Britain’s pitch as the most reliable address in European real estate has taken a knock.

Foreign investors, the lifeblood of the country’s commercial property market for much of the last decade, deployed just £3.6 billion into UK bricks and mortar between January and March, according to figures from industry body Real Estate:UK and analytics group CoStar — a 30 per cent slump on the £5.2 billion booked in the same period a year earlier.

Including domestic buyers, total UK commercial property investment limped in at £9.7 billion for the quarter, almost 40 per cent below the five-year average. It is the kind of read-across that should give the Treasury pause: when the overseas money that quietly underwrites office redevelopment, logistics sheds, healthcare facilities and the build-to-rent pipeline thins out, smaller occupier businesses are the ones left navigating tired stock, stalled refurbishments and shrinking landlord investment in their premises.

A regulatory pile-on, not a market verdict

What is striking about the figures, published in the joint Real Estate:UK and CoStar quarterly update, is that the slowdown took hold before the war in Iran rattled markets. The report points the finger squarely at the cumulative weight of regulation rather than any fundamental loss of faith in UK plc.

Planning continues to grind. The Building Safety Regulator’s processing of higher-risk schemes, although showing some signs of improvement in the most recent government data — has lengthened development timetables and bled costs into project budgets. Layered on top, the report cites the “sudden and untrailed” statutory ban on upward-only rent reviews, the delayed homes penalty proposal, the forthcoming building safety levy and the wholesale reorganisation of English local government as a quartet of policy shifts that, taken together, add cost, uncertainty and time to almost every deal that crosses an investment committee’s desk.

For an overseas pension fund or insurer weighing up whether to buy a tired 1980s office block, knock it down and put up a modern, net-zero replacement, that arithmetic increasingly fails to add up. The same is true of refurbishment plays, the value-add strategies that have powered much of the recovery in regional cities. Capital that once flowed in by default now sits in the in-tray.

The view from UK boardrooms

The frustration is not confined to the foreign-exchange dealing rooms of Manhattan and Munich. UK-listed property companies and housebuilders have been sounding the same alarm. Great Portland Estates, one of the most respected names in West End offices, recently turned to its shareholders for £350 million to capitalise on a stuttering market it argues is being held back by a planning system that has effectively ground London office development to a halt.

Housebuilders tell a similar story. Berkeley, Barratt Redrow and their peers have slowed expansion plans as viability calculations buckle under the weight of compliance costs. Barratt Redrow, the country’s biggest housebuilder, has already cut £200 million from its land buying budget, citing the war in Iran on top of an already cooler outlook. The broader construction sector reflects the strain, with activity slumping to its weakest level since the Covid lockdowns as housebuilding output retreated.

For Britain’s small and medium-sized businesses, these are not abstract numbers. Fewer cranes mean fewer industrial units coming forward for growing manufacturers; stalled office refurbishments mean SMEs continue to occupy poorly performing buildings with higher energy bills; and slower housebuilding tightens the labour market in regions where workers cannot afford to move.

From record year to flat patch

The Q1 wobble is doubly jarring because it follows what had been a banner 2025. Foreign inflows into UK commercial property rose 33 per cent last year to £27.2 billion, the fourth-strongest year on record. American capital did most of the heavy lifting, deploying £18.2 billion, more than half of which went into healthcare property, including Welltower’s eye-catching £5.2 billion purchase of a care home portfolio previously owned by Irish horse racing magnates JP McManus, John Magnier, and Celtic FC’s largest shareholder Dermot Desmond.

That tide is now visibly going out. US inflows have “eased significantly” in the opening months of 2026, the report notes. “Sterling’s appreciation against the dollar may also be eroding some of the pricing advantage that helped drive exceptionally strong US investment into UK real estate during 2025,” said Melanie Leech, interim chief executive of Real Estate:UK.

A stronger pound is, in normal times, a reasonable problem to have. Combined with regulatory drag and geopolitical anxiety, however, it has become one variable too many.

What it means for SMEs

The temptation in Westminster will be to treat this as a story about big institutional money. That would be a mistake. Commercial property investment is the plumbing that keeps the rest of the economy moving, the warehouses growing e-commerce firms expand into, the small office floors marketing agencies upgrade to, the GP surgeries and care homes communities rely on.

When that plumbing seizes up, SMEs feel it in higher rents on a shrinking pool of good-quality stock, longer waits for new units to come to market and patchier service from cash-strapped landlords. The Real Estate:UK report makes clear the industry’s view that the cumulative impact of recent regulatory change, however well-intentioned each measure may be individually, is now actively deterring capital that Britain badly needs.

With Iran’s conflict expected to weigh further on deal flow into the summer, the onus is on ministers to ensure that the next set of figures does not read as the start of a trend rather than a blip. For business owners up and down the country, the message from the data is uncomfortably simple: if Britain wants the investment, it will have to make the country easier to invest in.

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NEW YORK — Memorial Day 2026 falls on Monday, May 25, with most federal offices, banks and the stock market closed while many retailers, grocery stores and restaurants remain open for business.

The holiday, observed on the last Monday in May, honors U.S. service members who died in military service. It is a federal holiday, meaning government offices, including the U.S. Postal Service for retail transactions, will not operate. Mail delivery will be suspended nationwide.

Federal Services and Mail

The U.S. Postal Service will not deliver mail or offer retail services on Memorial Day. Post offices will be closed for transactions, though some self-service kiosks may remain accessible for package drop-offs in limited locations. Customers are advised to check usps.com for specific branch details.

UPS and FedEx will suspend standard pickup and delivery services. UPS Store locations may be closed, and FedEx Office hours will be modified. Customers should confirm with local branches before visiting.

Banking and Financial Markets

Most bank branches will be closed on May 25. Consumers should check with their specific financial institutions for any limited hours or online services that remain available. ATM access and digital banking will continue uninterrupted.

The New York Stock Exchange and Nasdaq will be closed in observance of the holiday. The U.S. bond market closed early at 2 p.m. ET on Friday, May 22, and will remain closed on Memorial Day, according to the Securities Industry and Financial Markets Association.

Retail and Shopping

Major retailers are expected to operate with normal or extended hours. Walmart, Target, Costco and Sam’s Club stores will be open across most locations, though some may adjust hours slightly. Grocery chains including Kroger, Publix and Whole Foods Market plan to remain open.

Home improvement stores such as Home Depot and Lowe’s will welcome shoppers. Many malls and shopping centers will conduct business as usual. Online retailers including Amazon will process orders without interruption, though same-day delivery options may be limited in some areas.

Restaurants and Dining

Restaurant chains will largely remain open. Fast-food outlets such as McDonald’s, Starbucks and Chick-fil-A will operate with standard hours, though some locations may close early or open later. Casual dining restaurants including Applebee’s, Olive Garden and Chili’s plan to serve customers.

Fine dining establishments and local eateries may vary. Consumers are encouraged to check individual restaurant websites or call ahead to confirm hours.

Government and Public Services

Federal government offices will be closed. National parks and monuments will remain open to visitors but with limited staffing. Some state and local government services may operate on reduced schedules.

Public transportation systems in major cities will run on holiday schedules. Amtrak and many commuter rail services will operate with modified timetables. Airport security and airline operations will continue normally, though travelers should anticipate potential delays due to holiday travel volume.

Travel and Recreation

Memorial Day weekend traditionally marks the unofficial start of summer. Gas prices are expected to remain stable, with AAA reporting average national prices around recent levels. Road travel is projected to be heavy as families head to beaches, lakes and outdoor destinations.

National parks, beaches and recreational areas will see increased visitation. Local authorities in popular destinations have urged caution with water safety and fire prevention measures.

Historical Context

Memorial Day, originally known as Decoration Day, dates back to the 1860s following the Civil War. It became a federal holiday in 1971. The day is marked by parades, cemetery visits and moments of remembrance across the country.

This year’s observance comes as the nation continues to honor service members. The Department of Veterans Affairs has encouraged Americans to participate in local events and reflection activities.

Consumer Advice

Shoppers planning errands on Memorial Day should verify hours with specific stores, as policies can vary by location. Many retailers offer holiday sales and promotions. Online shopping provides an alternative for those preferring to avoid crowds.

For essential services, digital options such as mobile banking, online grocery ordering and contactless delivery remain available. Gas stations and pharmacies are expected to operate normally.

NEW YORK — Walmart and Costco stores across the United States are scheduled to operate on Memorial Day, Monday, May 25, 2026, with most locations following regular business hours.

Walmart, the nation’s largest retailer, confirmed that the majority of its more than 4,600 U.S. stores will be open during standard hours. Some locations may adjust slightly based on local conditions, but the company has advised customers to use the Walmart app or website for specific store details.

Costco Wholesale Corp. also plans to keep its warehouses open. The membership-based retailer typically maintains standard operating hours on federal holidays. Customers are encouraged to verify hours through the Costco website or mobile app before visiting.

Retail Operations on Holiday

Memorial Day is a federal holiday, leading to closures of government offices, banks and the stock market. However, major retailers like Walmart and Costco generally remain open to serve customers during the long weekend, which traditionally marks the unofficial start of summer.

Walmart has a consistent history of operating on Memorial Day. In recent years, the company has used the holiday to launch seasonal promotions on outdoor furniture, grills, coolers and other summer merchandise. Similar patterns are expected in 2026.

Costco warehouses typically stay open on Memorial Day. The retailer often sees increased traffic as members stock up for barbecues and outdoor gatherings. Gas stations at many Costco locations are also expected to operate normally.

Other Retailers and Services

Target, Home Depot, Lowe’s and many grocery chains including Kroger and Publix are also planning to remain open. Fast-food and casual dining restaurants will largely operate with standard or modified hours.

Online retailers such as Amazon will process orders without interruption, though same-day delivery options may be limited in some areas due to holiday staffing.

Consumer Guidance

Shoppers planning errands on Memorial Day should verify hours with specific stores, as policies can vary by location. Many retailers offer holiday sales and promotions. Online shopping provides an alternative for those preferring to avoid crowds.

For essential services, digital options such as curbside pickup, delivery and mobile banking remain available. Gas stations and pharmacies are expected to operate normally.

Holiday Background

Memorial Day honors U.S. service members who died in military service. It is observed on the last Monday in May. The holiday has evolved into a weekend of remembrance, travel and retail activity.

This year’s observance comes as families prepare for summer gatherings. Retailers have stocked up on barbecue supplies, outdoor furniture and seasonal items in anticipation of increased demand.

Economic Impact

Retail sales on Memorial Day weekend contribute significantly to the second quarter. Analysts expect steady consumer spending. Walmart and Costco are well-positioned to benefit from their broad product offerings and value positioning.

The National Retail Federation has projected strong sales for the holiday weekend. Travel-related spending is also expected to be robust as Americans take advantage of the long weekend.

Travel Considerations

AAA has forecasted heavy road travel for the Memorial Day period. Gas prices are expected to remain stable. Major airlines and Amtrak will operate with holiday schedules.

National parks, beaches and recreational areas will see increased visitation. Local authorities have urged caution with water safety and fire prevention measures.

Government Services

Federal government offices will be closed. National parks and monuments will remain open to visitors but with limited staffing. Some state and local government services may operate on reduced schedules.

Public transportation systems in major cities will run on holiday schedules. Airport security and airline operations will continue normally, though travelers should anticipate potential delays due to holiday travel volume.

HFCL shares surged nearly 10% to hit a fresh 52-week high on Monday, extending gains for the fourth consecutive session, with analysts flagging key technical levels for investors to watch after the sharp rally.

The telecom equipment and optical fibre cable manufacturer had hit a 52-week low of Rs 59.82 in January this year. In less than four months, the stock has rallied around 172% to touch a fresh record high of Rs 162.50 on Monday.

HFCL shares have jumped over 144% from the March 24 low of Rs 66.55 on the NSE. The stock has gained more than 15% in just one week and currently trades at a P/E ratio of over 69.

Should you buy, sell or hold HFCL shares?

HFCL has moved from a base breakout into a momentum extension, according to Harshal Dasani, Business Head at INVasset PMS. He noted that the stock has crossed its earlier 52-week high zone in a sharp one-week move, confirming strength, but added that the easy part of the breakout is likely behind it.When prices expand this quickly above prior resistance, the first pullback typically indicates whether the move is driven by institutional accumulation or just a short-term squeeze, he added.

“The structure remains constructive as long as HFCL holds the breakout band around Rs 150 to Rs 155 on closing basis. A controlled retest with lower volumes would keep the trend healthy. A close back below that zone would weaken the breakout and open the risk of a deeper mean reversion. The quarterly trigger has been strong and the order book narrative has improved, but the chart has already priced in a lot of that optimism. HFCL is a strong chart, not a low-risk chart. Fresh momentum needs consolidation now; otherwise, the risk-reward gets stretched even if the broader trend stays intact,” according to Dasani.

HFCL earnings snapshot

Earlier in April, HFCL reported a consolidated net profit of Rs 178.50 crore for the fourth quarter of the financial year 2026, against a net loss of Rs 81.44 crore reported in the corresponding quarter of the previous financial year. The firm’s net sales meanwhile surged 128% YoY to Rs 1,824 crore in the year-ago period.
On a sequential basis, profit rose 82% from Rs 98 crore in the previous quarter, while revenue climbed 51% QoQ from Rs 1,211 crore reported in the third quarter of FY26.Also read: Vodafone Idea shares jump 2% to a fresh record high, rally over 100% in 1 year

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The statutory body for North Wales is now seeking applications for its advisory board

Ambition North Wales is seeking private sector leaders to help shape the region’s future as part of its new business advisory board.

The new board members will represent businesses and employers across North Wales, by bringing , independent advice and constructive challenge to the statutory body that covers the six local authorities of North Wales. The body is overseeing the North Wales Growth which is seeking £1bn of investment into the region’s economy, with £240m committed by the Welsh and UK governments and the remainder leverage funding from other sources, including the private sector.

READ MORE: Cardiff Capital Region £50m evergreen fund close to first cycle full investmentREAD MORE: Economy Minister Adam Price on a new development agency the Development Bank of Wales and economic targets

Ambition North Wales’ statutory responsibilities, including delivering a regional strategic transport plan, a strategic development plan, and promoting and enhancing regional economic well-being.

it is also responsible for the Flintshire and Wrexham Investment Zone is underway -together representing £400m of government investment. These programmes aim to unlock up to £2bn in total investment and create more than 10,000 jobs over the next decade.

The business advisory board will be placed at the heart of this progress -providing strategic advice and acting as a powerful advocate for Ambition North Wales and the region.

The board will be chaired by Dave Penrith, with Nick Bennett as vice-chair. Both serve as non-executive advisors to Ambition North Wales and together bring extensive expertise in capital projects, governance, engineering, digital transformation and economic development.

Mr Penrith, said: “The business advisory board will play a vital role in driving change and ensuring North Wales reaches its full economic potential – for its businesses and people. The chance to become a member of the board is a rare opportunity to play a defining role in helping to shape the region’s future and make a lasting impact.”

Mr Bennett, said: “It’s exciting to be bringing this new Board together at such a pivotal time – where it can act as a real catalyst for long-term economic success. We are looking for private sector leaders with strong networks, sound judgement and a passion for supporting transformative investment across North Wales.”

The new board member roles are unpaid volunteer positions, with a commitment required to bi-monthly meetings, alongside active engagement with stakeholders and partners.

How to apply

LAS VEGAS — BTS has sold out all four scheduled performances at Allegiant Stadium as part of the ARIRANG World Tour, with shows set for May 23, 24, 27 and 28, 2026.

The 65,000-capacity venue will host the South Korean group for performances beginning at 8:00 p.m. local time each night, with doors opening at 5:30 p.m. and parking lots accessible from 8:30 a.m. All tickets for the Las Vegas stop have been sold, according to organizers.

The ARIRANG World Tour represents BTS’s first major overseas performances since completing mandatory military service in South Korea. The group announced their comeback on July 1, 2025, with all seven members — RM, Jin, Suga, J-Hope, Jimin, V and Jungkook — participating in what has become their largest-scale tour to date.

The tour opened in Seoul on March 21, 2026, and was streamed globally on Netflix, drawing 18.4 million viewers within the first week. The tour is projected to span eight months from May through December 2026, with over 65 performances across multiple continents.

North American dates include the sold-out Las Vegas shows, with additional stops in Los Angeles and other cities. The tour will then move to European and Latin American markets.

The name ARIRANG references a traditional Korean folk song and symbolizes the band’s cultural roots during their return. The setlist features tracks from the new ARIRANG album along with career-spanning hits.

Commercial Impact

Billboard Boxscore data projects that the ARIRANG stadium run will exceed $500 million in total revenue by its conclusion. The tour has reinforced the album’s commercial impact through live performances across multiple continents.

“ARIRANG” has surpassed 10.18 million equivalent album sales globally, making it the most successful release of 2026. The album has generated more than 2.53 billion total global streams.

On its first day, “ARIRANG” logged over 100 million streams on Spotify, marking the biggest album debut on the platform for the year. The album also became the first in history to place all of its tracks on the Billboard Global 200 for seven consecutive weeks.

Physical sales contributed significantly, with nearly 4 million copies sold on the first day. The album debuted in the Top 10 in multiple international markets, including the United States, United Kingdom, Germany and Australia.

Fan and Industry Reaction

The sold-out status in Las Vegas reflects strong demand from the group’s international fan base, known as ARMY. Tickets for the shows sold out rapidly after going on sale.

The Las Vegas residency highlights the continued global popularity of BTS. The group’s ability to fill large stadiums demonstrates sustained commercial power even after a period of individual activities and military service.

Broader Tour Significance

The ARIRANG World Tour marks a significant milestone for BTS as they resume full group activities. The tour’s scale and international reach underscore the group’s status as one of the world’s most successful musical acts.

Performances in Las Vegas will feature state-of-the-art production at the climate-controlled Allegiant Stadium. The shows are expected to include elaborate staging, choreography and fan engagement elements characteristic of BTS concerts.

BTS has consistently ranked among the world’s top-selling artists, with strong performance in both physical and digital formats. The album’s commercial achievements build on the group’s previous records.

The global music industry has seen continued growth in streaming consumption. “ARIRANG” benefits from BTS’ dedicated international fan base, which drives consistent engagement across platforms.

The album’s success highlights the increasing influence of K-pop on worldwide charts. Industry trackers like Chartmasters measure equivalent album sales by combining physical units, track-equivalent albums and streaming-equivalent albums using standardized formulas.

The “ARIRANG” world tour has sold out multiple stadium dates. Billboard Boxscore tracks revenue from ticket sales, merchandise and related income. Projections indicate the tour will rank among the highest-grossing of 2026.

BTS has previously achieved major tour success, with several outings crossing the $100 million mark. The current tour extends this pattern on a larger scale.

Cultural Significance

The album title draws from “Arirang,” a Korean folk song with deep cultural roots. BTS has incorporated traditional elements into modern releases throughout their career. “ARIRANG” continues this approach while appealing to global audiences.

The group’s members have engaged in various solo projects during the hiatus period, contributing to their overall brand strength upon collective return.

Neuberger Berman was founded in 1939 to do one thing: deliver compelling investment results for our clients over the long term. This remains our singular purpose today, driven by a culture rooted in deep fundamental research, the pursuit of investment insight and continuous innovation on behalf of clients, and facilitated by the free exchange of ideas across the organization. From offices in 39 cities across 26 countries, Neuberger Berman manages a range of equity, fixed income, private equity and hedge fund strategies on behalf of institutions, advisors and individual investors worldwide. With 763 investment professionals and 2,850 employees in total, Neuberger Berman has built a diverse team of individuals united in their commitment to client outcomes and investment excellence. Our culture has afforded us enviable retention rates among our senior investment staff, and has earned us citations as first or second (among those with 1,000 or more employees) in the Pensions & Investments “Best Places to Work in Money Management” survey each year since 2014. As a private, independent, employee-owned investment manager, Neuberger Berman is structurally aligned with the long-term interests of our clients. We have no external parent or public shareholders to serve, nor other lines of business to distract us from our core mission. And with our employees and their families invested alongside our clients—plus 100% of employee deferred cash compensation directly linked to team and firm strategies—we are truly in this together. The firm has $538 billion in assets under management as of June 30, 2025. For more information, please visit our website at www.nb.com.For important disclosures: https://www.nb.com/disclosure-global-communications

Investor sentiment remains constructive with markets appearing “in a very good spot”, according to Dinshaw Irani, CEO, Helios Mutual Fund. Speaking to ET Now, he said the only major overhang for India had been elevated crude oil prices triggered by geopolitical tensions in the GCC region.

“I think things are looking pretty bright. The only overhang for India was obviously the runaway crude prices, thanks to what was happening in the GCC. By the way, one more thing I want to point out is I never wear this shirt very lightly with a bull on my chest as such. We are in for a good run in the markets,” he added.

He added that a resolution in global tensions could ease crude prices, which would significantly support India’s macro stability, especially the current account deficit.

Crude oil remains key macro trigger for India

Irani highlighted that India’s sensitivity to oil prices is high due to large import dependence.

“India has been obviously getting hit not only because of the crude prices being 5 million barrels a day of crude. So, any upsurge in that price really impacts our current account deficit, but we also getting hit on the FPI and FDI becoming almost zero now for us.”
However, he noted that corporate earnings have remained resilient despite macro pressures, surprising positively across segments.
Earnings surprise on the upside across midcaps and smallcaps
Contrary to earlier cautious expectations, earnings growth has come in stronger than anticipated, especially in broader markets.

“The quarterly numbers thus far has been very exciting. In fact, the midcaps have been outlier out here… the numbers are in the mid-20s, the earnings growth is in the mid-20s, same holds out for the smallcap universe. It is in the early 20s as such.”

He further noted that even after adjusting for companies moving from losses to profits, earnings trends remain healthy across the market.

Near-term pressure in Q1, but outlook improves beyond that
While the June quarter may reflect margin pressure due to crude and input costs, Irani expects recovery ahead.

“Obviously, the current quarter will be a trying one given that the crude impact will be felt the most in this quarter… But beyond that, you will see growth coming back to normal, earnings growth coming back to normal.”

He added that markets often discount such phases in advance, which may explain recent volatility.

Rally sustainability: short-term cost pressure vs long-term earnings strength
Addressing concerns on whether the rally is sustainable, he pointed out that Q4 earnings have already surprised positively.

“It has been a pretty healthy number which has come out for the current quarter… already quite a few has started passing the raw material hikes that they are seeing to the end consumer.”

He cited autos and oil & gas as sectors where price transmission has already begun. If this continues, earnings could surprise further on the upside.

Oil marketing companies: risk reduces, earnings may stabilise
On oil marketing companies, Irani noted that the worst may be behind them as price hikes have already been implemented.

“For them to breakeven, so basically now from a huge amount of loss, we are not seeing those kind of losses going forward.”

He added that if crude cools below key thresholds, profitability could improve further, though retail fuel prices typically do not reverse quickly.

Investment stance: selective buying after sharp corrections
On portfolio strategy, Irani said the focus is on opportunities where corrections have been excessive and not fundamentally justified.

“Wherever there have been sharp corrections for no reason, those are the sectors or rather stocks that we are picking up.”

He highlighted interest in new-age companies, discretionary consumption, and engineering/manufacturing-linked (EMS) space, where he believes the correction has been overdone.

Shift towards midcaps and smallcaps; IT remains avoided
He also confirmed a strategic tilt away from largecaps toward mid and smallcap exposure.

“We have moved into mid and smallcaps to an extent… because the growth rates from here on will be very exciting in this category rather than in the largecap space.”

On sector preference:
“It is mainly discretionary space, somewhat a capex space… IT is a total avoid for us even today.”

He warned that artificial intelligence-led disruption could pressure margins and growth in the IT sector going forward.

Outlook: growth cycle ahead if macros stabilise
Summing up the market view, Irani maintained that India is positioned for a strong phase ahead, provided crude stabilises and earnings momentum continues.

“We are in a very good spot today.”