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

Breaking: UK inflation hits 11.1%

The Office for National Statistics has just published the latest figures for inflation for October.

They show that prices rose by 11.1% in the year to October, as higher energy bills drove inflation, which measures how the cost of living changes over time.

Higher energy and food bills have caused households and companies to cut back on spending, which has led to expectations the UK will enter a recession at the end of the year.

Chancellor Jeremy Hunt told the BBC that the government will set out its plans tomorrow to help bring inflation under control.

Retailers brace for tough Christmas

Scottish retailers are facing possibly their toughest festive season in a decade amid high inflation and skyrocketing costs, a report has found.

The Scottish Retail Consortium (SRC) reported total sales rose last month by 6.3%, compared with October 2021.

However, adjusted for inflation, the year-on-year change was -0.3%.

The BBC reports that sales volumes in most categories, both online and in store, fell as consumers adjusted to shrinking household incomes.

Donald Trump announces 2024 election campaign

Former US President Donald Trump has launched his third bid for the White House, declaring: "America's comeback starts right now."

At his Florida estate, he said: "We have to save our country."

Mr Trump's announcement comes as some fellow Republicans blame him for the party's lacklustre performance in last week's midterm elections.

Aberdeenshire battery-storage project

Energy-storage developer Anesco has received planning approval from Aberdeenshire Council to build its first battery-storage project in Scotland.

The Press and Journal says the 50 megawatt (MW) project will be built close to Rothienorman, north of Inverurie.

The site is the company's first north of the border and forms part of its portfolio of more than 440MW of new solar and storage projects currently at the planning or ready to build stage in the UK.

Work on the development is expected to get under way next year and to be completed in early 2024.

Row over Dunlin legs

The UK is said to be facing opposition from several European nations for its support of Fairfield Energy's plan to leave the huge legs of the Dunlin oil field in the North Sea.

A special consultative meeting of Ospar, a pan-European body to protect the marine environment, is to be held after opposition was raised by parties including Germany, the Netherlands, Spain and the EU, Energy Voice understands.

Reason for rise in price of drink

The cost of a unit of alcohol in Scottish supermarkets went up by nearly 18% after minimum unit pricing was introduced, a study has found.

The BBC says the average price rose from 56p to 66p in the year after minimum unit pricing (MUP) came into effect in May 2018.

Before MUP, supermarkets tended to have lower prices than convenience stores.

Public Health Scotland found that alcohol costs in supermarkets increased more than smaller shops, meaning that both were at a similar pricing level.

The average price of a unit of alcohol in convenience stores increased from 63p to 67p, a rise of 6.3%.

Licence extension

Orcadian Energy has been granted a one-year extension for licence P2244 which contains its flagship Pilot field, giving it further time to find partners and finalise a development decision.

The second term of the licence was due to expire at the end of November, but has been extended for a further year by the North Sea Transition Authority.

Energy Voice says the licence will now expire at the end of November 2023.

During 2023, the company said it intends to work towards a potential development decision on the 79 million barrel Pilot field, for which it raised £1 million from shareholders in June.

Scottish joblessness up

Unemployment in Scotland increased slightly during the last quarter amid signs of a cooling jobs market, according to official figures.

Between July and September this year, the unemployment rate among those aged 16 years and over was 3.5% - 0.3% up on the previous quarter.

The BBC says that, across the UK, the rate was 3.6%, compared to 3.5% in the previous three months.

Cost of Heinz ketchup soars

The price of some of the most popular branded food items has jumped in just two years, new research suggests, putting further strain on shoppers.

The BBC says Heinz tomato ketchup saw the biggest average percentage increase, with its 460g top-down version up by 53% or 91p, according to Which?

Small Twirls disappear

Cadbury's has removed small Twirls from some Heroes chocolate boxes due to disruption in its supply chain, the confectionery giant said.

Some tubs will now come with two full-sized Twirl bars, rather than the usual miniature ones.

The BBC says it's not the first change to be made to chocolate variety boxes recently.

Earlier this month, Mars Wrigley said it was removing Bounty bars from Celebrations tubs because 40% of people hated the coconut-flavoured treat.

A spokesperson for Mondelez, which owns Cadbury's, said: "We're facing the same challenges that many other food companies have reported in recent months," citing supply-chain disruptions.

£330million bill for Google

Google will pay £330million to settle allegations about how it collects data from users.

The technology giant tracked the location of users who opted out of location services on their devices, 40 US states said.

Google has been told to be transparent about location tracking in the future and develop a web page telling people about the data it collects.

The BBC says it is the largest privacy-related multi-state settlement in US history.

New owner for Tom Ford

Luxury cosmetics firm Estee Lauder will buy designer fashion house Tom Ford in a deal worth £2.4billion.

The BBC says the transaction will be Estee Lauder's biggest acquisition to date.

The US beauty firm already licenses Tom Ford fragrances and cosmetics, and beat off competition from Gucci owner Kering SA to clinch the deal.

Jobs axe now falling at Amazon

Technology giant Amazon has started laying off staff, according to online messages by workers who say they have been impacted by job cuts.

Earlier this week, it was reported that the company is planning to cut 10,000 jobs, roughly 3% of its office total.

The BBC says it comes as thousands of jobs are being shed across the technology industry as firms see sales slow amid growing concerns about an economic downturn.

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