Here are the stories making the business headlines across Scotland and the UK this morning.
Gas price falls as fears of winter shortages ease
European gas prices have hit their lowest level in four months as high storage levels and hopes for a mild winter ease concerns about shortages.
The Telegraph reports that storage facilities across the EU are now 92% full, according to the latest available data, far exceeding the bloc’s target of 80% by Nov 1.
In another boost, early long-range weather forecasts have predicted that although a cold snap in December is likely, temperatures this winter overall are expected to be milder than usual.
It prompted the European benchmark price for gas to fall further to €118 on Tuesday, the lowest level seen since June and dramatically down from August’s peak of €339.
Chancellor may consider extending Energy Profits Levy
Jeremy Hunt is eyeing a raid on bank and energy company profits to reduce the need for deep spending cuts.
Allies of the chancellor told the Financial Times that he was likely to target extra cash being made in the City and by oil and gas giants after dropping Liz Truss’s opposition to windfall taxes.
An existing levy on oil and gas companies is likely to be extended beyond 2025, and a bank surcharge of 8 per cent on top of corporation tax is being looked at.
Loganair returns to profit as Bond brothers look to sell
The airline serving Scotland’s islands and remote airports has returned to profit as its owners continue to look to sell the business.
Loganair said the easing of coronavirus restrictions had helped its financial performance, with passenger numbers rising 288 per cent to almost 980,000.
That helped it book a near £5million pre-tax profit on turnover of £161million for the 12 months to March 2022, according to The Times.
Mortgage rates hit fresh 14-year high
Average mortgage interest rates are the highest they have been since the 2008 financial crisis, data suggests.
While U-turns in UK government policy are expected to calm markets and ease pressure on mortgage rates, this has not fed through to consumers yet, according to research from Moneyfacts.
The average rate for two-year fixed rate loan rose to 6.53% on Tuesday, Moneyfacts said.
That was the highest rate for such a deal since August 2008, according to the BBC.
'Sliver' of growth in Scottish shop sales
Retail sales showed a "sliver" of growth in September with a real terms rise of 0.8%, according to new figures.
The data, released by the Scottish Retail Consortium (SRC) and KPMG, showed total sales were also up on the same period last year.
However, the organisations said progress had been "wiped out" by soaring inflation.
They warned customers were "battening down the hatches" ahead of a "winter costs crunch".
Sale of Charles’ Balmoral print to go through roof
Auctioneers say they have been “flabbergasted” by the interest shown in a print reproduction of a painting by the King that is to be auctioned off tomorrow.
The print is number 18 in a limited run of 100 reproductions of a painting of Balmoral Castle by Charles in 2001. It is thought to be the first time a print by a reigning monarch has been auctioned. Each reprint has Charles’s original signature and a certificate of authenticity.
May Matthews, managing director of Bonhams auctioneers, told The Times: “We were quite flabbergasted to see the level of interest in this."
Rolls-Royce debuts first all-electric car Spectre
Rolls-Royce Motor Cars has launched its first ever all-electric vehicle.
First deliveries of the Rolls-Royce Spectre will be made at the end of next year after pressure from its wealthy clientele for the BMW-owned marque to join the zero-emission automotive revolution.
The Times says the two-door Coupe will be built at Rolls’s plant in Goodwood, Sussex, which employs 2,000 people.
It will cost more than £300,000, somewhere between its top-of-the-range Phantom, enjoyed by political and business potentates alike, and the Cullinan, the marque’s controversial move to create Rolls-Royce’s first 4x4.