Good morning. Today we're talking about Arm’s mega IPO, FTSE boss pay rises again and Getir slashes jobs.

Big Stories

Chip designer mega IPO

Arm, the British chipmaker owned by Japanese conglomerate Softbank, has filed for an initial public offering in the US. The company is reportedly looking to raise between $8 to $10bn — which would make it one of the biggest tech IPOs ever — and hopes to attain a market valuation of $60bn to $70bn. There’ll be high stakes for Softbank, which bought the company for $32bn in 2016, as it tries to recover from recent losses by pivoting to an AI-based strategy with companies like Arm at the centre. The IPO could also spur other companies to pursue — or further delay — their own listing plans. The decision for Cambridge-based Arm to list in New York is a big blow for the UK government and financial sector which had lobbied for years to seal a London IPO.

FTSE boss pay rises again

The median pay of a FTSE 100 chief executive increased by 16% to £3.91m in 2022, according to new research by the High Pay Centre thinktank. The average earnings of a FTSE 100 boss were 118 times more than a typical UK worker on £33,000 a year and the highest since 2017. The top-paid CEO in the FTSE 100 was Pascal Soriot of AstraZeneca, who received £15.3m in total pay. The High Pay Centre said the pay rises for CEOs were "unacceptable" at a time when many workers are facing real wage cuts. It called for more transparency and shareholder accountability over executive pay. The government has said it is considering introducing a "clawback" tax on excessive CEO pay, while some shareholders have said they will vote against the pay packages of FTSE 100 CEOs that they deem to be excessive.

Getir cuts back

Getir, the Turkish grocery delivery app, is cutting 2,500 jobs across five countries including the UK as part of a global restructuring. The company said that the layoffs, which represents 10% of the workforce, were necessary to "improve operational efficiency" and "ensure the long-term sustainability of the business.” It comes amid signs of declining interest in the delivery market from consumers and investors. The sector grew rapidly during the pandemic with billions of dollars of investment and strong consumer demand. But the cost of living crisis and rising interest rates along with increased regulatory scrutiny has contracted the size of the market.

Elsewhere...

Changing Threads: Meta has launched a web version of its Twitter rival Threads that can be used without an app, as it attempts to revive itself after a recent drop in usage.

Gaming tactics: The UK's competition regulator has launched a fresh investigation into Microsoft's takeover of gaming giant Activision Blizzard.

Borrowing beat: Government borrowing was lower than expected last month, adding to speculation about possible tax cuts later this year.

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  Number Of The Day

$15.5 trillion

The forecast value of the global travel market by 2033, accounting for more than 11.6% of the global economy. This represents a 50% increase over its $10 trillion value in 2019.

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