The future of bus firm Alexander Dennis has been “secured” by a £4 million furlough scheme, John Swinney has said.

The First Minister announced the move on Monday in hopes of avoiding the firm pulling out of Scotland and consolidating its operations at a single site in Yorkshire and saving 400 jobs.

The furlough scheme – the first of its kind to receive Scottish Government backing – will kick in when the firm signs a new order and will act as a “bridge to future”, supporting staff between the signing of a deal and the beginning of work.

Under the agreement, 80% of wages will be covered by the Scottish Government, while the company will pay the remainder, with the scheme funded for up to six months.

Speaking to the PA news agency at the Alexander Dennis site in Falkirk, the First Minister said: “I want to do everything I can in whatever circumstance to protect employment within Scotland, and especially manufacturing employment, because that generates significant wealth in the Scottish economy.

“I gave the company a commitment back in May that we would leave no stone unturned in finding a way through this with the company if they remain committed to manufacturing here in central Scotland.

“The company has demonstrated that commitment.”

He added: “I’m very confident that Alexander Dennis has got a positive outlook on orders and on business, that’s a change in situation from earlier on in the year, and what the Scottish Government is providing is essentially a bridge to the future to allow the company to realise and deliver on those orders.”

The furlough scheme could be cut short if work begins earlier than the 26-week limit, the First Minister added.

Alexander Dennis president and managing director Paul Davies told a Holyrood committee earlier this year the firm would need to secure between 70 and 100 bus orders by the end of the year as well as between 300 and 400 next year to be viable.

Responding to the news, Mr Davies said the company was “deeply grateful”.

“This announcement marks a turning point. The Scottish Government’s support allows us to propose a new outcome to our statutory consultation,” he said.

“This has been made possible by collaboration, determination and a shared belief in the value and future of domestic manufacturing.”

While new Scottish Secretary Douglas Alexander said the UK Government had been “leading intensive work” to save the jobs on the site.

“I warmly welcome Alexander Dennis’s decision which will see the company’s Falkirk and Larbert sites remain open and operational. This will be relief to the talented workforce,” he said.

“The UK Government has been leading intensive work with partners, including the Scottish Government, and actively encouraged the furlough scheme that has been announced today.

“Future orders are key to the long-term success of companies like Alexander Dennis.

“Alongside Mayors who have delivered thousands of orders, we will continue to do all we can to support our domestic bus manufacturers.”

The Scottish Tories welcomed the announcement, but MSP Stephen Kerr urged the Government to ensure the move “protects jobs in the long-term”.

Meanwhile, the trade union Unite’s general secretary Sharon Graham said: “The immediate priority is now to secure new orders for Alexander Dennis which will protect hundreds of highly skilled jobs for years to come.”

Gold vs Sensex: Gold has delivered superior returns compared to Sensex over a several year horizon. Gold has surpassed domestic equities in terms of returns, primarily due to unprecedented buying by global central banks and investors seeking protection against inflation. The precious metal has yielded 50.1% returns in rupee terms during the last year, whilst the Sensex declined by 1.2%.The significant uptick over the past year can be attributed mainly to central banks’ acquisitions, as uncertainties related to trade disputes have increased the appeal of secure investments, according to an ET report.“Central banks continue to buy gold with about 25% of purchases coming from them,” says Sridhar Sivaram, investment director at Enam Holdings. “They are buying gold because of the ongoing tariff wars and as a diversification against the US treasury,” he was quoted as saying.

Gold outperforms Sensex

Gold has demonstrated superior performance compared to Sensex across multiple timeframes spanning three, five, ten and twenty years.In the past three years, gold yielded an annual return of 29.7%, surpassing the Sensex’s 10.7%. The five-year performance shows gold achieving 16.5% returns, slightly higher than the Sensex’s 16.1%.Looking at longer periods, gold’s performance remained robust with 15.4% returns over a decade, exceeding the Sensex’s 12.2%. The two-decade analysis reveals gold maintaining 15.2% returns compared to the Sensex’s 12.2%.

Why are gold prices rising?

Experts indicate that countries are shifting away from dollar-based reserves towards gold holdings. They recognise gold as a reliable value repository and protection against currency deterioration.“Gold extends beyond being only a hedge against inflation, as the US Federal Reserve is on the stage to start cutting interest rates with hotter inflation,” says NS Ramaswamy, head-commodity desk, Ventura securities.

Gold 995 – Mumbai

He further notes that anticipated US Federal Reserve rate reductions this month and ongoing uncertainty regarding President Donald Trump’s tariff decisions will sustain gold’s strong position.Recently, gold prices on Comex reached an unprecedented $3,715.2 per troy ounce, whilst silver exceeded $43, achieving its highest value in 14 years.

What is the outlook for gold prices?

Experts indicate that with gold prices having already surged 38%, future increases might be more modest. Nevertheless, portfolio diversification should include gold allocation between 10-15%. “Investors should continue to allocate 10% to gold in their portfolios as it is the only hedge against currency, but you should not expect returns to be as high as the previous year,” said Sivaram.For optimal investment strategy, Ramaswamy suggests maintaining 15% gold allocation, recommending purchases during price corrections.Recent significant price appreciation has led several market observers to favour equity investments over gold.According to research by Edelweiss Mutual Fund comparing Sensex to Gold ratios, gold currently appears overvalued relative to equities. Historical data suggests equity outperformance when the ratio dips below 1, whilst higher ratios typically indicate stronger gold performance.“The current ratio is 0.76, which is below the long-term average of 0.96,” Niranjan Avasthi, SVP and head- product, marketing & digital at Edelweiss Asset Management. “In the past when this ratio had been below 0.8, the BSE Sensex has given an 3 year average forward return of 25.12% compared to gold that could return 7.21%.”(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)

US and Chinese officials will hold a second day of trade talks in Spain on Monday as the deadline for the Chinese owner of TikTok to find a buyer or face a ban in America looms.

The negotiations, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, are the latest attempt to end a trade war between the world’s two biggest economies.

Top level trade delegations from Beijing and Washington last met in July, when they struck a deal to extend their tariffs truce by another 90 days until 10 November.

After initially calling for TikTok to be banned during his first term, Trump has reversed his stance on the popular video-sharing app and delayed the ban three times so far.

The BBC has contacted the White House and TikTok for comment.

Speaking to reporters on Sunday, Trump said, “We may let [TikTok] die. Or we may… I don’t know. It depends. Up to China, it doesn’t matter too much.”

It came as expectations grow that the deadline, which is due to expire on Wednesday, will be extended for a fourth time.

Last month, Trump suggested that he would keep extending the deadline until a buyer for TikTok could be found and called national security and privacy concerns related to the app and its Chinese parent company ByteDance “highly overrated”.

Trump was highly critical of TikTok during his first term in the White House but softened his position after he gained popularity on the app during the 2024 presidential election.

In August, The White House launched its official TikTok account.

The app is one of the world’s most widely-used social media platforms, with around 170 million users in the US.

During this week’s talks, officials are also expected to lay the groundwork for a potential meeting between Trump and Chinese President Xi Jinping as soon as October, when they are scheduled to attend a summit in South Korea.

The tariffs truce between China and the US cut import taxes that had reached more than 100% on each other’s goods.

The extension gave them more time for negotiations about “unfair trade practices” and to address national security issues, the White House said.