Latest news with #Tanqueray
CNBC
2 days ago
- Business
- CNBC
Spirit makers face a sobering cocktail of challenges — from tariffs to teetotalers
Global spirit makers are staring down a sobering cocktail of challenges as tariffs and brand boycotts threaten to exacerbate wider shifts in drinking habits. French cognac maker Rémy Cointreau on Wednesday became the latest spirits maker, following Diageo and Pernod Ricard, to withdraw its sales targets on increased economic and trade uncertainty. "Given the continued lack of macroeconomic visibility, the geopolitical uncertainties surrounding U.S.-China tariff policies, and the absence to date of a recovery in the U.S. market ... the conditions required to maintain [Remy Cointreau's] 2029-2030 targets are no longer in place," it said in a statement. The move came as full-year sales at the group's cognac business, which includes its namesake Remy Martin brand, fell 22% on an organic basis on slowing U.S. consumption and "complex market conditions" in China. The popular brandy variety, which hails from the French region of Cognac, has been particularly caught in the crosshairs of ongoing U.S.-Sino tensions. LVMH similarly saw a 17% drop in its Hennessy cognac in the first quarter. But the specialty drink is far from alone as trade barriers weaken already drying demand for spirits. LVMH's wine and spirits remains the French luxury group's worst performing division, while Diageo spirits including Tanqueray, Gordon's and Smirnoff saw the steepest declines in the first quarter as sales of Irish stout Guinness rallied ahead. "Distilled spirits in the U.S. are going through a correction, and U.S. tariffs add another layer of uncertainty," Jefferies said in a note last month. The prestige — and often legal requirements — associated with spirits and wines mean that they are heavily dependent on local production and thus heavily exposed to U.S. import levies. Champagne must be produced and bottled within the Champagne region, for instance. "With spirits and wines you have terroir caches, and that means you're producing locally and exporting. Hence it's much more vulnerable to geopolitical tensions," Sanjeet Aujla, analyst at UBS, told CNBC via video call. Remy Cointreau estimated that tariffs as they currently stand could serve a 65-million-euro blow ($55 million) to its business after mitigating measures. Diageo, meanwhile, said about 25% of its business is set to be impacted by duties. The same does not apply for beer, which relies on local production and has been flagged as an unlikely winner from brewing trade divisions. Notably, the world's largest brewer AB InBev, as well as Dutch and Danish beermakers Heineken and Carlsberg all maintained their full-year guidance in the first quarter. As a result, wines and spirits are potentially more exposed to brand boycotts too, with consumers more likely to swap out a particular product on political grounds in favor of a locally-made alternative. The tariff hit comes as the industry has slowed over recent years following a strong decade of growth, particularly during the Covid-19 pandemic. Locked-down consumers forked out more on alcohol in 2020 and 2021, fueling a simultaneous surge in premium brands. "During the pandemic, not only did people drink more, they premiumized more," Aujla said. Spirits are often seen as an affordable luxury, especially in good economic times. But they nevertheless tend to be an occasional purchase, with many Covid-era stockpiles remaining in liquor cabinets across the world. As economic conditions turn, however, consumers may be less inclined to cough up $100 for a good bottle, instead downtrading or opting for lower-cost ready-to-drink (RTD) alternatives. "Spirits-based RTDs are weighing on distilled spirits growth alongside the impact of cumulative inflation," the Jefferies note said, adding that downtrading was most visible in vodka and rum products, while demand for premium whisky, tequila and gin remained more robust. "That [premiumization] is on pause today, given the cyclical headwinds we have in the industry," Aujla added. The drying demand comes as health and wellness trends spark a shift in consumer habits, with more people becoming "sober curious" and experimenting with lower alcohol consumption. Indeed, many drinks makers have sought to embrace that shift with new ranges of low and no alcohol products. Meanwhile, the proliferation of weight loss drugs — and early evidence of their role in suppressing alcohol cravings — pose another potential challenge for the industry. Nevertheless, analysts remain divided over the severity and permanence of the downturn. "There is considerable debate over the extent to which currently anemic demand is cyclical or structural," James Edwardes Jones, analyst at RBC Capital Markets, said in emailed comments. Cyclical pressures refer to economic headwinds and hangover supplies from the Covid-era, while structural shifts refer to changing consumer patterns. "It's a bit of both, and more cyclical than structural," Aujla said. "But when the cyclical headwinds dissipate, we think US Spirits industry growth will be 1-2% lower than the 4-5% historical growth."
Yahoo
19-05-2025
- Business
- Yahoo
Diageo eyeing 'substantial' asset sales
Diageo could make 'substantial changes' to its product portfolio in the form of asset disposals, CFO Nik Jhangiani said today (19 May). Speaking to analysts, Jhangiani said Diageo had identified opportunities to offload assets that were different in scope to the deals the Johnnie Walker maker had conducted in recent years. 'Clearly we see through our reviews that we've been doing internally and with the board some opportunities for what I would call substantial changes versus portfolio trimming,' Jhangiani said. 'I can't say any more than that but clearly it's going to be above and beyond the usual smaller brand disposals that you've seen over the last three years.' Diageo has offloaded assets including rum brands Cacique and Pampero and Safari liqueur. The group has also sold assets in Africa, although in October it reportedly called off the sale of its Pimm's gin-based liqueur after failing to secure an agreement with potential buyers. Jhangiani was speaking after Diageo announced plans to save around $500m in costs over the next three years. The Tanqueray maker said the move would help the company invest in 'future growth' and improve its 'operating leverage'. Diageo said the cuts were part of a broader initiative – dubbed 'Accelerate' – that will see 'a shift in how we do business', including developing a 'more agile global operating model'. Under the plans, the UK-listed group also said it expects to generate around £3bn free cash flow a year from its 2025/26 fiscal year. Asked where the $500m in savings would come from, Jhangiani pointed to Diageo's 'trade investment', its spending on A&P, overheads and the company's supply chain. 'The … piece … around overheads. We've highlighted in the release how we want to think about our operating framework and model choices to really leverage our scale but continue to build a much more agile and resilient [company] but then drive efficiency and effectiveness how we do things,' he explained. Jhangiani said Diageo plans to provide more detail on the Accelerate programme in August, when the company is scheduled to report its full-year financial results. He added: 'Our supply teams continue to do a great job as we look at offsetting inflationary pressures but there's also broader efficiency plays that we'll be looking at within supply and part of that goes back to some of the work that the team has done with the supply agility programme, so those will start coming through as well.' Just Drinks has approached Diageo to ask what impact the savings plan could have on jobs. At the end of Diageo's 2021/22 financial year, the company announced a 'supply chain agility programme' to cover the subsequent five years, efforts designed to boost productivity and, then CEO Ivan Menezes said, 'strengthen our supply chain, improve its resilience and agility'. Asked on today's call if that programme was ongoing or would be part of the new Accelerate efforts, CEO Debra Crew said: 'We've had some different productivity numbers flying around and supply agility as well and what was included in what. As Nik came in – and he talked about it at the first half results – we stepped back, have re-cut and taken a look across all of these programmes because some of these productivity things that were laid out were under very different macro conditions, different growth expectations, different capex expectations, etc. 'As part of that $500m, the supply agility, the programmes that are ongoing will be included in that. We're trying to give better transparency to sort of one number that's all inclusive of all of these efforts.' The announcement came alongside a trading update for the third quarter of Diageo's current financial year, three months that ran to the end of March. Net sales increased 2.9% to £4.38bn and were up 5.9% on an organic basis. The company said the 'phasing' of its sales boosted its organic net sales by around four percentage points. Diageo said its volumes rose 2.8% organically. In North America, Diageo's reported net sales rose 5.9% during the quarter. On an organic basis, the company's spirits sales in the region were up 7%, with depletions growing by around 5%. Diageo said distributors had pulled forward imports in anticipation of changes to tariffs. In Europe, despite 'strong momentum' from Guinness, the group's net sales dipped 1.3%, with organic sales 0.4% lower. Crew said: 'The Guinness performance, putting that aside, it has been impacted by consumer pressure and just uncertainty surrounding all the geopolitical conflict and we are seeing that impact in having some downtrading on spirits. 'Price-mix, we are seeing a downward pressure. It's hard to see, because Guinness gives us such great price-mix. You see overall Europe showing very positive price-mix but we definitely are seeing downtrading on the spirit side. We do have a very standard-priced portfolio within Europe, so we're having to navigate through that but, no doubt, that is one of the pieces of uncertainty that we're really feeling in the market as well.' Shares in Diageo were down 0.93% at 2,132p at 12:45 BST. "Diageo eyeing 'substantial' asset sales" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time Out
19-05-2025
- Entertainment
- Time Out
Last call: Drinks to try at the World Class Cocktail Festival before it ends this month
Time Out Singapore in partnership with Diageo After five months of intense competition, June marks the final month of the World Class Bartender of the Year competition in Singapore. Some of the city's best bartenders have been pushing their limits – all vying for the number one spot and a chance to represent Singapore at the prestigious World Class Global Finals happening in Toronto in September this year. Last month, the Top 20 were tasked to make cocktails starring both Tanqueray, the world's number one premium gin and bartender's favourite, and The Singleton, the award-winning single malt Scotch whisky celebrated for its profound flavour. For Tanqueray, they had to create a drink inspired by industry legends while The Singleton cocktail had to bring the theme 'Sense the Moment' to life with a music-fuelled and multi-sensory party experience. After pulling out all the stops, only the top 11 bartenders remain. And you have a chance to taste their phenomenal creations at the World Class Cocktail Festival this month before the grand finals in June. Meet the Top 11 bartenders and try their signature cocktails Indian Lion – Jeeivan, The Elephant Room With tandoori cooking – the hallmark of Punjabi cuisine – in mind, Jeeivan set out to create a bold cocktail with The Singleton 12 that's still fruity, nutty and delicious. He blends tandoori spices with honey and infuses vermouth with fenugreek to create a drink that's both herbaceous yet savoury in flavour with a brined onion garnish to really make things sing. Tropical City – Tyson Quek, Side Door Who doesn't love a good Paloma? Tryson's got the remedy for you with a take on the classic that's just the right balance of sweet, sour, bitter and salty with a fizzy finish. Starting with Don Julio Reposado, he layers in pineapple juice, lime peel and basil, then carbonates the whole mix for a vibrant lift. A final sprinkle of mitako powder adds a savoury umami kick that'll leave you wanting more. The First Love – Sam Pang, Night Hawk This one's for romantics. Or at least anyone who remembers that giddy, fizzy spark of something new. Sam channels the rush of falling in love into a bright, citrusy spritz with Tanqueray No TEN, grapefruit, lemon, and playful bursts of passion fruit caviar. A bubbly tribute to that moment when something – or someone – first sets your heart ablaze. Mistakes & Magic – Marco Maiorano, KOMA A happy accident turned into cocktail gold. While experimenting late one night with his colleague Mirko Furci, Marco mistakenly mixed a pandan cordial with a tomato one and discovered a combination was so good he had to put it in a drink. Now it lives on in this Martini-meets-Bamboo hybrid with Tanqueray No TEN, sherry, and that unexpected cordial duo. It's proof that sometimes screwing up isn't so bad after all. Walker's Royale – Kelvin Saquilayan, Republic Bar A cocktail with split personalities – like wearing a suit with sneakers. Kelvin merges the elegance of a French 75 with the casual cool of a highball, using Johnnie Walker Black Label, raspberry mignonette, and a generous pour of Champagne. It's refined but relaxed, fancy but familiar. Gotham Sour – Ooi Foo Giap and Lam Ho Yung, Last Word Just like New York City's darker and fictional alter ego, Gotham, the Gotham Sour is a brooding twist on the classic. This cocktail channels the moodiness of the city after dark, much like the streets Batman prowls. At its core is sarsaparilla, a nostalgic nod to 19th-century American soda shops, layered with the smoky complexity of Johnnie Walker Black and the smooth sweetness of amaretto. Mariachi Margarita – Zana Mohlmann, Manhattan If you've ever been to a music festival in the Netherlands then you know that the Dutch throw a great party. But even if you haven't, Zana's bringing a taste of that energy to Singapore with her Mariachi Margarita, a spicy and bold combo made with Don Julio Reposado, fresh cilantro, chilli and lime for that refreshing kick that'll have you dancing all night long. JW in JW – Qing Ting, Madame Fan Heritage meets hospitality in perfect harmony with this drink that pays homage to Johnnie Walker and John Willard Marriott, the founder of JW Marriott Hotel. Qing Ting plucks pandan leaves from the JW Garden, which she torches and mixes with rice, the staple Asian ingredient that also represents her bar, Madame Fan. Mature on Optimism – Orman Bag-ao, CUT by Wolfgang Puck Part of Orman's Bull Run cocktail menu, which as its name implies, reflects the emotional ups and downs of the stock market, Mature on Optimism represents that hopeful high when everything's going right. Made with Tanqueray No TEN, lime juice, basil syrup and put through milk clarification, it's a garden-fresh twist on the classic Basil Smash. Pho-nastic Ensemble – Kim Dongje, The Backdrop Inspired by, you guessed it, pho. Kim reimagines the beloved Vietnamese soup noodle dish as a savoury, sippable cocktail starring Don Julio Reposado and a medley of familiar Southeast Asian ingredients like kaffir lime, lemongrass, Thai basil and chilli. There's even a vegetable consommé base. It's a warm, comforting hug delivered in a cocktail glass. More to try at the World Class Cocktail Festival It's also your final chance to try out exclusive cocktail menus from the other participating bars of the World Class Cocktail Festival. Check out the promotional menus featuring premium spirits from World Class served with a creative twist. We've picked out the star drink you have to order from each bar when you swing by. Vote for your favourite World Class experience here for a chance to win a $200 voucher to spend at your participating bar of choice. The Right Wing – Joel Accad, Silly Goose A riff on the Right Hand rum negroni, but for those who aren't as big a fan of the usual bitterness. Joel blends Ron Zacapa XO, sweet vermouth and a banana oleo. It's bold, tropical and just bitter enough to keep things interesting. And if you haven't been to Silly Goose, you'll find that they only have 14 drinks on the menu. During the World Class Cocktail Festival, it has four specials on the menu to celebrate so you should find something you like when you head down. Till The Sun Goes Up – Cherry Lee, Origin Bar Like Jennie? Nah, we want a cocktail that's like Cherry – specifically Cherry Lee from Origin Bar, who's combined cherry liquor, bergamot, citrus and a touch of cherry glaze for her take on an Aviation with Tanqueray No TEN. She created a drink that reflects her personality – playful, classic and full of hopeful optimism, like watching the sunrise from the beach after a long night of heart-to-heart conversation. The Geisha – James Dela Rosa, WAKUDA James gives the Paloma a spicy Japanese twist with Don Julio 1942, homemade grapefruit soda infused with shishito peppers, and a grapefruit foam sprinkled with homemade wasabi salt. He credits this drink as the reason he's made it to the Top 42 of this year's World Class competition so you have to try it for yourself to see why he's come this far. Gents and the City – Anton Gornev, The Mirabilis Bar @ Mt. Faber Peak Just like how Carrie Bradshaw starts her essays with a rhetorical question, Anton built his cocktail menu around the simple yet profound query, 'What if?'. Gents and the City is his take on what the drink of choice would be if Sex and the City were about stylish men in New York. Carrie's favourite Cosmopolitan is given a Manhattan twist, featuring The Singleton 12 Years, a vermouth blend and a Cosmo foam.
Time of India
09-05-2025
- Automotive
- Time of India
India-UK FTA: JLR, Diageo among winners of model trade deal
HighlightsIndia has agreed to slash tariffs on United Kingdom-made cars and whiskey as part of a comprehensive trade agreement, making it cheaper for UK companies to sell a variety of goods in India. The deal will reduce whiskey and gin tariffs from 150 per cent to 75 per cent, eventually settling at 40 per cent after ten years, providing a significant opportunity for Diageo Plc, which produces Johnnie Walker whiskey and Tanqueray gin. The trade agreement is expected to enhance India's competitiveness in the textile sector, allowing Indian apparel exporters to better compete against countries like Bangladesh and Vietnam, with companies such as Gokaldas Exports Limited and Welspun Living Limited seeing stock price increases. India's decision to slash tariffs on UK-made cars to whiskey as part of a sweeping trade pact could create a line of winners, including Jaguar Land Rover and Diageo Plc. The Free Trade Agreement , announced Tuesday after three years of negotiations, will make it cheaper for UK firms to sell their whiskeys, cars, auto parts, cosmetics, biscuits, clothes and electrical machinery in the world's most populous nation. Indian exporters to the UK will benefit from lower levies on 99 per cent of products and services. The deal saw India opening up some of its most protected sectors — cars for instance — and sets a precedent for other trade pacts under discussion, including with the European Union and the US. Such bilateral agreements also provide a cushion against the tariffs pain inflicted by US President Donald Trump. UK-India Trade by Commodity and Services The trade pact might kick in after a year, DBS Bank Ltd. Economist Radhika Rao wrote in a May 7 note. Bilateral commerce is expected to nearly double in a few years from $21 billion in the year ended March 2024, she wrote. As exporters and companies await the fine print of the deal, here's a quick list of probable winners and losers: AutomobilesWhile the reduced tariffs — from 110 per cent to 10 per cent — will start with fossil fuels-fed cars, these will eventually be extended to the electric and hybrid vehicles over a 10-year timeline, according to information on the UK government website. The UK will also offer Indian carmakers the opportunity to export these technologies to that country, with similar riders. Beneficiaries may include JLR and other luxury brands with factories in the UK such as Bentley, Aston Martin, Vauxhall and Mini. Domestic carmakers like Mahindra & Mahindra Ltd. and Maruti Suzuki India Ltd. , which have invested in EV, may feel the pinch. It is unclear how these concessions will be structured and what price threshold will apply to a quota of cars that can be imported with these lower tariffs. While this is the first time India has taken steps to liberalise its nascent EV market, it has stopped short of handing UK carmakers an immediate low-cost entry, giving local firms some runway to bulk up. Liquor Makers Whiskey and gin tariffs will be halved to 75 per cent before settling at 40 per cent by the 10th year of the deal, according to the pact's terms. In 2022, India imported over £200 million ($266 million) worth of whiskey from the UK, paying duty at the rate of 150 per cent. Diageo, which makes Johnnie Walker whiskey and Tanqueray gin, may gain from this. Shares of its Indian unit, United Spirits Ltd., jumped as much as 2.8 per cent on Wednesday. The treaty will enable 'improved accessibility and choice of scotch for the Indian consumers' in the world's largest whiskey market, Praveen Someshwar, managing director at Diageo India , said in a statement. Elara Capital's Karan Taurani said the duty reduction will see prices of these drinks falling by 15%-20%, and will make premium spirits more accessible to Indian buyers. The duty cuts could have a small negative impact on homegrown liquor brands such as Royal Ranthambore, marketed by Radico Khaitan Ltd. , according to Taurani. Its shares slipped 3.6%. 'Domestic players focused on upper prestige and above may see short-term aberration in growth,' he said. Textile Makers Clothes are the second-largest export to the UK from India, with the South Asian nation shipping £900 million worth of goods in 2024. The removal of tariffs will enhance India's competitiveness against countries like Bangladesh and Vietnam, according to the Federation of Indian Export Organisations. Apparel retailers such as Marks and Spencers and Primark are expected to shift sourcing to India from Bangladesh after this deal, according to P Senthilkumar, a partner at Vector Consulting. Gokaldas Exports Ltd. and Welspun Living Ltd. rose 12 per cent on Wednesday while Indo Count Industries Ltd. advanced 11.3%. Medical Devices Indian exporters would be able to sell medical devices at a lower cost in the UK. This includes cardiac, orthopedic implants, syringes, blades, blood bags and glucometers as well as its wearables to the UK at a lower cost, Rajiv Chhibber, joint coordinator at the Association of Indian Manufacturers of Medical Devices, told Bloomberg News. UK-based companies would be able to increase supply of electronic goods such as Magnetic Resonance Imaging machines, slicers, cancer therapeutics to India, he added. Financial Services 'The deal will secure UK companies' ability to deliver financial services to clients in India,' the UK government said on its website. India and the UK agreed to cooperate and innovate on financial technology services, particularly developing an efficient environment for cross-border payments. That is expected to ease international payments for tourists, students, businesses and investors.
Time of India
09-05-2025
- Automotive
- Time of India
India-UK FTA: JLR, Diageo among winners of model trade deal
HighlightsIndia has agreed to slash tariffs on United Kingdom-made cars and whiskey as part of a comprehensive trade agreement, making it cheaper for UK companies to sell a variety of goods in India. The deal will reduce whiskey and gin tariffs from 150 per cent to 75 per cent, eventually settling at 40 per cent after ten years, providing a significant opportunity for Diageo Plc, which produces Johnnie Walker whiskey and Tanqueray gin. The trade agreement is expected to enhance India's competitiveness in the textile sector, allowing Indian apparel exporters to better compete against countries like Bangladesh and Vietnam, with companies such as Gokaldas Exports Limited and Welspun Living Limited seeing stock price increases. India's decision to slash tariffs on UK-made cars to whiskey as part of a sweeping trade pact could create a line of winners, including Jaguar Land Rover and Diageo Plc. The Free Trade Agreement , announced Tuesday after three years of negotiations, will make it cheaper for UK firms to sell their whiskeys, cars, auto parts, cosmetics, biscuits, clothes and electrical machinery in the world's most populous nation. Indian exporters to the UK will benefit from lower levies on 99 per cent of products and services. The deal saw India opening up some of its most protected sectors — cars for instance — and sets a precedent for other trade pacts under discussion, including with the European Union and the US. Such bilateral agreements also provide a cushion against the tariffs pain inflicted by US President Donald Trump. UK-India Trade by Commodity and Services The trade pact might kick in after a year, DBS Bank Ltd. Economist Radhika Rao wrote in a May 7 note. Bilateral commerce is expected to nearly double in a few years from $21 billion in the year ended March 2024, she wrote. As exporters and companies await the fine print of the deal, here's a quick list of probable winners and losers: Automobiles While the reduced tariffs — from 110 per cent to 10 per cent — will start with fossil fuels-fed cars, these will eventually be extended to the electric and hybrid vehicles over a 10-year timeline, according to information on the UK government website. The UK will also offer Indian carmakers the opportunity to export these technologies to that country, with similar riders. Beneficiaries may include JLR and other luxury brands with factories in the UK such as Bentley, Aston Martin, Vauxhall and Mini. Domestic carmakers like Mahindra & Mahindra Ltd. and Maruti Suzuki India Ltd. , which have invested in EV, may feel the pinch. It is unclear how these concessions will be structured and what price threshold will apply to a quota of cars that can be imported with these lower tariffs. While this is the first time India has taken steps to liberalise its nascent EV market, it has stopped short of handing UK carmakers an immediate low-cost entry, giving local firms some runway to bulk up. Liquor Makers Whiskey and gin tariffs will be halved to 75 per cent before settling at 40 per cent by the 10th year of the deal, according to the pact's terms. In 2022, India imported over £200 million ($266 million) worth of whiskey from the UK, paying duty at the rate of 150 per cent. Diageo, which makes Johnnie Walker whiskey and Tanqueray gin, may gain from this. Shares of its Indian unit, United Spirits Ltd., jumped as much as 2.8 per cent on Wednesday. The treaty will enable 'improved accessibility and choice of scotch for the Indian consumers' in the world's largest whiskey market, Praveen Someshwar, managing director at Diageo India, said in a statement. Elara Capital's Karan Taurani said the duty reduction will see prices of these drinks falling by 15%-20%, and will make premium spirits more accessible to Indian buyers. The duty cuts could have a small negative impact on homegrown liquor brands such as Royal Ranthambore, marketed by Radico Khaitan Ltd. , according to Taurani. Its shares slipped 3.6%. 'Domestic players focused on upper prestige and above may see short-term aberration in growth,' he said. Textile Makers Clothes are the second-largest export to the UK from India, with the South Asian nation shipping £900 million worth of goods in 2024. The removal of tariffs will enhance India's competitiveness against countries like Bangladesh and Vietnam, according to the Federation of Indian Export Organisations. Apparel retailers such as Marks and Spencers and Primark are expected to shift sourcing to India from Bangladesh after this deal, according to P Senthilkumar, a partner at Vector Consulting. Gokaldas Exports Ltd. and Welspun Living Ltd. rose 12 per cent on Wednesday while Indo Count Industries Ltd. advanced 11.3%. Medical Devices Indian exporters would be able to sell medical devices at a lower cost in the UK. This includes cardiac, orthopedic implants, syringes, blades, blood bags and glucometers as well as its wearables to the UK at a lower cost, Rajiv Chhibber, joint coordinator at the Association of Indian Manufacturers of Medical Devices, told Bloomberg News. UK-based companies would be able to increase supply of electronic goods such as Magnetic Resonance Imaging machines, slicers, cancer therapeutics to India, he added. Financial Services 'The deal will secure UK companies' ability to deliver financial services to clients in India,' the UK government said on its website. India and the UK agreed to cooperate and innovate on financial technology services, particularly developing an efficient environment for cross-border payments. That is expected to ease international payments for tourists, students, businesses and investors.
