FirstFT: CRH delivers recent blow to London’s capital market

Good morning.

CRH, the world’s largest constructing supplies group, has introduced its intention to maneuver its major itemizing from London to New York, within the newest blow to the UK capital market.

And in in the present day’s Massive Learn, Africa editor David Pilling speaks to André de Ruyter, the previous chief govt of the South African utility Eskom. He talks about his shut shave with dying and the criminality plaguing the corporate and, extra broadly, South Africa.

Right here’s what to look out for later in the present day:

• Politics: Republicans convene the primary annual Conservative Political Motion Convention in Washington because the begin of the pandemic. Outstanding audio system embody Texas senator Ted Cruz and former secretary of state Mike Pompeo.

• Financial knowledge: US preliminary jobless claims, a proxy for lay-offs, are anticipated to stay low at 195,000 for the week ending February 25.

• Outcomes: Department shops Macy’s and Nordstrom in addition to Kroger, Greatest Purchase and Costco. From tech, Hewlett-Packard and Broadcom.

Thanks for all of the suggestions on FirstFT’s new look thus far. Preserve it coming at firstft@ft.com.

In the present day’s high information

1. Buildings supplies group CRH is the newest London-listed firm to maneuver its major itemizing to New York the place, it says, the valuations are increased. The choice by CRH, which has a market capitalisation of £30bn and is predicated in Dublin, is a recent blow to London’s capital market which has been hit by a wave of takeovers and take-private offers.

2. Tesla executives touted price efficiencies at yesterday’s investor day, because the electric-car maker gears as much as produce a extra inexpensive mannequin. Lars Moravy, head of auto engineering, stated the brand new “massive quantity” car can be produced at quite a lot of vegetation, together with a brand new facility in Mexico. However buyers reacted negatively and the shares fell 5 per cent.

3. Hedge fund Bridgewater Associates is reducing 8 per cent of its workforce within the greatest shake-up of its operations since founder Ray Dalio ceded management. In a memo despatched to workers yesterday, chief govt Nir Bar Dea additionally stated Bridgewater can be capping the scale of its largest fund because it tried to make up floor misplaced to rivals.

4. EXCLUSIVE: Western allies are pushing the United Arab Emirates to halt exports of vital items to Russia as they search to dam the cargo of parts fuelling Moscow’s navy marketing campaign. Officers from the US, EU and UK just lately visited the Gulf state, sources say. Learn extra on the west’s worries about “re-exporting”.

5. Joe Biden is predicted to situation his first presidential veto to defend a brand new ESG rule that enables fund managers to contemplate environmental, social and governance components in funding selections, after two Democratic senators sided with Republicans to oppose it. Right here’s why they broke ranks.

The Massive Learn

Had it not been for his physician, André de Ruyter would in all probability have died, the previous chief of South Africa’s collapsing electrical energy utility Eskom instructed the FT. The tried poisoning, by cyanide-laced espresso, is a dramatic instance of how criminality has seeped into South Africa’s state, de Ruyter tells Africa editor David Pilling.

We’re additionally studying . . . 

• Lab leak idea: Covid’s origins are virtually inappropriate, writes Edward Luce, following the discharge of latest stories on the lab-leak idea. He says humanity’s curiosity is to cease the subsequent pandemic from occurring.

• May psychedelics assist treatment anorexia? Using a substance present in magic mushrooms to deal with the consuming dysfunction is exhibiting promising outcomes.

• China’s financial coverage workforce overhaul: Xi Jinping is getting ready to nominate trusted allies to supervise key elements of the financial system as he plans “far-reaching” reforms.

Chart of the day

The world’s largest crypto change is beneath stress. Buyers have pulled greater than $6bn out of a Binance-branded digital token generally known as BUSD previously month, in an indication {that a} latest US regulatory crackdown on digital belongings is making waves.

Take a break from the information

You’ve responded to an advert searching for crew for a harmful naval expedition. A flyer for the polar voyage promised months of darkness, low wages and a slim probability of secure return. From the very begin of the sport The Pale Past, it’s clear that you just’ll be fortunate even to outlive.

Further contributions by Emily Goldberg and Tee Zhuo