Here are the business stories making the headlines locally and across the country this morning.
Nvidia-led slump hits global stock markets
Stock markets globally are feeling the pain of a US-led slump that was sparked by renewed concerns for the country's economy and artificial intelligence-linked values.
The darling of US stocks since 2019, AI chipmaker Nvidia, saw its shares plunge almost 10% on the back of poorly received earnings growth last week.
Other tech stocks in the AI space were also hit, with market analysts suggesting that a profit-taking bandwagon had gathered pace due to strong performances for prices over the year to date.
The Nasdaq - dominated by tech firms - lost more than 3%. That was its biggest decline since the market wobble of early August caused by jitters over a possible US recession.
Ford and Vauxhall struggle to meet electric car targets
Low electric car sales at Ford and Vauxhall have sent the market share of Britain’s historically most popular motoring brands to multi-decade lows as manufacturers struggle to meet the demands of the statutory zero-emission vehicle mandate.
This week Vertu Motors, Britain’s largest listed motor dealer, said it was struggling to access in-demand petrol or hybrid cars from some manufacturers because they were restricting supply to boost their chances of hitting zero-emission vehicle (ZEV) mandate quotas and avoid tens or even hundreds of millions of pounds of penalties.
The mandate dictates that all car manufacturers deliver 22 per cent of their sales in 2024 as all-electric vehicles.
If a manufacturer fails to hit the target they could be fined £15,000 for every car under the threshold.
Jobs saved as new owners take over popular Aberdeen cafe
The new owners of a well-known Aberdeen cafe have said they are looking forward to a “new challenge” in their first business venture.
Couple Colin Bell, 54, and Celeste Pastorini, 50, have bought the Tartan Pig – which is located on the city’s Hollybank Place – from Greig Bain.
Mr Bain described having to put his cafe up for sale as being a “sad day”.
Ms Pastorini, who has been working in oil and gas as a lead petroleum engineer, said she is looking forward to “something new” in her life.
Sir Paul Marshall ‘closing in on £100m deal to buy the Spectator’
Sir Paul Marshall, the hedge fund founder, is closing in on a deal to buy The Spectator for around £100 million.
Marshall, 65, who co-founded Marshall Wace and financed GB News, is set to announce his acquisition of the news magazine in the coming days following a drawn-out takeover battle for the publication.
The Spectator was put up for sale more than a year ago when the title was seized from the Barclay family over outstanding debt owed to Lloyds Bank of £1.2 billion.
Read the full story here.