Here are the top business stories making the headlines in the morning newspapers.
Big Noise Torry vows to fight on after council cuts funding
A flagship community education programme for disadvantaged children in Aberdeen faces the axe after city councillors pulled the plug on funding.
Big Noise Torry organisers said they were “shocked and heartbroken” that the team’s hard work and dedication had been “undermined” by the council.
The project provides free music tuition, as well as an orchestra programme, to more than 750 pupils and pre-school children in Torry’s Walker Road and Tullos Primaries.
It is one of Sistema Scotland’s four schemes in the country, which give youngsters living in underprivileged areas the chance to learn an instrument. Read more in The Press & Journal.
Windfall tax could hit Cambo timetable
The UK’s fiscal landscape means a final investment decision on the Cambo project could be kicked down the road.
In an interview, Ithaca Energy lamented the impact the North Sea windfall tax has had on firms access to capital.
Gilad Myerson, executive chairman of the operator, said the energy profits levy (EPL) has poured cold water on financiers’ desire to back the oil and gas sector.
Energy Voice says that could spell bad news for Cambo - a project that Ithaca had intended to take a final investment decision (FID) on in the first half of 2023.
The company holds a 70% operated interest in the west of Shetland field.
A spokesman for the firm said: “Ithaca Energy remains committed to the development of Cambo and is continuing to progress towards FID. However, the impact of EPL is being felt across the industry.”
Altus deal cleared
The UK’s competition watchdog has cleared Baker Hughes’ bid to acquire wells specialist Altus Intervention following the sale of a key division, nearly a year after the deal was announced.
Oilfield services giant Baker Hughes announced last March it was to acquire Altus for an undisclosed sum, but the transaction was held up following a probe launched by the Competition and Markets Authority (CMA).
In its initial findings the CMA said that, were the deal to proceed as planned, Baker Hughes would only face competition from one other major supplier – Halliburton – and flagged concerns that the loss of rivalry could impact prices, reduce choice and lower quality services for UK firms purchasing coiled tubing and pumping services.
By January, Baker Hughes had agreed to sell off the coiled tubing and pumping division, including staff and equipment, with the CMA clearing rivals IKM and Archer as suitable bidders.
Energy Voice says that, in early February, Archer was revealed as the winner.
With its concerns addressed, the CMA announced this week that the undertakings “are as comprehensive a solution as is reasonable and practicable and remedy, mitigate or prevent” the competition worries and any adverse effects resulting from it.
Viaro acquisition
Viaro Energy has continued its North Sea acquisition run with the take over of Spark Exploration, giving it a hopper of West of Shetland targets.
Energy Voice says the deal gives Viaro 50% of Spark Exploration’s key P2593 licence.
Another pay rise for coffee chain staff
Coffee chain Pret A Manger will give staff their third pay rise in 12 months, following other firms in boosting wages amid a labour shortage.
Pret said the rise - to begin in April - amounts to a 19% bump in year-on-year basic pay for shop staff.
Retailers including Tesco have made similar moves in the past year as firms try to retain staff struggling with near-record high living costs.
Overall inflation, the rate at which prices rise, is at 10.1%.
The BBC says that around 7,870 Pret A Manger staff were given pay rises in April and December 2022.
By raising base pay to above the rate of inflation, the chain said its baristas would be among "the highest paid in the industry", able to earn up to £11.80 to £14.10 based on location and experience.
It said that by April, for entry level staff, the rise amounts to a 15% pay rise year-on-year.
Teacher pay talks
Scotland's largest teaching union and the Scottish Government have said some progress has been during informal talks to end the pay dispute.
EIS general secretary Andrea Bradley told the BBC that the meeting on Tuesday was "useful".
And Education Secretary Shirley-Anne Somerville said discussions with the union and a Cosla official touched on possible "areas of compromise".
She confirmed formal discussions would now be held today.
The BBC says teachers' unions want a 10% pay increase, but the Scottish Government has repeatedly said their demands were "unaffordable".
Scotland avoids recession
Scotland's economy has narrowly avoided recession, the latest figures show.
The BBC says the country's chief statistician has revealed output grew by 0.1% in real terms between October and December.
Scotland was at risk of recession - defined as two consecutive quarters of falling output - after the economy shrank by 0.2% between July and September.
No Northern Ireland ‘special status’ for Scotland
Prime Minister Rishi Sunak has rejected calls from the SNP to give Scotland the same "special status" he is proposing for Northern Ireland over post-Brexit trade.
Northern Irish firms will continue to be part of the EU single market for goods under the PM's deal with the EU.
The BBC reports that Mr Sunak has said it will create "the world's most exciting economic zone".
The SNP's Westminster leader Stephen Flynn accused him at Prime Minister's Questions of "denying" the benefits of the single market "to the rest of us".
Mr Sunak stated: "There is a very special status for the nation of Scotland and that's inside our United Kingdom."
Many travel vouchers unclaimed
Passengers of BA-owner IAG and rival easyJet have yet to reclaim some £643million in travel vouchers going back to the beginning of the pandemic.
IAG, which owns five airlines including Air Lingus and Iberia, said it had about £533million in vouchers issued when flights were cancelled.
EasyJet's most recent results suggested it had £110million in unclaimed vouchers.
The BBC says the practice of issuing vouchers attracted criticism because many people wanted a cash refund instead.
Aviation consultant and former IAG employee Robert Boyle, who flagged the IAG figures, said that when airlines were forced to cancel a huge number of flights during the pandemic they encouraged customers to accept vouchers for future travel rather than issue refunds.
Given so many vouchers have yet to be redeemed Mr Boyle questioned how many of the vouchers will ever be used.