Here are the business stories making the headlines across Scotland and the UK this morning
BrewDog to open bar in Hong Kong as part of push into Far East
Ellon brewing and bars giant BrewDog has announced further expansion from the North-east to the Far East.
The P&J reports that the company is to open a new bar in Hong Kong’s Lan Kwai Fong district, an area that is particularly popular with expats out for a night of drinking, clubbing and dining.
BrewDog’s new bar in the former British colony is the first in a joint venture with Budweiser China, which the Scottish firm hopes will drive expansion in Asian markets.
New investment bank Cavendish targets North Sea energy
Independent investment bank Cavendish is targeting North and North-east energy companies as a potential source of business following its launch today.
Scotland’s newest bank was created through the merger of Cenkos Securities and finnCap Group.
Operating from Cenkos’ old site in Edinburgh, as well as offices in London, its activities span private capital, debt advisory and equity capital market services.
Scottish visitor numbers fall back after post-lockdown surge
The cost of living crisis contributed to a decline in domestic visitors during the first three months of the year, according to VisitScotland.
The Times reports that the average number of nights spent in Scotland fell by 26% compared with the previous year and the average spend dropped by 4%.
VisitScotland pointed out that the final Covid related travel restrictions were lifted in March 2022, leading to a sharp increase in visits at the time and probably accounting for the comparative decline in trips, number of nights stayed and spending this year.
Mortgage arrears hit seven-year high
The value of UK mortgage arrears jumped by almost a third in April-June compared with the same period last year, the Bank of England has said.
Outstanding mortgage debt is now £16.9bn, the highest since 2016, the BBC reports.
Mortgage costs have risen for millions as the Bank has repeatedly hiked interest rates to slow soaring prices.
Some experts warn defaults will rise, but others say the number unable to repay remains relatively low.
Triple lock pensions could take hit to save £600m
Ministers are considering a £600million raid on state pension increases this year as they acknowledged the triple lock would eventually have to be dropped.
Jeremy Hunt, the chancellor, is considering using a lower measure of earnings to calculate how much the state pension will rise under the triple lock.
While No 10 insisted yesterday that the government was committed to the triple lock, Mel Stride, the work and pensions secretary, acknowledged that it was “not sustainable” in the long term because of spiralling costs.
The triple lock guarantees that the state pension, presently paying £203.85 a week, will rise by the highest of the inflation rate, earnings, or 2.5%. After the Office for National Statistics confirmed yesterday that average weekly earnings rose by 8.5% in the three months to July, pensioners seemed to be in line for a rise of more than £17 a week.
However, the Times says the Treasury is said to be looking at using a lower figure of 7.8% to strip out the effect of one-off bonuses given to more than a million NHS staff and civil servants over the summer.
Royal shooting parties halted at Balmoral’s neighbouring estate
The Royal Family will no longer be allowed to go shooting, hunting or fishing on the estate neighbouring Balmoral, after a Scottish businessman axed their 175-year-old leasing agreement.
Alastair Storey, the chief executive of the catering company Westbury Street Holdings, bought Abergeldie estate in 2021 after the death of the former owner John Gordon, the Baron of Abergeldie.
Storey paid £23million for the 11,512-acre estate, between Balmoral and Birkhall, an estate owned by the King. It is understood there is no animosity between the new owner and the royal family over the removal of the rights.
Pure Radio in Scotland closes citing disappointing figures
DC Thomson has closed its Scottish station PURE Radio after four years.
The company says the service didn’t quite reach the expected listener and revenue numbers.
Instead, DC Thomson says it will focus on the growth and development of its local stations – Original 106 in Aberdeen and Kingdom FM in Fife – which have both enjoyed strong listener and revenue performance.
Apple forced to ditch lightning charger in new iPhone
Apple has confirmed its new iPhone will not feature its proprietary lightning charging port, after the EU forced the change.
The tech giant said that the iPhone 15, unveiled at its annual event on Tuesday, would use a USB-C cable as the "universally accepted standard".
A new Apple Watch series was also unveiled with a more advanced chip.
But the BBC said a lack of "headline-grabbing" updates from Apple this year would disappoint some.
Poundland owner to take on up to 71 Wilko stores
The owner of Poundland has agreed to take on the leases of dozens of Wilko shops.
Pepco Group, which owns Poundland in the UK, is expected to convert up to 71 Wilko stores to the Poundland brand.
Poundland boss Barry Williams said it recognised the last few weeks had been difficult for Wilko workers.
In a statement, the company said that Wilko staff would have priority when applying for new jobs at the Poundland shops.