Here are the business stories making the headlines across Scotland and the UK this morning.
World leaders race to prevent new banking crisis
World leaders are to discuss the threat of a new banking crisis in Washington after the International Monetary Fund warned that financial instability risks triggering a global recession.
On Tuesday, the fund said that the risks of financial turmoil have “increased rapidly” in the last six months because of higher interest rates.
The Telegraph says Andrew Bailey, the Governor of the Bank of England, will be giving two speeches on Wednesday in which he will address the market turmoil that brought down Silicon Valley Bank in the US and forced the Swiss authorities to engineer a rescue takeover of Credit Suisse.
The IMF fears that high interest rates are piling pressure onto vulnerabilities that have built up in financial markets since the 2008 credit crunch.
Tupperware at risk of going bust
The brand Tupperware has become so synonymous with food storage that many people use its name when referring to any old plastic container.
But the 77-year-old US company is seeing cracks form in the once revolutionary air-tight sealing business that made it famous, with rising debts and falling sales prompting a warning it could go bust without investment.
The BBC reports that despite attempts to freshen up its products in recent years and reposition itself to a younger audience, it has failed to stop a slide in its sales.
Planet-friendly energy reaches 'turning point'
The world will likely use less fossil fuels to produce electricity this year in a "turning point" for planet-friendly energy, a new report says.
It would be the first ever annual drop in the use of coal, oil and gas to generate electricity, outside of a global recession or pandemic.
As a result, less warming gases would be released during energy production.The authors attribute the expected change to a boom in renewable energy led mainly by China.
Wind and solar now produce 12% of global electricity with enough wind turbines added in 2022 to power almost all of the UK.
Renewables are set to meet all growth in demand this year, the study from energy analysts Ember says.
Watchdog warns there’s no such thing as ‘green’ flying
The advertising watchdog has banned two adverts by Etihad Airways that showed normal aeroplanes presented as “sustainable aviation”.
One of its Facebook adverts last year showed a plane and the words: “We understand the impact flying has on the environment.” It went on to claim that the airline was “taking a louder, bolder approach to sustainable aviation”.
A second advert featured the image of a tray and cutlery along with a promise of cutting back on single-use plastics. The airline, which is based in Abu Dhabi, claimed its planes were the “most modern and efficient” with “a smaller footprint”.
The Advertising Standards Authority (ASA) ruled that both adverts were misleading and had exaggerated the environmental benefits of flying with the airline, according to The Times.
Price support ‘looks too low’ for any new wind farms to get built
The UK Government will fail to secure any new wind farms through a recently launched auction because the financial support on offer insufficiently reflects soaring costs, the boss of SSE has said.
Renewable energy developers are encouraged to invest in Britain by auctions for contracts guaranteeing consumers will pay a fixed price for the electricity their projects will generate.
The auctions, now held annually, are at the heart of the government’s plans to expand offshore wind capacity rapidly this decade. However, Alistair Phillips-Davies, SSE’s chief executive, told The Times that this year’s auction, which began late last month, “doesn’t look like it is feasible. They’ve set the prices at the wrong level and I don’t think they’ll get anything built.”