Business

British tech giant Arm to list in London after sale blocked over national security

GGood morning

Britain’s tech sector got a welcome boost this morning after it was revealed that SoftBank plans to list part of its stake in chip designer Arm in London.

The Japanese conglomerate had been preparing for an IPO in New York after a $40bn (£30bn) sale to Nvidia was blocked on national security grounds.

But it is now considering listing part of its stake in London, Bloomberg reports. This follows pressure from Boris Johnson and Chancellor Rishi Sunak’s campaign to keep the British tech giant in the UK.

It could be a major coup for the government, which has been pressured to prevent the Cambridge-based arm from falling victim to a foreign takeover.

5 things to start the day off right

1) Helium airships fly over Spain after British manufacturer breaks through a $600m deal Air Nostrum hopes to have its 100-seat vehicle on its short-haul routes by 2026

2) Forecasting error puts students £1,200 worse off New students got the lowest living expenses support in seven years thanks to a mistake

3) BT boss discussed plan to starve Phones 4U, court says The head of the phone company’s consumer division has denied allegations that he schemed with competitors to destroy the retailer

4) More holiday misery on the horizon as airlines have been ordered to cancel summer flights The industry has been pushing to cut flights it cannot deliver due to severe staff shortages

5) Coinbase cuts 1,100 crypto jobs as Bitcoin falls 10 percent Chief Executive Brian Armstrong warns of ‘crypto winter’ as digital currencies plummet

what happened overnight

Tokyo stocks opened in cautious trading ahead of a key Federal Reserve decision.

The reference index Nikkei 225 fell by 0.2 percent. Hong Kong stocks started with small gains. The Hang Seng Index rose 0.2 percent.

The Shanghai Composite Index rose 0.2 percent, while the Shenzhen Composite Index on China’s second stock exchange also rose 0.2 percent.

Comes today

  • Company: Whitbread, WHSmith (trade statement)
  • Business: Fed rate decision (US)retail sales (US, China)industrial production (EU, China)

https://www.telegraph.co.uk/business/2022/06/15/ftse-100-markets-live-news-pound-crypto-interest-rate-brexit/ British tech giant Arm to list in London after sale blocked over national security

Russell Falcon

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