Latest news with #Gdansk
Yahoo
17-07-2025
- General
- Yahoo
Archaeologists Dug Under an Ice Cream Parlor—and Found a Medieval Knight's Skeleton
Here's what you'll learn when you read this story: Crews in Poland found a 12th century church last year before the discovery of a knight buried around the turn from the 13th to the 14th century. The burial site is at a popular intersection in Gdansk that once housed an ice cream parlor. A carved image on the tombstone shows a knight in full armor, complete with a shield and sword. When archaeologists discovered an intricately carved tombstone under a former ice cream parlor in Gdansk, Poland, they were obviously excited. But what lay beneath it was even more surprising: a full skeleton buried inside a rectangular arrangement of 23 stones. It all belongs to an unknown medieval knight, marking the first discovery of its kind in Poland. At a popular street corner in Gdańsk, where the now-closed Mis ice cream parlor operated over 60 years, archaeologists explored the site before construction crews could start. In 2024, they found the remains of a 46-by-46-foot wooden church built in 1140—the oldest ever discovered in the city. Nearby, they located more than 200 medieval graves. But the most mind-blowing find came just recently, when researchers discovered a carved tombstone likely dating to the late 1200s or early 1300s, according to a translated statement from Poland's national heritage agency. It was this tombstone that helped tell the story of a knight. The stone itself, made from expensive Gotland limestone, featured a carved image of a knight covered head-to-toe in chain mail, complete with a shield and sword, according to a translated report from the city of Gdansk's official website. About a foot under the tombstone, crews discovered the remains of a coffin holding a full skeleton. Aleksandra Pudlo from the Archaeological Museum in Gdansk told the city that the skeleton was once a strongly built man over 40 years old, likely around 5'9' in height. Researchers are 'almost certain of the knightly status of the man buried here' thanks to the tombstone, the only of its kind found in Poland. 'This was likely a leader or someone who enjoyed special recognition and respect,' Sylwia Kurzynska from ArcheoScan Archaeological and Conservation Laboratory told broadcaster TVN, according to Notes from Poland. The project started after the site of the former Mis ice cream parlor was sold to a developer. Before construction could begin, the developer was required to fund an archaeological excavation. The team from ArcheoScan uncovered the remains of a wooden church first, followed soon after by a medieval cemetery. The limestone cracked in multiple places, so crews moved it to the Archaeological Museum in Gdansk for reconstruction and preservation. Unfortunately, the coat of arms on the tombstone's shield has worn away, so researchers weren't immediately able to pinpoint who the knight served. The city reports that Gdansk was ruled by the Teutonic Knights in 1308, but the buried knight could also belong to a range of additional rulers, whether a Pomeranian Prince, the Sobieslaw dynasty, or a German house. At least the mystery of the medieval knight of Gdansk has a sweet story. Get the Issue Get the Issue Get the Issue Get the Issue Get the Issue Get the Issue Get the IssueGet the Issue Get the Issue You Might Also Like The Do's and Don'ts of Using Painter's Tape The Best Portable BBQ Grills for Cooking Anywhere Can a Smart Watch Prolong Your Life? Solve the daily Crossword
Yahoo
10-07-2025
- Business
- Yahoo
Pepco posts higher Q3 revenue, launches buyback of up to 50 million euros
GDANSK (Reuters) -Discount retailer Pepco Group posted record-high third-quarter revenue and announced a share buyback programme of up to 50 million euros ($58.68 million) on Thursday, as it reported its first results after the sale of Poundland. The Warsaw-listed company said its revenue rose 7.7% year-on-year at constant currency to 1.1 billion euros in the third quarter that ended on June 30, with like-for-like sales growing 2.6% driven by growth in both the Pepco and Dealz brands. "Our results in Q3 reflect our continued strategic execution across the New Pepco Group and actions we have taken to drive more consistent performance," CEO Stephan Borchert said in the press release. Investment firm Gordon Brothers bought the struggling Poundland business from Pepco in June for a nominal value. Pepco, which had been weighing its options for the 800-store British discount retailer since December, said at the time the sale was in line with its strategic plan to move away from fast-moving consumer goods. Poundland's business, heavily reliant on low-margin fast-moving consumer goods, had been a significant drag on the group's overall profitability. The divestment allows Pepco to focus on its main brand, which sells higher-margin clothing and general merchandise mainly in Central and Eastern Europe. Pepco said it would launch the buyback programme, aimed at reducing its capital and meeting obligations under equity incentive plans, on or around July 17. The maximum price to be paid for the share repurchases is 110% of the market price of the ordinary shares, Pepco said, adding the current share price undervalues the group's future prospects. ($1 = 0.8522 euros)
Reuters
09-07-2025
- Business
- Reuters
Turkey raises withholding tax on short-term lira deposits to boost budget revenues
GDANSK, July 9 (Reuters) - Turkey has raised the withholding tax on short-term Turkish lira deposits and investment funds by 2.5 percentage points, a move economists said was aimed at boosting budget revenues and curbing dollarisation. For deposit accounts with a maturity of up to six months, the rate was increased to 17.5% from 15%, a decree published in the Official Gazette on Wednesday showed, while for those with a maturity of up to one year, it was raised to 15% from 12%. "Budget revenues are not increasing. Interest payments and non-interest expenditures — especially interest payments — reach 100%. Revenues need to increase. The way to do this is through withholding tax," ALB Yatirim Chief Economist Filiz Eryılmaz said. She also noted that recent outflows from money market funds have been accompanied by strong inflows into free foreign exchange funds, creating increased foreign exchange demand. Eryılmaz highlighted that the second goal is also to reduce dollarization. After interest rates rose, withholding tax on money market funds was kept at zero percent for a long time. "Now that the rate has been raised to 17.5%, the aim is to prevent investor outflows," she said. Eryılmaz said larger interest rate cuts from the central bank should now no longer be expected. "After this, we expect a 250 basis point cut in July. The possibility of a 350 basis point cut has significantly diminished," she added. The central bank will announce its July interest rate decision on July 24. Rising interest in FX funds may be curbed slightly by the new withholding tax, but dollarization will persist due to ongoing political uncertainty, said Marbaş Menkul Degerler analyst Mustafa Kemal Eski. He said the move likely aims to support the government's medium-term fiscal target, noting that 67% of the goal has been met so far, with half of the year still ahead.
Reuters
04-07-2025
- Business
- Reuters
Markets' 90-day tariff pause rollercoaster nears an uncertain end
GDANSK/LONDON, July 4 (Reuters) - The deadline U.S. President Donald Trump set for major trading partners to strike deals with Washington or face hefty tariffs expires next week, bringing to a close 90 days of volatility but leaving global investors in the dark over what will happen next. Trump's propensity to issue a threat, or impose a new tariff, only to reverse course shortly afterwards has led to turmoil over the past three months. Investors, however, have now become somewhat inured to this sort of policymaking on the fly. And, as a result, there is little evidence at this point that many are preparing for fireworks on July 9. Instead, most expect some kind of delay, pause or compromise. What that will look like, however, is anyone's guess. Here is a snapshot of where major markets are now, relative to where they were when Trump dropped his initial tariffs bombshell on April 2: Global stock markets have staged a strong recovery following the intense volatility triggered by Trump's tariff announcement. The MSCI World index (.MIWD00000PUS), opens new tab, which fell 10% between April 2 and April 9, the day Trump paused the tariffs, has hit successive record highs and gained over 11% since the original "Liberation Day" announcement. Global equities got another boost in May, when the U.S. and China reached a temporary truce, pausing many tariffs for another 90 days. Geopolitical tensions, including Israel's recent strikes on Iran and Washington's subsequent bombing of Iranian nuclear sites, briefly reined in sentiment but have not derailed the broader rally. The S&P 500 (.SPX), opens new tab, which had lagged other major equity markets earlier in the year, has closed those gaps, gaining over 10% since April 2, and is neck and neck with the MSCI all-country index, which excludes the United States (.MIWU00000PUS), opens new tab. There's an important caveat, however. The S&P has only hit record highs in dollar terms. The weakness in the U.S. currency has eroded the returns for overseas investors. In euro or Swiss franc terms, for example, the index is still about 10% below February's record high, while in pounds, it's 7% below the sterling-denominated peak. The U.S. dollar, widely regarded as the world's most powerful and stable currency, has suffered a knock to its reputation from Trump's tariffs and the subsequent 90-day pause. The dollar index , which reflects the U.S. currency's performance against a basket of six others including the euro and the Japanese yen, suffered its worst first half of the year since 1973, declining by approximately 11%. It has fallen by 6.6% since April 2 alone. Against the currencies of some of the United States' biggest trading partners, the decline has been even more marked. It has lost some 8% against the euro and the Mexican peso since then and 5% against the Canadian dollar . Vincent Mortier, the CIO of Europe's largest asset manager Amundi, said the euro has plenty more room to run, especially as U.S. debt worries are also driving the dollar down. "I won't be surprised if by the end of next year we start to revisit the $1.30 level," he said, highlighting that at its 2008 peak, the euro got as high as $1.60. European shares have more than recovered losses suffered since Trump's "Liberation Day". But strength in the euro and anxiety over tariffs have kept them below March's record highs. Large exporting sectors such as pharma and autos, which make up around one-third of EU exports to the United States, have rebounded too, but have been more volatile. Brussels is reportedly open to a U.S. deal that would apply a universal 10% tariff on many of its exports, something several investors would view favourably should it be confirmed. Citi said markets risk being caught offside if tariffs are reimposed at 20% or reach 50%. "Trump is truly unpredictable, but if it's really around 10%, I think the markets will react very well," said Carlo Franchini, head of institutional clients at Banca Ifigest. The impact of the trade talks extends beyond Europe, however, with automakers in Japan also being watched. Citi's base case is for a sustained 25% tariff, while a surprise cut to 10% could unlock a 50% upside for Japanese auto stocks. Gold has featured as the hedge of choice against an array of risks, from tariff-induced inflation, to geopolitical risk and a shift away from the U.S. dollar. The price has hit record after record, rising 26% so far this year to around $3,330 an ounce. Gold has eclipsed bitcoin , which has gained about 14% year to date, and even Nvidia (NVDA.O), opens new tab, the maker of chips that power AI capabilities, whose shares went parabolic last year and have risen about 18% this year. Since April 2, gold's ascent has gathered pace, fuelled by purchases from central banks, fund managers and even individuals. A survey by UBS Asset Management this week showed 39% of respondents said they planned to increase their gold holdings, compared with 15% last year. The independence of the Federal Reserve - whose chair, Jerome Powell, Trump has berated repeatedly for not cutting interest rates fast enough - is one of the key concerns cited in the survey.
CTV News
04-07-2025
- Business
- CTV News
Markets' 90-day tariff pause rollercoaster nears an uncertain end
President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House in Washington. (AP Photo/Mark Schiefelbein, File) GDANSK/LONDON — The deadline U.S. President Donald Trump set for major trading partners to strike deals with Washington or face hefty tariffs expires next week, bringing to a close 90 days of volatility but leaving global investors in the dark over what will happen next. Trump's propensity to issue a threat, or impose a new tariff, only to reverse course shortly afterwards has led to turmoil over the past three months. Investors, however, have now become somewhat inured to this sort of policymaking on the fly. And, as a result, there is little evidence at this point that many are preparing for fireworks on July 9. Instead, most expect some kind of delay, pause or compromise. What that will look like, however, is anyone's guess. Here is a snapshot of where major markets are now, relative to where they were when Trump dropped his initial tariffs bombshell on April 2: Taking stock of stocks Global stock markets have staged a strong recovery following the intense volatility triggered by Trump's tariff announcement. The MSCI World index .MIWD00000PUS, which fell 10 per cent between April 2 and April 9, the day Trump paused the tariffs, has hit successive record highs and gained over 11 per cent since the original 'Liberation Day' announcement. Global equities got another boost in May, when the U.S. and China reached a temporary truce, pausing many tariffs for another 90 days. Geopolitical tensions, including Israel's recent strikes on Iran and Washington's subsequent bombing of Iranian nuclear sites, briefly reined in sentiment but have not derailed the broader rally. The S&P 500 .SPX, which had lagged other major equity markets earlier in the year, has closed those gaps, gaining over 10 per cent since April 2, and is neck and neck with the MSCI all-country index, which excludes the United States .MIWU00000PUS. There's an important caveat, however. The S&P has only hit record highs in dollar terms. The weakness in the U.S. currency has eroded the returns for overseas investors. In euro or Swiss franc terms, for example, the index is still about 10 per cent below February's record high, while in pounds, it's seven per cent below the sterling-denominated peak. Dollar decline The U.S. dollar, widely regarded as the world's most powerful and stable currency, has suffered a knock to its reputation from Trump's tariffs and the subsequent 90-day pause. The dollar index, which reflects the U.S. currency's performance against a basket of six others including the euro and the Japanese yen, suffered its worst first half of the year since 1973, declining by approximately 11 per cent. It has fallen by 6.6 per cent since April 2 alone. Against the currencies of some of the United States' biggest trading partners, the decline has been even more marked. It has lost some eight per cent against the euro and the Mexican peso since then and five per cent against the Canadian dollar. Vincent Mortier, the CIO of Europe's largest asset manager Amundi, said the euro has plenty more room to run, especially as U.S. debt worries are also driving the dollar down. 'I won't be surprised if by the end of next year we start to revisit the US$1.30 level,' he said, highlighting that at its 2008 peak, the euro got as high as $1.60. For exporters, certainty is the prize European shares have more than recovered losses suffered since Trump's 'Liberation Day.' But strength in the euro and anxiety over tariffs have kept them below March's record highs. Large exporting sectors such as pharma and autos, which make up around one-third of EU exports to the United States, have rebounded too, but have been more volatile. Brussels is reportedly open to a U.S. deal that would apply a universal 10% tariff on many of its exports, something several investors would view favorably should it be confirmed. Citi said markets risk being caught offside if tariffs are reimposed at 20 per cent or reach 50 per cent. 'Trump is truly unpredictable, but if it's really around 10 per cent, I think the markets will react very well,' said Carlo Franchini, head of institutional clients at Banca Ifigest. The impact of the trade talks extends beyond Europe, however, with automakers in Japan also being watched. Citi's base case is for a sustained 25 per cent tariff, while a surprise cut to 10 per cent could unlock a 50 per cent upside for Japanese auto stocks. All that glitters Gold has featured as the hedge of choice against an array of risks, from tariff-induced inflation, to geopolitical risk and a shift away from the U.S. dollar. The price has hit record after record, rising 26 per cent so far this year to around $3,330 an ounce. Gold has eclipsed bitcoin, which has gained about 14 per cent year to date, and even Nvidia, the maker of chips that power AI capabilities, whose shares went parabolic last year and have risen about 18 per cent this year. Since April 2, gold's ascent has gathered pace, fueled by purchases from central banks, fund managers and even individuals. A survey by UBS Asset Management this week showed 39 per cent of respondents said they planned to increase their gold holdings, compared with 15 per cent last year. The independence of the Federal Reserve - whose chair, Jerome Powell, Trump has berated repeatedly for not cutting interest rates fast enough - is one of the key concerns cited in the survey. (Reporting by Canan Sevgili and Alberto Chiumento in Gdansk, Danilo Masoni in Milan and Alun John, Marc Jones and Amanda Cooper in London; Editing by Joe Bavier)
