Here are the business stories making the headlines locally and across the UK this morning.
Negativity towards oil and gas ‘counterproductive’, Peterhead Port’s new boss warns
Peterhead Port Authority’s new boss has championed its credentials at an event in the Scottish Parliament.
Chief executive Graeme Reid warned more than 50 guests, including MSPs and other key people, that “government negativity” on the oil and gas sector is counter-productive.
Mr Reid has been at the port’s helm since March. He was previously a marine consultant with the International Maritime Contractors Association.
Speaking in Holyrood’s Fleming Room, he said the oil and gas industry’s best known attributes were all critical to a successful energy transition.
Takeover bid will not push Wood Group chief off course
The chief executive of John Wood Group has said that he will not be pushed into changing strategy even as the engineering consultancy faces its second takeover attempt in a year.
Ken Gilmartin was speaking as Wood unveiled a 6% drop in first-quarter revenue to $1.4bn.
The company rejected a £1.4bn approach, worth 205p per share, by Sidara, a privately owned smaller rival, on Wednesday. Brokers believe Sidara will have to increase its offer substantially to convince Wood to open its books.
Gilmartin, who took over the top job in the summer of 2022, has been pushing Wood into higher margin areas, trimming costs and refining what type of projects it bids on.
Hunt urges Bailey not to cut interest rates too quickly
Jeremy Hunt has urged the Bank of England not to cut interest rates too quickly after Governor Andrew Bailey opened the door to a steep fall in borrowing costs.
The Chancellor intervened after Mr Bailey suggested rates could come down faster than market expectations.
The Bank held borrowing costs at 5.25% but suggested the first cut might come as soon as next month.
Asked if he hopes rates would fall before the general election, Mr Hunt said he “would much rather that they waited until they’re absolutely sure inflation is on a downward trajectory than rush into a decision that they had to reverse at a later stage”.
Approved! Domino’s to open first Peterhead takeaway
Domino’s has been given the go-ahead to open its first takeaway in Peterhead.
Plans for the new branch located at West Road Customs building, a former car showroom, were approved by Aberdeenshire Council on Wednesday, May 8.
The Blue Toon already has a McDonald’s and KFC and the addition of Domino’s will give residents more options for takeaway.
Peterhead residents could have been enjoying its pizza years ago when developers first planned to fit out a new store at the Burnside Business Park.
However, the unit was dropped from the development taking shape there in favour of a Burger King.