Here are the business stories making the headlines across Scotland and the UK this morning.
Saudi-Russian alliance proves ‘formidable challenge’ for oil prices, warns IEA
The Saudi-Russian alliance has become a “formidable challenge” likely to drive oil prices even higher, the Telegraph reports.
The decision by Saudi Arabia and Russia to extend supply cuts until the end of 2023 will spark a “significant supply shortfall”, according to the International Energy Agency.
Global demand will eclipse supply with a deficit of more than one million barrels per day (mb/d) until the end of the year, its latest report revealed.
At the start of September, Russia and Saudi Arabia announced they would extend their cuts to oil supplies to the end of the year, which sent prices to a 10-month high.
“The Saudi-Russian alliance is proving a formidable challenge for oil markets,” the IEA said.
The price of Brent crude hit $92.52 per barrel on Wednesday, up by around $20 since late June and the highest price since November 2022.
Roof collapses on building as crews tackle fire
Firefighters in Aberdeen have worked through the night to tackle a blaze at an office building in the city centre.
Emergency services attended the fire on Albyn Place at 21:33 on Tuesday. The fire caused the roof of the building to partially collapse and six appliances were sent to the scene.
Police closed the road from Queen's Roundabout to the junction of Albyn Grove and fire crews remain at the scene, working to make the area safe.
German Doner Kebab begins work on new Union Street store
A kebab chain has begun work on its first store in Aberdeen.
German Doner Kebab, which serves “gourmet” doner food items, is due to open its ninth Scottish location in the Granite City in the coming weeks.
The P&J says the outside facade has now been decked out in the signature GDK’s deep brown colour, with signage inviting people to apply for jobs.
EY posts record revenues despite abandoned break-up
Despite the chaos caused by its failed break-up plan, EY’s global army of accountants and advisers made more money than ever before over the past year.
EY’s annual results, released yesterday, revealed a 14.2% increase in global revenues to $49.4 billion for the 12 months to the end of June.
EY is one of the Big Four accounting firms alongside Deloitte, KPMG and PwC. It employs close to 400,000 around the world, including almost 20,000 in the UK. Its UK partners were paid, on average, £803,000 in 2022.
Cosla makes council staff new pay offer ahead of strikes
Local authorities have made a new pay offer to staff in an attempt to avoid strikes planned for later this month which could close schools.
Council body Cosla said the two-part offer will give workers at least a £1,929 increase in annual salary by 1 January 2024.
Strikes by staff including school janitors and pupil support staff are due to take place in a fortnight.
Unison told the BBC it would hold an emergency meeting to consider its position.
UK chip firm set for $54billion return
UK-based chip designer Arm Holdings has secured a $54.5bn (£43.6bn) valuation, as it makes its highly-anticipated return to the stock market.
The shares were priced at $51 each, which is at the top of the range that had been indicated to prospective investors.
It makes the sale the biggest initial public offering (IPO) of the year.
The BBC says Arm shares are scheduled to start trading on New York Nasdaq stock market on Thursday.
Wilko brand set to be bought by The Range in £5m deal
The Range is finalising a £5m deal to buy the Wilko brand after a rescue deal for the wider business fell through.
The agreement, which is yet to be announced officially, means it will own Wilko's website and could choose to stock and sell some of its products.
But the deal will not prevent Wilko shops disappearing from Britain's High Streets, with 400 stores to close by early October.
Thousands of staff will likely lose their jobs as a result of the closures.
UK economy shrinks more than expected as rain and strikes hit
The UK economy shrank more than expected in July, driven by strike action by NHS workers and teachers, according to official figures.
Wet weather also hit the construction and retail industries, the Office for National Statistics (ONS) said, causing the economy to contract by 0.5%.
The figures were worse than analysts had predicted and continue a trend of weak economic growth in the UK.
But the ONS said the "broader picture" for the country looked "more positive".