-General Antonio Guterres, calling the 3,500-page document "an atlas of human suffering".
This is the second doorstop document released in less than six months from the United Nations-backed Intergovernmental Panel on Climate Change.
Researchers in the latest volume focused on the unpreparedness of nations to cope with climate instability and compounding stressors from higher temperatures, now at 1.1C above pre-industrial levels.
Troubled McColl's in talks with lenders
Shares in McColl's lost more than half their value yesterday after the convenience-store group confirmed it is in talks with lenders to prevent a collapse into administration, reports The Grocer.
The company, which employs about 16,000 staff and runs 1,100 newsagents across the UK, has been hit hard by supply-chain disruption and lack of availability in recent months, issuing a number of profit warnings in 2021.
A statement yesterday to the London Stock Exchange followed a Sky News story on Saturday that McColl's is working with advisers to find a buyer for the group or third parties willing to inject fresh cash into the business.
City sources told the news organisation that McColl's had "a matter of weeks to secure new funding", with millions of pounds of its bank debt being sold to hedge funds and "few obvious options to guarantee its future".
McColl's said it had received the necessary agreement to roll forward its financial covenant test periodically, and continued to receive credit support from its key commercial partner to enable the discussions with its banks.
Shares finished the day down 63% at 2.57p.