European stocks extend gains for fourth day, Bayer soars
The continent-wide STOXX 600 index (.STOXX), opens new tab rose 0.2% by 0732 GMT, rising for a fourth straight session.
Global stocks surged on Monday after Beijing and Washington agreed to a 90-day pause on some of the hefty tariffs imposed earlier in April.
Among single stocks, Bayer (BAYGn.DE), opens new tab jumped 10.8% after it posted a slower decline in first-quarter adjusted earnings than the market had feared as strong prescription numbers for new drugs offset a drop in its soy and cotton seed business.
Shares of renewable energy firms Vestas (VWS.CO), opens new tab and Orsted (ORSTED.CO), opens new tab and Portugal's largest utility EDP (EDP.LS), opens new tab soared, with traders pointing to better-than-expected U.S. proposals for the reconciliation bill.
Germany's largest reinsurers, Munich Re (MUVGn.DE), opens new tab and Hannover Re (HNRGn.DE), opens new tab, dropped 3.9% and 3.4%, respectively, after they reported sharp declines in first-quarter profit after a combined 1.7 billion euros ($1.89 billion) in claims relating to the Los Angeles wildfires this year.
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Daily Mirror
17 minutes ago
- Daily Mirror
Direct trains from UK to top European city with €4 beers set to start soon
A deal has been signed for an expansion on rail travel from the UK to a popular European destination - making it easier than ever for people to go on city breaks For those looking for a quick city break - there's a new European destination that will now be easily accessible via train. Britain and Germany have just signed a landmark deal that will "fundamentally change how millions of people travel". Named The Kensington Treaty, the agreement will hopefully be in place in the early 2030s and marks a shift in relations between the two nations. It was sealed by German Chancellor Friedrich Merz's on his first official visit to the UK on July 17. One of the key elements of the deal - as outlined in the UK goverments Plan for Change is the commitment to provide a long-distance direct passenger rail service between the two capitals according to The Times. It's expected travel time from London to Frankfurt is likely to take about five hours and London to Geneva is expected to take five hours and 20 minutes. Eurostar and other train operators had an eye on expanding the number of destinations served by the Channel Tunnel since the original service was launched in the 1990s. It also allows there to be easy travel to other German cities including Frankfurt. The joint UK-Germany transport taskforce will now explore the infrastructure, border and security needs to be able to create the route. As well as looking into the commercial and technical requirements such as safety standards and what is needed from rail operators to make the direct service happen. Transport Secretary, Heidi Alexander, said: 'We're pioneering a new era of European rail connectivity and are determined to put Britain at the heart of a better-connected continent. "The Brandenburg Gate, the Berlin Wall and Checkpoint Charlie - in just a matter of years, rail passengers in the UK could be able to visit these iconic sights direct from the comfort of a train, thanks to a direct connection linking London and Berlin." "This landmark agreement - part of a new treaty the Prime Minister will sign with Chancellor Merz today - has the potential to fundamentally change how millions of people travel between our two countries, offering a faster, more convenient and significantly greener alternative to flying.'" It comes after Eurostar has since announced plans to launch direct services to Frankfurt and Geneva in the early 2030s, as well as working on a direct route to Berlin.
Telegraph
17 minutes ago
- Telegraph
Quitting high-tax Britain? Here's where to move for the most money
Faced with rising taxes and broken public services, many British workers may be wondering if it is time to pack their bags and take their career in a more international direction. Chancellor Rachel Reeves is widely expected to raise taxes this autumn in order to bolster the public finances, fuelling speculation that she could launch a raid on people's savings, properties and investments. But whatever happens, the Government's tax freeze will still leave Britain on track for the highest tax burden since the Second World War. The Conservative government's decision to freeze income tax bands – and cut the threshold at which the top 45pc rate kicks in – means any pay rise a worker receives is soon eaten up by soaring tax bills. The freeze is currently in place until April 2028, but the Chancellor may choose to extend it further in order to generate billions of pounds for the Treasury. Many workers have had enough. An estimated 517,000 have left the country in 2025 so far, up 11pc year-on-year, according to the Office for National Statistics. Of these, 77,000 were British nationals. Higher earners and entrepreneurs are among those jumping ship. Around 4,400 business leaders have moved overseas in the last year, according to Bloomberg analysis of Companies House data, with the number departing in April up 75pc year-on-year. Recent tax changes have given some workers an even bigger incentive to move abroad. Following increases to capital gains tax rates, investors selling company shares will now pay 18pc to 24pc on profits over £3,000 a year, up from 10pc to 20pc previously. However, moving overseas, selling up and being non-resident for at least five years would allow them to dodge the charge. In addition, expats can now escape inheritance tax on their assets after 10 years thanks to the new 'non-dom' reforms. But working out where to relocate can be a challenge. Beyond salary, it is important to factor in the cost and quality of living, as well as how much tax you are likely to pay on income earned. Here, we outline the best countries to move to for a higher disposable income. Dubai of the United Arab Emirates (UAE) is an increasingly popular destination among British expats. Living there is expensive, and workers will need to pay for medical insurance, but with no income tax, they can keep more of what they earn. For example, a finance director could earn between $173,000 and $258,000 in Dubai, according to recruitment firm Robert Half, compared to between £100,000 and £150,000 in London. Among the UAE's biggest industries are oil and gas, financial services, real estate and hospitality. Bob Parker of Holborn Assets, a financial advice firm, said: 'Saudi Arabia is a next door neighbour and is about to become the next big thing – Neom is attracting the world's attention and thousands of key workers who currently prefer to have their families in Dubai.' The majority of expats are found in Dubai, he added. However, many are also found in Abu Dhabi 'and the lesser-known but fast-growing Emirate of Ras Al Khaimah, an hour's drive from Dubai and with much cheaper housing'. How much tax will I pay? There is no tax on income in the United Arab Emirates. Cost of living In Dubai, rent is typically paid upfront as part of a one-year fixed-term contract. As of June 2024, the average apartment and villa rents stood at AED 56,000 (£11,265) and AED 166,000 per annum (£33,393), respectively, according to CBRE. Meanwhile, someone buying property could expect to pay about $850 per square foot, according to estate agents Savills, working out at about $680,000 for a property of 800 square feet. Emirati nationals can access public healthcare for free, but British expats must pay. Both nationals and expats are required by law to have health insurance. You may also want to pay for a health card, which costs 320 dirhams (£64) for an adult. A monthly Metro pass in Dubai is likely to cost about 350 dirhams (£70). Moving there To work and live in the UAE, you need a residence visa. If you are employed by a company based in the UAE, they can apply for a standard residence visa on your behalf, usually valid for two years. However, getting a company to sponsor you is not the only way to move to the UAE. The country also offers green visas to 'skilled workers' earning more than 15,000 AED (£3,016) a month, with a bachelor's degree and an employment contract. Investors and freelancers – also with a bachelor's degree – can qualify, provided they have earned more than 360,000 AED (£72,387) annually over the past two years. The visa permits employees to live and work there for five years. Mr Armoils said: 'The UAE is relatively easy to migrate to, especially for wealthy people that buy a property there.' This is because 'golden visas' are available to investors who buy a property worth more than AED 2m (£402,000), as well as: Entrepreneurs who own a business with an annual revenue of AED 1m or more. 'Outstanding' students from top universities. Doctors. Scientists. Inventors. Executives. Specialists in scientific fields. Athletes. Doctoral degree holders. Specialists in the fields of engineering and science. Nurses, medical assistants, lab technicians and pharmacologists who worked on the frontline of the pandemic. Once you have your own residence visa, you can sponsor family members to come and join you. Expats will have to undergo a medical check to get a visa in the UAE. This will include a blood test. If you test positive for diseases such as HIV or hepatitis, then you will not be granted a visa. Salaries in Switzerland are the highest in Europe, and among the highest in the world, making it a top destination for migrants looking to bump up their pay cheque. Major companies based in Switzerland are Nestlé, Zurich Insurance Group and Glencore. How much tax will I pay? Working out your rate of income tax in Switzerland is complicated. The maximum overall rate of federal income tax is fairly low, at 11.5pc. However, each of the 26 cantons also has a separate law for cantonal taxes. Cost of living Switzerland is widely considered the most expensive country in the world. The World Population Review estimates it has monthly living costs of $2,896 (£2,149) per month. The median monthly rent for apartments in Switzerland is CHF 1,451 (£1,352) according to the Federal Statistical Office. In Zurich, it may be more common to spend over CHF 1,722 (£1,651). However, based on an average salary of CHF 81,456 (£75,900), this would still leave someone with a decent amount of disposable income each month. You should also expect to pay around CHF 379 (£353) a month on health insurance, which is compulsory in Switzerland. Depending on how many zones you travel within, an annual public transport pass in Zurich could cost between CHF 474 (£423) and CHF 2,295 (£2,138). Moving there You will need a company to sponsor you in order to work in Switzerland. Generally, the State Secretariat for Migration (SEM) will only give authorisation if you are a manager, specialist or otherwise skilled worker. If you want to be self-employed in Switzerland, then you will need to show that your self-employment 'will have a lasting positive effect on the Swiss labour market'. To do this, you will need to submit a range of documents including a business plan, planned investment, projected turnover and profit. Australia is expected to attract 2,500 millionaires from other countries this year, according to Henley & Partners. Among those heading for Australia's sandy beaches are British doctors. An anaesthetist working as a consultant for the NHS and earning £115,000 a year could double their salary in pounds by moving down under. Australia's minimum wage is higher than most, at AUS $24.95 (£12.17) per hour. It also has set salary requirements for expats, with employer-sponsored workers needing to earn AUS $76,515 (£37,312). How much tax will I pay? If you reside in Australia for more than half of the year and you intend to stay in the country, then you will be considered a resident for tax purposes. Whereas the income tax rates for non-residents range from 32.5pc to 45pc, for residents the range is between 0pc and 45pc. Cost of living Australia is in the grips of a housing crisis, so expats can expect to spend a significant portion of their income on mortgage or rental costs. Average rental costs in Australia are AUS $520 (£253) per week for an apartment or AUS $580 (£282) per week for a house, according to data from Domain. But some cities are significantly more expensive – while renters in Melbourne can expect to pay AUS $575 (£280) a week for an apartment, in Sydney the norm is AUS $740 (£360) per week. Similarly, buying a house will cost on average $1m (£490,000), although prices vary around the country, with the average in South Australia at $862,000 (£420,000) compared to $1.25m (£610,000) in New South Wales. Australia's healthcare system is a blend of public and private. Its public health system, known as Medicare, provides essential hospital treatment, doctors appointments and medicine for free, or for a reduced cost. The UK has a Reciprocal Healthcare Agreement with Australia, so while in the country, British expats can access emergency healthcare for free. However, additional services such as dentistry, ophthalmology and physiotherapy are part of the private system. Cost for health cover varies depending on your age, and the level of care you want to pay for. For just hospital treatment, a person can expect to pay $2,339 (£1,138) for those under 36, $2,902 (£1,411) for people between 36 to 59 and $3,304 (£1,607) for those aged 60 and over, according to financial comparison site Canstar. For combined hospital and extras, it's $3,199 (£1,556) for those under 36, $3,719 (£1,809) for those between 36 to 59 and $4,176 (£2,031) for those aged 60 and over. You could choose to get just insurance for 'extras' – at a cost of $907 (£441) for lower level of coverage, $1,109 (£540) for mid level coverage and $1,239 (£603) for higher level of coverage – given Medicare covers emergency treatment. Moving there The Employer Nomination Scheme visa lets companies nominate workers to stay in Australia permanently. To be eligible, your job must be on the relevant list of eligible skilled occupations, which includes accountants, engineers and doctors. 'People that move to Australia generally need to fill some kind of critical skills shortage,' said Mr Amoils. 'Migrants to Australia also need to show they financially support themselves.' Professions where there is a skills shortage include car, medicine and programming. You can also get a temporary visa for up to four years if you are filling a role that the company is struggling to hire for. You can earn significantly more working in the US compared to the UK. The average salary was just over £46,000 in the US last year, according to the US Bureau of Labor Statistics, compared to £37,000 in the UK, according to the Office for National Statistics (ONS). The trade off is fewer benefits. For example, British workers get a minimum of 28 days of annual leave per year, compared to 10 days for American workers. The top places in the US attracting expats are the San Francisco Bay Area, for tech, and New York City for finance roles. Andrew Argoils of Henley & Partners said: 'Commuter towns near New York City such as Greenwich, Darien and Old Westbury also have very high average incomes.' However, living in New York or San Francisco will be far more expensive than living in a less populous, more obscure area. How much tax will I pay? The US has seven federal income tax brackets, with rates of 10pc, 12pc, 22pc, 24pc, 32pc, 35pc and 37pc. The top rate applies to income of over $626,351 (£462,554) for a single person or $375,801 (£277,525) for a married person. On top of this, US states apply their own income taxes. For example, state income tax in New York is charged at between 4pc and 10.9pc. California has the highest top income tax rate at 13.3pc. However, nine states – Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming – have no income tax. You can find out more about them in our guide on where to move in America to pay the least tax. Cost of living Rent in the US varies dramatically across the country. Average rent across the country is $2,106 (£1,564) according to Zillow, a real estate firm. However, this rose to $2,775 (£2,061) for Los Angeles and $3,795 (£2,819) for New York. In New York, you can buy a MetroCard for $132 (£105) a month to ride the subway and buses as often as you like. You'll also need to factor in health insurance costs. According to the Kaiser Family Foundation, a non-profit, the average annual premium for family coverage was over $25,572 (£18,996) in 2024 and $8,951 (£6,649) for an individual. Most Americans get health insurance through an employer, which will cover some of this cost. For family coverage, a worker will typically contribute $6,296 (£4,677) per year or about $525 (£390) per month, while the average worker contribution for a single policy is $1,368 (£1,016). This means about $114 (£84) and $525 (£390) a month may need to be spent on health insurance. Moving there You will generally need to be sponsored by a US employer before you can apply for an immigrant visa. To become a permanent resident, you will need a Green Card, typically only available to highly skilled workers, unless you have a close relative in the US.
The Guardian
17 minutes ago
- The Guardian
‘Excellent size': UK blueberry crop up nearly a quarter after warm spring
British blueberries are the latest fruit to benefit from the warmest spring on record, with the harvest up by almost a quarter so far this year. Growers say the weather has produced an early crop with more and larger berries, while new varieties can bring higher yields and better resilience. About 5,133 tonnes are expected by the end of August, up significantly from almost 4,187 tonnes by the same point last year. Sales of the spherical fruit are already 9% ahead year on year as growing awareness of the health properties and a healthy crop bolster demand. Daniel Martin, the group commercial director at S&A Produce, says: 'This blueberry season has seen a really positive early start, about two weeks ahead of schedule, thanks to strong light levels and an absence of rain. 'As a result, we're seeing excellent fruit size and nice, even ripening across the crop. In summary, we are optimistic about the season and expect to see excellent flavour and shelf life from this year's crop.' The harvest is also being aided by new technology as growers invest in automated picking and other methods to reduce labour costs and improve efficiency. Jim Floor, the managing director of Hall Hunter, one of the UK's leading blueberry growers, said the company now used machines to harvest 10% of its crop, and this was expected to rise to 30% next year – with the rest picked by hand. Blueberries are leading the technology push, with the more delicate strawberries, raspberries and blackberries now all picked by hand at Hall Hunter. 'When it comes to robotic fruit picking, we're seeing steady and encouraging progress from robotics and automation companies. However, the technology isn't quite ready for widespread commercial adoption just yet,' Floor said. The blockbuster blueberry summer comes hot on the heels of a perfect spring for strawberries. The sunny, very dry spring, with the warmest start to May on record, led to a glut of early strawberries, aubergines and tomatoes at the start of May. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Growers said they were producing 'giant' 50g strawberries you 'cannot fit in your mouth'. However, the average was a more modest 30g. Nick Marston, the chair of the industry body British Berry Growers, said that all UK berry crops, including strawberries, raspberries and blackberries, were up by about 25% so far thanks to 'cracking weather' in June that had helped ripen crops that had developed well during the cooler start to the spring. 'The weather has been very beneficial for all berry crops,' he said. However, Marston said it was not clear if the overall berry harvest for the year would be up by that amount as some fruit would have just have been harvested earlier than usual and picking might tail off depending on conditions.
