Marks & Spencer edges closer to Oz; Turkey increases rates to halt currency downturn: Midday Roundup

UK retail giant Marks & Spencer has appointed two executives to its Australian subsidiary in a move that signifies it is getting serious about expansion, the Australian Financial Review reports.

Marks & Spencer Australia had been dormant for around seven years, but now the company is reportedly on the hunt for retail space in Sydney.

The business operates around 766 stores across the UK and also operates in Europe and Asia. It offers fashion, food and homewares products.

Turkey increases rates to halt currency downturn

Turkey’s central bank used an emergency late-night meeting to nearly double its overnight lending rate to 12% (from 7.75%) in a bid to halt the slide of the Turkish lira.

The dramatic decision comes after the Turkish currency slid more than 5% against the US dollar in the past month, and despite the country’s prime minister saying he would not support any increases in interest rates.

Shares up on open

Aussie shares have opened higher this morning, following a positive lead from Wall Street.

The S&P/ASX200 benchmark was up 32.3 points to 5207.4 at midday AEDT. Overnight the Dow Jones closed 90.88 points up, 0.57% higher at 15,928.56.

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