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Soda business picks London for listing and reveals plans for £6.5bn listing

LONDON’S haunted listing market came to life yesterday as a Turkish billionaire unveiled plans for a £6.5bn listing of the world’s biggest soda ash business.

Sodium carbonate, better known in the UK as sodium carbonate, is the tenth most commonly used industrial material in the world – needed to make glass, electric car batteries and detergents.

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We Soda is headed by Didem Ciner, wife of Turkish billionaire Turgay, who lives in the UK.

We Soda would instantly become a FTSE 100 company if it listed, and would be the biggest UK listing since drug giant GSK spun off its healthcare unit for £28bn last year.

In the first three months of this year, the number of IPOs in the UK fell by 80 per cent, while only five companies went public in the same period.

WE Soda’s listing would be a major boost for London, following a wave of companies fleeing to New York, including chipmaker ARM.
Heads of technical firms criticized London.

Revolut’s Nick Storonsky said: “This is not the business environment to work in today’s world.”

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THG’s Matt Moulding said being a London PLC was “absurd from start to finish”.

Insiders said WE Soda chose London because the company is headquartered in the UK and its founder’s family is in the UK.

Alasdair Warren, chief executive, told the FT: “In London we can be a big fish in a relatively modest pond.”

WE Soda is controlled by Turgay Ciner, 67, a UK-based Turkish billionaire, and chaired by his wife Didem Ciner, 43, who heads the family’s interests in mining, media, chemicals and glass.

New CBI boss: It’s not toxic

The new head of the CBI has denied claims the business lobby group has a “toxic” culture as it faces a major confidence vote next Tuesday.

Rayne Newton Smith yesterday unveiled plans to reform the scandal-plagued organization by cutting workforce and politics. President Brian McBride is also stepping down early.

The CBI has consulted with lawyers about insolvency options should it lose Tuesday’s vote, while in the meantime it has hired board adviser Fionn Hague, the wife of the former Tory leader William Hagueto learn its management.

Music resists artificial intelligence fakes

A threat AI for the music industry has prompted the Intellectual Property Office to develop an agreement on streaming music metadata that includes instant information about who wrote a song, performed it, and owns it.

Fake AI duet between rappers Drake and singer The Weeknd have made the music industry wake up to the threat of digital theft.

Fake AI duet between rapper Drake and The Weeknd wakes up the music industry to the threat of digital theft

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Fake AI duet between rapper Drake and The Weeknd wakes up the music industry to the threat of digital theftAuthor: Getty

Heart On My Sleeve went viral until label Universal complained and it was taken down.

Many are now warning that regulation needs to be brought in quickly to protect the creative industries.

A BPI spokesperson said: “Artists and rights holders must retain control over when and how their music is used to train AI, and AI developers must obtain prior permission and pay appropriate compensation for such use, while maintaining full transparency about the content. is used.”

Sales increased by two outlets

WAS for WH Smith and B&M The deals yesterday came after both retailers increased profits.

B&M Eurpean Value Retail expects to increase sales and profits this year as more shoppers turn to discounters to buy cheaper foodfurniture and toys.

WH Smith and B&M Bargains increased profits

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WH Smith and B&M Bargains increased profits

The retailer said it plans to open a further 30 UK stores this year, with more on the way Heron Foods stores.

Sales rose 6.6 per cent to £5bn in the year to the end of March, but its profits fell 17 per cent to £436m as shopping habits normalized and the company faced inflation.

Meanwhile, WH Smith experienced a boom in trade at the airport and railway stores.

Sales in the travel division jumped 18 percent in the past four months, prompting the retailer to say profits would be better than expected.

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PRUDENTIAL chief financial officer James Turner has resigned following an investigation into his conduct during the recruitment process.

The FTSE 100 The insurer said the 54-year-old’s behavior “did not meet” its expectations.

The Hong Kong founded chief who remained following an investigation into “a code of conduct issue related to a recent hiring situation.”

Prudential — once known for its slogan “The Pru Man” — spun off its UK and European division into a separate London-based company in 2019, M&G.

Wise blues

Britain could still face a mild recession later this year, a ratings agency says.

MOODY’S has warned that the UK economy could shrink by 0.1 per cent this autumn due to inflation and more expensive mortgage costs caused by rising interest rates.

About half of outstanding mortgages “will need to be refinanced at higher rates, reducing household disposable income,” Moody’s said.

This predicts that Bank of England let’s pick it up interest from the current level of 4.5 percent to 4.75 percent.


The owner of Ladbrokes and Gala Coral said they expected a “substantial financial penalty” following a bribery investigation at one of their legacy Turkish businesses.

Entain shares fell 4 percent.


Bright results

UK mobile bank Monzo has more than doubled its sales in the past year.

It cut its losses after increasing customer deposits by a third to £6bn.

The bank, known for its fluorescent coral cards, now has 7.4 million customers, making it the seventh largest customer base in the UK.

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Its losses narrowed slightly from £119m to £116m in the year to February after it spent more on staff wages.

Chairman Gary Hoffman said he was “delighted” to achieve profitability.

https://www.thesun.co.uk/money/22540004/biggest-producer-6-5billion-flotation-soda-ash-business/

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