European Stocks Set for Biggest Monthly Advance Since January
European stocks were set for the biggest monthly gain since January, as investors monitored the outlook for global trade.
The Stoxx 600 was little changed by 8:08 a.m. in London. The insurance, utility and real estate sectors outperformed, while mining and technology were the biggest laggards.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14 minutes ago
- Yahoo
Tesco to close stores early after Reeves tax raid
Tesco is to close some stores an hour earlier after being struck by a £235m rise in staff costs from Rachel Reeves's tax raid. Britain's biggest supermarket is understood to be trialling shorter opening hours at Express stores, shutting some at 10pm rather than 11pm. Tesco is also expected to have fewer staff running those stores when they are open. Workers have been told the trial is taking place in some of Tesco's less profitable stores, which have been dubbed 'Express Lite' shops internally. A spokesman said the changes were designed to 'make things simpler for our colleagues and to ensure that we are running these shops in the most efficient way'. They said the trial was taking place in a small number of stores. The change comes after Ken Murphy, Tesco's chief executive, said that the supermarket was racing to offset a wave of extra costs following the Chancellor's tax raid, which took effect from April. That month, the grocer said it was facing a steep rise in its staffing bill, including a £235m increase in National Insurance contributions in the latest financial year. Under the changes, which came into force in the spring, employers pay a tax equivalent to 15pc of their workers' pay packets, up from 13.8pc previously. The threshold at which the tax kicks in has also fallen from earnings of £9,100 a year to £5,000. As well as the National Insurance changes, the minimum wage also rose by 6.7pc in April. Altogether, retailers are facing £7bn of extra costs following Ms Reeves's Budget, according to the British Retail Consortium. Mr Murphy in April said that Tesco would strip out about £500m of costs in the coming financial year to offset the Budget hit. He urged Ms Reeves to avoid increasing retailers' costs further, saying: 'All we're saying as an industry is, don't make it too hard for us to keep delivering great value.' This weekend, union leaders voiced concerns over the changes to 'Express Lite' stores, saying they risked creating problems for staff. Daniel Adams, Usdaw national officer, said the union 'has not agreed this change and we will be monitoring the trials closely to assess the impact on our members'. He added: 'The union has repeatedly raised issues with the business around the risks of low staffing and retain significant concerns around how this trial will work. 'While we have been assured by the company that they do not anticipate any redundancies from this process, we are aware it may involve staff transferring to other stores. That in itself can cause problems with travel, caring commitments and shift patterns.' Tesco is understood to be speaking to affected staff and is taking into account individual circumstances if they need to transfer to another store. A spokesman said: 'These changes aren't visible to our customers, who will continue to receive the same great service they expect, and there are no changes to the range of products we sell.' Other businesses are also shutting earlier in a bid to counter the increase in staff costs. In April, The Telegraph revealed that pubs were calling last orders earlier, closing up at 9pm rather than 11pm. The attempts to make stores run more efficiently also come amid mounting pressure from rival Asda, which this year kicked off a price war to try to win back shoppers. Last week, Allan Leighton, the Asda chairman, said the supermarket had opened up a gap with Tesco on prices. He said the store would continue to cut prices on some items, while raising prices of other goods more slowly. Tesco warned in April that its profits would fall as much as 14pc this year as it prepares to invest £400m in price cuts. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. 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
Yahoo
17 minutes ago
- Yahoo
Council backs call for increased business levies
Hikes in levies paid to York's Business Improvement District (BID) are necessary in order to allow the business-led body to continue its services, events, and efforts to attract investment, according to a York Council report. It has also backed plans to expand the BID area by a further 10 streets, raising the number of levy-paying businesses to 974. Proposals drawn up by the BID's board would see annual levies rise from 1% to 1.6% of the rateable value of each eligible commercial property. A further 2% yearly increase would be applied to cover inflation, with a cap of £20,000-per-property. The report called BID's current financial framework "unsustainable" arguing it had not changed since 2016. An increase in levies, and expanding the BID's area to include more streets, would help fund essential services provided by BID, such as street cleaning, security personnel and cycle storage. The proposals by the BID board are set to be discussed by the council's executive on 3 June, ahead of a ballot on whether to renew the body's term for a further five years. BID members, including the council, are set to be balloted in October - with the new arrangements taking effect from April next year, if they are passed. Members will also be asked to endorse the BID's business plan - due to be drafted by late summer - which will set out its plans and priorities until 2031. Under new proposals, 10 new streets would also be added to the area covered by York BID, taking in those included in its Purple Flag safety campaign and other projects. They are: Blossom Street, Bootham, The Crescent, Eboracum Way, Esplanade Court, Frederic Street, Heworth Green, Layerthorpe, Marygate and Marygate Lane. The additions would increase the number of levy-paying businesses from 892 currently - which together contribute about £800,000-a-year - to 974 businesses. But the report stated business revaluations, which took place in 2023, lowered rateable values by £4.16m, compared to 2017 - meaning the overall amount of levies collected is expected to fall. Services provided by York BID include daily street cleaning, street rangers, taxi and riverside marshals and cycle storage, along with seating and floral displays. The body also helps to organise events, including York Restaurant Week, the annual winter illuminations, the Colour and Light display and Ghosts in the Garden. It also provides subsidised skills training for businesses, in partnership with York St John University, and monitors city-centre footfall, visitor numbers and spending data. The report stated the BID had invested £7.6m into York city centre since it was established, with footfall rising by 7.5% from 2023 to 2024. Shop vacancy rates were at their lowest rate in almost 18 months at 7.4% at the end of last year, under the BID's tenure, the report found. It claimed that progress would be jeopardised if the BID's term is not renewed and levy hikes do not go ahead. The report stated: "The current financial framework of the BID is unsustainable as arrangements have been in place since 2016. "The BID Board is clear that changes must be implemented to secure its operations for a further five-year term." The Local Democracy Reporting Service has contacted York BID for further comment. Listen to highlights from North Yorkshire on BBC Sounds, catch up with the latest episode of Look North. Council tax bills to rise by £90 a year in city City's tourism tax a 'no-brainer' says councillor City of York Council Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
24 minutes ago
- Yahoo
Biodexa Pharmaceuticals sees cash runway into 1Q26
As of May 29, 2025, the Company had access to the following cash resources: Cash at bank $5.7M; Cash in escrow for eRapa Phase 3 program $4.4M; Undrawn CPRIT grant for eRapa Phase 3 program $11.9M; Debt $0.5M. The CPRIT grant, together with Company match means the eRapa Phase 3 program is substantially funded. Based on its latest projections, the Company has sufficient working capital to fund operations into the first quarter of 2026. Issued shares, total voting rights, market capitalization As of May 29, 2025, there were 50,506,308,922 ordinary shares, equivalent to 5,050,630 American Depositary Shares, outstanding. The Company holds zero shares in treasury and therefore the number of voting rights is the same as the number of ordinary shares outstanding. Based on the closing share price on May 29, 2025 of $1.06 per ADS, the Company's market capitalization was $ Phase 3 study of eRapa in FAP is in the final stages of implementation. It will be a double-blind placebo-controlled trial in 168 patients, randomized 2:1 drug / placebo. It is expected the study will be conducted in approximately 30 clinical sites across the US and Europe. The US component of the study will be conducted by LumaBridge, based in San Antonio, Texas and the European component will be conducted by Precision for Medicine. All planned US sites and the majority of European sites have been identified. Recruitment is expected to begin in the next few weeks. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on BDRX: Disclaimer & DisclosureReport an Issue Biodexa Pharmaceuticals Releases 2024 Annual Report and Announces AGM Biodexa Pharmaceuticals Plans Share Capital Reorganization and New Share Allotment Biodexa Pharmaceuticals Secures Additional $3M Grant for eRapa Phase 3 Program Biodexa Pharmaceuticals announces award of additional $3M grant from CPRIT Biodexa Pharmaceuticals Lowers Warrant Exercise Price to Boost Capital
