Here are the top business stories making the headlines in the morning newspapers.
Union claims ScotRail planning 30% cut in services
ScotRail could cause "industrial carnage" with plans to axe up to a third of services during an ongoing pay dispute, a union has warned.
Rail workers' union RMT said the newly-nationalised operator was proposing "a 30% cut in trains" for several months.
Services have been hit by a shortage of drivers after the Aslef union rejected a 2.2% pay rise and balloted drivers over strike action.
ScotRail said it would announce its plans in the coming days.
About 300 services were cancelled on Sunday and dozens still disrupted on Monday as a new timetable was launched.
However, a reduced timetable is now expected to be put in place until the driver shortage is resolved.
Mick Hogg, RMT Scotland organiser, told BBC Scotland: "We're talking about a 30% cut in trains over the piece and to me it can only be described as an absolute shambles.
"We've rejected the ScotRail offer as unacceptable and a kick in the teeth to RMT members who went above and beyond keeping the train services running - particularly during the pandemic."
Mr Hogg said he had recommended that the RMT ballot members for action short of a strike - with any action co-ordinated with the drivers' union Aslef.
Alongside a ballot of UK workers over Network Rail cuts, which closes on May 26, Mr Hogg said it was "safe to say that industrial carnage is days away".
Ryanair ticket prices to increase due to high holiday demand
Plane ticket prices will rise this summer due to high demand for European beach holidays, Ryanair has said.
Airline boss Michael O'Leary said he expected prices for flights to rise by a "high single-digit per cent".
He added that the airline's lower fares were currently driving an increase in passenger numbers, helping the company's recovery from the pandemic.
He said he hoped Ryanair would return to "reasonable profitability" in its current financial year.
New record price for diesel
Diesel prices have hit a new record high as the Chancellor's 5p cut to fuel duty fails to stop carnage in global markets from hitting drivers in the pocket.
The price of a litre jumped to 180.29p this weekend, according to the RAC, which warned the cost of refilling the tank is likely to rise further.
The Telegraph says it means a motorist filling up with 55 litres can expect to pay just over £99 at the pump.
Petrol currently costs 166.65p per litre, a rise of 3% this month and close to its all-time high of 167.3p from late March.
Simon Williams at RAC said diesel's continued surge is in part due to the significance of Russia in the supply chain for the fuel.
Energy bills price cap could be review quarterly
The price cap on household energy bills could be reviewed every three months under new plans mooted by Ofgem.
The Press and Journal reports the energy regulator said that it might insert two new reviews a year, one in January and another in July.
It would help pass on savings from a potential fall in gas prices to customers more rapidly, Ofgem said, and also protect under-pressure energy suppliers from being damaged by the cap.
Around 23million households in Great Britain have their energy prices decided by the energy price cap, so any change will have a huge impact on wallets across the country.
"Today's proposed change would mean the price cap is more reflective of current market prices and any price falls would be delivered more quickly to consumers," said Ofgem chief executive Jonathan Brearley.
McDonald's to exit Russia
McDonald's is pulling out of Russia after more than 30 years of selling milkshakes and hamburgers in the country, taking a possible £1.1billion hit from the decision.
The fast-food giant is seeking to sell its operations, including 850 restaurants with 62,000 employees.
The Telegraph says it is one of the most high-profile retreats by a Western firm since Russia invaded Ukraine in February. McDonald's temporarily halted its business in Russia in March, but yesterday said it will permanently leave.
The company opened its first restaurant in Moscow in 1990, attracting queues of an estimated 30,000 people in Pushkin Square in what came to be seen as a defining moment for the triumph of capitalism after the Cold War.
It said that holding onto its business in Russia was "no longer tenable, nor is it consistent with McDonald's values" despite predicting an up to £1.1billion financial blow from pulling out.
Wheat prices jump
The price of wheat has jumped on international markets after India banned the export of the staple cereal.
The benchmark wheat index rose as much as 5.9% in Chicago - the highest it has been in two months.
The BBC says the export ban comes after a heatwave hit India's wheat crops, taking domestic prices to a record high.