Here are the business stories making the headlines locally and across the country this morning.
North-east seafood chiefs make ‘crisis’ plea to UK leaders
The new Labour Government has been urged to quickly rethink official immigration policy to help the North-east seafood sector out of a crisis.
Brexit and Covid have robbed the industry of essential migrant workers. In the past, these people made up much of the workforce – more than 75% at some north-east seafood processing sites.
Britain’s exit from the European Union and the free movement of labour across borders suddenly put a very large barrier in the way of recruitment.
And then the pandemic hit, with many of the migrant workers who had kept the industry ticking over nicely in the past deciding to quit the UK, go home and not return.
Japan stocks jump 10% after global markets slump
Japanese shares rebounded in Tuesday morning trade after plunging on Monday in a rout that sent shockwaves through global financial markets.
The Nikkei 225 stock index rose by as much as 10% after slumping by over 12% the previous day.
Monday's market rout in Tokyo came after the Bank of Japan's second rate hike in 17 years sent the yen soaring against the dollar making Japanese stocks - and the country's exports - more expensive for foreign investors and buyers.
Stocks in the US, the UK and Europe also fell on Monday due to fears that the American economy is heading for a slowdown.
North-east Tory leadership candidate says he can win back Reform voters
Scottish Tory leadership hopeful Liam Kerr says he can win back Reform voters who abandoned the Tories in a key north-east seat.
The North-east MSP confirmed on Monday he was entering the race to replace Douglas Ross, becoming the fourth candidate to declare so far.
The outgoing Scottish Conservative leader announced he would quit the post, following his ill-fated U-turn to run in Aberdeenshire North and Moray.
More than 5,000 voters backed Nigel Farage’s party, with Mr Ross blaming this for his defeat by the SNP, where he lost by 942 votes.
Three water companies facing £168m combined fine over sewage failings
Three water companies are facing a combined record fine of £168m after a series of failings, including over sewage treatment.
The proposals by regulator Ofwat include a penalty of £104m for Thames Water.
Yorkshire Water faces a £47m fine, while Northumbrian Water will have to pay £17m.
It follows an investigation into the firms' management of their sewage treatment works and wider networks.