Japan June jobless rate unchanged at 2.5%
Economists' median forecast was also for 2.5%.
The jobs-to-applicants ratio in June fell to 1.22 from 1.24 in May. The median forecast was 1.25.
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The Herald Scotland
3 hours ago
- The Herald Scotland
Scotch whisky: 'No sign' US tariffs will increase to 25%
The US President has so far agreed a 10% tariffs on UK exports and 15% on EU ones. Across the Scotch whisky sector, there are concerns that this deal - which is believed to be costing the industry £4m a week - will lead to significant harm for businesses. READ MORE: Scotch whisky hopes rise after Trump pledges to talk tariffs Trump talks of 'great love' for Scotland during visit 'Scotland must switch whisky exports from America to Canada' The Secretary of State is currently leading a UK Government delegation to Germany this week to 'increase economic ties' with the EU. Mr Murray said it was important to point out that trade deals with the likes of EU and India, the largest growing economy in the world, will provide a 'great opportunity' for Scotch whisky. Yet, earlier on the programme, Scotland's public finance minister Ivan McKee warned that 25% tariffs could be imposed next year as a deal previously reached with America on temporary duty reliefs could be lifted. Between October 2019 and March 2021, the tariff imposed as a result of the Boeing dispute resulted in £600 million in lost Scotch whisky exports. A deal was eventually reached in 2021 to take the 25% tariff off the industry. However, Mr McKee said: 'That was done on a temporary basis and that runs out next year so it's really important that it is taken out of the picture permanently because when that was in place, that was a significant hamper to Scotch whisky exports. 'As the UK Government concludes the deal with the US Government, we would expect it to be 10% tariffs on whisky which is clearly something we wish wasn't there.' Mr McKee said he would hope this was not re-imposed but added: 'There's nothing but unpredictability when it comes to Donald Trump and tariffs so who knows what's happening.' However, Mr Murray insisted it is unlikely this would happen. Asked how likely it would be for 25% tariffs to be re-imposed on Scotch whisky, Mr Murray said: 'There is no sign of that at the moment.' He added: 'It's 10% tariffs on Scottish whisky. Yes, we would rather that was as close to zero as possible but ten percent is as low as anybody else in the world right now." Mr Murray said the Prime Minister Keir Starmer has been able to 'reset international relationships' to do a deal with the US on tariffs. He said: 'Many, including the First Minister, wanted us to walk away from the US president but it was really important in the national interest and in the Scottish national interest for us to have that relationship to do that deal. '10% is the lowest tariff in the world. We did the first trade deal it saved the steel industry, the car industry. 'Yes, 10% tariffs on Scotch whisky is disappointing and we will continue to champion the cause for the really unique position of whisky. "We don't want it to be subject to historic trade wars as it has been in the past. It is a really thriving industry.' Speaking about the US president's visit to Scotland, Mr Murray said it was a 'great privilege' to when he landed in the country last week. He said he was in 'no doubt' of Mr Trump's 'great love of Scotland', adding: 'That is something we should exploit in the national interest.' During his visit to Scotland, President Trump promised to 'take a look' at tariffs on Scotch whisky during his meeting with Starmer as he said he wanted Scotland "to thrive". Since then, however, no changes have been made to the current arrangement. Speaking on the radio today, the Secretary of State also said Mr Trump suggested he should join him at the press conference beside Air Force One when he arrived in the country, however, the Secretary of State declined. Mr Murray said: 'He did tap me on the shoulder and said, 'let's go and do this press conference together' which I declined…because it's not for me to do so. 'I don't think it was for me to speak to the American press pack who is travelling on Air Force One with the President of the United States.'
The Independent
4 hours ago
- The Independent
India signals it will keep buying Russian oil despite Trump tariff threat
India has suggested it will continue purchasing oil from Russia despite US president Donald Trump 's threats to hit Delhi with new tariffs over the imports. Foreign ministry spokesperson Randhir Jaiswal told reporters on Friday that India 's energy decisions were based on market availability and global conditions, adding that ties with Moscow were 'steady and time-tested' and should not be seen through the prism of a third country. Mr Trump said earlier this week that he plans to impose a 25 per cent tariff on Indian goods along with an additional import tax in response to Delhi 's continued buying of Russian crude. The US president has stepped up warnings against nations doing business with Moscow as Washington seeks leverage over Russia 's war in Ukraine. India bought about 68,000 barrels of crude oil a day from Russia in January 2022, but this rose to 1.12 million barrels per day by June that year, peaking at 2.15 million barrels a day in May 2023, according to data from analytics firm Kpler cited by Press Trust of India. Russian supplies at one point made up nearly 40 per cent of India's total oil imports, making Moscow its biggest crude supplier. While the Indian government may not be deterred by Mr Trump's threats, Reuters news agency earlier reported that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Reacting to the reports, Mr Trump told reporters: 'I understand that India is no longer going to be buying oil from Russia. That's what I have heard. I don't know if that's right or not. That is a good step. We will see what happens.' He added that despite his tariff announcement, trade deal talks with India were progressing. India consumes around 5.5 million barrels of oil a day, importing roughly 88 per cent of its needs. The world's third-largest crude buyer after China and the US shifted sharply towards Russian supplies after the invasion of Ukraine in February 2022, taking advantage of steep discounts as Western nations turned away from Moscow's energy exports.
Reuters
4 hours ago
- Reuters
OPEC+ agrees to 548,000 bpd oil output hike for Sept, sources say
LONDON, Aug 3 (Reuters) - Eight OPEC+ countries meeting on Sunday have agreed to raise oil output in September by 548,000 barrels per day, three OPEC+ sources said while the meeting was under way. The group will hold its next meeting on September 7, one of the sources said.
