FirstFT: Truss plans to try to persuade SoftBank to list Arm in London

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good morning. Prime Minister Liz Truss and Chancellor Kwase Kwarting are preparing to launch one last charm offensive to persuade Japan’s SoftBank to list British tech company Arm in the UK.

The government will push for high-level talks with SoftBank executives after the official mourning period for the Queen ends next week, according to officials familiar with the situation.

The City of London has been hit by takeover attempts by some of the biggest tech groups in recent months – such as Aveva, Microfocus and GB Group – adding to pressure on Truss management to stem the erosion of the UK’s listed tech sector.

SoftBank has previously indicated that it wants to list Arm, the Cambridge-based chip designer that it acquired in 2016 for $32 billion, in New York.

However, SoftBank executives have begun talks with UK officials about the possibility of a rare dual listing for Arm on both sides of the Atlantic.

The arrangement is seen as a vote of confidence in the London stock market and will enable UK-focused investors and pension funds to invest in one of Britain’s biggest tech success stories.

Do you have any feedback on today’s newsletter? Let me know in firstft@ft.com. Thank you for reading FirstFT Europe/Africa and have a great weekend – Jennifer

1. City of London welcomes plans to lower bonus caps for bankers The City of London has welcomed Kwasi Kwarteng’s plan to scrap restrictions on bankers’ bonuses, but it will plunge the chancellor into a heated debate about how to boost anemic economic growth. The FT’s view is that his decision is ultimately the right one, but that it will come at a political cost.

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2. Russia acknowledges China’s “concerns” about invading Ukraine President Vladimir Putin told his Chinese counterpart Xi Jinping that Moscow values ​​Beijing’s “balanced position” on the war, according to a transcript from the Kremlin of their meeting in Uzbekistan yesterday, in the first public acknowledgment of differences between Russia and China over the conflict.

3. Hungary pledges further rule of law concessions to the EU Budapest has offered more concessions, including creating an anti-corruption body, to avoid facing cuts to billions of euros in much-needed funding under a new measure to punish states for violating the rule of law.

4. A defining moment for the cryptocurrency market Ethereum, the world’s second largest blockchain, has completed a long-awaited upgrade to its system, which is expected to reduce its energy costs and was intended to pave the way for more use of cryptocurrency technology in mainstream finance.

5. China’s LGFVs go on a land buying spree The country’s local government finances are rushing to buy swathes of land with borrowed money, bailing out cash-strapped cities and counties and bolstering a collapsing real estate sector after the exodus of debt-laden private developers.

How well did you keep up with the news this week? take ours a test.

Coming days

The Queen’s children are vigilant King Charles III, Princess Anne, and Princes Andrew and Edward will hold a vigil at 7.30pm to mourn the death of their mother, Queen Elizabeth II. The late Queen will be buried in a private ceremony after her state funeral in Westminster Abbey on Monday.

Erdogan meets Putin The Turkish president will meet his Russian counterpart on the sidelines of the Shanghai Cooperation Organization summit in Samarkand, Uzbekistan. The latest fighting between Armenia and Azerbaijan will be on the agenda, while the United States and the European Union pressure Ankara to crack down on Russian sanctions evasion. (Reuters, Financial Times)

economic data The European Union releases its harmonized CPI for August, UK retail sales figures for the same month, and Italy publishes CPI and trade figures for July. The US is expected to show strong job growth in July, but less than in June. (FT, WSJ)

  • tomorrow: Philip Lane, member of the European Central Bank’s Executive Board, speaks at the annual Dublin Economic Workshop in Wexford.

scandal! the first show The Netflix documentary that charts the incredible story of how Dan McCrum of the Financial Times brought down the massive and fraudulent wirecard payment processor in Germany will be released globally today.

Dan Makram

Dan Makram, right, spent seven years investigating fraudulent payment processor Wirecard, a story that continues to circulate as executives await trial © Courtesy of Netflix

Join C Suite board members and executives in person or online for the Cyber ​​Resilience Summit September 21-23 to hear feedback from speakers including Bill Clinton. Register for your pass today.

What else are we reading

What do we misunderstand about inflation When things get more expensive, that’s inflation, which is bad, apparently. But an alternative view is that of Milton Friedman: “Inflation is always and everywhere a monetary phenomenon.” Tim Harford argues that this distinction is important.

Scenes from the end of the Elizabethan era The Queen’s state funeral will be a solemn celebration. In the meantime, the audience is waiting to see her lying flat and appreciate her. Imogen West Knights joined mourners, lost tour groups, and historic businessmen outside Buckingham Palace last weekend to hear why they had arrived, and what they found.

Crowds gather in London to mourn Queen Elizabeth II

Hundreds of thousands of people travel to London to mourn the Queen © Benjamin McMahon

Britain and the United States: poor societies with some rich Where would you like to live A good way to assess which countries are better than others is to ask: Is life good for everyone or only for the wealthy? The latter is the case for the United Kingdom and the United States, wrote John Byrne Murdoch.

The battle between Lula and Jair Bolsonaro Three years ago, Luis Inacio Lula da Silva, or “Lula,” was languishing in prison on corruption and money laundering charges. But if a divisive election between the former Brazilian president and incumbent goes his way, he will soon return to power.

How to Reboot Men for Gender Equality Simon Cooper writes: At the top and bottom of society, new definitions of masculinity can help everyone thrive. Three recent books follow the outlines of redefining masculinity.

Travel

Michael Palin is back on the road again. This time to Iraq. With his passion for wanderlust not receding at the age of 78, a former Monty Python member sets out to hear the stories the country’s residents have to tell.

Michael Palin in Erbil

Michael Palin in Erbil © Jaimie Gramston

Off times Documenting changes in business and the economy between COVID and conflict. Register here

asset Management Subscribe here for the inside story of the movers and shakers behind a multibillion dollar industry

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