Morgan Stanley China securities JV partner to list in Shanghai
China Fortune Securities, a partner in a securities joint venture with Morgan Stanley , is set for a listing in the mainland China market through an asset injection into property developer Shanghai China Fortune Co. China Fortune Securities holds a 66.67 percent stake in Morgan Stanley Huaxin Securities, with Morgan Stanley owning the remainder. In a filing late on Monday, Shanghai China Fortune said it is to acquire a 92 percent stake in China Fortune Securities from three shareholders in the brokerage via an asset swap and issuance of shares for a total value of 4.93 billion yuan ($727 million). Please read more here.
M&S to cut 60 clothing and home stores (including in China)
Marks and Spencer has announced that over the next five years it will have 60 fewer clothing and home stores, of which 30 will close down.
The rest will be turned into food stores and chief executive Steve Rowe also plans to open 200 new Simply Food shops as part of turnaround plans.
The retailer said it would also exit 10 loss-making international markets. Please read more here.