Wise latest to unveil plans to switch main listing from London to New York
The money transfer firm which listed in London in July 2021, said the move would 'help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our owners'.
It wants to drive greater awareness of the brand in the US, which it said was the 'biggest market opportunity in the world for our products'.
A primary listing on Wall Street would also give it 'better access to the world's deepest and most liquid capital market', it added.
It said the change would benefit the group by 'expanding the pool of investors able to invest in Wise, in particular US domestic institutional and retail investors, the largest global constituent of investors, many of whom are currently unable to hold our shares'.
Under the plans, the firm would be dual listed, with a secondary listing in London as part of its 'ongoing commitment to the UK'.
Kristo Kaarmann, co-founder and chief executive of Wise, said: 'The UK is home to some of the best talent in the world in financial services and technology, and we will continue to invest in our presence here to fuel our UK and global growth.'
It deals another blow to London's beleaguered stock market after a raft of companies have ditched their primary listing in London, including Paddy Power owner Flutter, mining group BHP, building materials group CRH and construction rental firm Ashtead, while a growing number of UK listed firms have also been bought out by foreign rivals or taken private.
And on Wednesday, Glencore-backed metal investment firm Cobalt scrapped its plans to list in London, just two days after drugs company Indivior said it would cancel the secondary listing it had retained in London, having already switched its main listing to the US last year.
Chinese fast fashion giant Shein has also reportedly ditched London for Hong Kong for its upcoming blockbuster initial public offering (IPO).
Wise, which was launched in 2011 under original name TransferWise, said it was not turning its back on the UK.
It said: 'Our confidence in UK talent and the tech ecosystem here remains undimmed.
'One-fifth of our employees are based in the UK and we plan to continue hiring and investing in our UK team.'
The group said it would call a shareholder meeting in the coming weeks for investors to vote on the proposal.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scottish Sun
an hour ago
- Scottish Sun
Terrifying message sent by ‘Chinese hackers' to M&S boss after crippling cyber attack on British retailer is revealed
The blackmail message is believed to have included a racist term RANSOM DEMAND Terrifying message sent by 'Chinese hackers' to M&S boss after crippling cyber attack on British retailer is revealed Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) 'CHINESE hackers' allegedly sent a terrifying message to the boss of Marks & Spencer following a crippling cyber-attack on the British retailer. Fraudsters, believed to be from the hacking group DragonForce, are said to have emailed the company's chief executive Stuart Machin and seven other key executives. Sign up for Scottish Sun newsletter Sign up 2 High street retailer Marks & Spencer was hit by a cyber attack over the Easter holiday Credit: Alamy 2 M&S boss Stuart Machin, pictured, along with seven other company executives were emailed by the hackers, believed to be DragonForce Credit: PA The message, written in broken English, was sent on April 23, indicated that M&S was hacked by the ransomware group, although the retailer has not acknowledged this. 'We have marched the ways from China all the way to the UK and have mercilessly raped your company and encrypted all the servers,' the hackers wrote, according to the BBC. 'The dragon wants to speak to you so please head over to [our darknet website].' The link to the darknet shared in the email led to a portal for victims of DragonForce to negotiate a ransom fee. The hackers added: 'Let's get the party started. Message us, we will make this fast and easy for us.' DragonForce's attack during the Easter holiday has been hugely damaging for one of Britain's best-known retailer and is thought to have cost the firm an estimated £300million. After six weeks on from the attack, the retailer is still unable to process online orders. The email was sent to Mr Machin along with seven other top executives, according to the corporation. A racist term is also said to have been included in the blackmail message and also ended with an image of a fire-breathing dragon. Along with installing ransomware in order to cripple M&S's IT system the hackers are also believed to have stolen private data from millions of customers. The £3.50 M&S buy that'll make your whole house smell like a 'boujee candle' Three weeks on from the attack, M&S informed customers that contact details and dates of birth from some shoppers had been obtained by a suspected cyber cartel. M&S also admitted other personal details, including customers' order histories, had also been pilfered by online criminals. Bosses though have stressed that no data relating to shoppers' payment, card details or account passwords had been obtained. It is unclear how many customers have been affected by the data breach. According to the company's full-year results, it had 9.4million active online customers in the year up to March 30. The email apparently sent by DragonForce is thought to have bene sent using the account of an employee from IT company Tata Consultancy Services (TCS), which has provided IT services to the retailer for more than a decade. The Indian IT worker, who is based in London, had an M&S email address but is paid employee of TCS. Timeline of the attack Saturday, April 19: Initial reports emerge on social media of problems with contactless payments and click-and-collect services at M&S stores across the UK. Customers experience difficulties collecting online purchases and returning items due to system issues. Initial reports emerge on social media of problems with contactless payments and click-and-collect services at M&S stores across the UK. Customers experience difficulties collecting online purchases and returning items due to system issues. Monday, April 21: Problems with contactless payments and click-and-collect persist. M&S officially acknowledges the "cyber incident" in a statement to the London Stock Exchange. CEO Stuart Machin apologises for the disruption and confirms "minor, temporary changes" to store operations. M&S notifies the National Cyber Security Centre (NCSC) and the Information Commissioner's Office (ICO) and engages external cybersecurity experts. Problems with contactless payments and click-and-collect persist. M&S officially acknowledges the "cyber incident" in a statement to the London Stock Exchange. CEO Stuart Machin apologises for the disruption and confirms "minor, temporary changes" to store operations. M&S notifies the National Cyber Security Centre (NCSC) and the Information Commissioner's Office (ICO) and engages external cybersecurity experts. Tuesday, April 22: Disruptions continue. M&S takes further systems offline as part of "proactive management". Disruptions continue. M&S takes further systems offline as part of "proactive management". Wednesday, April 23: Despite earlier claims of customer-facing systems returning to normal, M&S continues to adjust operations to maintain security. Contactless payments are initially restored, but other services, including click-and-collect, remain affected. Despite earlier claims of customer-facing systems returning to normal, M&S continues to adjust operations to maintain security. Contactless payments are initially restored, but other services, including click-and-collect, remain affected. Thursday, April 24: Contactless payments and click-and-collect services are still unavailable. Reports surface suggesting the attackers possibly gained access to data in February. Contactless payments and click-and-collect services are still unavailable. Reports surface suggesting the attackers possibly gained access to data in February. Friday, April 25: M&S suspends all online and app orders in the UK and Ireland for clothing and food, although customers can still browse products. This decision leads to a 5% drop in M&S's share price. M&S suspends all online and app orders in the UK and Ireland for clothing and food, although customers can still browse products. This decision leads to a 5% drop in M&S's share price. Monday, April 28: M&S is still unable to process online orders. Around 200 agency workers at the main distribution centre are told to stay home. M&S is still unable to process online orders. Around 200 agency workers at the main distribution centre are told to stay home. Tuesday, April 29: Information suggests that the hacker group Scattered Spider is likely behind the attack. Shoppers spot empty shelves in selected stores. Information suggests that the hacker group Scattered Spider is likely behind the attack. Shoppers spot empty shelves in selected stores. Tuesday, May 13: M&S revealed that some customer information has been stolen. M&S revealed that some customer information has been stolen. Wednesday, May 21: The retailer said disruption from the attack is expected to continue through to July. The retailer said disruption from the attack is expected to continue through to July. It's thought the worker was among the victims hacked. The company had previously said it is investigating if it was a gateway for the cyber attack. It has since informed the BBC the email was not sent from its system and had nothing to do with the security breach. M&S has declined to comment on the latest revelations. A spokesperson for the company told The Sun Online: 'We cannot comment on details of or speculation on the cyber incident, and we have been advised not to.'
Fashion United
2 hours ago
- Fashion United
Brazil's footwear sector boosts investment to enhance productivity
Despite the unstable global landscape, the Brazilian Footwear Association (Abicalçados) recently conducted a survey which revealed that the footwear sector intends to invest 1.7 billion reais (around 303,84 million dollars), a value seven percent higher than last year. Executive president of Abicalçados, Haroldo Ferreira, explained that around 50 percent of the footwear industry's investments in 2025 are expected to be allocated to machinery, equipment, and technology, aimed at improving productivity. 'Brazil suffered a sharp deindustrialisation process in the 1990s, when, in addition to the so-called 'Brazil cost,' there was a relaxation of imports, and we began to notice an invasion of Asian products in the Brazilian market,' said Ferreira. According to Ferreira, the industry, which represented more than 46 percent of the gross domestic product (GDP) in 1989, saw its representation fall to just over 14 percent last year. 'It is no exaggeration to say that the Brazilian footwear industry resisted and continues to resist in a rather hostile environment, taking into account the high production costs and predatory competition imposed by Asian markets, now also through international e-commerce platforms,' added Ferreira, emphasising that investments focused on productivity have been essential for the national footwear industry to remain the main one in the West. Equipment, distribution centres and factory expansion Among the announced investments, some are aimed at purchasing a wide range of machinery and equipment. This is the case of Andacco, which is part of the Cacique Group, from Minas Gerais. The company, which produces 5,000 pairs per day, intends to acquire new equipment and moulds, totalling approximately three million reais. Company director Benvenuto Arantes explained that this amount exceeds what was invested in 2024 by 40 percent. 'Investment is a constant for Andacco, regardless of the scenario, which this year is still quite obscure,' he said. For Arantes, however, opportunities may arise in light of the tariff war between the US and China. 'The US is the destination for 70 percent of our shipments. With the high tariffs imposed on Chinese footwear, we will possibly have greater demand, which could have a positive impact on our exports and, consequently, on performance for 2025,' he explained. Tip Toey, a children's footwear company based in Franca, São Paulo, has been making investments in structural projects totalling three million reais in recent years. The company, which exports a third of its production, will inaugurate a distribution centre in Europe this year, with an investment of approximately 100,000 euros. Co-chief executive officer of Tip Toey, Scott McInerney, explained that the expansion plan involves three main fronts: brand, export, and industry. 'We want to be closer to European customers to respond quickly to demand and receive more consistent feedback on our products,' said McInerney in the press release. The Minas Gerais-based women's footwear and accessories brand Luiza Barcelos constantly invests in machinery and, at the end of 2023, inaugurated a production unit in Rio Grande do Sul, from where 80 percent of its production originates. 'Today, exports represent two percent of turnover, a figure we want to double in 2025. For this, we are intensifying participation in international trade fairs,' said company director Luiz Barcelos. Boaonda, a producer of injected footwear from Rio Grande do Sul, invested more than two million reais in 2024 in expanding its EVA lines and acquiring new machinery. For 2025, given a surprisingly positive first quarter with 30 percent sales growth, Boaonda was obliged to expand its headquarters, in a project that will cost more than five million reais to meet domestic and international market demands. According to brand manager Cássio Romani, the new building should be ready by the end of the year, directly employing more than 50 people. There is the possibility of tripling this number to 150 in the short term, depending on the company's continued growth. For the year, although optimistic, the company forecasts sales growth of around 15 percent. 'Brazil has structural problems such as high taxes, unfair competition—including within our own market—and difficulty in finding labour. Despite this, Boaonda remains confident and is betting on our country,' said Romani. Overview of the footwear industry with high technology employed Credits: courtesy of the Brazilian Footwear Association In summary The Brazilian footwear sector plans to invest 1.7 billion reais, a seven percent increase compared to the previous year, focusing on machinery and technology to improve productivity. Companies such as Andacco, Tip Toey, and Luiza Barcelos are investing in equipment, distribution centres, and expanding their facilities to increase production and meet domestic and international demand. Despite challenges such as high production costs, Asian competition, and structural problems in Brazil, footwear companies are optimistic and confident in their growth, seeking opportunities in the global market. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Scottish Sun
4 hours ago
- Scottish Sun
Rare coin sells for over 300 times its value on eBay – exact detail you need to look for on your spare change
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BRITS have been urged to rifle in their pockets and check down the backs of sofas, after a rare coin sold for 300 times its value. Cash is being used less and less in Britain, with some companies even now refusing to take cash payments. Sign up for Scottish Sun newsletter Sign up 3 Could you have a rare coin amongst your spare change? Credit: Getty 3 The Kew Gardens 50p is the second rarest coin in active circulation 3 A Kew Gardens 50p recently sold for £157 Credit: eBay But although many prefer the convenience of contactless cards and see loose change as an annoyance, it can actually be extremely valuable. The rarest coin currently in active circulation is His Majesty King Charles III's 50p coin, depicting the Atlantic Salmon, with just 200,0000 of the coins back in 2023. Following close behind, the Kew Gardens 50p, released in 2009, is the second rarest coin, with 210,000 in active circulation. The highly sought-after collectable, which features the Kew Gardens pagoda, recently caused a storm on eBay, with a 25 bid showdown resulting in one of the rare coins being sold for £157, which is over 300 times its value. It is worth checking your piggy bank and sorting through any spare change for the coin, as it could end up earning you enough for a posh meal or a flight abroad. However, the Royal Mint warned that the coin may be tricky to find in your purse, as they are often snapped up by collectors. 'Nothing gets people excited quite like this original 2009 design", it said. "Just 210,000 were released into circulation and with almost all of them in private hands, the chances of coming across one in your change are slim.' It added: "The venerable institution depicted on the Kew Gardens 50p coin is the nation's most famous royal botanical garden. 'The reverse design, created by Christopher Le Brun RA, features the famous Chinese Pagoda at Kew with a decorative leafy climber twining in and around the tower. Best beer announced and sport's giant accused of RRP meddling 'Demand for the 50p denomination was not high at the time of release into circulation which explains the low mintage of this particular design.' The Atlantic Salmon 50p is also a highly sought-after collector's item, and often sells for huge sums on eBay. Last week, an Atlantic Salmon coin sold on eBay for a whopping £69, after a fierce 16 bid showdown. On October 7 one coin sold for £164 with six bidders fighting for the prize. Most rare and valuable 50p coins WE reveal the Royal Mint's most rare and valuable 50p coins in circulation. Triathlon Minted in 2011, the Triathlon 50p depicts the same sport which featured in the 2012 Olympics. There are more than 1,160,000 of the coins in circulation. With over 200million 50ps circulating in the UK, that makes this coin quite a rare find. The highest recent sale we've found on eBay recently was £30 on June 21. Judo Judo is a popular sport that involves grappling with your opponent. But despite the design, it's not so easy to get a hold of this coin, of which there are just 1,161,500 in circulation. The piece was designed by David Cornell after he won a national competition. It was minted in 2011 and the highest bid we've seen on eBay was for £17.95 on June 21. Wrestling Wrestling was one of the first Olympic sports so it's not surprising that it features on one of the 50p pieces. The 2011 coin was designed by Roderick Enriquez, a graphic designer from Hammersmith, London. We've seen it sell for as much as £15 online so is worth digging around for. In recent months, one was sold on eBay for £11.95 on June 18. Football Of all the coins created to commemorate the 2012 Olympic Games, the 50p Football is among the rarest. It features an explanation of the controversial offside rule on it, with 1,125,000 produced. One sold for £20 on eBay on June 11, although it has been known to go for as much as £75 in the past. Kew Gardens The Kew Gardens 50p is the rarest of all the 50p pieces, with only 210,000 in circulation. They have been known to sell for as much as £895 on eBay before. The design was created by Christopher Le Brun RA and features the famous Chinese Pagoda with a leafy chamber that twists around the tower. The coin often sparks the interest of new coin collectors due to its rarity. The highest sale we found in recent weeks was £142 on June 22 with 23 bids. Another sold for £147 on December 16 with a whopping 37 bids. If you're ever unsure of how much a coin should be sold for, it helps to look at what prices other people are listing. You can also run it through Change Checker's Scarcity Index to get a sense of its value. How to Sell A Rare Coin If you're lucky enough to find a rare coin amongst your spare change, you can sell them through online marketplaces such as eBay. You can also sell coins via auction, through the Royal Mint Collector's Service. If you choose to do it this way, a team of experts will authenticate and value your coin, and advise you on how to sell.
