Here are the business stories making the headlines across Scotland and the UK this morning.
Cost of private rent up 13%
SNP ministers’ rent controls have “failed”, critics have said, after figures showed that private rent had increased by more than 13% on average.
The Scottish Government released its housing market review on Thursday, showing the level of rent increases across the country in the year up to September.
Rent has risen by at least 11.7% in each category of the private rented sector in the past year, the figures show. The Times reports that the highest increase was seen in shared one-bedroom homes, where average rent increased by 15.1% to £490 per month.
Two-bedroom homes increased by 14.3% to £841 per month, while three and four-bedroom homes increased by 13.3% and 13.4% respectively. The smallest increase was in non-shared one-bedroom flats, which rose by 11.7% to £648.
On average, across shared one-bedroom to four-bedroom homes, private rents have increased by 13.5%.
Petrofac remains in discussions to restructure debt
In a market update this morning, Petrofac said it remains in discussions with its lenders to restructure its debt which would result in a significant proportion of the debt being exchanged for equity in the business.
It also continues to be in discussion with prospective investors and shareholders in relation to potential further investment in the company - and remains in negotiations with prospective purchasers regarding the sale of non-core assets.
The statement added: "Management and the board are focussed on managing the group’s payment obligations and delivering a solution which supports the provision of guarantees required for its recent contract awards, and which ensures that Petrofac has the appropriate capital structure and liquidity to support the strength of its US$8billion backlog.
"While the company continues to face challenges in securing new performance guarantees, it is progressing discussions with credit providers and clients to find solutions with respect to the guarantees required for its recent contract awards."
Search for Scottish Enterprise boss continues
The long search to find a permanent chairperson for Scottish Enterprise is to continue, the government has confirmed.
Willie Mackie, the interim chairman, has now had his tenure further extended until the end of this year. The former banker has been filling the post since Lord Smith of Kelvin departed in the summer of 2022.
Several recruitment rounds to find a new permanent head of the board at the economic development agency have been held but no candidate has been selected. The part-time position comes with a £51,000 annual salary for 91 days of work.
Previous recent chairmen have included Bob Keiller, the former Wood Group chief executive, Crawford Gillies, a management consultant who has sat on the boards of Barclays, SSE and Edrington Group, and Sir John Ward, a global executive at IBM.
Owner returns to open ‘destination restaurant’ at Pennan Inn
The owner of the Pennan Inn has returned to the village after four years to reinvigorate the iconic hotel and launch a “destination restaurant”.
amous for being at the heart of the 1983 blockbuster Local Hero, the inn’s restaurant will reopen for two days a week starting April 26.
Peter Simpson, who lives in Banff with his partner and 10-month old son Carmen, bought the establishment in 2009 and ran it for ten years before leasing it to focus on other business opportunities.
Speaking to The Press and Journal following his return, the 43-year-old said he aims to create a “welcoming atmosphere”, will serve “good quality food” – and is extremely positive about the future.
Glasgow could host 2026 Commonwealth Games
Glasgow is among the potential hosts of the 2026 Commonwealth Games - but the city is the last resort to hold the troubled edition.
This week the Commonwealth Games Federation (CGF) said it was "considering multiple proposals" amid continued uncertainty over the event's long-term future.
Last week, Singapore joined Malaysia in ruling out a bid, after the Australian state of Victoria withdrew as host in July because of rising costs.
Should any of the fresh bids from outside the UK not prove viable, there is a back-up concept which would bring a scaled-back Games to Scotland.
Confirmation of Glasgow's offer is expected in the coming days.
Amazon primed to hit $2trn stock market value
Shares in Amazon closed at a new record high as the stock market value of the world’s biggest online retailer edged closer to $2trillion.
At the end of trading on Wall Street, its stock price had risen $3.10, or 1.7%, to $189.05, compared with its previous high of $186.57 on July 8, 2021, giving it a market capitalisation of $1.97trillion.
The rise in Amazon shares yesterday helped the Nasdaq Composite index to close at its sixth record high of the year so far with a gain of 271.84 points, or 1.7%, to 16,442.20.
Boris Johnson won’t rule out return as an MP
Boris Johnson has refused to rule out a return to frontline British politics, but told an audience in Washington that he would re-enter public life only if he felt he had something useful to contribute.
The former prime minister, who turns 60 in June, was speaking to students at Georgetown University. After answering questions on subjects including global threats to democracy, the likelihood of a second Trump presidency and being invited to defend his record in No 10, Johnson was asked whether he would stand again to be an MP.
“I think it’s unlikely in the short term,” he said. “I think the only circumstances in which anybody should stand for election is if they have something to contribute.”
Government should counter misinformation on TikTok - MPs
The government should publish advice for its departments on engaging with young people, including on TikTok, a group of MPs has said.
The culture, media and sport committee has been looking into countering disinformation online.
Its call comes despite TikTok currently being banned on government devices due to data security concerns.
Accurate information needs to be communicated in a "relatable" way, the MPs say.