Here are the business stories making the headlines across Scotland and the UK this morning.
Revolut to create 1,000 new jobs with £3bn UK investment
Revolut, the fast-growing UK-headquartered digital bank, has pledged to invest £3billion in Britain over five years, creating 1,000 new jobs.
The chancellor, Rachel Reeves, who opened Revolut’s new global HQ in London’s Canary Wharf, hailed the plan as a vote of confidence in the UK.
Nik Storonsky, chief executive and co-founder of the bank, said the group now served 65 million customers worldwide and that innovation from the London hub would play a central role in pushing that number to his target of 100 million.
Amazon to close its UK grocery stores
Amazon is planning to close its 19 UK grocery stores less than five years after it launched the till-free sites in London.
Amazon said five of the stores earmarked for closure would be converted in to Whole Foods stores, a fresh and whole food brand which Amazon owns.
The company added that it would focus on its online delivery services in the groceries sector, including with its partners Morrisons, Co-op, Iceland, and Gopuff.
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Jaguar Land Rover extends shutdown again after cyberattack
Range Rover group JLR has extended its cyberattack-related production shutdown by another week to next Wednesday.
Amid fears that a full return to production is weeks or even months away, JLR, stated: “Today we have informed colleagues, suppliers and partners that we have extended the current pause in production until Wednesday October 1, following the cyber incident.”
There has been uncertainty over the extent of the cyberattack and exactly how the company has been impacted or who is responsible for it.
AI tool used to recover £500m lost to fraud, government says
A new artificial intelligence tool designed to crack down on fraud has helped the UK government recover almost £500m over the last year, the BBC can reveal.
More than a third of the money clawed back related to fraudulent activity during the Covid-19 pandemic, with other cash being recouped from unlawful council tax claims and illegal subletting of social housing.
The government will announce later today that a new AI tool which has helped to identify the fraud will now be licensed to other countries, including the US and Australia.