Business
I’d like to be involved in UK-US trade talks, says Swinney
John Swinney has said he would like to be involved in trade talks between the UK and US following meetings with President Donald Trump about whisky.
The First Minister has met Mr Trump numerous times this year, championing tariff relief for the Scotch whisky industry – the UK’s biggest drinks export.
Discussions remain ongoing about the imposition of a 10% tariff on exports from the UK to the US, a result of Mr Trump’s desire for the levies.
Speaking to the US president earlier this year during a visit to Scotland, Mr Swinney put the issue of the Scotch industry on the table, with Mr Trump saying he “didn’t know whisky was a problem”, but appearing open to moving on the issue.
Speaking to the PA news agency ahead of the SNP conference in Aberdeen, the First Minister said: “I’ve not been privy to the trade talks.
“I would like to be, because I think I’ve actually been quite helpful in all of this.
“It’s clear to me earlier on this year that whisky was not really featuring in the trade talks at all, it was not there as a principle negotiating priority for the UK Government.
“Well, I had to make sure it was, because it really matters to Scotland.”
Trade remains reserved to the UK Government and the First Minister’s visit to Washington last month was facilitated by former ambassador Lord Peter Mandelson.
Reports emerged last week that whisky could be exempted from the US tariffs, but the First Minister said he had not heard any updates.
“We’ve sought engagement with the UK Government on the trade talks and we’ve had a certain amount of information, but nothing of the detail and I have no update on the events since the last time I had interactions with the Prime Minister on the margins of the state banquet at Windsor Castle when I had the opportunity to discuss it once again with President Trump and also a number of senior members of President Trump’s administration,” he said.
The First Minister argued there was an incentive for the US to reduce tariffs, given casks used to make bourbon whiskey are sold to distilleries in Scotland to age their product, with a fall in output here meaning a decline in demand for American casks.
“That’s a very valuable trade – it’s worth 300 million dollars a year,” he said.
“When I was in the United States in early September, I talked to one of the companies producing the whiskey casks and they’re having orders cancelled from Scotland because there isn’t sufficient production in Scotland to merit the casks coming from the United States.
“So, if we just were to take all of this out of the trade talks to say ‘let’s have zero for zero’, we would see an improvement in the fortunes for Scotch whisky and we’d see an improvement in the fortunes for, principally, interests in the state of Kentucky and the Kentucky bourbon industry.”
A spokeswoman for the UK Government said: “We have always used our trade agenda to promote our world-class Scotch whisky industry, by continually engaging with the US on the issue and securing significant tariffs cuts in our other trade deals like with India.
“Our deal in May secured preferential access to Scotch whisky to the US market compared with other major economies.
“We continue to work to ensure this deal protects British jobs and exports as part of our Plan for Change.”
New Delhi: Good news for investors and market watchers! Even though February 1 falls on a Sunday this year, the Indian stock markets will remain open for trading on Budget Day. Both the BSE and NSE announced on January 16 that trading will take place as per normal market hours on February 1 for Budget 2026. This special arrangement ensures that investors can react to Budget announcements in real time, without waiting for the next trading session.
The NSE clarified the special trading arrangement in a circular, stating, “On account of the presentation of the Union Budget, members are requested to note that Exchange shall be conducting live trading session on February 01, 2026, as per the standard market timings (9:15 am-3:30 pm),” said NSE in a circular.
Union Budget 2026 to be presented on February 1 at 11 am
The Union Budget for 2026 will be presented at 11 am on Sunday, February 1, the Lok Sabha Speaker confirmed on January 12. In recent years, February 1 has become the fixed date for the annual Budget presentation, a trend that continued with the 2025 Budget as well. The upcoming Budget will also be a significant milestone for Finance Minister Nirmala Sitharaman, as it will be her ninth consecutive Union Budget, placing her among finance ministers with the longest uninterrupted Budget tenures.
Trading details for Budget Day explained
While most core market segments will remain open during regular trading hours on Budget Day, some services will stay shut. The BSE has clarified that the T+0 settlement session and the auction session meant for settlement defaults will not be operational. At the same time, the NSE confirmed that trading in capital markets and derivatives will continue as usual.
Stock market holiday list remains the same
The stock market holiday calendar for 2026 remains unchanged, with Indian exchanges observing 16 public holidays apart from weekends. The next scheduled market closure this month will be on January 26. In the first half of the year, markets will remain shut on key occasions such as Holi (March 3), Ram Navami (March 26), Mahavir Jayanti (March 31) and Good Friday (April 3). Trading will also be suspended on Ambedkar Jayanti (April 14), Maharashtra Day (May 1) and Bakri Id (May 28).
In the second half of the year, markets will close on Muharram (June 26), Ganesh Chaturthi (September 14), Gandhi Jayanti (October 2), Dussehra (October 20), Diwali Balipratipada (November 10) and Guru Nanak Jayanti (November 24). Christmas, on December 25, will be the final market holiday of 2026.
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Reliance Industries Q3 FY26 Financial Results | Earnings remained resilient during the December quarter despite pressure in upstream oil & gas exploration and production business.
Reliance Industries Q3 Results.
Reliance Industries Ltd reported a resilient performance in the fiscal third quarter, with consolidated revenue rising 10 percent from a year earlier to Rs 2.94 lakh crore, led by growth in its digital services, oil-to-chemicals (O2C) and retail businesses.
Net profit (pre minority) for the fiscal third quarter rose 1.6 percent from a year earlier to Rs 22,290 crore, while profit before tax increased 3.7 percent to Rs 29,697 crore.
Consolidated EBITDA rose 6.1 percent to Rs 50,932 crore, supported by earnings growth in the digital services and O2C segments, helping offset weakness in the upstream oil and gas business.
“Reliance’s consolidated performance in 3Q FY26 reflects consistent financial delivery and operational resilience across businesses,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, in a statement on Friday.
The O2C business benefited from a sharp increase in transportation fuel cracks, which rose 62-106 percent from a year earlier during the third quarter. This improvement was partly offset by lower downstream chemical margins and higher feedstock freight rates. Overall, O2C EBITDA rose 15 percent from a year earlier to Rs 16,507 crore, helped by higher volumes and a continued ramp-up in fuel retail operations.
The Jio-bp fuel retailing business maintained its growth momentum, with fuel volumes rising 24 percent, supported by strong growth in gasoline and high-speed diesel sales. The retail network expanded further, with Jio-bp operating 2,125 outlets at the end of December, a 14 percent increase from a year earlier.
“Robust growth in O2C business was led by significantly higher fuel margins with favorable demand-supply dynamics, along with operational flexibility. I am happy to highlight the strong growth in our fuel retailing business, with continuing expansion of the Jio-bp network,” Ambani added.
The digital services business delivered strong growth, with revenue rising 12.7 percent to Rs 43,683 crore. EBITDA from the segment grew 16.4 percent YoY to Rs 19,303 crore, aided by accelerated subscriber additions and a 170-basis-point expansion in margins.
Reliance Jio’s subscriber base increased to 515.3 million, with its 5G user base crossing 250 million during the quarter. Total home connects crossed 25 million, while JioAirFiber became the first fixed wireless access service globally to surpass 10 million subscribers, ending the quarter with 11.5 million users. Average revenue per user (ARPU) rose 5.1 percent from a year earlier to Rs 213.7.
“This quarter, Jio expanded its subscriber base further, through attractive propositions enabled by its comprehensive, indigenous technology stack tailored for Indian markets. The business delivered a robust financial performance with 16.4% growth in EBITDA,” said Ambani.
JioStar continued to report strong operational performance, maintaining leadership across key platforms and genres.
In contrast, the oil and gas business weighed on overall performance, affected by lower production from the KGD6 block due to natural decline in the reservoir and weaker price realisations, along with higher operating costs related to periodic maintenance activity. EBITDA declined 13 percent from a year earlier to Rs 4,857 crore. Revenue from the segment fell 8.4 percent to Rs 5,833 crore.
The retail business posted revenue of Rs 97,605 crore, an increase of 8.1 percent from a year earlier. Growth, however, was impacted by the distribution of festive demand between the September and December quarters, the demerger of Reliance Consumer Products Ltd, and GST rate rationalisation. Despite these, retail EBITDA rose to Rs 6,915 crore. During the quarter, Reliance Retail operated 19,979 stores, with a total operational area of 78.1 million sq ft, while hyper-local delivery operations saw a near fivefold jump in average daily orders.
“Our Retail business also had an eventful quarter, strengthening its portfolio with the onboarding of fresh new brands and product ranges. The demerger of consumer products business came into effect this quarter. With a broad and diverse product basket ranging from classic Indian brands to new age labels, the consumer products vertical is progressing on its accelerated growth trajectory with a focused organizational structure,” said Ambani.
During the quarter, capital expenditure stood at Rs 33,826 crore, which was fully covered by cash profits of Rs 41,303 crore. Net debt declined sequentially to Rs 1.17 lakh crore as of December 31, reflecting balance sheet stability.
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January 16, 2026, 19:28 IST
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New Delhi: Every year, the Union Budget draws nationwide attention as it outlines the government’s plans for the economy and public spending. Traditionally presented on February 1, the Budget will be tabled by Finance Minister Nirmala Sitharaman on February 1, 2026, at 11 am, as confirmed by Lok Sabha Speaker Om Birla.
A Record-Breaking Budget Speech
Nirmala Sitharaman created history by delivering the longest Budget speech in India in 2020, which lasted 2 hours and 42 minutes. The marathon address introduced several major announcements, including a new income tax regime and the much-awaited initial public offering (IPO) of Life Insurance Corporation (LIC).
However, during the course of the speech, Sitharaman felt unwell, following which Lok Sabha Speaker Om Birla read out the remaining two pages on her behalf. Notably, the 2020 speech had already surpassed her own 2019 record, when she spoke for 2 hours and 17 minutes. In contrast, her 2024 Interim Budget speech was much shorter, lasting just 56 minutes, her briefest Budget address since taking charge as Finance Minister.
Understanding the Union Budget: What It Means for India
The Union Budget is a yearly financial statement presented by the Finance Minister in Parliament under Article 112 of the Constitution of India. It outlines the government’s estimated income and spending for the upcoming financial year, giving a clear picture of how public funds will be raised and used.
Along with revenue and expenditure details, the Union Budget also announces proposed changes in taxes, key focus areas for development, policy initiatives, and major economic reforms. It serves as a roadmap for the country’s economic direction in the year ahead.
Over the years, Budget speeches have evolved to reflect India’s changing economic needs and challenges. All eyes are now on Finance Minister Nirmala Sitharaman, who has been leading the Finance Ministry since 2019 and is set to present her eighth Union Budget on February 1.
UK GDP expected to grow 1.4% in 2026: Goldman Sachs Research
Budget 2026: Will Markets Be Open On February 1? Full Details Inside
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