Here are the business stories making the headlines in Scotland and across the UK this morning.
Drivers face petrol price hike as Shell suspends Red Sea shipments
Shell has suspended all Red Sea shipments indefinitely in a move that threatens a fresh spike in petrol prices for drivers at the pump.
Wael Sawan, chief executive of Shell, said the company had a dedicated team monitoring the crucial shipping route on a “minute-by-minute” basis after the US and UK carried out counter strikes on Houthi targets in Yemen last week.
The oil and gas giant has halted all crossings over safety concerns that further escalation could place vessels at risk, the Wall Street Journal reported. It is also understood to be worried that a successful attack could trigger an oil spill in the region.
Shell’s decision to suspend shipments comes amid growing concerns that the disruption could spark a renewed surge in inflation.
BT scraps above-inflation price rises for mobile and broadband customers
BT has become the first major telecoms company to scrap controversial above-inflation price rises for mobile and broadband customers – but not before pushing through a final increase this year.
The owner of mobile operator EE has moved to address the pressure on consumers from rising household costs during the cost of living crisis, after telecoms companies were criticised for increasing bills.
The UK’s largest mobile and broadband companies were accused of fuelling “greedflation” after a Guardian investigation last year found they were pushing through above-inflation price rises.
EE said customers will now be told clearly in “pounds and pence” the planned increase to their monthly bill from next year.
Former Aberdeen nightclub owner on brink of administration
The operator of a former Aberdeen nightclub is planning on bringing in administrators as it struggles with “inflation busting rises”.
Rekom, which owned Atik in the city’s Bridge Place, said the last year had been a challenging time for the industry.
It said that tough conditions had particularly affected some of its “larger nightclubs”.
A notice of intention to appoint administrators “for a number of companies within the group” had been filed on Monday, it said.
Apple overtakes Samsung as world's biggest phonemaker
Apple now has the lion's share of the global smartphone market, knocking Samsung off the top spot for the first time in 12 years.
The American phone giant accounted for more than a fifth of phones shipped last year, according to data from the International Data Corporation (IDC).
Samsung took 19.4% of the market share with Chinese phonemakers Xiaomi, OPPO and Transsion following behind.
Smartphone sales have been faltering as many people upgraded in the pandemic.
The IDC reports that almost 1.2 billion smartphones were sold last year - a drop of more than 3% on the previous year. It is the lowest amount sold in a decade, with many consumers tightening their purse strings in the face of economic challenges and high interest rates. Experts predict the market will recover this year.