Crypto News: The London Rush: Activist implant

Hi, I'm Leo from Bloomberg UK's breaking news team, catching you up on this morning's business stories.

Activist investor Cevian disclosed a 5% stake in London-listed medical device company Smith & Nephew.

That would make the Swedish fund the third-biggest shareholder in the maker of hip and knee implants and medical robotic technologies, according to Bloomberg data.

Before today, Smith & Nephew's stock was down 8.6% this year, underperforming an index of European peers. The stock jumped as much as 6.7% when London opened.

The move comes after Cevian said changing a stock's listing location will be a big part of its investment and restructuring campaigns in the coming years. The investor is one of the biggest shareholders in Dublin-based building materials company CRH, which moved its primary listing to New York from London last year.

Smith & Nephew hasn't generated shareholder value for many years, Cevian's Friederike Helfer said this morning. "Cevian sees the potential to create significant long-term value by improving the operating performance of the company's businesses." Watch this space.

What's your take? Ping me on X, LinkedIn or drop me an email at lkehnscherpe@bloomberg.net.

Barclays agreed to sell its German consumer finance arm to a unit of Austrian lender Bawag. The move is expected to release about €4 billion of risk-weighted assets.

Investment bank Peel Hunt expects higher revenue in its fiscal first quarter, saying it's encouraged by more activity in its UK share trading businesses.

More than three years have passed since Coventry unveiled plans for a giant electric-car battery factory at its small airport in the West Midlands. But with no major customer or investor, the project has yet to get off the ground, my colleague Jamie Nimmo reports.

Finally, a tighter crackdown on non-domiciled residents wouldn't be a huge factor for the UK's appeal to high-net-worth individuals, Abrdn Chairman Douglas Flint tells Bloomberg UK's Voternomics podcast. What matters more are investments in both "physical and soft infrastructure." Listen to the full episode here:

Election day has come. If you have to work through the night — or just fancy the spectacle — do check out this hour-by-hour guide to how the results will come in.

I also recommend John Authers' opinion piece, which is connecting the dots on this remarkable Independence Day for Biden and Britain.

"Today's election makes the UK seem the winner from 1776," he writes.

Here's your daily snap analysis from Bloomberg UK's Markets Today blog:

Election day is finally here. The six-week campaign since a rain-soaked Sunak called the shock vote has been grueling for politicians (and journalists...) but traders have taken the whole thing in their stride.

The pound is essentially flat against the dollar since May 22, gilt yields are slightly lower and the FTSE 250 is off less than 1%.

Obviously we could see some more movement once the results are in, and for readers planning an all-nighter, it's worth bearing in mind the pound is really the only asset trading throughout the whole event, and so will give us the first sign of traders' read on the results.

FTSE 100 futures open in the early UK morning, before the usual 8 a.m. open for cash trading and the UK bond market. And be assured, Bloomberg UK will be following every twist and turn in our live blog, which is already up and running here.

— David Goodman

Check Bloomberg UK's Markets Today blog for updates all day.

Hello, it's Sarah and Kate from Pursuits. We don't cover politics but we do keep track of the optimal ways to be a spectator for big events. Here are four options to watch the election results roll in with other civically minded citizens in London.

The Lexington, Islington

This spacious north London pub is hosting a party that will continue until at least 4 a.m. with big screens broadcasting the results – entry is free.

Kindred, Hammersmith

This venue's special includes guests like Pod Save the UK host Coco Khan. Tickets for non-members are £40, which includes a drink and snacks.

Cinnamon Club, Westminster

A short walk from the Houses of Parliament, this Indian restaurant will be open from 6 p.m. through 11 a.m. on July 5, so you can feast on tandoor chicken thighs and clove-smoked Romney marsh lamb with yogurt sauce as the votes get counted overnight.

Feed the Yak, Elephant and Castle

Head down to this craft beer bar for a political pub quiz and election night bingo up until 3 a.m.

And if you'd rather stay at home, the London School of Economics is hosting an election night event to watch online, with panels on domestic and foreign policy and the British economy that runs up until 2 a.m.

Which PM served as both Conservative and Labour Party leader during their career?

Tip, it's not him:

Source: AFP

[Yesterday's answer: Abu Dhabi's financial centre is called Abu Dhabi Global Market.]

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