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The Herald Scotland
29 minutes ago
- The Herald Scotland
Scotch whisky toasts major breakthrough in troubled era
UK Prime Minister Sir Keir and his Indian counterpart Narendra Modi today signed a free trade agreement (FTA) that both parties declared will bring major economic benefits to their respective countries. The deal is expected to pave the wave for significant investment by Indian companies to expand their operations in the UK and for British companies to boost exports to India (and vice versa) through the liberalisation of tariffs. The latter has been especially welcomed by the Scotch whisky industry, which has long highlighted the potential of India – the biggest whisky market in the world – as a lucrative overseas sales destination for the water of life. Read more: India has agreed to slash tariffs on Scotch whisky in half, with the import tax reduced immediately from 150% to 75% and then gradually cut to 40% over the next 10 years. Jean-Etienne Gourgues, chairman and chief executive of Chivas Brothers said: 'Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry. India is the world's biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine's. 'The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade. Let's hope that both governments will move quickly to ratification so business can get to work implementing the deal.' More generally, India's average tariff on UK products will drop from 15% to 3%, which the Government says will make it easier for British companies making everything from soft drinks and cosmetics to cars and medical devices to sell into India. UK exports to India are forecast to increase by 60% in the long run, equivalent to an additional £15.7 billion of UK exports to India when applied to projections of future trade in 2040. Bi-lateral trade is expected to rise by 39%, equivalent to £25.5bn a year, when compared to 2040 projected levels of trade in the absence of an agreement. However, behind the celebratory tone of the announcement lurks a slightly sobering factor: the boost to UK GDP from the deal with India will amount to 0.1% by 2040. This pales somewhat into insignificance compared with the 4% hit to UK GDP estimated to have arisen from Brexit.
Reuters
an hour ago
- Reuters
A.O. Smith lifts annual profit forecast, considers China partnership
July 24 (Reuters) - Water heater maker A.O. Smith (AOS.N), opens new tab will consider strategic partnerships and other alternatives for its China business, it said on Thursday after raising its annual profit forecast. "We believe the China market has substantial long-term prospects and are committed to realizing the potential upside inherent in the company's China business for our company," CEO Steve Shafer said. The Milwaukee, Wisconsin-based company is banking on higher market share in the second half of the year and cost savings from its restructuring actions. It now expects annual adjusted earnings per share to be in the range of $3.70 to $3.90, compared with its previous forecast of $3.60 to $3.90. Analysts on an average expected $3.78 per share for 2025, according to data compiled by LSEG. But second quarter revenue fell about 1% from a year ago to $1.01 billion. Sales from other parts of the world, including China and India, also fell nearly 2% to $240.1 million. Net income for the quarter ended June 30 was $152.2 million billion, or $1.07 per share, compared with $156.2 million, or $1.06 per share, a year earlier.
BBC News
2 hours ago
- BBC News
How the Scotch whisky tariffs deal was struck
The world's biggest whisky market has long been an enticing prospect for Scotch exporters, but was protected behind 150% was symbolic of India's long-time attachment to developing its own industries behind high barriers to trade, believing that its huge population was a sufficient marketplace in which to develop its economy in its own more than 30 years, the trade barriers have been gradually have learned that they have skills that can compete globally, notably in IT, pharma, back office processing, and increasingly in manufacturing. It has slowly woken up to the benefits of further lowering obstacles to as more people have joined India's middle class, by the hundreds of millions, they have put more pressure on their government to give them access to imported whisky is one of them, successfully marketed as a signal of prosperity and an international, sophisticated having a 150% tariff and other non-tariff barriers, Indian imports of Scotch have grown to become the biggest national market by volume, overtaking France, while the USA is the biggest by of India's imported Scotch is in bulk for blending with domestically-produced whiskies, which can be sold at a premium price. The UK-India trade deal struck in early May and being signed between the countries' prime ministers at Chequers on Thursday cuts that tariff in half and then sees it cut to 40% within 10 still a hefty tariff, while the average Indian tariff on imported UK goods falls from 15% to 3%, and most trade will have no tariffs at all. That includes soft drinks, down from a 33% tariff - an Irn Bru, sahib?But it's a very significant boost to the prospects of selling more branded Scotch and pushing into premium markets for single has made the difference that got this deal done?One key to this has been Diageo. With around 40% of Scotch production, it has the brands and the marketing heft that already reach into India's middle has also been crucial to weakening the resistance to tariffs of India's domestic distillers, by becoming the largest of bought the United Distillers empire inherited and expanded by Vijay Mallya, the flamboyant businessman who paid big for Scotch distiller Whyte & his empire collapsed and he hit big legal problems (still unresolved), Diageo took control in 2015, but had to offload Whyte & Mackay to avoid the attention of the competition the company that is the main domestic distiller became the same company that is the biggest winner if tariffs come course, a trade deal is a lot more complex than alcoholic spirits. And they have been less of a concern for the Indian Prime Minister Narendra Modi. He comes from Gujarat, a state that has long banned consumption or sale of alcohol, with a few exceptions recently put in may reckon on continued Indian obstacles from non-tariff barriers, including labelling, customs delays, retail restrictions, and India's sclerotic legal system, but the trade deal has tried to secure gains on these. One of Mr Modi's personal interests is in the global export of yoga – the Hindu version rather than its western among the categories of workers given special measures in the trade deal are yoga teachers, as well as has other, more significant asks of the UK, which have also been a reason for previous British ministers to stall a among them has been access for its companies to place Indians into the British labour market. Companies such as Wipro and Tata Consulting Services have vast numbers of IT specialists they can place with clients, but Britain has resisted allowing more companies have invested in UK subsidiaries and bought British companies, such as Jaguar Land Rover. They also want to be able to place their own people from India in British factories and offices, at least trade deal allows for a smoother process, and more predictable "locked-in" work visa rules, for longer periods than they've been able to secure UK government's description of that deal is defensive, emphasising what it will not do – it won't increase immigration figures, and it will not mean that these migrant workers will have the right to remain in Britain parts of the trade deal extend to car trade in both directions, where India's reputation for car manufacturing has greatly improved under Japanese and Korean and clothing imports with low, or no, tariffs are expected to drive down some costs for British consumers. Economic modelling The total value of this is calculated by the UK government at £6bn of additional investment in the UK, as a stimulus to create 2200 British jobs over its initial 15 years and to add £4.5bn to total output, including a £190m gain to the Scottish economic modelling suggests exports from the UK rising by more than £15bn over the projections for trade growth without a deal. In recent years, they've been worth around £ a big number, but not huge in terms of economic growth more widely. Its significance lies in being the biggest and most significant deal struck by the UK government since Brexit, when Westminster regained the power to strike deals on sends a signal. India and the UK are open for business, and touting the gains from freer trade, rather than wanting to put up new barriers. The contrast is clear with the American president, arriving in Britain as Narendra Modi Scotch whisky industry is very pleased by the India deal, but remains very concerned about the prospect of further barriers to sales in the USA. There is already a 10% could have a 25% added to it in July next year, with the end of the suspension of a tariff on single malt whisky, including the more valuable was introduced as collateral penalty in the dispute over state subsidies for Boeing in the US and Airbus in the EU, with a reciprocal tariff on bourbon heading east, and it was then suspended while Joe Biden was does not require Donald Trump to impose that tariff once more. Unless he chooses to change it, it will automatically return next American Independence Day, 4 of Sir Keir Starmer's meeting with the US President somewhere in the Aberdeen area, whisky industry source says "he must not be allowed to leave Scotland without an agreement to avoid that happening".
