DAILY BRIEFING: Marks & Spencer will not provide a trading update at its annual general meeting

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DAILY BRIEFING: Marks & Spencer will not provide a trading update at its annual general meeting

City & Finance Reporter for the Daily Mail

M&S will not be revealing  its latest trading figures at the AGM

M&S will not be revealing  its latest trading figures at the AGM

TRADING DELAY High Street stalwart Marks & Spencer says it will not provide a trading update today as shareholders gather at London’s Wembley Stadium for its annual general meeting.

The retailer usually gives investors an update on sales. But yesterday bosses said they would not do so because it was the first meeting under chairman Archie Norman, appointed last year.

NEW BROOMS Management consulting firm McKinsey has made sweeping changes to its South Africa business to try to rebuild its reputation following an ill-fated deal with friends of scandal-plagued former president Jacob Zuma.

Kevin Sneader, who started as McKinsey’s global managing partner last week, announced on Monday that the firm has appointed a head of its Africa division and replaced its South African finance, legal and compliance staff.

STAYING PUT Investment firm Blackrock is not planning to relocate staff from London to the Continent after Brexit.

The US group is opening an alternative investment office in Paris – but expects to keep its head office for Europe in London.

TECH GROWTH Global payments firms are enjoying a record year for deal-making as investors embrace the rise of new technology with 102 deals in the industry worth £34.5billion during the first half of 2018, according to data firm Dealogic.

The rise of contactless and mobile payments has triggered a scramble for growth as firms spot an opportunity to earn huge fees.

MUSIC FLOAT Chinese tech giant Tencent is planning to spin off its music business and list it in New York, according to reports.

The company revealed its plan in a statement to the Hong Kong Stock Exchange, where it is listed.

Reports in China said the business was expected to be valued at about £22.5billion.

BUSINESS BOOST UK-based private equity funds Apiary Capital, North Edge Capital and ECI Partners announced yesterday that they had raised millions of pounds for investing in British companies.

RETIRING BOSS Vanessa Donegan, head of Asia Equities in the European office of money manager Columbia Threadneedle, is retiring after 35 years in the City.

The 59-year-old is one of London’s longest-serving fund managers.

 

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