Here are the top business stories making the headlines in the morning newspapers.
New owners at Crerar Hotel Group
Businessman Paddy Crerar has sold his seven-strong portfolio of north and north-east hotels for an undisclosed sum.
Crerar Hotel Group is now owned by funds advised by London-based Blantyre Capital, together with operating partner Fairtree Hotel Investments.
The four and five-star sites making up the Crerar operation were Oban Bay Hotel, The Glencoe Inn, Golf View Hotel & Spa, in Nairn, Loch Fyne Hotel & Spa, in Inveraray, Thainstone House, near Inverurie, Balmoral Arms, in Ballater, and Isle of Mull Hotel & Spa.
The Press & Journal says MR Crerar, who hails from Oban, launched his Edinburgh-based portfolio in 2005.
Windfall tax hit for Neptune
Neptune Energy has become the latest North Sea operator to forecast its windfall tax liability.
The independent said the levy will see it take a £53million tax hit.
Energy Voice says that, last year, the firm made £138million in operating profits from the UK.
Aberdeen roadworks delays
Aberdeen drivers faced long queues on the first day of King George VI bridge works.
The Press & Journal says the roadworks began at 4am yesterday and are not expected to finish until early June.
Many drivers reported long queues on the A92 Stonehaven to Aberdeen road – with delays of more than 50 minutes reported approaching the Bridge of Dee.
Redundancies at Morton’s Rolls
A total of 230 employees have been made redundant at collapsed Scottish bakery Morton's Rolls, according to the BBC.
Redundancy notices were sent out on Monday by a provisional liquidator from FRP Advisory.
The liquidator was appointed last week after the Glasgow firm ceased trading.
The BBC also understands that talks between potential investors and the liquidator are at an advanced stage.
Further details are expected to emerge within the next few days.
Record low unemployment
Scotland's unemployment rate has hit a record low, according to new figures.
The Office for National Statistics found that 3.1% of working age adults in Scotland were looking for work between November and January.
It also found that the average regular salary has risen by 6.5%.
But the BBC says that, with rising prices, the real spending power of average pay has fallen in the past year by 2.4%.
Grocery sales rise
Grocery sales in Scotland have seen their highest increase in 24 years, bolstered entirely by rising food prices.
Figures released by the Scottish Retail Consortium and KPMG show grocery sales in February 2023 hit their biggest uplift since records began in 1999.
The Press & Journal says the data also showed food sales increased by 13.3% last month compared to February 2022.
Jobs going at Reach
Daily Mirror publisher Reach has put 420 staff at risk of redundancy as it battles an advertising slowdown and surging costs.
The Telegraph reports that the National Union of Journalists said 192 editorial staff were being made redundant, among a total of 420 roles at risk.
Mirror group editor-in-chief Lloyd Embley and chief digital publisher David Higgerson said Reach was struggling with a “combination of unprecedented cost inflation, a challenged consumer economy and an industry-wide decline in open-market advertising yields”.
New Gulf airline
Saudi Arabia is to spend £30billion on a fleet of 72 Boeing jets as it seeks to dominate the Gulf with a new airline.
Riyadh Air, launched on Sunday, has agreed to buy the Dreamliners in the plane-maker's fifth-biggest order of all time amid a scramble to eclipse neighbouring flag carriers Emirates, Qatar Airways and Etihad.
The Telegraph says the launch of Riyadh marks an unusual approach by the Saudi ruler Mohammed bin Salman to start a new airline from scratch rather than invest heavily in Saudia, previously the country’s only flag carrier.
Big investment in electric by Volkswagen
Volkswagen will invest £159illion into modernising its cars in the next five years, supercharging its plan to dominate the electric vehicle (EV) market.
Europe’s biggest carmaker said it would plough two thirds of the budget into developing battery-powered cars and the software to operate them.
The Telegraph says bosses hope it will help VW reclaim ground on its EV rival Tesla and combat growing competition from Chinese brands.