Here are the business stories making the headlines this morning.
Russia could seize assets of world’s biggest companies
Almost a quarter of the world’s top 200 companies are at risk of having their assets expropriated by the Kremlin, according to The Times.
Companies including Mitsubishi, PepsiCo, Nestlé and Unilever all face having their assets seized by President Putin or of being “blackmailed under threat of expropriation”, in the view of the Moral Rating Agency.
Research by the group has focused on the risks to companies since Putin signed a decree on July 1 that seized full control of the Sakhalin-2 gas and oil project. The order potentially forces Shell and Mitsubishi and Mitsui, of Japan, together owning just under 50%, out of the project.
The non-profit agency was formed to rate companies on their “moral” behaviour over single issues, with the present focus on businesses involved with Russia. It is funded by Mark Dixon, its founder, who also runs ThinkingLinking, a mergers and acquisitions consultancy.
“We anticipate a tsunami of expropriations or blackmailed concessions over the next couple of months,” Dixon said, arguing that energy companies were most at risk.
Former BA boss warns cost of flying will rise
The price of airline tickets will go up "without doubt" as fuel costs rise, an air industry boss has warned.
Oil prices have jumped as economies recover from the Covid pandemic and due to the war in Ukraine.
These costs will be passed on to consumers, Willie Walsh, director general of the International Air Transport Association (IATA), said.
The ex-British Airways boss said holidaymakers need to be prepared for the cost of flights to go up.
"Flying will be more expensive for consumers, without doubt", he told the BBC Sunday Morning programme., adding that the "high price of oil" will be "reflected in higher ticket prices".
Elon Musk pulls out of £36bn deal to buy Twitter
Elon Musk is seeking to end his £36bn bid to buy Twitter, alleging multiple breaches of the agreement.
The announcement is the latest twist in a long-running saga after the world's richest person decided to buy Twitter in April.
Mr Musk said he had backed out because Twitter failed to provide enough information on the number of spam and fake accounts.
Twitter says it plans to pursue legal action to enforce the agreement. The BBC reports that the original merger agreement includes a $1bn (£830m) break-up fee.
Petrol pricing is cause for concern, warns watchdog
Petrol and diesel pricing will be investigated by the UK's competition watchdog after it found "cause for concern in some parts" of the industry.
The Competition and Markets Authority (CMA) said it had discovered a sharp rise in prices once fuel had been processed by oil refineries.
It also found "significant differences in price" between forecourts in "many rural and urban areas".
However, it said retailers had passed on a 5p fuel duty cut to motorists.
The initial review of the market by the CMA was requested by Business Secretary Kwasi Kwarteng last month over concerns that retailers and forecourts were failing to implement the cut for consumers.
Popular Westhill bistro secures permission for decking
Duncano’s has thanked fans for their “incredible support” after securing planning permission for decking outside the restaurant, reports the P&J.
The bar and bistro has proved popular since opening last year, bringing a touch of elegance to Westhill Shopping Centre.
In May, owner Lynne Duncan lodged plans to expand with an al fresco area offering an extra six tables-for-two and eight four-seaters.
Rubber-stamping the proposal, officers said it would be allowed to operate from 8am to 9pm from Monday to Saturday and from 8am to 8pm on Sunday.