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Good morning. Today we're talking about London’s listing loss, consumer giant’s cut backs and the Trump-Musk fallout.

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Big Stories

London loses Wise

Money transfer giant Wise is set to move its primary stock exchange listing from London to the US, a decision aimed at attracting a larger and more liquid investor base. While the UK fintech will maintain a secondary listing on the London Stock Exchange, the move signifies a broader trend of companies seeking access to the deeper capital markets and greater investor awareness offered by the US. Wise co-founder and CEO Kristo Käärmann stated that the primary US listing will "accelerate our mission and bring substantial strategic and capital market benefits," including enhanced profile in the US, which represents the largest market opportunity for its products. This move provides a potential pathway for inclusion in major US indices, further boosting liquidity and demand for Wise shares. The announcement, made alongside strong full-year results showing a 17% rise in pre-tax profit and a 15% increase in revenue, underscores Wise's global growth ambitions. While a blow to London's efforts to retain high-growth tech firms, Wise reiterated its commitment to the UK, noting that a fifth of its employees are based there and it plans continued investment in its UK team.

Consumer giant job cuts

Procter & Gamble (P&G), the consumer goods giant behind household brands like Gillette and Pampers, has announced plans to reduce its non-manufacturing workforce by approximately 15%, equating to up to 7,000 jobs over the next two years. This significant move comes as part of a broader restructuring program unveiled during a recent strategy update. While P&G stated the cuts are not solely a cost-cutting measure, the company had previously indicated a focus on cost reduction following a reported decline in sales and a lowered annual outlook attributed to consumer uncertainty. As part of this overhaul, P&G also reportedly intends to exit certain product categories. The multinational manufacturer cited global economic risks, including potential new tariffs, particularly between the US and China, as factors influencing its operations.

Musk-Trump spat hits Tesla

A public and increasingly acrimonious spat between Elon Musk and US President Donald Trump has sent shockwaves through Musk's business empire, particularly impacting Tesla's stock. The feud, ignited by Musk's criticism of Trump's tax legislation, quickly escalated into personal attacks, jeopardising the substantial government subsidies and contracts vital to companies like Tesla, SpaceX and Neuralink. Tesla's stock plummeted amid the dispute, reflecting investor anxiety over potential regulatory hurdles and a loss of government backing. The EV manufacturer heavily relies on federal support for charging infrastructure and autonomous driving initiatives, which are central to its long-term growth. Neuralink's success hinges on government approval, while even X bonds have dropped, complicating fundraising for Musk’s AI startup xAI. Conversely, the US government also stands to lose, as replacing SpaceX as a key vendor for NASA and Starlink's Pentagon services would be challenging.

Elsewhere...

Water ban: Thames Water and five other water companies have been banned from paying bonuses to their bosses because they had failed to tackle pollution, in its latest effort to overhaul the industry's poor environmental record.

Cutting back: Disney is laying off several hundred employees globally as part of cost-cutting measures.

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Number of the Day

6 million

Millionaires currently living in the US, a 78% increase from a decade ago. The US is now home to a third of the world’s total millionaires.

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