Here are the business stories making the headlines across Scotland and the UK this morning.
Royal Mail fined £21m after post arrived late - Ofcom
Royal Mail has been fined £21million after almost a quarter of first-class post arrived late, Ofcom has announced.
It is the third-largest fine the communications watchdog has ever issued and follows its investigation after Royal Mail missed its targets for both first and second-class post in 2024/25.
Royal Mail delivered 77% of First Class mail and 92.5% of Second Class mail on time in the 2024/25 financial year, which was short of its 93% and 98.5% targets.
Oura, maker of stars’ health tracker rings, valued at $11bn
Oura has announced that it raised $900million in its latest investment round, valuing the health tech business at $11billion.
Oura’s rings, which track sleep, exercise and body temperature, have become a popular accessory among celebrities and sportsmen and women. The business has sold more than 5.5 million devices in its 12-year history, with more than half of those sales happening this year.
It made more than $500million in sales in 2024, doubling its growth from the previous year, and is on track to double revenue to more than $1billion in 2025.
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M&S extends chairman’s tenure in wake of cyber attack
Marks & Spencer (M&S) will extend Archie Norman’s tenure as chairman as it bounces back from a damaging cyber attack that cost the business £300million.
Mr Norman, the former Asda chief executive, joined M&S in 2017 and will reach the end of the maximum nine-year term recommended under the UK corporate governance code next year.
However, the high street retailer said its board was “unanimous in its conviction” that Mr Norman should stay beyond the recommended maximum and said the move had “widespread support” from shareholders. Mr Norman will now remain as chairman until 2029.