WANdisco, the designer and developer of enterprise software, may not be a household name for UK investors, but its announcement this morning that it’s considering a US listing adds to growing doubts about London as a place to trade. Arm’s decision to list in the US, followed by both Flutter Plc and CRH Plc eyeing up American capital markets, has sparked a debate across the City over why London has lost its allure.
(Bloomberg) — WANdisco, the designer and developer of enterprise software, may not be a household name for UK investors, but its announcement this morning that it’s considering a US listing adds to growing doubts about London as a place to trade. Arm’s decision to list in the US, followed by both Flutter Plc and CRH Plc eyeing up American capital markets, has sparked a debate across the City over why London has lost its allure.
Here’s the key business news from London this morning:
In the City
Clarkson Plc: The international shipping company reported a record year in 2022, as underlying pretax profit increased more than 45% amid a surge in the price of freight shipping.
- The company says meaningful supply-side constraints will support its business next year
WANdisco Plc: The data activation platform confirmed reports from over the weekend that it’s in the early stages of exploring a possible additional listing in the US.
- The company, which has a base in the UK and the US, said it’s still committed to London’s AIM market
Citigroup Inc.: The Wall Street giant is building a new trading floor in Paris as it prepares to nearly double its staff in the French city.
- “London remains the main trading hub for us,” said Fabio Lisanti, head of the bank’s trading business across Europe. “But we have and will move certain risk management and risk books in Europe. We’ve already moved quite a few and there’s more to go”
Kingswood Holdings Ltd: The wealth and investment management group is considering a sale of its UK business and has hired Houlihan Lokey to act as its financial adviser as it explores options.
In Westminster
Rishi Sunak is committing more than £360 million to cutting-edge technologies under plans to make Britain a science “superpower” by the end of the decade, as he starts to sketch out his vision in the build-up to next week’s budget. Here’s what else is expected to happen on March 15.
British parents, meanwhile, are fueling a £6.2 billion boom in equity release loans to help younger people get on the property ladder.
In Case You Missed It
With artificial intelligence booming, one London-based key player in the fast-growing space is talking to investors about raising more money after just reaching unicorn status in a funding round late last year. The parent company of Stable Diffusion, an AI tool for making digital images, is seeking to raise money at a valuation of about $4 billion, people familiar with the matter told Bloomberg.
Shell Plc’s new boss said Britain is less attractive as an investment destination than both the US and Europe because it’s failing to match green energy subsidies, according to an interview with The Times.
Looking Ahead
Plumbing and heating products distributor Ferguson Plc, flexible workspace provider IWG Plc and sandwich chain Greggs Plc are among companies due to update the market tomorrow.
For a more considered take on the UK’s economic and financial news, sign up to Money Distilled with John Stepek.
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