First Minister John Swinney said: “This a win for Scotland and a win for the United States.”

“It benefits businesses and workers on both sides of the Atlantic, and not just among whisky producers, but also the businesses and communities that support the sector across Scotland.”

Trump’s announcement in April that he would drop whisky tariffs had sparked a row over who was able to claim credit for changing his mind.

Swinney said he had raised the issue with President Trump during a previous meeting in the Oval Office.

But political opponents accused him of taking credit for the deal over King Charles.

The first minister said it had come courtesy of the “remarkable contribution of the King” and a “Team Scotland” approach.

He added: “We were able to partner with the bourbon industry in the United States, raise the issue with President Trump in the Oval Office, and get this issue on his agenda.”

Apple’s next major iPhone software update, iOS 27, is now in public beta testing ahead of its expected release this September, bringing a rebuilt version of Siri, expanded Apple Intelligence features and a range of refinements across the operating system. Here’s what iPhone users need to know about the update before it arrives.

1. It was unveiled at WWDC in June

Apple officially announced iOS 27 during the keynote presentation at its Worldwide Developers Conference on June 8, 2026, alongside companion updates including iPadOS 27, macOS Golden Gate, watchOS 27, visionOS 27 and tvOS 27. The conference ran from June 8 through June 22, with iOS 27 headlining much of the software-focused announcements.

2. A public beta is already available

Apple released the first public beta of iOS 27 on Monday, July 13, giving everyday users, not just registered developers, an early chance to test the new software ahead of its official release. A second public beta followed just nine days later, on July 22, according to 9to5Mac. Compared with prior years, iOS 27 has been described as one of Apple’s more stable betas, though the company continues to caution against installing beta software on a primary device, particularly one relied upon for health-tracking apps.

3. The public release is expected in September

While Apple has not confirmed an exact release date, the company has historically launched new iOS versions during the second week of September alongside new iPhone hardware. Based on that pattern, Macworld has projected Monday, Sept. 14, as a likely release date for iOS 27, timed to coincide with the launch of Apple’s newest iPhone lineup.

4. Siri is getting a complete overhaul

The centerpiece of iOS 27 is a rebuilt version of Siri, referred to internally as Siri AI, which uses generative AI technology to behave far more like a conversational chatbot than the voice assistant Apple has offered in the past. According to MacRumors, the new Siri can hold full back-and-forth conversations and draw on a user’s personal data to complete more complex, multistep tasks, functioning more similarly to AI assistants like ChatGPT or Claude than previous versions of Siri.

5. Not every iPhone will get every feature

While iOS 27 itself will be compatible with every iPhone that currently supports iOS 26, reaching all the way back to the iPhone 11, access to the newest AI-powered features will vary significantly by device. Apple Intelligence and Siri features generally require an iPhone 15 Pro or later, while more advanced capabilities, including on-device processing for improved dictation and a customizable Siri voice, are limited specifically to the iPhone 17 Pro and iPhone Air. The iPhone 15 and older models will not have access to any Apple Intelligence features at all.

6. Siri AI won’t launch everywhere at once

Due to regulatory constraints, Siri AI will not be available in the European Union on either iPhone or iPad at launch, according to PhoneArena, meaning users in that region will need to wait for a later rollout of the feature even after it becomes available elsewhere.

7. Safari is getting smarter tab management

Among the more practical Apple Intelligence additions in iOS 27 is a new capability in Safari that automatically sorts open browser tabs by topic, grouping related tabs together and allowing users to save those groupings for later. A companion “Notify Me” feature lets users flag a specific tab for ongoing monitoring, with Apple Intelligence alerting them automatically when something on that page changes, removing the need to manually check back.

8. Passwords and Messages get AI assistance too

Apple’s Passwords app in iOS 27 will be able to use Apple Intelligence in combination with Safari to automatically upgrade eligible accounts to stronger passwords, logging in and making the change on the user’s behalf without requiring manual intervention. Separately, in Messages, Apple Intelligence will be able to pull context from ongoing conversations and surface suggested actions based on what’s being discussed.

9. Parental controls are expanding significantly

iOS 27 introduces new “Ask to Buy” and “Ask to Browse” features that require children to obtain parental permission before downloading any app or visiting a new website in Safari, according to MacRumors. Parents will also gain the ability to manage their child’s contact list directly and require approval before a child can contact someone new. Separately, the update’s Communication Safety feature, previously focused on blocking nudity in Messages and FaceTime, will now also block graphic gore and violence.

10. The visual design stays largely the same

Unlike last year’s iOS 26, which introduced Apple’s “Liquid Glass” visual redesign across the operating system, iOS 27 does not represent another major visual overhaul. Instead, PhoneArena described this year’s update as more of a refinement pass on the Liquid Glass aesthetic Apple introduced previously, with most of the year’s headline changes centered on functionality, AI capabilities and performance rather than a fresh visual identity.

Additional features worth noting

Beyond the headline changes, iOS 27 includes a range of smaller updates. A new wallpaper extension feature uses Apple Intelligence to automatically expand a photo beyond its original frame so it fills the entire Lock Screen more naturally, according to MacRumors. The Wallet app is also gaining expanded support for more types of digital passes beyond the airline boarding pass upgrades introduced in iOS 26. For users on paid iCloud+ storage plans, iOS 27 unlocks additional perks, including increased daily usage limits for certain Apple Intelligence features, such as the revamped Image Playground tool, along with expanded access to some advanced Apple Intelligence capabilities in the Home app, though those specific features require a 2-terabyte iCloud+ tier or higher.

With the public beta already in its second iteration and additional beta releases expected throughout the summer, Apple is expected to continue refining iOS 27 in the weeks ahead before its anticipated public release alongside new iPhone hardware this September. Users curious about the update can join the public beta program now through Apple’s official beta software site, though the company continues to recommend testing beta software on a secondary device rather than a primary iPhone relied upon for daily use.

It has been a long road for President Donald Trump as he looks for a justification to erect a tariff wall around the US, including against key allies.

From the opioid crisis to illegal migration, then the need to bring manufacturing back to America’s shores, the list goes on.

Through Trump’s second term, there has been a new justification almost every month for the trade levies he is seeking to place on allies.

Some have been overturned by the courts, others by economics and some even by their own logic. And so, Trump has now turned to effectively accusing dozens of trade partners of trading in goods that have been produced using forced labour.

These are “tariffs in search of an authority”, as one industry figure put it. The forced labour line shores up President Trump’s tariffs against a challenge from Congress or the courts.

In practice, the levies are curiously similar by country to a previous round of tariffs imposed supposedly for completely different reasons.

The good news for the UK is that the regime effectively remains the same as before.

What has changed is that our nearest neighbours in the European Union now have a much better deal than before, and in turn are in a better situation than the UK.

While the UK and the EU each appear to have a 10% rate, the EU’s is a flat rate, while the UK’s will apply alongside other tariffs, in a range of goods including footwear and textiles.

The government has struck effective side deals on medicines, steel, aluminium, cars and, with the help of King Charles, whisky.

At the end of this process however the overall trade-weighted effective tariff rate for the EU (8.5%) could end up a bit lower than the UK’s (6.8%).

It should not matter that much, but the help given by doing the first deal, and by post-Brexit trade freedoms, looks to have been short-lived.

The British Chambers of Commerce trade expert William Bain points to the competitive advantage for EU exporters into the US in some sectors.

The EU has secured better treatment because it has passed a ban on forced labour goods, which the UK has not.

This is not an accusation on the use of forced labour in supply chains. It is about the passing of specific legislation, mirroring the US ban on products that have used forced labour in supply chains.

A shop unit that sat empty after one of Britain’s best-known high street names collapsed has a new tenant, and it says a good deal about where physical retail is heading.

Kim Kardashian’s shapewear and swimwear label Skims has opened its first standalone UK store on Regent Street, taking the 12,000 sq ft former Ted Baker flagship at 245-247 on a ten-year lease with landlord The Crown Estate.

The brand, valued at $4billion (£3billion) after a 2023 funding round, celebrated its grand opening today, with shoppers queuing for its bestselling styles. It marks Skims’ first international flagship and its first permanent standalone shop in the UK, having previously traded here only through pop-ups and concessions.

For UK business owners, the detail worth noting is not the celebrity. It is the commitment. A digitally native brand that could sell perfectly well online has signed a decade-long lease on one of the country’s most expensive retail streets, betting real money that a bricks-and-mortar presence still earns its keep.

That the unit was Ted Baker’s makes the point sharper. The British label fell into administration last year and closed its remaining UK stores, leaving prime space dark. Watching an American challenger fill it is a reminder that a struggling incumbent and a healthy high street are not the same thing. Location still commands a premium when the offer is right.

Jens Grede, Skims co-founder and chief executive, told The Times: “Launching a standalone Skims store on London’s Regent Street is a pivotal step in our global expansion.

“This iconic location allows us to forge a deeper, more personal connection with our UK customers, delivering the full Skims experience in a world-class retail destination with authenticity and vision at the heart of our brand.”

The company was founded seven years ago by Kardashian alongside British entrepreneur Emma Grede and her Swedish husband Jens Grede. Grede, who grew up in east London, has become one of the more instructive case studies for founders, having also co-founded Khloe Kardashian’s Good American and Kris Jenner’s Safely. Skims posted revenue of $750million (£570million) in 2023 and helped make Kardashian a Forbes billionaire in 2021.

The Regent Street site sits among a run of recent openings including Antler, Max&Co, Penhaligon’s, Michael Kors, Gant and Lululemon, part of a deliberate curation strategy by The Crown Estate, whose West End portfolio has been throwing off record profits. That clustering matters for smaller traders nearby: anchor names pull footfall that independents and cafes then convert.

Laura Thursfield, The Crown Estate’s retail leasing director, said the arrival “will enhance the diversity of the wider retail and leisure offering, boosting both footfall and commercial activity in the West End by driving different audiences towards the world-class destination that is Regent Street”.

Robert Norton, Skims chief commercial officer, called the opening “a landmark moment”, adding: “This milestone reflects our strategic focus on expanding into key global markets.”

Skims already stocks through Selfridges and Harrods, and earlier reported plans confirmed the Regent Street move back in May 2025. The lesson for UK retailers is not that everyone needs a flagship. It is that the best physical locations remain a scarce, valuable asset, and that the brands winning right now are treating stores as a growth channel rather than a cost to cut.

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

Advertisement

Dave Portnoy called for the firing of a USA Today columnist who compared WNBA star Caitlin Clark to the 1955 lynching of Emmett Till, arguing the writer belongs in an “insane asylum” for the piece.

Speaking on “Varney & Co.,” the Barstool Sports founder ripped into columnist Nancy Armour, declaring her comparison between Indiana Fever star Clark and the murder of Black teen Emmett Till the “craziest thing” he’s seen in more than two decades of sports media.

“We’ve got to put her in a straightjacket. You’ve got to find the nearest institution. You’ve gotta put this author away and throw away the key,” Portnoy said Friday. 

“Firing isn’t really far enough. You gotta put her in an insane asylum. You gotta lock her up. And people who say, ‘Hey, Dave, that’s too far’ — that’s nothing compared to what she just wrote,” he later added.

TRUMP ADMINISTRATION UNVEILS NEW TARIFFS ON 60 TRADING PARTNERS AS TEMPORARY DUTIES EXPIRE

Armour wrote that some of Clark’s supporters have interpreted her disputes with referees as a White woman who needs protection, then taken it out on other players on the court. Clark has been a frequent topic of discussion after facing physical play during games.

The author wrote that there is a “White nationalist element” to the dispute, and later added that, “it shouldn’t need reminding this country has an awful history of Black people being harmed, even killed, in the name of ‘defending’ white women.”

The writer then said the WNBA’s All-Star Game was being held in Chicago, where Emmett Till lived. Emmett Till was a 14-year-old Black boy who was abducted and lynched in Mississippi in 1955 after a White woman accused him of making advances toward her. The tragedy became a major catalyst for the modern civil rights movement.

IBM CEO ADDRESSES WALL STREET TECH PANIC AFTER DELAYED ENTERPRISE SOFTWARE DEALS SURGE BACK

Dave Portnoy attends “Dave Portnoy in Conversation With Erika Ayers Badan: Cancel Me If You Can” at 92NY on June 29 in New York City. (Theo Wargo/Getty Images / Getty Images)

“I’ve been doing Barstool 24 years. I’m 49 years old. That’s the craziest thing I’ve ever seen in my life. The absolute craziest thing. To somehow equate the civil rights movement and Caitlin Clark arguing whether she got fouled or not,” Portnoy said. “It is pure insanity.” 

Portnoy called for the firing of not only Armour, but also other members of the editorial staff involved with the article.

CATHIE WOOD SAYS BATTERED SPACEX COULD BECOME ‘MOST IMPORTANT COMPANY IN GLOBAL HISTORY’

“I do think she should be fired. I think the editor who allowed this to be published should be fired,” he said, later adding that not every story should be anchored around racial disputes. 

“If you go looking for race under every single blank, every cover, you can make anything about race,” Portnoy said. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Armour apologized for making the connection in her article in a statement posted Thursday on social media: “In my recent column, I made an inartful comparison with the murder of Emmett Till. I intended to connect the issues the WNBA is currently facing with its All-Star Game being hosted in Till’s hometown of Chicago,” she said, adding, “I obviously did not provide enough context for that.”

Armour also noted that she stands by the assertion that perceived threats toward White women are weaponized against Black Americans but added that she sincerely regrets that her “lack of appropriate context is overshadowing that important conversation and the action that needs to be taken by the WNBA to address it directly — for the benefit of all players.”

British business owners hoping the summer would bring cheaper borrowing have been dealt a blow. Average UK mortgage rates have risen back to the level of a month ago, as renewed tensions in the Middle East feed through to lenders and, ultimately, to homeowners.

Lenders’ funding costs have increased as markets conclude that a prolonged conflict reduces the likelihood of interest rate cuts by central banks. The five biggest High Street banks are among a host of lenders that have raised rates on new fixed deals in recent days.

The trigger is oil. Prices hit $100 a barrel on Thursday for the first time since May, after fresh strikes and Houthi militia attacks on oil tankers in the Red Sea reignited fears over global energy supplies. Rates had been falling while a ceasefire between the US and Iran appeared to hold; that optimism has evaporated.

For SME owners, the pain lands twice. Many finance their firms against personal property, or carry residential and buy-to-let mortgages alongside commercial borrowing. The swap rates that drive fixed mortgage pricing also underpin asset finance, overdrafts and commercial loans, so a repricing rarely stops at the front door. It comes on top of an already-subdued market in which high borrowing costs have deterred buyers and dampened activity.

More than eight in 10 mortgage customers hold fixed-rate deals, whose interest does not change until the deal expires, usually after two or five years. The average rate on a new two-year fix is now 5.59 per cent, according to financial information service Moneyfacts. That is the highest since 19 June, though still below the April peak of 5.9 per cent. The five-year average stands at 5.61 per cent, a level last seen on 7 June. HSBC has said it will raise its rates on Monday.

The direction of travel matters well beyond this summer. Bank of England projections suggest just over five million homeowners should expect their monthly repayments to rise by the end of 2028, a reminder that the era of cheap money is not returning quickly. The renewed climb chimes with warnings that a geopolitical shock to energy prices has thrown further cuts into doubt, with the Bank already signalling that cuts are “off the table” for now.

“It will be incredibly frustrating for borrowers to see rates rise back up to where they were a month ago. The positive progress over recent weeks now feels all but lost, but what the market needs is a period of stability,” said Rachel Springall, finance expert at Moneyfacts. She said 100 deals had been pulled temporarily as lenders reconsidered their pricing.

Her advice for anyone facing a remortgage this year is to lock in a deal now with their existing lender ahead of time, while still asking a broker to check whether there is anything better elsewhere. “Brokers are an anchor during turbulent times as they can help borrowers keep abreast of changes and be there step by step when going through a mortgage application,” she said.

Brokers say the reversal shows how quickly sentiment can turn. “Any borrower hoping for rate cuts to become an ongoing trend will need to rethink,” said David Hollingworth, of L&C Mortgages. “Momentum has performed an about turn and now clearly shifted to fixed rates rising in the near term at least.”

For business owners already juggling tight margins and rising costs, the message is a familiar one: plan for borrowing to stay dear, and do not bank on the cavalry of rate cuts arriving on schedule.

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

Shares of Apple climbed Friday morning after investment bank Robert W. Baird raised its price target on the stock and maintained an “Outperform” rating, adding to a strong month for the tech giant heading into its next earnings report.

Apple shares traded at $329.98 as of 10:53 a.m. Eastern time, up $8.32, or 2.59%, on the day. The gain builds on a rally that has pushed Apple shares up roughly 20% since the start of the year, putting the company on pace for one of its strongest annual performances in recent history.

A fresh price target increase

Robert W. Baird raised its price objective on Apple from $310 to $330 in a research note issued Friday, maintaining its “Outperform” rating on the stock, according to MarketBeat. The upgrade adds to a series of increasingly bullish price targets issued by Wall Street analysts in recent weeks. Citi raised its own target on Apple to $365 earlier this month, citing record quarterly Services revenue of $31 billion, according to 24/7 Wall St. Despite those upward revisions, Wall Street’s average consensus price target has continued to lag behind where the stock currently trades, a dynamic that has persisted throughout much of Apple’s recent rally.

A record-setting month

Apple’s stock has been on an extraordinary run in recent weeks. Shares touched a fresh intraday record above $325 earlier this month, marking the company’s 15th intraday record of 2026 and lifting its market value to nearly $5 trillion, according to 24/7 Wall St. The company added more than half a trillion dollars in market value during July alone, a period in which Apple led the Dow Jones Industrial Average among its 30 component stocks.

That performance has come alongside strong gains from other Dow leaders this year, including Goldman Sachs, up roughly 30% year-to-date following record quarterly earnings, and Chevron, up about 19% amid a broader recovery in crude oil prices. Apple’s rally has also occurred alongside continued strength in mega-cap technology stocks more broadly, including Nvidia, which has climbed 13% this year on sustained demand tied to artificial intelligence infrastructure.

What’s driving investor optimism

Much of the recent enthusiasm around Apple has centered on reports of an ambitious new product roadmap. According to Nikkei Asia, Apple is preparing to launch at least five new iPhone models in the first half of 2027, including a premium-priced foldable device reportedly expected to be named the “iPhone Ultra.” Apple has reportedly asked suppliers to prepare for production of roughly 10 million foldable iPhone units, an increase from an earlier target of seven to eight million units, according to Yahoo Finance, a sign the company is confident in stronger-than-initially-expected demand for the new device category.

Market intelligence firm IDC has estimated the foldable iPhone Ultra could carry a price tag of roughly $2,500, potentially reaching as high as $3,000 with additional storage. In response to the reports, Morgan Stanley analysts said Apple has a path toward shipping more than 250 million iPhones in fiscal year 2027, should the new foldable lineup and expanded AI features drive stronger-than-expected consumer demand.

Progress on AI features in China

Apple shares also gained earlier this month after the company secured regulatory approval to launch Apple Intelligence features in China through a partnership integrating Alibaba’s Qwen AI model into its devices there, according to Yahoo Finance. That approval addresses a market where Apple has faced regulatory hurdles in rolling out its AI-powered software features, and the news contributed to a single-session stock jump of more than 4% at the time.

A premium valuation heading into earnings

Apple’s rally has pushed the stock to a trailing 12-month price-to-earnings ratio of roughly 39.67, a premium valuation that 24/7 Wall St. noted raises the bar for how much further the stock can climb without a corresponding acceleration in earnings growth. Apple is scheduled to report its fiscal third-quarter 2026 results on July 30, a report widely viewed as the next major test of whether the company’s recent rally can be sustained.

Analyst estimates compiled by Zacks project Apple will report earnings per share of $1.88 for the upcoming quarter, representing nearly a 20% increase from the same period a year earlier, alongside projected net sales of approximately $108.79 billion, up close to 16% year-over-year. For the full fiscal year, consensus estimates call for earnings of $8.76 per share on revenue of roughly $479.03 billion, reflecting year-over-year growth of more than 17% and 15%, respectively.

A stock that has rewarded long-term investors

Apple’s performance over the past several years has proven especially lucrative for longtime shareholders. According to Yahoo Finance, an investor who purchased $1,000 worth of Apple stock five years ago would today be holding an investment worth more than $2,200, reflecting the stock’s sustained appreciation even through periods of broader market volatility.

Analyst sentiment remains mostly positive

Beyond Friday’s Baird upgrade, other analysts have flagged Apple’s upcoming earnings report as a key opportunity to reinforce the bullish case building around the stock. Bank of America analysts have specifically urged investors to “watch the margins” heading into the report, according to CNN, suggesting the bank expects Apple to beat consensus estimates for the quarter. Separately, Apple has continued attracting attention from institutional investors and asset managers positioning ahead of the earnings release, even as some smaller shareholders have modestly trimmed their positions in recent weeks.

With Apple’s earnings report just days away, Friday’s price target increase from Baird adds to a growing chorus of Wall Street optimism heading into the release. Investors will be watching closely for updates on iPhone sales momentum, progress on the company’s AI features rollout in China, and any additional detail on the upcoming foldable iPhone lineup, all factors that are likely to shape whether Apple’s stock can continue building on its record-setting run through the remainder of the year.