Good morning. Today we're talking about Shein’s potential London listing, home builders’ collusion investigation and Bitcoin’s soaring price.

Big Stories

Shein eyes London market debut

Fast-fashion company Shein is reportedly considering the possibility of switching its initial public offering to London from New York because of hurdles to the listing in the US. Founded in China but now headquartered in Singapore, Shein filed for a US listing with an expected valuation of up to $90bn, while last year in London just $1bn was raised via new listings. The potential London market debut could be the biggest in the city's history. However, analysts remain cautious due to concerns surrounding Shein's business practices, including allegations of labour exploitation and environmental impact. London's financial authorities are actively courting Shein, eager to bolster the attractiveness of the city's stock exchange post-Brexit. The final decision on listing location remains undefined, with Hong Kong also considered as a potential alternative.

House builders under investigation

The competition watchdog is investigating whether eight of the UK’s largest house builders have been colluding to limit supply. The investigation follows accusations that house builders may be sharing information and coordinating strategies, limiting options and potentially inflating house prices. If collusion is proven, house builders could face significant fines and be forced to change their practices. Campaigners have long voiced concerns about the lack of competition in the housebuilding sector, blaming it for high prices and limited housing options. They argue that collusion would further exacerbate these issues, making homeownership even more inaccessible for many.

Bitcoin bounce

Bitcoin broke $60,000 nearing a new record. The cryptocurrency has increased by 40% this year thanks in large part to US finance giants like BlackRock and Fidelity. They are pouring billions of dollars into buying the volatile asset through a batch of landmark Bitcoin exchange traded funds that began trading in the US in January. Prices will probably keep rising as an event known as “halving” is about to take place. Bitcoin automatically halves the reward for mining new coins roughly every four years, when a specific number of blocks (currently 210,000) are created. This scarcity aims to eventually limit the total supply of Bitcoins, which some believe could increase their value. The last halving event was in 2020, and the next one is expected sometime in April.

Elsewhere...

Offer rejected: Currys has rejected a second takeover approach from US firm Elliott, saying the offer "significantly undervalued" the electronics chain.

Store teardown: Marks & Spencer has won a legal battle against the government over plans to demolish one of its flagship central London stores.

Bumper valuation: Swedish fintech giant Klarna is moving forward with plans for a potential US listing valuing the company at up to $20bn.

Game over: Sony has revealed plans for 900 job losses across its Playstation division, with the company's operations in the UK among those affected.

Changing hands: ITV has sold its 50% stake in BritBox International, the streaming service that offers programmes such as Line of Duty outside the UK, to BBC Studios for £255m in cash.

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Number of the Day

$90 trillion

How much millennials in America will inherit in property, shares and other assets over the next 20 years, according to property firm Knight Frank, making the group the richest generation in history.

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