Here are the business stories making the headlines locally and across the country this morning.
Shein set to file for £50bn UK flotation
Online fast fashion firm Shein is planning to file paperwork for a potential London share listing as soon as this week, according to reports.
An initial public offering (IPO) could value the company at around $66bn (£51.7bn).
The firm, which was founded in China and now headquartered in Singapore, stepped up preparations for a share sale in the UK after it faced regulatory hurdles and intense scrutiny in the US.
A Shein spokesperson declined to comment.
Opec+ extends its cuts in oil output
The powerful oil production cartel led by Saudi Arabia and Russia has decided to prolong cuts in its crude output before starting to gradually unwind some of the curbs later in the year.
Energy ministers from the Opec+ group of countries agreed yesterday that cuts equating to 3.66million barrels per day would be extended from the end of this year until the end of 2025.
However, another tranche of curbs, which were due to end on June 30 and have reduced production from eight members of the group by 2.2million barrels per day, have been extended by only three months.
They will be unwound slowly from October in a process that will last a year.
Scottish ports need to cooperate to unlock offshore wind potential
Greater cooperation between ports is needed to help the Scottish supply chain take advantage of the coming offshore wind boom.
With various ports across the north-east vying to service multiple upcoming projects, COWI director of energy and marine Ian Mockett warned that this could undermine Scotland’s local supply chain.
“Everyone’s fighting for the same thing,” he said. “We have a huge amount of competition in the industry, but what we should be doing is working out how to deliver net zero.”
Scotland and the UK in general are preparing for a spate of offshore wind farms, with around 10GW of capacity set to roll out through the ScotWind leasing round alone over the next decade.
Fancy dress brand Smiffys on brink after failing to find buyer
A fancy dress manufacturer which traces its roots back to the 19th century is on the brink of insolvency after failing to find a buyer.
Sky News has learnt that Smiffys, which is family-owned, is lining up PriceWaterhouseCoopers (PwC) as administrators, having tried to secure a sale in recent weeks.
A notice of intention to appoint administrators was filed on Thursday.
Smiffys, which was founded in 1894, ships more than 26 million items of fancy dress annually, according to the company's website.