CITY WHISPERS: Bitcoin miner falls in love with real money again

The crypto world was turned upside down again last week – this time due to the collapse of the FTX stock exchange and another drop in the price of Bitcoin.

One person who has avoided at least some of the latest pain is Peter Wall, head honcho at London-listed Bitcoin ‘miner’ Argo Blockchain. In March 2021, he became the first boss of a publicly traded company paid exclusively in Bitcoin.

As he told an interviewer, “I actually woke up in the middle of the night and asked myself, ‘Why am I getting paid fiat? [government-issued currency]? Why don’t we just start paying ourselves in Bitcoin?’

But Whispers understands that Wall quietly backtracked on the decision earlier this year and is now being paid in real money.

When he switched to the digital currency, it was worth about $48,000 per coin. It is now about $17,000.

Bitcoin’s value has fallen by two-thirds since the beginning of this year – and Argo’s shares have fallen even more, by 91 percent.

Weston’s wry smile

George Weston, boss of Primark owner Associated British Foods, could forgive a wry smile this week as the clothing retailer’s market share bounced back to pre-Covid levels.

He told Whispers that he felt “righteous” by the milestone.

Weston spent the pandemic assuring investors in the company, which has so far shunned internet shopping, that the fortunes of online rivals would return to Earth this year.

Would he mean Asos sinks 67 percent, Boohoo 56 percent and Missguided goes bankrupt?

Kier ready for wage confrontation

Kier Group bosses could get a nosebleed over executive pay – for the second year in a row – at the contractor’s annual meeting on Thursday.

Proxy advisors Pirc and ISS have urged shareholders to vote down the company’s 2021 payroll report amid concerns over hefty long-term bonus payments.

There remains “no convincing justification” for the magnitude of these awards, ISS said, especially when boss Andrew Davies saw a salary jump from £595,000 to £750,000.

His total pay skyrocketed from £1.3 million to £2.2 million.

At the group’s last AGM, 26 percent of the vote was pushed against the pay report.

But the construction giant’s share price has nearly halved this year, which could throw more fuel on the fire.

One Health IPO planning

There has been little but tumbleweed in the London stock market in recent months amid all the economic turmoil.

But independent British healthcare provider One Health has braved the list desert and is aiming for an IPO.

Founded in 2004, the services are free for GP-referred patients who are promised surgery six to eight weeks after an initial consultation.

Chairman Derek Bickerstaff describes the group as a ‘safety valve’ for the NHS as it relieves the pressure on long waiting lists – offering procedures in orthopedics, gynaecology and general surgery.

The IPO could raise more than £3 million – which could fund growth beyond the current roster of 30 clinics.