Here are the business stories making the headlines locally and across the country this morning.
Consumer confidence at its highest in two years
Consumer confidence rose to its highest level in two years in the last quarter, boosted by a sharp improvement in sentiment among younger people.
Deloitte’s consumer confidence index rose to a net balance of -11 per cent in the first three months of this year, up from a balance of -11.4 per cent in the previous quarter.
The rise reflects a sustained decline in the rate of inflation, easing the pressure on consumer finances after they were rocked by the cost of living crisis.
It represents a sixth consecutive quarter of rising confidence.
Japan’s growing appetite for Scottish mackerel helps our fishers and processors
Scottish mackerel fishers and processors have been buoyed by a surge in sales to Japan, with demand expected to grow further.
Figures obtained by the Scottish Pelagic Processors Association (SPPA) show export sales of frozen whole Scottish mackerel to Japan soared from 1,074 tonnes in 2020 to 15,316t in 2023.
Last year’s exports to the Land of the Rising Sun were worth around £25 million.
But there is even better news for this country’s pelagic industry, largely based in Fraserburgh, Peterhead and Lerwick, in the latest figures for Japanese market share.
Body Shop collapse triggered by buyer’s failure to refinance loan
The Body Shop collapsed after HSBC withdrew a line of credit and the chain’s private equity buyer failed to secure new funding, The Telegraph can reveal.
A shortfall worth at least £100m arose after Aurelius acquired the retailer in November, much of which stemmed from HSBC’s decision to withdraw credit facilities.
This “unplanned” funding gap led to the retailer’s rapid downfall in February, just three months after Aurelius bought The Body Shop from Brazilian cosmetics company Natura for £207m.
The revelations shed fresh light on the events that led to The Body Shop’s controversial administration and are likely to raise more questions about the collapse of the business.
Netflix beats subscriber forecasts by adding 9.3 m new customers
Netflix comfortably beat Wall Street expectations for the second straight quarter on Thursday night as advertising-supported streaming plans helped to bring in 9.3 million new customers, nearly double the number forecast by analysts.
The streaming service, which said that 269.9 million households in 190 countries now subscribed to it, reported that its revenue had risen by 14.8% to nearly $9.4bn in the three months to the end of March, from $8.2bn in the same period a year ago.
Net income jumped to $2.3bn compared with $1.3bn last year, boosted by One Day, the mini-series staring Ambika Mod and Leo Woodall, and dramas such as Avatar: The Last Airbender. Operating income reached $2.6bn, a year-on-year increase of 54%.