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.”
Ferrari technicians inspect supercars on the production line inside the company’s factory in Maranello, Italy, October 2, 2025. REUTERS/Remo Casilli/File Photo
Remo Casilli | Reuters
DETROIT — Ferrari on Tuesday beat Wall Street’s first-quarter earnings expectations and reconfirmed its guidance for the year, weeks ahead of the sports car maker revealing its first all-electric vehicle.
Here’s how the company performed in the first quarter compared with average estimates compiled by LSEG:
- Earnings per share: 2.33 euros (US $2.72) adjusted vs. 2.27 euros expected
- Revenue: 1.85 billion euros vs. 1.81 billion euros expected
Ferrari’s revenue was up more than 3% compared with 1.79 billion euros during the first quarter of 2025, while its operating profit and adjusted earnings increased 1.1% and 4.2% year-over-year, respectively.
The company’s 2026 guidance includes 7.5 billion euros in net revenues and an adjusted operating profit of at least 2.22 billion euros, or 9.45 euros adjusted EPS. Its industrial free cash flow is targeted at 1.5 billion euros or more for the year.
Those results were despite deliveries being down 4.4% year-over-year to 3,436 units, as the sports car maker said it slowed production to “ease the execution of the planned model change-over.”
The company said deliveries “were not impacted by the surge of hostilities in the Middle East, as Ferrari leveraged its geographical allocation flexibility, bringing forward certain deliveries to other regions.”
Ferrari’s results come weeks before the scheduled debut of the Luce, its first fully electric vehicle, on May 25.
“With only twenty days to the world premiere of the Ferrari Luce, the sense of anticipation has never been so high. The Ferrari Luce brings together so much extraordinary technologies and the passion of so many people. It is the evidence of how tradition and innovation can come together to create something unique,” Ferrari CEO Benedetto Vigna said in a statement Tuesday.
Business
India among most resilient large EMs, better placed for future global shocks; policy reforms & strong buffers help: Moody’s – The Times of India
Amid the ongoing Middle East conflict, a recent report by Moody’s Ratings says that recent global shocks have shown India’s resilience among emerging economies to withstand pressures. The report credits the resilience to timely policy measures and the buildup of robust buffers.“India and Thailand are the sovereigns better placed to manage future global shocks. In both cases, the key policy choices that support stability were made well before the recent stress period,” Moody’s says.In its latest study on emerging-market sovereigns, the agency notes that India has ranked among the more resilient economies since 2020, based on multiple indicators such as sovereign bond spreads, domestic yield movements, and exchange-rate stability.The report highlights the following points of strength:Monetary policy frameworks are clear and predictable, inflation expectations are better anchored, and exchange rates are allowed to adjust when needed. This reduces the risk that currency moves turn into persistent inflation or force abrupt policy shifts.
Both countries should also enter future periods of stress with strong and accessible buffers. India’s reliance on domestic funding is balanced by deep local markets and sizeable reserves, the report says.However it notes that India’s relatively high debt burden and weak fiscal balance limit the amount of space available to respond to successive shocks, while Thailand’s rising debt burden risks reducing resilience over time.The report points out that India has consistently demonstrated notable strength during periods of global volatility. Movements in credit spreads have been limited and short-lived, currency depreciation has remained controlled, and fluctuations in local bond yields have been orderly. These factors have helped the country retain uninterrupted access to financial markets even during turbulent phases.
It underscores the role of India’s sizeable foreign-exchange reserves, which have helped stabilise the currency and maintain investor confidence during episodes of global stress, setting it apart from more vulnerable peers.Another key factor has been the presence of a transparent and consistent monetary policy framework. The adoption of inflation targeting well before recent global disruptions has ensured that inflation expectations remain anchored, thereby improving the economy’s ability to absorb external shocks.When compared with relatively more fragile economies such as Türkiye, Argentina and Nigeria, India has largely managed shocks through adjustments in prices rather than prolonged financing stress. This has been supported by deeper domestic financial markets and stronger policy credibility.
Rupee tumbled to a record low of 95.40 against US dollar in early trade on Tuesday, falling another 17 paise after already ending the previous session at its weakest-ever closing mark. Previously on Monday, the currency had declined sharply by 39 paise to close at 95.23 against the greenback.This comes as global uncertainty continues to be fueled by intensifying Middle East tensions, dragging down financial markets. Crude oil prices have remained elevated, intensifying concerns around inflation and slowing economic growth. During Monday’s trade, rupee opened at 94.95 in the interbank foreign exchange market before sliding throughout the session to settle at 95.23.The cautious sentiment was reflected on Dalal Street as well as benchmark indices tumbled in red. BSE Sensex was trading at 77,090.12, down 179.28 points or 0.23% as of 9:40 am. NSE Nifty50 also dipped to 24,036.95, down 63.85 points or 0.26%.Dilip Parmar, Senior Research Analyst, HDFC Securities told PTI, “The Indian rupee has hit a record low as the dollar recovered and crude oil prices held firm. This ongoing surge in oil prices, combined with foreign fund outflows, is putting a visible strain on India’s trade balance and broader economy. Persistent dollar demand is expected to keep the pressure on the rupee in the short term, driving the USD/INR higher toward the 95.35 and 95.70 levels.“Foreign Institutional Investors remained net buyers in equities worth Rs 2,835.62 crore on Monday, based on exchange figures. In the commodity market, oil prices continued to soar. Crude oil prices were trading at nearly $113 per barrel on May 5 as fresh attacks in the Strait of Hormuz heightened fears over the stability of the US-Iran ceasefire.
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