Here are the business stories making the headlines across Scotland and the UK this morning.
Minimum wage and national insurance rises ‘will hurt the young’
Higher national insurance taxes on employers and the jump in the minimum wage will hurt the government’s attempts to get younger people into work, according to new figures.
The Institute for Fiscal Studies said that tax and wage changes would make hiring an 18 to 20-year-old on the minimum wage 12.7% more expensive when adjusted for inflation. This rises to about 14% for workers aged 16 to 17 and compares with a 7% rise for an adult worker on the national living wage.
The national living wage, which applies to workers over 21, has risen from April 1 to £12.21 an hour, an increase of 3.4%. The minimum wage, which applies to those aged 18 to 20, has risen to £10 an hour, an increase of 12.7% and the biggest jump since the minimum wage was introduced in 1999.
Click here to read more.
Stephen Flynn confirms bid to win seat at Holyrood
SNP Westminster leader Stephen Flynn has confirmed he is aiming to stand for the party at next year's Scottish Parliament election.
The MP backed down from ambitions to hold a seat at both Westminster and Holyrood following a backlash from colleagues.
He now looks set to be nominated to stand for the SNP in Aberdeen South and North Kincardine.
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Wild co-founders net £100m from sale of natural deodorant maker
Wild, a fast-growing maker of refillable and natural deodorants, has been bought by the consumer goods giant Unilever in a deal thought to have netted its co-founders close to £100million.
The terms of the acquisition have not been disclosed but it is believed to value Wild, started by entrepreneurs Charlie Bowes-Lyon and Freddy Ward six years ago, at £230million. Bowes-Lyon reportedly owned 17% of the shares and Ward has 25.9%.
The company’s most recent financial results to the end of December 2023 show sales of £46.9million and a pre-tax profit of £509,000. Its products are stocked by major retailers including Boots, Tesco, Sainsbury’s and Ocado in the UK, and Target in the US.
Energy supplier collapses after raiding millions from green energy fund
Energy supplier Rebel Energy has gone bust after allegedly raiding funds that were supposed to be ring-fenced for paying green levies.
It means about 80,000 domestic customers and 10,000 businesses have been abruptly left without a supplier.
The Bedford-based firm’s collapse followed a compliance order imposed a few weeks ago by Ofgem, the energy regulator, and raises new questions about the watchdog’s ability to protect customers.
Read the full story here.
Car firms fined for withholding recycling information
Ten carmakers and two industry groups have been fined a combined total of nearly £78million for withholding information about vehicle recycling.
BMW, Ford, Jaguar Land Rover, Peugeot Citroen, Mitsubishi, Nissan, Renault, Toyota, Vauxhall, and Volkswagen, and two trade bodies were fined by the UK's Competition and Markets Authority (CMA).
The carmakers and trade groups were found to have agreed to withhold information from customers regarding the amount of their cars that could actually be recycled.
US giant Qualcomm bids for London chip designer
A London chip designer billed as an “Arm wannabe” has received a takeover approach from a larger American rival, inflicting pain on the short-sellers that have targeted the stock since it was listed as one of the UK’s “class of 2021”.
San Diego-based Qualcomm said it was considering making a bid for Alphawave, sending shares in the UK-listed company up nearly 47%, to propel its market valuation above £1billion.
It has until April 29 to either make a formal offer or walk away. Alphawave declined to comment on the potential bid.
Read more in The Times.