Here are the business stories making the headlines this morning.
UK tech tycoon among six missing after yacht sinks
British tech tycoon Mike Lynch and his 18-year-old daughter are among the six people missing after a luxury yacht sank off the coast of the Italian island of Sicily in the early hours of Monday morning.
The 56m (183ft) vessel was carrying 22 people including British, American and Canadian nationals. Fifteen people were rescued, including a one-year-old British girl, and authorities are continuing their search into the night.
Local media reported the yacht, named Bayesian, capsized at about 05:00 local time after encountering a heavy storm overnight that caused waterspouts, or rotating columns of air, to appear over the sea.
Mr Lynch, known by some as "the British Bill Gates", co-founded software company Autonomy, which was later bought by tech giant Hewlett-Packard for $11bn (£8.6bn).
Britons opt to save rather than spend their extra cash
Families are using improvements in living standards to top up their savings rather than splash out on retail purchases.
According to a survey by the Centre for Economics and Business Research and Asda, Britons cut their spending by 0.3% on an annual basis in the three months to the end of June, despite disposable incomes rising sharply by 14% over the same period. Researchers said that the average family had a weekly disposable income of £245 in July, up from £241 in the previous month.
Asda and CEBR subtract inflation, essential bills and taxes from nominal incomes to generate an estimate of weekly spending power. Strong wages growth over the past two years and a general downward shift in inflation have fortified people’s living standards.
Asda and the CEBR said that average weekly disposable income was now only 0.4% off the peak reached in March 2021, before the cost of living crisis took hold.
Trawling ban proposed in protected Scottish coastal waters
Ministers are proposing to ban the use of a range of fishing equipment in Scotland’s coastal waters in an effort to boost protection of the country’s marine life.
Twenty fishery sites have been named marine protected areas (MPAs), which ministers say they have a longstanding commitment to protect.
The Scottish government is considering either zoned or full bans on the use of trawling gear in 15 of the 20 sites. A full ban has been proposed at the remaining five sites.
Read the full story here.
King Charles III £1 coin enters circulation
The first £1 coins bearing the portrait of King Charles III are entering circulation this week.
Almost three million coins have been issued to post offices and banks across the country.
The coins mark the King's new reign and celebrate his love of the natural world, with the reverse side featuring a pair of bees.
Even as the King becomes a familiar sight on coins, those featuring Queen Elizabeth II will remain in circulation. New sets of coins are struck in response to demand.