Don't Forget to Give Canadian Vets Their Due
I have committed it to memory because it's personal: My late father was part of a large contingent of Canadian veterans from the war invited to the Netherlands in 1995 to celebrate the 50th anniversary of Liberation Day.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
Former assistant to AfD politician goes on trial over Chinese spy charges
A former assistant to a far-right member of the European Parliament has gone on trial accused of spying for China. Jian G worked in the parliamentary office of Maximilian Krah, a member of the Alternative for (AfD) party, who sat in the European Parliament between 2019 and 2025. Prosecutors claim Mr G, whose full name has not been released in line with Germany's privacy laws, had been working for a Chinese secret service since 2002. The German national is accused of gathering intelligence and confidential documents to pass on to Chinese officials while working for Mr Krah between September 2019 and April 2024. A second defendant, Chinese national Jaqi X, is accused of assisting him, having worked for a logistics company at Leipzig Airport, where she is alleged to have provided data on the transportation of defence goods, flights, freight, and passengers. Beijing has denied accusations of espionage in Europe. The Chinese foreign ministry did not immediately respond on Tuesday to a Reuters request for comment on the German case. Read more from Sky News Krah is a controversial figure, even within his own party. He faces his own investigation of money laundering and bribery by China during his time in the European Parliament. He rejects the claims. The trial, at Dresden Court, is due to run until September.
Yahoo
25 minutes ago
- Yahoo
UK taxpayers ‘subsidising' S&P 500, says LSEG boss
Tax breaks should be used to encourage domestic investment in public markets, the London Stock Exchange Group's (LSEG.L) chief executive has said. Westminster is seeking to reform pension rules to encourage large pools of capital to invest in domestic equities. Chancellor Rachel Reeves has sought to force pension funds to invest in UK companies, as a means to stimulate economic growth, in a contentious move toward mandation. 'We're not advocating for a mandate," David Schwimmer, CEO of the London Stock Exchange Group (LSEG.L), said in an interview with Yahoo Finance UK's Market Sunrise show. He explained that UK pension funds have historically decreased their allocations to UK-listed assets "dramatically", from over 40% to just 4% over the past 25 years. Schwimmer argued that pension funds should allocate a minimum percentage of their investments back into UK markets, particularly given the tax benefits they receive. "The issue is that the pension funds get £49bn a year in tax benefits from the government, from UK taxpayers," Schwimmer said. "If they are getting those tax benefits and then they're investing in US equities, you basically have the UK taxpayer subsidising the cost of capital in, I'll say, the S&P 500 (^GSPC), which doesn't make a ton of sense from a policy perspective." While Schwimmer did not advocate for a mandate, he suggested that "it's reasonable to have those tax benefits that the pension funds are currently getting be conditional on some kind of minimal threshold investment in the domestic background. I'll throw out 10% but I'll let the policy experts figure out what the right number is." Read more: What is the Pension Investment Review? Earlier this year, Reeves had suggested the introduction of a 'backstop' power that would compel pension funds to invest in British assets if necessary. Her proposals gained some traction, with 17 pension funds agreeing under the Mansion House Accord to allocate at least 5% of their assets to the UK by 2030. This commitment includes giving the government the power to enforce domestic investment in the event that voluntary contributions fall short. The reforms will form part of the Pension Schemes Bill, which is about to go before parliament. The new approach would mean over £50bn of additional investment in UK infrastructure, new homes and businesses, the Treasury said. London's IPO struggles amid New York allure The UK's declining IPO activity has been a persistent issue, with the number of listings at the London Stock Exchange falling to a 30-year low. But Schwimmer acknowledged that the broader global trend has seen a dip in listings, especially with the rise of private capital. "The number of listings on a global basis has declined. In New York, for example, the number of listings is down by 40% over the last 10 years or so," he added. The UK has been working to reform its listings regime to make the market more attractive. "If you go back a few years, there were some rules that were probably overly conservative and hadn't really moved along with how markets were operating around the world," Schwimmer said, referring to changes like the acceptance of dual-class share structures and the loosening of free float requirements for new listings. "All these different aspects have been viewed as very attractive and helpful, so we are now actually seeing a growing pipeline and an increasing number of companies looking to list here," he added. Read more: London IPO fundraising slumps in blow to UK Despite these efforts, Schwimmer admitted that the UK market still faces intense competition from other exchanges, particularly New York, which has seen a resurgence in listings in 2025. Schwimmer was quick to point out, however, that not all companies are suited for the US market. 'There are many companies where it does not make sense to list or go to New York," he said. "In the past 10 years, 20 companies or so have gone from the UK and listed in New York and raised over $100m. Of that 20, three of them have their stock trading up. Of the rest, I think eight of them have delisted, and the remainder are trading down like 70% or so." He also pointed out that many companies, particularly smaller ones, benefit from the personalised attention they receive in London in contrast to the more crowded US market. "They don't get the right attention from investors, from research analysts." For these companies, Schwimmer argued, "it makes much more sense to be listed and trading in the UK." Despite the challenges facing the UK market, Schwimmer remains confident in London's long-term position as a global financial hub. While the number of listings may be down, the capital's strength lies in its international appeal. "London is by far the leading stock exchange in Europe, and it is also the most international financial centre, attracting capital from the UK, US, EU, the Middle East and Asia," Schwimmer said. He acknowledged that New York's appeal cannot be dismissed but argued that for many companies, London is "absolutely" is better. 24-hour trading under discussion When asked about the potential for 24-hour trading at the London Stock Exchange, Schwimmer said that while nothing has been decided yet, LSEG is actively exploring the idea. "We are looking at whether we should be changing our hours. We haven't made any decisions, and anything that we would do would happen in consultation with the market, our users, and of course, we would work closely with the regulators," he said. "Nothing has been decided at this point, but it's something we are certainly thinking about." This would require navigating some challenges, including technological upgrades, regulatory considerations, and potential impacts on liquidity and dual-listed companies. While cryptocurrencies such as bitcoin (BTC-USD) already trade 24/7 and more investors are turning to platforms such as Robinhood (HOOD) to trade shares after hours, stocks listed on the London Stock Exchange remain confined to traditional UK trading hours, running from 8am to 4:30pm. Globally, other exchanges are also eyeing extended hours. In late 2023, the New York Stock Exchange proposed a shift, requesting US regulators to expand its trading window from the current 9:30am–4pm schedule to a new span of 1:30am–11:30pm. Read more: The 'cheapest' stocks on FTSE 100 as UK blue-chip index trades at record high However, such changes come with concerns. Critics, including some brokers, warn that extended hours could complicate the clearing process and require significant operational shifts. Additionally, open-ended fund managers, who calculate daily values at market close, could face challenges with pricing and liquidity in a round-the-clock trading environment. AI and the future of finance The London Stock Exchange Group has diversified over the years, with its data and analytics business now comprising the bulk of its revenues. The company's strategic pivot into financial data services, which involves providing access to market information for a wide range of clients, including banks, brokers, and asset managers, has positioned it as a key player in the financial data sector. This transformation was bolstered following LSEG's $27bn acquisition of Refinitiv, the financial data provider, in 2019. Schwimmer also discussed the growing role of AI at LSEG, highlighting that AI is already a major part of the company's operations. "AI is already playing a significant role in our business, both internally and externally," he said, adding that internally, AI is being used to increase efficiency, streamline operations, and improve data ingestion. The CEO highlighted a partnership with Microsoft (MSFT), which took a stake in LSEG a few years ago. "We've been collaborating with Microsoft to make our products interoperable with the Microsoft productivity suite, including tools like Excel and PowerPoint. This allows bankers and other financial users to use basically modelling, which, if you're in that space, is incredibly helpful and useful," Schwimmer explained. Revenues at LSEG rose 7.8% to £4.49bn in the first six months of the year, exceeding analysts' expectations. The company made just £205m from its equities division over the same period, or 4.6% of its overall revenues. LSEG also announced a £1bn share buyback. Read more: Did the Genius Act just kill the UK's crypto dreams? Defence companies post strong results as UK investors back the sector over AI Should you invest in gold?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
Boston Globe
an hour ago
- Boston Globe
Good news for back-to-school shoppers: Tariffs haven't hit prices — yet
Casey Wilkinson, an assistant principal at the Davis School in Brockton, has bought most of her son's school supplies online, and like Hall, she's got no complaints about tariffs. 'As of right now,' Wilkinson said, 'I haven't seen any sign of a dramatic increase in prices.' With back-to-school shopping in full swing, there's little evidence that the Trump administration's tariff campaign is weighing heavily on consumers. Advertisement Retail data indicates that prices are rising, but so far only modestly. And there's no sign of the shortages that many economists feared back when President Trump threatened tariffs of up to 145 percent on imports from China. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up On the contrary, Jon B. Hurst, president of the Retailers Association of Massachusetts, said his member retailers have plenty of everything, and not just for returning scholars. Hurst said that local stores have already laid in a lot of merchandise for the Christmas season as well. 'They're all set for back-to-school and most of them are all set for the holidays,' he said. Boston families are hardcore about back-to-school shopping. Advertisement But tariffs aren't pushing this number much higher, because wholesale prices for imports have not spiked. 'There's been some assumptions that suppliers and distributors would build in some price increases in anticipation, but that really hasn't been seen yet,' he said. 'They're really taking the risk upon themselves.' One reason for the good news: Trump's retreat from his April 2 'Liberation Day' plan, which would have imposed massive tariff increases on nearly every country in the world. Global markets plummeted after the plan was announced, and containers full of merchandise piled up at foreign ports, raising fears of empty shelves in US retail stores. Trump announced a few days later that he would put the most severe tariff increases on hold, though he still raised tariffs worldwide by 10 percent and for most Chinese products by 30 percent. Prior to the Liberation Day pause, US importers had slashed their orders, due to uncertainty about tariff costs, said Michael Goldman, general manager for North America at 'When that suspension was announced, everybody got off the sidelines,' said Goldman. Container ships stuffed with imports flocked to US ports, looking to land their cargoes before Trump changed his mind again. 'Whether it was on purpose or not,' said Goldman, the tariff pause 'allowed the supply chains to have moments to normalize themselves.' As a result, he said, 'I am not seeing any data that suggests there's going to be any big issue with supply.' Advertisement Still, the tariffs on these goods were substantially higher than before, and somebody's got to pay. But so far, consumers seem to be getting off easy. The Globe used data from For example, a student backpack that sold for $23.65 in July of 2024 was priced at $27.97 this year. Notebook paper that cost $5.99 last year was priced at $6.99 last week. An HP desktop computer monitor that cost $80 last year had increased in price to $107, and a West Bend dormitory-style mini-fridge that cost $150 last year had risen to $175. There were a few price drops as well. A Crayola art kit decreased from $18.29 last year to $16.55, and a pair of New Balance children's shoes declined from $49.95 to $29.95. This is a very small sample, and there's no way to link these price changes to the tariffs. But data from the Harvard Business School show that tariffs are nudging up the prices for many consumer goods. The HBS Pricing Lab's The researchers found that prices for imported products increased almost immediately whenever the Trump administration announced higher tariffs, like the worldwide 10 percent tariff imposed in April. Prices of domestic goods also rose along with the tariffs, though by a smaller amount. The Harvard researchers said many US manufacturers must themselves pay tariffs for imported equipment and supplies they can't get domestically. In turn, these companies pass their tariff costs to consumers. Advertisement But while retailers have been quick to raise prices, they're not raising them by much. The Tariff Tracker found that price increases for imports have averaged about 3 percent, much lower than the tariff increases. 'Tariffs are often expected to produce a one-time jump in price levels, but our data show that firms rarely pass through the full cost immediately,' said Harvard Business School professor Alberto Cavallo. 'Instead, they raise prices gradually, especially when there is uncertainty around how long the tariffs will last or how broad they will be.' But how long can this go on? Cavallo thinks that more of the tariff cost will gradually trickle down to consumers. 'We expect the passthrough to continue unfolding over time, keeping inflation elevated in certain categories for many months,' he said. But Hurst thinks bigger price hikes are months away. 'We're talking about 2026,' he said. 'If they go up, to the extent that they do, that's when we'll feel it.' Hiawatha Bray can be reached at
