Here are the business stories making the headlines across Scotland and the UK this morning
Aviation strategy aims to help Scotland achieve ‘jet zero’ targets
The Scottish Government has published a strategy to boost the aviation sector while meeting key net zero targets.
Connectivity minister Jim Fairlie said the new aviation statement will consider how to secure lifeline services in the Highlands and islands, while considering increasing the production and use of sustainable fuel.
With aviation policy reserved to the UK Government, Scottish ministers have said they will continue to “influence” the nationwide “jet zero” strategy which aims to deliver net zero across domestic flights by 2040 and full sector net zero by 2050.
A spokesperson for AGS Airports, which owns and operates Aberdeen, Glasgow and Southampton airports, said: “This now needs to translate into a clear and ambitious policy framework that sets out how government and industry can work together to strengthen the vital international and domestic connectivity on which we are so reliant, while at the same time ensuring Scotland is at the forefront of harnessing the technologies that exist today to reach our net zero goals."
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Martin Gilbert's Revolut wins banking licence
Revolut has finally received its UK banking licence - with some restrictions - from the Prudential Regulation Authority (PRA), the banking regulator.
The fintech, which has over nine million UK customers, now enters the ‘mobilisation’ stage, also referred to as ‘authorisation with restrictions’, as it builds out its banking operations pre-launch. It said this was a “common step for many new banks in the UK”. Nothing changes for UK customers during this restricted period.
Francesca Carlesi, UK CEO of Revolut, said: “Today’s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut.”
Revolut recently published its financial accounts for 2023, with group revenues of $2.2billion and profits before tax of $545million.
No new 1p and 2p coins to be made this year
The Treasury has denied that copper coins are to be phased out after it ordered no new 1p and 2p pieces from the Royal Mint this year.
"We are not scrapping 1p or 2p coins," a Treasury spokesperson told the BBC.
They added that the lack of orders was due to there being enough coins already in circulation.
The comments came after multiple reports suggested that the coins might be scrapped as the number of purchases involving cash continued to fall.
Biden tells US it's time to 'pass torch to new generation'
US President Joe Biden has told Americans in a televised address that it's time to “pass the torch to a new generation” as he sought to explain the historic decision to end his faltering re-election campaign.
Mr Biden, 81, said he withdrew his candidacy and endorsed US Vice-President Kamala Harris to unite their fellow Democrats and the country.
The White House speech marked his first public appearance since he exited the race on 21 July, paving the way for Ms Harris to run for the party's nomination.
The Republican presidential candidate, Donald Trump, meanwhile, said at a rally that Ms Harris was a "radical left lunatic".
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Shares drop in US and Asia as AI stocks slide
Financial markets in the US and Asia have fallen sharply as investors sell off shares in technology companies, with artificial intelligence (AI) stocks hit particularly hard.
In Wednesday's trading in New York, the S&P 500 lost 2.3% and the tech-heavy Nasdaq fell 3.6%, in their biggest one-day falls since 2022. The Dow Jones Industrial Average dropped by 1.2%.
The losses were driven by major firms including Nvidia, Alphabet, Microsoft, Apple and Tesla.
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